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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Financial Instruments Owned and Pledged as Collateral
Busey has executed a blanket lien with the FHLB. The principal balance of loans Busey has pledged as collateral with the FHLB and Federal Reserve Bank for liquidity, which Busey is able to borrow against, is set forth in the table below:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Pledged loans
FHLB$5,010,792 $4,813,600 
Federal Reserve Bank1,580,491 765,824 
Total pledged loans$6,591,283 $5,579,424 
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Cash pledged to secure obligations under derivative contracts$24,810 $21,900 
Collateral held to secure obligations under derivative contracts14,270 20,260 
Schedule of the Interest-Rate Swaps Designated as Cash Flow Hedges
A summary of the interest-rate swaps designated as cash flow hedges is presented below:
As of
(dollars in thousands)LocationJune 30,
2025		December 31,
2024
Prime Loan Swap
Notional amount$300,000 $300,000 
Weighted average rate: receive-fixed4.81 %4.81 %
Weighted average variable Prime pay rates7.50 %7.62 %
Weighted average maturity
3.60 years
4.10 years
 
SOFR Loan Swaps
Notional amount$200,000 $200,000 
Weighted average rate: receive-fixed3.78 %3.78 %
Weighted average variable 1-month CME Term SOFR pay rates4.32 %— 
Weighted average maturity4.26 years4.76 years
 
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assetsOther assets$3,374 $— 
Gross aggregate fair value of swap liabilitiesOther liabilities17,281 27,770 
 
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of taxAOCI$(9,368)$(19,805)
Schedule of Reclassification of Unrealized Gains and Losses from OCI
During the next 12 months, Busey expects to reclassify unrealized gains and losses from OCI to interest income as shown in the following table. Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to June 30, 2025.
(dollars in thousands)As of
June 30, 2025
Unrealized losses expected to be reclassified from OCI to interest income$(761)
Schedule of Interest Income (Expense) Recorded on Swap Transactions
Interest income and interest expense recorded on these swap transactions is presented in the following table:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Interest on swap transactions
Increase (decrease) in interest income on swap transactions$(2,265)$(2,795)$(4,325)$(5,591)
(Increase) decrease in interest expense on swap transactions— 484 — 967 
Net increase (decrease) in net interest income on swap transactions$(2,265)$(2,311)$(4,325)$(4,624)
Schedule of Net Gains (Losses) Relating to these Derivative Instruments
Net gains (losses) relating to cash flow derivative instruments that were recorded in OCI on the Consolidated Statements of Income (Unaudited) are presented in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025202420252024
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax$2,598 $(1,996)$7,239 $(7,228)
(Gain) loss reclassified from OCI to interest income, net of tax1,693 1,998 3,198 3,997 
(Gain) loss reclassified from OCI to interest expense, net of tax— (346)— (691)
Net change in unrealized gains (losses) on cash flow hedges, net of tax$4,291 $(344)$10,437 $(3,922)
Changes in fair value of these derivative assets and liabilities are included in the Consolidated Statements of Income (Unaudited) and are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2025202420252024
Interest rate swaps
Receive-fixed, pay-floatingNoninterest expense$(1,972)$694 $1,062 $6,174 
Receive-floating, pay-fixedNoninterest expense1,972 (694)(1,062)(6,174)
Net change in fair value of interest rate swaps$— $— $— $— 
Gains and losses relating to these derivative instruments are reported in noninterest income, and are summarized as follows for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)Location2025 20242025 2024
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitmentsMortgage revenue$239 $186 $481 $448 
Gains (losses) on forward sales commitmentsMortgage revenue26 (32)(61)(74)
Net gains (losses) on mortgage banking derivatives$265 $154 $420 $374 
Schedule of Fair Values of Derivative Assets and Liabilities Recorded in Consolidated Balance Sheet
Amounts and fair values of derivative assets and derivative liabilities related to customer interest rate swaps recorded on the Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of June 30, 2025As of December 31, 2024
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivative assets not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther assets$428,446 $9,665 $156,539 $1,465 
Interest rate swaps: receive-floating, pay-fixedOther assets496,218 21,635 562,697 28,854 
Derivative assets not designated as hedging instruments$924,664 $31,300 $719,236 $30,319 
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther liabilities$496,218 $21,635 $562,697 $28,854 
Interest rate swaps: receive-floating, pay-fixedOther liabilities428,446 9,665 156,539 1,465 
Derivative liabilities not designated as hedging instruments$924,664 $31,300 $719,236 $30,319 
Amounts and fair values of mortgage banking derivatives included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of June 30, 2025As of December 31, 2024
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Mortgage banking derivative assets
Interest rate lock commitmentsOther assets$7,701 $163 $2,430 $28 
Forward sales commitmentsOther assets1,811 6 3,457 21 
Mortgage banking derivative assets$9,512 $169 $5,887 $49 
 
Mortgage banking derivative liabilities
Interest rate lock commitmentsOther liabilities$— $— $436 $4 
Forward sales commitmentsOther liabilities15,065 52 1,955 6 
Mortgage banking derivative liabilities$15,065 $52 $2,391 $10 
Schedule of Notional Amount and Fair Value of Risk Participation Agreement The risk participation agreements mature between October 2025 and October 2029, and are summarized as follows:
As of
(dollars in thousands)June 30,
2025		December 31,
2024
Risk participation agreements purchased
Number of risk participation agreements11 5 
Notional amount$59,045 $40,092 
Fair value34 5 
 
Risk participation agreements sold
Number of risk participation agreements13 — 
Notional amount$109,540 $— 
Fair value79 —