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PORTFOLIO LOANS (Tables)
 9 Months Ended
Sep. 30, 2025
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule of Distribution of Portfolio Loans Distributions of the loan portfolio by loan category and lending activity is presented in the following table:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Commercial loans
C&I and other commercial$4,395,871 $1,904,515 
CRE5,424,095 3,269,564 
Real estate construction1,099,524 378,209 
Total commercial loans10,919,490 5,552,288 
Retail loans
Retail real estate2,196,246 1,696,457 
Retail other482,530 448,342 
Total retail loans2,678,776 2,144,799 
Total portfolio loans13,598,266 7,697,087 
ACL(174,181)(83,404)
Portfolio loans, net$13,424,085 $7,613,683 
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)September 30,
2025		December 31,
2024
Pledged loans
FHLB$5,018,506 $4,813,600 
Federal Reserve Bank1,973,933 765,824 
Total pledged loans$6,992,439 $5,579,424 
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows:
As of
(dollars in thousands)September 30,
2025		December 31,
2024
Cash pledged to secure obligations under derivative contracts$14,400 $21,900 
Collateral held to secure obligations under derivative contracts8,140 20,260 
Schedule of Risk Grades Segregated by Category and Class of Portfolio Loans
The following table is a summary of Busey’s portfolio loans by risk grade, segregated by loan category:
As of September 30, 2025
(dollars in thousands)PassWatchSpecial
Mention		SubstandardSubstandard
Non-accrual		Total
Commercial loans
C&I and other commercial$3,707,153 $433,278 $152,267 $74,109 $29,064 $4,395,871 
CRE4,453,517 794,313 147,237 21,228 7,800 5,424,095 
Real estate construction1,011,685 56,664 25,653 5,227 295 1,099,524 
Total commercial loans9,172,355 1,284,255 325,157 100,564 37,159 10,919,490 
Retail loans
Retail real estate2,170,254 7,320 7,608 2,759 8,305 2,196,246 
Retail other481,892 — — 6 632 482,530 
Total retail loans2,652,146 7,320 7,608 2,765 8,937 2,678,776 
Total portfolio loans$11,824,501 $1,291,575 $332,765 $103,329 $46,096 $13,598,266 
As of December 31, 2024
(dollars in thousands)PassWatchSpecial
Mention		SubstandardSubstandard
Non-accrual		Total
Commercial loans
C&I and other commercial$1,545,338 $281,424 $36,152 $37,749 $3,852 $1,904,515 
CRE2,744,018 438,945 55,041 16,507 15,053 3,269,564 
Real estate construction345,908 26,833 221 5,224 23 378,209 
Total commercial loans4,635,264 747,202 91,414 59,480 18,928 5,552,288 
Retail loans
Retail real estate1,680,640 9,408 882 2,543 2,984 1,696,457 
Retail other448,166 — — — 176 448,342 
Total retail loans2,128,806 9,408 882 2,543 3,160 2,144,799 
Total portfolio loans$6,764,070 $756,610 $92,296 $62,023 $22,088 $7,697,087 
Schedule of Risk Grades of Portfolio Loans, Further Sorted by Origination
Risk grades of portfolio loans and gross charge-offs are presented in the tables below by lending activity, further sorted by origination year:
As of and For The Nine Months Ended September 30, 2025
Risk Grade RatingsTerm Loans Amortized Cost Basis by Origination YearRevolving
Loans		Total
(dollars in thousands)20252024202320222021Prior
C&I and other commercial
Pass$659,612 $722,192 $425,370 $238,755 $192,946 $151,925 $1,316,353 $3,707,153 
Watch26,374 79,588 66,467 46,942 55,238 18,233 140,436 433,278 
Special Mention17,388 17,339 25,541 43,362 4,974 2,913 40,750 152,267 
Substandard10,422 1,965 16,543 4,216 10,159 3,771 27,033 74,109 
Substandard non-accrual4,601 2,343 644 1,318 640 5,048 14,470 29,064 
Total C&I and other commercial718,397 823,427 534,565 334,593 263,957 181,890 1,539,042 4,395,871 
Gross charge-offs$1,246 $2,626 $4,347 $1,440 $13,591 $11,254 $4,550 $39,054 
CRE
Pass631,171 487,489 703,228 1,216,265 776,293 600,081 38,990 4,453,517 
Watch169,711 56,362 139,202 156,277 186,841 83,665 2,255 794,313 
Special Mention50,239 23,098 5,093 14,139 37,467 16,067 1,134 147,237 
Substandard1,714 708 914 9,046 — 8,628 218 21,228 
Substandard non-accrual82 — 4,548 — 1 3,169 — 7,800 
Total CRE852,917 567,657 852,985 1,395,727 1,000,602 711,610 42,597 5,424,095 
Gross charge-offs1,297 11,057 — — 253 — — 12,607 
