STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2025, follows:

Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Intrinsic Value ($000's)
Outstanding at December 31, 2024	15,106	$	23.53	1.87 years	$	1
Outstanding at June 30, 2025	15,106	23.53		1.38 years	(10)
Exercisable at June 30, 2025	15,106	23.53		1.38 years	(10)

Schedule of Share-Based Payment Arrangement, Stock Appreciation Right, Activity

A summary of SSAR activity during 2025 is presented below:

SSARs	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Intrinsic Value ($000's)
Outstanding at December 31, 2024	—	$	—	—	$	—
Replacement of CrossFirst SSARs	424,390	15.78
Exercised1	(80,033)	10.93
Forfeited	—	—
Expired	—	—
Outstanding at June 30, 2025	344,357	16.91		4.90 years	2,058
Exercisable at June 30, 2025	307,153	16.46		4.93 years	1,975

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1. The aggregate intrinsic value of SSARs exercised during 2025 was $0.9 million.

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)	Six Months Ended June 30, 2025
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

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1.Expected volatility was calculated using a historical volatility of Busey’s stock price over a period commensurate with the simulation term of the SSARs.

2.The dividend yield was calculated using Busey’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 six months ended June 30, 2025, is as follows:

RSU Awards	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2024	1,066,772	$	21.80
Conversion of Busey ROATCE PSUs to RSUs	157,094	23.99
Replacement of CrossFirst RSUs and PSUs	341,048	23.99
Granted	352,763	22.16
Dividend equivalents earned	32,855	21.88
Vested	(98,014)	23.76
Forfeited	(107,568)	21.99
Nonvested at June 30, 2025	1,744,950	22.38

A summary of changes in Busey’s PSU awards for the six months ended June 30, 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	20.99
Vested	(155)	22.06
Forfeited	(32,620)	21.01
Nonvested at June 30, 2025	565,162	21.28

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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 six months ended June 30, 2025, is as follows:

DSU Awards	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2024	36,893	$	23.40
Granted	39,846	22.16
Dividend equivalents earned	4,474	22.51
Vested	(40,885)	23.33
Nonvested at June 30, 2025	40,328	22.14
Vested and outstanding at June 30, 2025	142,922	23.01

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 June 30,				Six Months Ended June 30,
(dollars in thousands)	Location	2025		2024		2025		2024
Stock-based compensation expense
SSARs	Salaries, wages, and employee benefits	$	78	$	—	$	107	$	—
RSU awards	Salaries, wages, and employee benefits	3,707		1,061		5,696		1,955
PSU awards1	Salaries, wages, and employee benefits	1,355		(149)		2,445		1,061
DSU awards	Other expense	220		189		397		404
ESPP	Salaries, wages, and employee benefits	73		33		182		117
Total stock-based compensation expense		$	5,433	$	1,134	$	8,827	$	3,537

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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 non-vested equity awards is summarized in the table below:

	As of
(dollars in thousands)	June 30, 2025		December 31, 2024
Unamortized stock-based compensation
SSARs	$	164	$	—
RSU awards	14,092		7,093
PSU awards1	8,710		3,043
DSU awards	651		181
Total unamortized stock-based compensation	$	23,617	$	10,317
Weighted average period over which expense is to be recognized on awards issued under Busey's 2020 Equity Plan	2.0 years		2.5 years
Weighted average period over which expense is to be recognized on CrossFirst replacement awards	1.5 years		—

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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.