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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
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)March 31,
2026		December 31,
2025
Pledged loans
FHLB$7,199,169 $5,051,512 
Federal Reserve Bank1,923,484 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 contracts6,750 5,050 
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)LocationMarch 31,
2026		December 31,
2025
Prime Loan Swap
Notional amount$300,000 $300,000 
Weighted average rate: receive-fixed4.81 %4.81 %
Weighted average variable Prime pay rates6.75 %6.81 %
Weighted average maturity
2.85 years
3.10 years
 
SOFR Loan Swaps
Notional amount$400,000 $200,000 
Weighted average rate: receive-fixed3.71 %3.78 %
Weighted average variable 1-month CME Term SOFR pay rates1
3.67 %3.82 %
Weighted average maturity5.18 years3.76 years
 
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assetsOther assets$1,776 $3,215 
Gross aggregate fair value of swap liabilitiesOther liabilities15,421 14,589 
 
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of taxAOCI$(9,347)$(7,616)
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1.A pay rate is not yet applicable for a 6-month forward-starting SOFR loan swap with a notional amount of $200 million, which was entered into during the first quarter of 2026, so this SOFR loan swap was excluded from the calculation of the weighted average pay rate.
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 March 31, 2026.
(dollars in thousands)As of
March 31, 2026
Unrealized gains expected to be reclassified from OCI to interest income$481 
Schedule of Interest Income (Expense) Recorded on Swap Transactions
Changes in interest income recorded on these swap transactions is presented in the following table:
Three Months Ended March 31,
(dollars in thousands)20262025
Decrease in interest income on swap transactions$(1,403)$(2,060)
Schedule of Net Gains (Losses) Relating to these Derivative Instruments
Net gains and losses relating to cash flow derivative instruments that were recorded in OCI on the Consolidated Statements of Income (Unaudited) are presented in the table below:
Three Months Ended March 31,
(dollars in thousands)20262025
Unrealized gains (losses) on cash flow hedges
Net gains (losses) recognized in OCI, net of tax$(2,783)$4,641 
Losses reclassified from OCI to interest income, net of tax1,052 1,505 
Net change in unrealized gains (losses) on cash flow hedges, net of tax$(1,731)$6,146 
Changes in fair value of these derivative assets and derivative liabilities were recorded in noninterest expense on the Consolidated Statements of Income (Unaudited) and are summarized as follows:
Three Months Ended March 31,
(dollars in thousands)Location20262025
Interest rate swaps
Receive-fixed, pay-floatingNoninterest expense$(3,116)$3,034 
Receive-floating, pay-fixedNoninterest expense3,116 (3,034)
Net change in fair value of interest rate swaps$— $— 
Gains and losses relating to these derivative instruments are reported in noninterest income, and are summarized as follows:
Three Months Ended March 31,
(dollars in thousands)Location2026 2025
Net gains (losses) on mortgage banking derivatives
Gains (losses) on interest rate lock commitmentsMortgage revenue$44 $242 
Gains (losses) on forward sales commitmentsMortgage revenue96 (87)
Net gains (losses) on mortgage banking derivatives$140 $155 
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 March 31, 2026As of December 31, 2025
(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$740,117 $7,355 $703,286 $11,542 
Interest rate swaps: receive-floating, pay-fixedOther assets531,572 17,135 456,973 15,998 
Derivative assets not designated as hedging instruments$1,271,689 $24,490 $1,160,259 $27,540 
Derivative liabilities not designated as hedging instruments
Interest rate swaps: receive-fixed, pay-floatingOther liabilities$531,572 $17,135 $456,973 $15,998 
Interest rate swaps: receive-floating, pay-fixedOther liabilities740,117 7,355 703,286 11,542 
Derivative liabilities not designated as hedging instruments$1,271,689 $24,490 $1,160,259 $27,540 
Amounts and fair values of mortgage banking derivatives included on the Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of March 31, 2026As of December 31, 2025
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Mortgage banking derivative assets
Interest rate lock commitmentsOther assets$3,139 $42 $6,159 $145 
Forward sales commitmentsOther assets6,861 70 1,520 2 
Mortgage banking derivative assets$10,000 $112 $7,679 $147 
 
Mortgage banking derivative liabilities
Forward sales commitments1
Other liabilities$201 $— $9,278 $26 
Mortgage banking derivative liabilities$201 $— $9,278 $26 
___________________________________________
1.The fair value of forward sales commitments in a liability position was immaterial, rounding to zero thousand.
Schedule of Notional Amount and Fair Value of Risk Participation Agreement The risk participation agreements mature between May 2026 and October 2033, and are summarized as follows:
As of
(dollars in thousands)March 31,
2026		December 31,
2025
Risk participation agreements purchased
Number of risk participation agreements12 12 
Notional amount$74,942 $74,590 
Fair value22 30 
 
Risk participation agreements sold
Number of risk participation agreements13 13 
Notional amount$108,242 $108,743 
Fair value48 65 
Schedule of Foreign Currency Forward Contracts Amounts and fair values of derivative assets and derivative liabilities related to foreign currency contracts recorded on the Consolidated Balance Sheets (Unaudited) are summarized as follows:
As of March 31, 2026As of December 31, 2025
(dollars in thousands)LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Foreign currency exchange forward contracts
Customer contractsOther assets$3,531 $211 $— $— 
Third-party dealer contractsOther liabilities629 6 — —