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STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Changes in the Company's Stock Option Awards
Busey has outstanding stock options assumed from a 2017 acquisition. A summary of the status of, and changes in, Busey's stock option awards for the three months ended March 31, 2025, follows:
OptionsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
Outstanding at December 31, 202415,106$23.53 1.87 years
Exercised—— 
Forfeited—— 
Outstanding at March 31, 202515,10623.53 1.63 years
Exercisable at March 31, 202515,10623.53 1.63 years
Schedule of Share-Based Payment Arrangement, Stock Appreciation Right, Activity
A summary of SSAR activity during 2025 is presented below:
SSARsSharesWeighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
Outstanding at December 31, 2024— $— — 
Replacement of CrossFirst SSARs424,390 15.78 
Exercised(9,535)11.24 
Outstanding at March 31, 2025414,855 15.89 5.41 years
Exercisable at March 31, 2025366,177 15.19 5.32 years
Schedule of Share-Based Payment Award, Stock Appreciation Rights, Valuation Assumptions
The following table provides the range of assumptions used in the Monte Carlo simulations to value CrossFirst awards that were replaced at acquisition, the weighted average grant date fair value, and information related to SSARs exercised for the indicated periods, as well as, the remaining compensation cost to be recognized and the period over which the amount will be recognized as of the dates indicated:
(dollars in thousands, except per share amounts)
2025
2024
Assumptions
Expected volatility1
29.10% – 36.70%
— 
Expected dividends2
4.17%— 
Simulation term3, 4, 5
4.20 years – 5.69 years
— 
Risk-free rate6
3.97% – 4.03%
— 
Weighted average grant date fair value per share
$8.94 — 
Aggregate intrinsic value of SSARs exercised
$100 — 
Total fair value of SSARs vested during the year
$9,013 — 
___________________________________________
1.Expected volatility was calculated using a historical volatility of the Company’s stock price over a period commensurate with the simulation term of the SSARs.
2.The dividend yield was calculated using the Company’s annual dividend and closing stock price on the date of acquisition.
3.The simulation term was commensurate with the midpoint of the longest expected term across all SSARs and was impacted by expected exercise behavior and termination rate.
4.As a component of determining the simulation term, exercise was assumed to occur at the earlier of the midpoint of i) the greater of the weighted average time to vest or the time the options are in the money, and the time the SSARs expires, ii) 90 days following the occurrence of a termination or iii) the end of the contractual term.
5.As a component of determining the simulation term, termination rate was assumed to be between 25% and 50% in the first year following the acquisition and 5% for every year thereafter.
6.The risk-free rate for the simulation term of the SSARs was based on the continuously compounded semi-annual zero-coupon U.S. Treasury rates.
Schedule of Changes in the Company's RSU, PSU, and DSU Awards
A summary of changes in Busey’s RSU awards for the three months ended March 31, 2025, is as follows:
RSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 20241,066,772$21.80 
Conversion of Busey ROATCE PSUs to RSUs157,094 23.99 
Replacement of CrossFirst RSUs and PSUs341,048 23.99 
Granted 348,26922.16 
Dividend equivalents earned 10,98424.48 
Vested (1,796)23.99 
Forfeited (90,812)21.85 
Nonvested at March 31, 20251,831,55922.47 
A summary of changes in Busey’s PSU awards for the three months ended March 31, 2025, is as follows:
PSU Awards
Shares1
Weighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 2024
372,042 $21.15 
Modifications based on CrossFirst acquisition2
(181,828)20.43 
Granted
407,723 22.15 
Forfeited
(21,180)21.12 
Nonvested at March 31, 2025
576,757 22.08 
___________________________________________
1.Shares for PSU awards represent target shares at the grant date.
2.Modifications include PSUs that were converted to RSUs as well as balance adjustments related to the 2023 TSR PSUs and the 2024 TSR PSUs.
A summary of changes in Busey’s DSU awards for the three months ended March 31, 2025, is as follows:
DSU AwardsSharesWeighted-
Average
Grant Date
Fair Value
Nonvested at December 31, 202436,893 $23.40 
Granted 39,846 22.16 
Dividend equivalents earned 2,284 24.28 
Vested (39,177)23.45 
Nonvested at March 31, 202539,846 22.16 
 
Vested and outstanding at March 31, 2025141,214 23.04 
Schedule of Stock-Based Compensation Expense
Busey recognized compensation expense related to non-vested equity awards as summarized in the table below:
Three Months Ended March 31,
(dollars in thousands)Location20252024
Stock-based compensation expense
SSARsSalaries, wages, and employee benefits$29 $— 
RSU awardsSalaries, wages, and employee benefits1,989 894 
PSU awards1
Salaries, wages, and employee benefits1,090 1,210 
DSU awardsOther expense177 215 
ESPPSalaries, wages, and employee benefits109 84 
Total stock-based compensation expense$3,394 $2,403 
___________________________________________
1.Expense for PSU awards with a relative total stockholder return performance goal represents amounts based on target shares at the grant date. Expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at the grant date, adjusted for performance expectations as of the date indicated.
Schedule of Unamortized Stock-Based Compensation Expense
Unamortized compensation expense related to nonvested RSU, PSU, and DSU awards is summarized in the table below:
As of
(dollars in thousands)March 31,
2025		December 31,
2024
Unamortized stock-based compensation
SSARs$241 $— 
RSU awards18,174 7,093 
PSU awards1
10,893 3,043 
DSU awards871 181 
Total unamortized stock-based compensation$30,179 $10,317 
 
Weighted average period over which expense is to be recognized on Busey awards
1.8 years
2.5 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards1.4 years— 
___________________________________________
1.Unamortized expense for PSU awards with a market-based total stockholder return performance goal represents amounts based on target shares at grant date. Unamortized expense for PSU awards with return on average tangible common equity and compounded annual revenue growth rate performance goals represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.