XML 45 R33.htm IDEA: XBRL DOCUMENT
v3.21.1

Derivative Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Summary 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 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​
​ | ​ | March 31, | ​ | December 31, | ​
​ |  | 2021 |  | 2020 |
Notional amount | ​ | $ | 70,000 | ​ | $ | 70,000 | ​
Weighted average fixed pay rates | ​ |  | 1.80 | % |  | 1.80 | %
Weighted average variable 3-month LIBOR receive rates | ​ | ​ | 0.18 | % | ​ | 0.22 | %
Weighted average maturity, in years | ​ | ​ | 2.61 | yrs | ​ | 2.85 | yrs
Unrealized gains (losses), net of tax | ​ | $ | (1,575) | ​ | $ | (2,184) | ​
Interest rate contract |
Summary of gross gains and losses on derivative assets and liabilities recorded in non-interest income and expense in consolidated statements of income | The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the unaudited Consolidated Statements of Income relating to cash flow derivative instruments for the periods presented (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
Interest rate contracts |  | 2021 |  | 2020
Gain (loss) recognized in OCI, net of tax | ​ | $ | 410 | ​ | $ | (2,237)
(Gain) loss reclassified from OCI to interest expense, net of tax | ​ | ​ | 199 | ​ | ​ | (11)
Net change in unrealized gains (losses) on cash flow hedges | ​ | $ | 609 | ​ | $ | (2,248)
Interest rate lock commitments and forward sales commitments |
Summary of fair values of derivative assets and liabilities recorded in consolidated balance sheet | Amounts and fair values of mortgage banking derivatives included in the unaudited Consolidated Balance Sheets are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | March 31, 2021 | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | Notional | ​ | Fair | ​ | Notional | ​ | Fair
Derivatives with positive fair value |  | Location |  | Amount |  | Value |  | Amount |  | Value
Interest rate lock commitments | ​ | Other assets | ​ | $ | 24,142 | ​ | $ | 474 | ​ | $ | 45,004 | ​ | $ | 1,201
Forward sales commitments | ​ | Other assets | ​ | ​ | 7,035 | ​ | ​ | 59 | ​ | ​ | 978 | ​ | ​ | 32
Mortgage banking derivatives recorded in other assets | ​ | $ | 31,177 | ​ | $ | 533 | ​ | $ | 45,982 | ​ | $ | 1,233
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives with negative fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate lock commitments | ​ | Other liabilities | ​ | $ | 931 | ​ | $ | 2 | ​ | $ | 118 | ​ | $ | 1
Forward sales commitments | ​ | Other liabilities | ​ | ​ | 55,454 | ​ | ​ | 879 | ​ | ​ | 84,964 | ​ | ​ | 2,662
Mortgage banking derivatives recorded in other liabilities | ​ | $ | 56,385 | ​ | $ | 881 | ​ | $ | 85,082 | ​ | $ | 2,663
Summary of gross gains and losses on derivative assets and liabilities recorded in non-interest income and expense in consolidated statements of income | Net gains (losses) relating to these derivative instruments are summarized as follows for the periods presented (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Three Months Ended March 31,
​ |  | Location | ​ | 2021 | ​ | 2020
Interest rate lock commitments | ​ | Mortgage revenue | ​ | $ | 472 | ​ | $ | 4,849
Forward sales commitments | ​ | Mortgage revenue | ​ |  | (820) | ​ | ​ | (7,047)
Net gains (losses) | ​ | ​ | ​ | ​ | $ | (348) | ​ | $ | (2,198)
Interest rate swap |
Summary of fair values of derivative assets and liabilities recorded in consolidated balance sheet | Amounts and fair values of derivative assets and liabilities related to customer interest rate swaps recorded in the unaudited Consolidated Balance Sheets are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Asset | ​ | Derivative Liability
​ | ​ | Notional | ​ | Fair | ​ | Notional | ​ | Fair
March 31, 2021 |  | Amount |  | Value |  | Amount |  | Value
Interest rate swaps – pay floating, receive fixed | ​ | $ | 308,178 | ​ | $ | 18,881 | ​ | $ | 93,069 | ​ | $ | 3,209
Interest rate swaps – pay fixed, receive floating | ​ | ​ | 93,069 | ​ | ​ | 3,209 | ​ | ​ | 308,178 | ​ | ​ | 18,881
Derivatives not designated as hedging instruments | ​ | $ | 401,247 | ​ | $ | 22,090 | ​ | $ | 401,247 | ​ | $ | 22,090
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Asset | ​ | Derivative Liability
​ | ​ | Notional | ​ | Fair | ​ | Notional | ​ | Fair
December 31, 2020 |  | Amount |  | Value |  | Amount |  | Value
Interest rate swaps – pay floating, receive fixed | ​ | $ | 394,954 | ​ | $ | 32,685 | ​ | $ | — | ​ | $ | —
Interest rate swaps – pay fixed, receive floating | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 394,954 | ​ | ​ | 32,685
Derivatives not designated as hedging instruments | ​ | $ | 394,954 | ​ | $ | 32,685 | ​ | $ | 394,954 | ​ | $ | 32,685
Summary of gross gains and losses on derivative assets and liabilities recorded in non-interest income and expense in consolidated statements of income | Changes in fair value of these derivative assets and liabilities are recorded in non-interest expense in the unaudited Consolidated Statements of Income and summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Three Months Ended March 31,
​ |  | Location |  | 2021 |  | 2020
Interest rate swaps – pay floating, receive fixed | ​ | Non-interest expense | ​ | $ | (10,595) | ​ | $ | 23,478
Interest rate swaps – pay fixed, receive floating | ​ | Non-interest expense | ​ | ​ | 10,595 | ​ | ​ | (23,478)
Net change in fair value of interest rate swaps | ​ | ​ | ​ | ​ | $ | — | ​ | $ | —

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateContractMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=buse_InterestRateLockCommitmentsAndForwardSalesCommitmentsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateSwapMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |