PORTFOLIO LOANS (Tables)

3 Months Ended

Mar. 31, 2026

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)	March 31, 2026		December 31, 2025
Commercial loans
C&I and other commercial	$	4,124,737	$	4,229,208
CRE	5,566,044		5,550,018
Real estate construction	1,052,505		1,039,289
Total commercial loans	10,743,286		10,818,515
Retail loans
Retail real estate	2,119,621		2,154,616
Retail other	596,983		594,668
Total retail loans	2,716,604		2,749,284
Total portfolio loans	13,459,890		13,567,799
ACL	(169,054)		(174,023)
Portfolio loans, net	$	13,290,836	$	13,393,776

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)	March 31, 2026		December 31, 2025
Pledged loans
FHLB	$	7,199,169	$	5,051,512
Federal Reserve Bank	1,923,484		1,854,423
Total pledged loans	$	9,122,653	$	6,905,935

To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows:

	As of
(dollars in thousands)	March 31, 2026		December 31, 2025
Cash pledged to secure obligations under derivative contracts	$	14,400	$	14,400
Collateral held to secure obligations under derivative contracts	6,750		5,050

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 Three Months Ended March 31, 2026
Risk Grade Ratings	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
(dollars in thousands)	2026		2025		2024		2023		2022		Prior
C&I and other commercial
Pass	$	176,684	$	703,182	$	444,948	$	281,266	$	190,104	$	247,451	$	1,356,182	$	3,399,817
Watch	5,980		37,677		79,414		54,522		30,451		48,220		164,690		420,954
Special Mention	6,657		18,453		12,256		19,335		21,324		6,427		61,112		145,564
Substandard	14,231		4,942		4,800		45,663		20,228		9,753		27,108		126,725
Substandard non-accrual	3		4,384		3,318		1,183		4,362		5,442		12,985		31,677
Total C&I and other commercial	203,555		768,638		544,736		401,969		266,469		317,293		1,622,077		4,124,737
Gross charge-offs	$	50	$	104	$	—	$	257	$	6,180	$	743	$	171	$	7,505
CRE
Pass	374,592		970,541		445,815		660,590		934,154		1,183,257		45,082		4,614,031
Watch	100,410		131,248		55,151		126,753		139,092		193,822		2,794		749,270
Special Mention	19,919		54,289		5,388		27,987		16,485		44,198		731		168,997
Substandard	1,234		2,122		421		3,243		3,860		12,184		215		23,279
Substandard non-accrual	—		519		253		5,366		483		3,846		—		10,467
Total CRE	496,155		1,158,719		507,028		823,939		1,094,074		1,437,307		48,822		5,566,044
Gross charge-offs	—		—		—		—		—		—		—		—
Real estate construction
Pass	102,064		373,586		251,234		69,954		69,315		7,516		74,606		948,275
Watch	13,896		2,153		—		1,978		42,561		160		6,198		66,946
Special Mention	—		18,945		—		—		—		6,434		—		25,379
Substandard	—		10,876		—		—		—		756		—		11,632
Substandard non-accrual	—		—		273		—		—		—		—		273
Total real estate construction	115,960		405,560		251,507		71,932		111,876		14,866		80,804		1,052,505
Gross charge-offs	—		—		—		—		—		—		—		—
Retail real estate
Pass	45,952		138,678		120,634		252,430		436,101		836,870		246,306		2,076,971
Watch	86		2,590		530		24,972		1,464		512		545		30,699
Special Mention	—		47		72		—		1,432		1,661		207		3,419
Substandard	—		—		—		4,108		135		1,100		—		5,343
Substandard non-accrual	—		357		308		127		579		1,058		760		3,189
Total retail real estate	46,038		141,672		121,544		281,637		439,711		841,201		247,818		2,119,621
Gross charge-offs	70		—		—		—		—		—		81		151
Retail other
Pass	750		4,850		1,889		29,179		26,892		5,245		527,985		596,790
Substandard non-accrual	—		—		—		76		116		—		1		193
Total retail other	750		4,850		1,889		29,255		27,008		5,245		527,986		596,983
Gross charge-offs	172		—		—		10		—		—		2		184
Total portfolio loans	$	862,458	$	2,479,439	$	1,426,704	$	1,608,732	$	1,939,138	$	2,615,912	$	2,527,507	$	13,459,890
Total gross charge-offs	$	292	$	104	$	—	$	267	$	6,180	$	743	$	254	$	7,840