Real estate construction
Pass240,725 328,610 125,079 215,814 25,158 3,632 72,667 1,011,685 
Watch1,221 43,492 3,588 — 177 — 8,186 56,664 
Special Mention18,233 — — — 7,420 — — 25,653 
Substandard5,165 — — — 62 — — 5,227 
Substandard non-accrual— 274 — — 21 — — 295 
Total real estate construction265,344 372,376 128,667 215,814 32,838 3,632 80,853 1,099,524 
Gross charge-offs— — — — — — — — 
Retail real estate
Pass111,695 138,069 304,874 457,128 379,646 533,444 245,398 2,170,254 
Watch2,696 606 489 1,520 280 1,160 569 7,320 
Special Mention69 84 4,052 1,479 1,705 — 219 7,608 
Substandard1,000 — 111 447 489 712 — 2,759 
Substandard non-accrual212 307 39 319 85 3,205 4,138 8,305 
Total retail real estate115,672 139,066 309,565 460,893 382,205 538,521 250,324 2,196,246 
Gross charge-offs85 — — — — 51 36 172 
Retail other
Pass6,415 6,769 37,741 36,632 6,150 703 387,482 481,892 
Watch— — — — — — — — 
Special Mention— — — — — — — — 
Substandard— — — — — 6 — 6 
Substandard non-accrual35 — 93 99 — — 405 632 
Total retail other6,450 6,769 37,834 36,731 6,150 709 387,887 482,530 
Gross charge-offs318 147 253 41 — 74 — 833 
Total portfolio loans$1,958,780 $1,909,295 $1,863,616 $2,443,758 $1,685,752 $1,436,362 $2,300,703 $13,598,266 
Total gross charge-offs$2,946 $13,830 $4,600 $1,481 $13,844 $11,379 $4,586 $52,666 
As of and For The Year Ended December 31, 2024
Risk Grade RatingsTerm Loans Amortized Cost Basis by Origination YearRevolving
Loans		Total
(dollars in thousands)20242023202220212020Prior
C&I and other commercial
Pass$320,831 $147,909 $163,870 $125,053 $74,146 $117,234 $596,295 $1,545,338 
Watch38,734 49,394 44,709 16,393 2,175 20,964 109,055 281,424 
Special Mention1,718 2,293 5,658 2,634 106 2,540 21,203 36,152 
Substandard15,186 6,545 788 591 320 2,424 11,895 37,749 
Substandard non-accrual65 141 464 — 42 852 2,288 3,852 
Total C&I and other commercial376,534 206,282 215,489 144,671 76,789 144,014 740,736 1,904,515 
Gross charge-offs$— $14,980 $148 $22 $— $303 $— $15,453 
 
CRE
Pass291,503 354,591 755,266 645,994 356,867 314,340 25,457 2,744,018 
Watch115,078 132,900 60,611 62,408 28,320 38,733 895 438,945 
Special Mention39,252 643 8,020 1,395 4,165 1,517 49 55,041 
Substandard6,983 355 4,628 50 95 4,346 50 16,507 
Substandard non-accrual15,000 39 — — 14 — — 15,053 
Total CRE467,816 488,528 828,525 709,847 389,461 358,936 26,451 3,269,564 
Gross charge-offs— — — 2,999 — 315 — 3,314 
 
Real estate construction
Pass159,825 134,450 12,205 24,781 2,213 1,124 11,310 345,908 
Watch20,170 6,455 — 208 — — — 26,833 
Special Mention— — — 221 — — — 221 
Substandard5,224 — — — — — — 5,224 
Substandard non-accrual— — — 23 — — — 23 
Total real estate construction185,219 140,905 12,205 25,233 2,213 1,124 11,310 378,209 
Gross charge-offs— — — — — — — — 
 
Retail real estate
Pass101,582 237,306 366,820 354,380 147,236 267,431 205,885 1,680,640 
Watch1,255 550 2,733 3,377 872 124 497 9,408 
Special Mention151 — 344 — — 372 15 882 
Substandard— 243 1,018 503 — 776 3 2,543 
Substandard non-accrual— — 344 91 152 1,526 871 2,984 
Total retail real estate102,988 238,099 371,259 358,351 148,260 270,229 207,271 1,696,457 
Gross charge-offs— — — — — 168 — 168 
 
Retail other
Pass4,996 55,665 57,944 12,207 2,304 589 314,461 448,166 
Substandard non-accrual— 94 67 4 — 11 — 176 
Total retail other4,996 55,759 58,011 12,211 2,304 600 314,461 448,342 
Gross charge-offs9 31 106 78 4 403 — 631 
 
Total portfolio loans$1,137,553 $1,129,573 $1,485,489 $1,250,313 $619,027 $774,903 $1,300,229 $7,697,087 
Total gross charge-offs$9 $15,011 $254 $3,099 $4 $1,189 $— $19,566 
Schedule of Past Due and Non-accrual Loans
An analysis of portfolio loans that were past due and still accruing, or on a non-accrual status, is presented in the table below:
As of September 30, 2025
Loans past due, still accruingNon-accrual
Loans		Non-accrual Loans with No Allowance for Credit Losses
(dollars in thousands)30-59 Days60-89 Days90+Days
Commercial loans
C&I and other commercial$996 $1,450 $861 $29,064 $6,685 
CRE2,815 6,289 78 7,800 1,543 
Real estate construction— 3,233 347 295 157 
Past due and non-accrual commercial loans3,811 10,972 1,286 37,159 8,385 
