XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.21.1

Borrowings | 3 Months Ended
--- | ---
Mar. 31, 2021
Borrowings |
Borrowings | Note 6: Borrowings ​ Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The underlying securities are held by the Company’s safekeeping agent. The Company may be required to provide additional collateral based on fluctuations in the fair value of the underlying securities. Securities sold under agreements to repurchase were as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of | ​
​ | ​ | March 31, | ​ | December 31, | ​
​ |  | 2021 |  | 2020 |
Securities sold under agreements to repurchase | ​ | $ | 210,132 | ​ | $ | 175,614 | ​
Weighted average rate for securities sold under agreements to repurchase | ​ | ​ | 0.11 | % | ​ | 0.13 | %
​ Federal funds purchased are short-term borrowings that generally mature between one and 90 days. The Company had no federal funds purchased at March 31, 2021, and December 31, 2020. ​ Short-term borrowings of $4.7 million at March 31, 2021, and December 31, 2020, was composed of FHLB advances which mature in less than one year from date of origination and the portion of long-term FHLB debt which is due within the next 12 months. ​ On January 29, 2019, the Company entered into an Amended and Restated Credit Agreement providing for the Company’s $20.0 million revolving credit facility with an annual interest rate of one-month LIBOR plus a spread of 1.75%. The revolving credit facility was set to mature on April 30, 2021. Subsequent to quarter end, on April 21, 2021, the maturity was extended by amendment for an additional one year, to April 30, 2022. The revolving credit facility incurs a non-usage fee based on the undrawn amount. The Company had no outstanding balance under the revolving credit facility on March 31, 2021, or December 31, 2020. ​ Long-term debt is summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of
​ | ​ | March 31, | ​ | December 31,
​ |  | 2021 |  | 2020
Notes payable, FHLB, original maturity of 5 years, collateralized by FHLB deposits, residential and commercial real estate loans and FHLB stock | ​ | $ | 4,584 | ​ | $ | 4,757
​ As of March 31, 2021, and December 31, 2020, funds borrowed from the FHLB, listed above, consisted of one variable-rate note maturing in May 2023, with an interest rate of 3.04%. ​ On May 25, 2017, the Company issued $40.0 million of 3.75% senior notes that mature on May 25, 2022. The senior notes are payable semi-annually on each May 25 and November 25, commencing on November 25, 2017. The senior notes are not subject to optional redemption by the Company. Additionally, on May 25, 2017, the Company issued $60.0 million of fixed-to-floating rate subordinated notes that mature on May 25, 2027. The subordinated notes, which qualify as Tier 2 capital for First Busey, bear interest at an annual rate of 4.75% for the first five years after issuance and thereafter bear interest at a floating rate equal to three-month LIBOR plus a spread of 2.919%, as calculated on each applicable determination date. The subordinated notes are payable semi-annually on each May 25 and November 25, commencing on November 25, 2017, during the five-year fixed-term, and thereafter on February 25, May 25, August 25, and November 25 of each year, commencing on August 25, 2022. The subordinated notes have an optional redemption in whole or in part on any interest payment date on or after May 25, 2022. The senior notes and subordinated notes are unsecured obligations of the Company. ​ On June 1, 2020, the Company issued $125.0 million of fixed-to-floating rate subordinated notes that mature on June 1, 2030. The subordinated notes, which qualify as Tier 2 capital for First Busey, bear interest at an annual rate of 5.25% for the first five years after issuance and thereafter bear interest at a floating rate equal to a three-month benchmark rate plus a spread of 5.11%, as calculated on each applicable determination date. The subordinated notes are payable semi-annually on each June 1 and December 1 during the five-year fixed-term, and thereafter on March 1, June 1, September 1, and December 1 of each year, commencing on September 1, 2025. The subordinated notes have an optional redemption in whole or in part on any interest payment date on or after June 1, 2025. The subordinated notes are unsecured obligations of the Company. ​ Unamortized debt issuance costs related to senior notes and subordinated notes are presented in the following table (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of
​ | ​ | March 31, | ​ | December 31,
​ |  | 2021 |  | 2020
Unamortized debt issuance costs related to: | ​ | ​ | ​ | ​ | ​ | ​
Senior notes issued in 2017 | ​ | $ | 157 | ​ | $ | 191
Subordinated notes issued in 2017 | ​ | ​ | 625 | ​ | ​ | 651
Subordinated notes issued in 2020 | ​ | ​ | 2,005 | ​ | ​ | 2,123
Total unamortized debt issuance costs | ​ | $ | 2,787 | ​ | $ | 2,965
​

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration