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MERGERS AND ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Estimated Acquisition-Date Fair Values of the Assets Acquired and Liabilities Assumed
Acquisition-date fair values of the assets acquired and liabilities assumed, as well as the fair value of consideration transferred, were estimated as follows:
As of
March 1, 2025April 1, 2024
(dollars in thousands)
CrossFirst
(provisional)
M&M
(final)
Assets acquired
Cash and cash equivalents$385,808 $33,577 
Securities725,622 8,086 
Portfolio loans, net of ACL6,022,347 417,230 
Premises and equipment64,249 2,045 
Right of use assets30,723 253 
Other intangible assets81,783 6,346 
Other assets186,994 10,208 
Total assets acquired7,497,526 477,745 
Liabilities assumed
Deposits6,571,699 392,838 
Short-term borrowings11,209 35,932 
Long-term debt61,780 1,450 
Subordinated notes, net of unamortized issuance costs— 3,911 
Junior subordinated debt owed to unconsolidated trusts2,238 2,594 
Lease liabilities30,723 253 
Other liabilities62,266 7,089 
Total liabilities assumed6,739,915 444,067 
Net assets acquired$757,611 $33,678 
Consideration paid
Cash $4 $15,200 
Common stock795,227 34,375 
Preferred stock7,750 — 
Replacement awards1
5,999 — 
Total consideration paid$808,980 $49,575 
Goodwill$51,369 $15,897 
___________________________________________
1.Represents the value of replacement awards related to past service.
Schedule of Reconciliation Between the Purchase Price and the Fair Value The following table provides a reconciliation between the purchase price and the fair value of these loans:
As of
March 1, 2025April 1, 2024
(dollars in thousands)
CrossFirst
M&M
PCD Financial Assets
Gross contractual receivable for PCD financial assets1
$1,428,978 $29,290 
ACL recorded for estimated uncollectible contractual cash flows specific to PCD financial assets(100,783)(1,243)
Interest premium (discount) specific to PCD financial assets(3,063)(1,773)
Fair value of PCD financial assets
$1,325,132 $26,274 
___________________________________________
1.In connection with the CrossFirst acquisition, Busey also acquired $110.7 million of previously charged-off principal in addition to the PCD assets listed above.
Busey incurred acquisition related expenses as follows:
Three Months Ended March 31,
(dollars in thousands)20252024
Pre-tax acquisition expenses
M&M$108 $285 
CrossFirst71,490 — 
Pre-tax acquisition expenses$71,598 $285 
Of the total acquisition related expenses, the following legal, professional, and consulting costs were incurred to consummate the mergers:
Three Months Ended March 31,
(dollars in thousands)20252024
Pre-tax costs to consummate the merger
M&M$— $131 
CrossFirst7,144 — 
Pre-tax costs to consummate the merger$7,144 $131 
Schedule of Business Acquisition, Pro Forma Information Only the merger related expenses that have been recognized are included in net income in the table below:
Three Months Ended March 31,
(dollars in thousands)20252024
Revenue (net interest income plus noninterest income)$179,594 $197,213 
Net income20,164 11,054