Retail loans
Retail real estate2,626 448 102 8,305 348 
Retail other929 128 30 632 — 
Past due and non-accrual retail loans3,555 576 132 8,937 348 
Total past due and non-accrual loans$7,366 $11,548 $1,418 $46,096 $8,733 
As of December 31, 2024
Loans past due, still accruingNon-accrual
Loans		Non-accrual Loans with No Allowance for Credit Losses
(dollars in thousands)30-59 Days60-89 Days90+Days
Commercial loans
C&I and other commercial$95 $— $— $3,852 $1,224 
CRE42 2,759 — 15,053 15,000 
Real estate construction41 — — 23 — 
Past due and non-accrual commercial loans178 2,759 — 18,928 16,224 
Retail loans
Retail real estate3,280 683 1,115 2,984 194 
Retail other1,094 130 34 176 — 
Past due and non-accrual retail loans4,374 813 1,149 3,160 194 
Total past due and non-accrual loans$4,552 $3,572 $1,149 $22,088 $16,418 
Schedule of Loan Modifications for Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost basis of loans that were modified—specifically in the form of (1) principal forgiveness, (2) an interest rate reduction, (3) an other-than-insignificant payment deferral, and/or (4) a term extension—for borrowers experiencing financial difficulty during the periods indicated, disaggregated by lending activity and the type of modification:

Three Months Ended September 30, 2025
(dollars in thousands)
Interest Rate Reduction
% of Total Class of Financing Receivable1
Payment Deferral
% of Total Class of Financing Receivable2
Term Extension
% of Total Class of Financing Receivable3
Modified Loans
C&I and other commercial
$263 — %$2,444 0.1 %$10,417 0.2 %
CRE
— — %1,944 — %461 — %
Total of loans modified during the period4
$263 — %$4,388 — %$10,878 0.1 %
___________________________________________
1.Modified loans represented an insignificant portion of C&I and other commercial loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
2.Modified loans represented an insignificant portion of CRE loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
3.Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.
4.All modifications were for loans classified as substandard.
Three Months Ended September 30, 2024
(dollars in thousands)
Payment Deferral
% of Total Class of Financing Receivable1
Term Extension2
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$325 — %$14,537 0.8 %
CRE
— — %18,448 0.5 %
Real estate construction
— — %5,250 1.3 %
Total of loans modified during the period3
$325 — %$38,235 0.5 %
___________________________________________
1.Modified loans represented an insignificant portion of C&I and other commercial loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
2.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.
3.All modifications were for loans classified as substandard.
Nine Months Ended September 30, 2025
(dollars in thousands)
Interest Rate Reduction
% of Total Class of Financing Receivable1
Payment Deferral
% of Total Class of Financing Receivable2
Term Extension
% of Total Class of Financing Receivable2
Modified Loans
C&I and other commercial
$263 — %$13,005 0.3 %$22,314 0.5 %
CRE
— — %1,944 — %823 — %
Real estate construction
— — %— — %5,165 0.5 %
Total of loans modified during the period3
$263 — %$14,949 0.1 %$28,302 0.2 %
___________________________________________
1.Modified loans represented an insignificant portion of C&I and other commercial loans, and an insignificant portion of total loans, in both cases rounding to zero percent.
2.Modified loans represented an insignificant portion of CRE loans, rounding to zero percent.
3.With the exception of two loans that were transferred to non-accrual status during the nine months ended September 30, 2025, all modifications were for loans classified as substandard.
Nine Months Ended September 30, 2024
(dollars in thousands)
Payment Deferral1
% of Total Class of Financing Receivable2
Term Extension1
% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial
$325 — %$28,073 1.5 %
CRE
— — %19,782 0.6 %
Real estate construction
— — %5,250 1.3 %
Total of loans modified during the period3
$325 — %$53,105 0.7 %
___________________________________________
1.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period.