	As of and For The Year Ended December 31, 2025
Risk Grade Ratings	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans		Total
(dollars in thousands)	2025		2024		2023		2022		2021		Prior
C&I and other commercial
Pass	$	833,539	$	486,278	$	342,560	$	207,053	$	178,429	$	122,904	$	1,396,826	$	3,567,589
Watch	21,750		79,853		56,387		38,786		48,624		16,778		112,935		375,113
Special Mention	21,712		11,609		56,578		26,343		5,339		800		54,433		176,814
Substandard	8,336		605		20,444		14,603		9,868		3,655		17,883		75,394
Substandard non-accrual	1,489		3,899		600		10,265		948		4,560		12,537		34,298
Total C&I and other commercial	886,826		582,244		476,569		297,050		243,208		148,697		1,594,614		4,229,208
Gross charge-offs	$	4,667	$	3,332	$	4,347	$	1,450	$	13,591	$	11,456	$	5,716	$	44,559
CRE
Pass	1,077,169		483,950		710,448		1,035,426		740,680		515,631		43,830		4,607,134
Watch	210,673		61,926		119,986		143,072		161,387		69,789		2,572		769,405
Special Mention	49,648		22,642		2,991		13,811		32,109		18,858		908		140,967
Substandard	2,416		679		3,857		4,873		7,316		5,324		215		24,680
Substandard non-accrual	72		—		4,547		—		—		3,213		—		7,832
Total CRE	1,339,978		569,197		841,829		1,197,182		941,492		612,815		47,525		5,550,018
Gross charge-offs	1,297		11,057		—		—		253		—		—		12,607
Real estate construction
Pass	395,019		268,117		107,930		89,673		5,356		2,733		74,237		943,065
Watch	18,571		2,112		3,999		22,561		167		—		7,221		54,631
Special Mention	17,961		—		—		—		6,573		—		—		24,534
Substandard	16,020		—		—		—		766		—		—		16,786
Substandard non-accrual	—		273		—		—		—		—		—		273
Total real estate construction	447,571		270,502		111,929		112,234		12,862		2,733		81,458		1,039,289
Gross charge-offs	—		—		—		—		—		—		—		—
Retail real estate
Pass	93,212		127,475		269,877		446,309		407,851		508,504		252,987		2,106,215
Watch	2,686		569		24,601		1,492		267		482		577		30,674
Special Mention	47		78		4,028		1,454		1,686		—		214		7,507
Substandard	—		—		108		440		484		631		136		1,799
Substandard non-accrual	154		308		128		523		264		2,841		4,203		8,421
Total retail real estate	96,099		128,430		298,742		450,218		410,552		512,458		258,117		2,154,616
Gross charge-offs	1,164		—		—		—		—		51		36		1,251
Retail other
Pass	5,233		2,265		33,349		30,321		4,561		885		517,680		594,294
Substandard non-accrual	—		—		76		134		—		—		164		374
Total retail other	5,233		2,265		33,425		30,455		4,561		885		517,844		594,668
Gross charge-offs	546		147		270		47		—		74		141		1,225
Total portfolio loans	$	2,775,707	$	1,552,638	$	1,762,494	$	2,087,139	$	1,612,675	$	1,277,588	$	2,499,558	$	13,567,799
Total gross charge-offs	$	7,674	$	14,536	$	4,617	$	1,497	$	13,844	$	11,581	$	5,893	$	59,642

Schedule of Past Due and Non-accrual Loans and Non-Accrual Status

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 March 31, 2026
	Loans Past Due, Still Accruing						Non-Accrual Loans		Non-Accrual Loans with No Allowance for Credit Losses
(dollars in thousands)	30-59 Days		60-89 Days		90+Days
Commercial loans
C&I and other commercial	$	2,828	$	412	$	518	$	31,677	$	7,451
CRE	2,195		—		—		10,467		3,726
Real estate construction	348		—		—		273		158
Past due and non-accrual commercial loans	5,371		412		518		42,417		11,335
Retail loans
Retail real estate	3,093		4,269		—		3,189		349
Retail other	4,290		30		294		193		—
Past due and non-accrual retail loans	7,383		4,299		294		3,382		349
Total past due and non-accrual loans	$	12,754	$	4,711	$	812	$	45,799	$	11,684

