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Significant Accounting Policies (Policies) | 9 Months Ended
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Sep. 30, 2021
Significant Accounting Policies |
Nature of operations | Nature of Operations ​ First Busey Corporation, a Nevada corporation organized in 1980, is a $12.9 billion financial holding company headquartered in Champaign, Illinois. Our common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.” ​ The Company operates and reports its business in three segments: Banking, Remittance Processing, and Wealth Management. The Banking operating segment provides a full range of banking services to individual and corporate customers through the Company’s wholly-owned bank subsidiary, Busey Bank, with banking centers in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana. The Remittance Processing operating segment provides technology-driven payment solutions for walk-in, lockbox, interactive voice recognition, and online bill payments, among others, through the Company’s subsidiary, FirsTech. The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation ​ These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in our 2020 Annual Report. These interim unaudited consolidated financial statements serve to update our 2020 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements. ​ We prepared these unaudited consolidated financial statements in conformity with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation. These reclassifications did not have a material impact on our consolidated financial condition or results of operations. ​ In our opinion, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
COVID-19 | COVID-19 ​ First Busey has continued to operate as an essential community resource during these challenging and unprecedented times. Federal bank regulatory agencies, along with their state counterparts, have issued a steady stream of guidance responding to the COVID-19 pandemic and have taken a number of steps to help banks navigate the pandemic and mitigate its impact. ​ The Company remains vigilant as the negative impacts of COVID-19, such as further margin compression and a deterioration in asset quality, could impact future quarters. ​ As part of the CARES Act, Congress appropriated approximately $349 billion for the creation of the PPP and then authorized a second phase for an additional $310 billion in PPP loans. The program provided payroll assistance for the nation’s nearly 30 million small businesses—and select nonprofits—in the form of 100% government-guaranteed low-interest loans from the SBA. On December 27, 2020, the Economic Aid Act extended the authority to make PPP loans through March 31, 2021, and revised certain PPP requirements. On March 30, 2021, the President signed the PPP Extension Act of 2021, which extended the PPP application deadline to May 31, 2021, or until funding was exhausted, which occurred on May 28, 2021. First Busey served as a bridge for these programs, actively helping existing and new business clients sign up for this important financial resource. ​ The following table summarizes First Busey’s PPP loans as of September 30, 2021, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | CARES | ​ | Economic Aid | ​ | PPP Loan
​ |  | Act |  | Act |  | Totals
Customers with PPP loans processed/acquired | ​ | ​ | 4,595 | ​ | ​ | 2,753 | ​ | ​ | 7,348
PPP loans originated/acquired | ​ | $ | 765,212 | ​ | $ | 324,593 | ​ | $ | 1,089,805
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Customers with PPP loans outstanding | ​ | ​ | 121 | ​ | ​ | 1,499 | ​ | ​ | 1,620
PPP loans outstanding | ​ | $ | 17,364 | ​ | $ | 165,746 | ​ | $ | 183,110
PPP loans outstanding, amortized cost | ​ | ​ | 17,325 | ​ | ​ | 160,906 | ​ | ​ | 178,231
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
PPP loan balance forgiveness: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Received | ​ | $ | 744,320 | ​ | $ | 151,135 | ​ | $ | 895,455
Balances submitted to the SBA for forgiveness | ​ | ​ | 10,796 | ​ | ​ | 10,217 | ​ | ​ | 21,013
Use of Estimates | Use of Estimates ​ In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, the Company’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of debt securities available for sale, fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
Subsequent Events | Subsequent Events ​ The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. There were no significant subsequent events for the quarter ended September 30, 2021, through the filing date of these unaudited consolidated financial statements.

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