2.Modified loans represented an insignificant portion of C&I and other commercial loans, rounding to zero percent.
3.All modifications were for loans classified as substandard.
The following table provides, by lending activity, the weighted average interest rate reductions and term extensions for loan modifications made during the periods indicated for borrowers experiencing financial difficulty:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Weighted Average Interest Rate ReductionWeighted Average Term ExtensionWeighted Average Term ExtensionWeighted Average Interest Rate ReductionWeighted Average Term ExtensionWeighted Average Term Extension
C&I and other commercial5.00 %6 months6 months5.00 %10 months1.2 years
CRE— %8 months4 months— %1.3 years4 months
Real estate construction— %—6 months— %1.3 years6 months
Aggregate effect5.00 %6 months5 months5.00 %11 months10 months
The following table depicts the payment performance of loans modified during the last twelve months:
As of September 30, 2025
(dollars in thousands)Current30-89 Days90+ DaysNon-accrual
Modified Loans
C&I and other commercial$32,062 $— $— $4,038 
CRE4,147 — — — 
Real estate construction5,165 — — — 
Loans modified during the last twelve months$41,374 $— $— $4,038 
Schedule of Modified Loans with Subsequent Defaults
A default occurs when a loan is 90 days or more past due or transferred to non-accrual status. The following table presents loans that defaulted after having been modified during the twelve months before the default.
Three Months Ended September 30,Nine Months Ended September 30,
20252025
(dollars in thousands)Term ExtensionPayment DeferralTerm Extension
Loans with Subsequent Defaults
C&I and other commercial$3,571 $467 $3,571 
Modified loans with subsequent defaults$3,571 $467 $3,571 
Schedule of ACL and Amortized Cost of Portfolio Loans by Loan Category
The following tables summarize activity in the ACL attributable to each lending activity. Allocation of a portion of the ACL to one lending activity does not preclude its availability to absorb losses from other lending activities:
Three Months Ended September 30, 2025
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, June 30, 2025$68,578 $70,935 $13,072 $29,042 $1,707 $183,334 
Provision for loan losses(4,768)1,323 (880)739 281 (3,305)
Charged-off(5,753)(1,438)— (53)(204)(7,448)
Recoveries1,379 24 1 115 81 1,600 
ACL balance, September 30, 2025$59,436 $70,844 $12,193 $29,843 $1,865 $174,181 
Three Months Ended September 30, 2024
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, June 30, 2024$20,286 $35,104 $3,722 $23,729 $2,385 $85,226 
Provision for loan losses715 (1,158)39 120 286 2 
Charged-off(202)(215)— (32)(225)(674)
Recoveries210 4 10 162 41 427 
ACL balance, September 30, 2024$21,009 $33,735 $3,771 $23,979 $2,487 $84,981 
Nine Months Ended September 30, 2025
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, December 31, 2024$21,589 $32,301 $3,345 $23,711 $2,458 $83,404 
Day 1 PCD1
75,569 21,588 2,112 1,430 84 100,783 
Day 2 Provision for loan losses2
22,648 15,104 2,911 1,628 142 42,433 
Provision for loan losses(23,008)14,300 3,731 2,833 (137)(2,281)
Charged-off(39,054)(12,607)— (172)(833)(52,666)
Recoveries1,692 158 94 413 151 2,508 
ACL balance, September 30, 2025$59,436 $70,844 $12,193 $29,843 $1,865 $174,181 
___________________________________________
1.The Day 1 PCD is attributable to the CrossFirst acquisition (see “Note 2. Mergers and Acquisitions”), and represents the initial adjustment to the fair value of the PCD loans.
2.The Day 2 provision for loan losses is attributable to the CrossFirst acquisition (see “Note 2. Mergers and Acquisitions”), and represents the initial provision for non-PCD loans.
Nine Months Ended September 30, 2024
(dollars in thousands)C&I and Other CommercialCREReal Estate
Construction		Retail
Real Estate		Retail OtherTotal
ACL balance, December 31, 2023$21,256 $35,465 $5,163 $26,298 $3,558 $91,740 
Day 1 PCD1
824 322 — 96 1 1,243 
Provision for loan losses13,958 (1,882)(1,449)(2,624)(686)7,317 
Charged-off(15,433)(315)— (159)(503)(16,410)
Recoveries404 145 57 368 117 1,091 
ACL balance, September 30, 2024$21,009 $33,735 $3,771 $23,979 $2,487 $84,981 
___________________________________________
1.The Day 1 PCD is attributable to the M&M acquisition (see “Note 2. Mergers and Acquisitions.”)