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MERGERS AND ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, 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 ACL6,023,063 417,230 
Premises and equipment69,673 2,045 
Other intangible assets81,783 6,346 
Other assets212,832 10,461 
Total assets acquired7,498,781 477,745 
Liabilities assumed
Deposits6,571,699 392,838 
Short-term borrowings11,148 35,932 
Long-term borrowings68,922 1,450 
Subordinated notes, net of unamortized issuance costs— 3,911 
Junior subordinated debt owed to unconsolidated trusts2,238 2,594 
Other liabilities85,347 7,342 
Total liabilities assumed6,739,354 444,067 
Net assets acquired$759,427 $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$49,553 $15,897 
___________________________________________
1.Represents the fair value of replacement equity awards issued to CrossFirst associates attributable to pre-combination 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 assets
$1,539,718 $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)
Loans previously charged-off by CrossFirst(110,740)— 
Fair value of PCD financial assets
$1,325,132 $26,274 
Busey incurred acquisition related expenses as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Pre-tax acquisition expenses
M&M$— $597 $108 $2,947 
CrossFirst1
7,251 1,338 95,341 1,485 
Pre-tax acquisition expenses1
$7,251 $1,935 $95,449 $4,432 
___________________________________________
1.In addition to the acquisition costs presented in the table above, during the nine months ended September 30, 2025, Busey recorded a $4.0 million adjustment to the initial provision for unfunded commitments for CrossFirst acquisition-date balances based on revised estimates resulting from implementation of a new CECL model.
Of the total acquisition related expenses, the following legal, professional, and consulting costs were incurred to consummate the mergers:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Pre-tax costs to consummate the merger
M&M$— $(3)$— $147 
CrossFirst301 1,180 7,531 1,316 
Pre-tax costs to consummate the merger$301 $1,177 $7,531 $1,463 
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 September 30,Nine Months Ended September 30,
(dollars in thousands)2025202420252024
Revenue (net interest income plus noninterest income)$191,142 $186,276 $562,462 $564,177 
Net income55,120 54,853 123,822 120,093