	As of December 31, 2025
	Loans Past Due, Still Accruing						Non-Accrual Loans		Non-Accrual Loans with No Allowance for Credit Losses
(dollars in thousands)	30-59 Days		60-89 Days		90+Days
Commercial loans
C&I and other commercial	$	3,577	$	593	$	2,128	$	34,298	$	4,612
CRE	484		2,514		—		7,832		1,588
Real estate construction	—		—		—		273		158
Past due and non-accrual commercial loans	4,061		3,107		2,128		42,403		6,358
Retail loans
Retail real estate	2,457		4,280		136		8,421		349
Retail other	2,491		79		24		374		—
Past due and non-accrual retail loans	4,948		4,359		160		8,795		349
Total past due and non-accrual loans	$	9,009	$	7,466	$	2,288	$	51,198	$	6,707

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 March 31, 2026
(dollars in thousands)	Payment Deferral		Term Extension		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	2,215	$	34,349	0.9	%
Total loans modified during the period1	$	2,215	$	34,349	0.3	%

___________________________________________

1.Modifications were primarily for loans classified as substandard.

	Three Months Ended March 31, 2025
(dollars in thousands)	Payment Deferral		Term Extension		% of Total Class of Financing Receivable
Modified Loans
C&I and other commercial	$	10,832	$	21,923	0.7	%
CRE	—		4,719		0.1	%
Real estate construction	—		5,208		0.5	%
Total loans modified during the period1	$	10,832	$	31,850	0.3	%

___________________________________________

1.All modifications were for loans classified as substandard.

The following table provides, as applicable for loan modifications made during the periods indicated for borrowers experiencing financial difficulty, the weighted average interest rate reductions and weighted average term extensions:

	Three Months Ended March 31,
	2026	2025
	Weighted Average Term Extension	Weighted Average Term Extension
C&I and other commercial	10 months	1.9 years
CRE	—	6 months
Real estate construction	—	1.3 years
Aggregate effect	10 months	1.6 years

The following table depicts the payment performance of loans modified during the last twelve months:

	As of March 31, 2026
(dollars in thousands)	Current		30-89 Days		90+ Days		Non-accrual
Modified Loans
C&I and other commercial	$	42,179	$	—	$	—	$	4,476
CRE	1,833		—		—		273
Real estate construction	10,876		—		—		—
Loans modified during the last twelve months	$	54,888	$	—	$	—	$	4,749

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 March 31, 2026
(dollars in thousands)	Term Extension
Loans with Subsequent Defaults
CRE	$	273
Modified loans with subsequent defaults	$	273

Schedule of Loans Evaluated Individually, Segregated by Loan Category and Class

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 March 31, 2026
(dollars in thousands)	C&I and Other Commercial		CRE		Real Estate Construction		Retail Real Estate		Retail Other		Total
ACL balance, December 31, 2025	$	61,370	$	70,328	$	11,568	$	29,178	$	1,579	$	174,023
Provision for loan losses	3,556		(234)		1,019		(1,944)		(4)		2,393
Charged-off	(7,505)		—		—		(151)		(184)		(7,840)
Recoveries	383		6		1		57		31		478
ACL balance, March 31, 2026	$	57,804	$	70,100	$	12,588	$	27,140	$	1,422	$	169,054

	Three Months Ended March 31, 2025
(dollars in thousands)	C&I and Other Commercial		CRE		Real Estate Construction		Retail Real Estate		Retail Other		Total
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	623		(393)		311		(503)		(19)		19
Charged-off3	(31,221)		(253)		—		—		(361)		(31,835)
Recoveries	96		131		10		133		36		406
ACL balance, March 31, 2025	$	89,304	$	68,478	$	8,689	$	26,399	$	2,340	$	195,210

___________________________________________

1.The Day 1 PCD was attributable to the CrossFirst acquisition (see “Note 2. Business Combinations”), and represents the initial adjustment to the fair value of the PCD loans.

2.The Day 2 provision for loan losses was attributable to the CrossFirst acquisition (see “Note 2. Business Combinations”), and represents the initial provision for non-PCD loans.

3.Charged-off amounts included $29.6 million for PCD loans assumed in the CrossFirst acquisition, which were fully reserved at acquisition and did not require recording additional provision expense.