XML 35 R25.htm IDEA: XBRL DOCUMENT v3.23.1

Debt Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of amortized cost, unrealized gains and losses and fair values of securities classified available for sale and held to maturity

The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):

			As of March 31, 2023
			Amortized Cost						Unrealized												Fair Value
									Gross Gains						Gross Losses
Debt securities available for sale
U.S. Treasury securities			$	87,182					$	—					$	(2,550)					$	84,632
Obligations of U.S. government corporations and agencies			11,855						3						(231)						11,627
Obligations of states and political subdivisions			274,858						193						(20,790)						254,261
Asset-backed securities			488,234						—						(19,087)						469,147
Commercial mortgage-backed securities			123,720						—						(14,893)						108,827
Residential mortgage-backed securities			1,426,529						4						(200,599)						1,225,934
Corporate debt securities			251,543						12						(22,433)						229,122
Total debt securities available for sale			$	2,663,921					$	212					$	(280,583)					$	2,383,550

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	470,138					$	—					$	(63,198)					$	406,940
Residential mortgage-backed securities			437,421						—						(63,708)						373,713
Total debt securities held to maturity			$	907,559					$	—					$	(126,906)					$	780,653

			As of December 31, 2022
			Amortized Cost						Unrealized												Fair Value
									Gross Gains						Gross Losses
Debt securities available for sale
U.S. Treasury securities			$	117,805					$	—					$	(3,744)					$	114,061
Obligations of U.S. government corporations and agencies			20,097						3						(321)						19,779
Obligations of states and political subdivisions			283,481						106						(26,075)						257,512
Asset-backed securities			489,558						—						(19,683)						469,875
Commercial mortgage-backed securities			124,423						—						(16,029)						108,394
Residential mortgage-backed securities			1,463,971						2						(220,717)						1,243,256
Corporate debt securities			273,118						33						(24,635)						248,516
Total debt securities available for sale			$	2,772,453					$	144					$	(311,204)					$	2,461,393

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	474,820					$	—					$	(63,738)					$	411,082
Residential mortgage-backed securities			443,492						—						(69,279)						374,213
Total debt securities held to maturity			$	918,312					$	—					$	(133,017)					$	785,295

Maturities of debt securities

All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):

			As of March 31, 2023
			Amortized Cost						Fair Value
Debt securities available for sale
Due in one year or less			$	105,794					$	103,746
Due after one year through five years			363,407						340,503
Due after five years through ten years			369,029						337,071
Due after ten years			1,825,691						1,602,230
Debt securities available for sale			$	2,663,921					$	2,383,550

Debt securities held to maturity
Due after one year through five years			$	43,594					$	41,147
Due after five years through ten years			63,632						57,859
Due after ten years			800,333						681,647
Debt securities held to maturity			$	907,559					$	780,653

Gains and losses on debt securities

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):

									Three Months Ended March 31,
															2023						2022
Realized gains and losses on debt securities
Gross gains on debt securities															$	10					$	113
Gross (losses) on debt securities															(6)						(7)
Realized net gains (losses) on debt securities															$	4					$	106

Debt securities in an unrealized loss position

The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):

			As of March 31, 2023
			Less than 12 months												12 months or more												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Debt securities available for sale
U.S. Treasury securities			$	964					$	(32)					$	83,668					$	(2,518)					$	84,632					$	(2,550)
Obligations of U.S. government corporations and agencies			11,262						(223)						196						(8)						11,458						(231)
Obligations of states and political subdivisions			80,541						(755)						133,343						(20,035)						213,884						(20,790)
Asset-backed securities			16,954						(346)						452,193						(18,741)						469,147						(19,087)
Commercial mortgage-backed securities			7,634						(290)						101,193						(14,603)						108,827						(14,893)
Residential mortgage-backed securities			103,167						(5,778)						1,122,195						(194,821)						1,225,362						(200,599)
Corporate debt securities			17,362						(1,213)						209,280						(21,220)						226,642						(22,433)
Debt securities available for sale with gross unrealized losses			$	237,884					$	(8,637)					$	2,102,068					$	(271,946)					$	2,339,952					$	(280,583)

									12 months or more												Total
															Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities															$	406,940					$	(63,198)					$	406,940					$	(63,198)
Residential mortgage-backed securities															373,713						(63,708)						373,713						(63,708)
Debt securities held to maturity with gross unrecognized losses															$	780,653					$	(126,906)					$	780,653					$	(126,906)

			As of December 31, 2022
			Less than 12 months												12 months or more												Total
			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Debt securities available for sale
U.S. Treasury securities1			$	74					$	—					$	113,987					$	(3,744)					$	114,061					$	(3,744)
Obligations of U.S. government corporations and agencies			19,603						(321)						—						—						19,603						(321)
Obligations of states and political subdivisions			166,147						(10,059)						75,217						(16,016)						241,364						(26,075)
Asset-backed securities			390,164						(15,648)						79,711						(4,035)						469,875						(19,683)
Commercial mortgage-backed securities			89,428						(12,623)						18,966						(3,406)						108,394						(16,029)
Residential mortgage-backed securities			366,221						(38,111)						876,668						(182,606)						1,242,889						(220,717)
Corporate debt securities			39,037						(5,079)						204,310						(19,556)						243,347						(24,635)
Debt securities available for sale with gross unrealized losses			$	1,070,674					$	(81,841)					$	1,368,859					$	(229,363)					$	2,439,533					$	(311,204)

			Less than 12 months												12 months or more												Total
			Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	58,065					$	(8,009)					$	353,017					$	(55,729)					$	411,082					$	(63,738)
Residential mortgage-backed securities			—						—						374,213						(69,279)						374,213						(69,279)
Debt securities held to maturity with gross unrecognized losses			$	58,065					$	(8,009)					$	727,230					$	(125,008)					$	785,295					$	(133,017)

___________________________________________

1.Unrealized losses for U.S. Treasury securities that have been in a continuous unrealized loss position for less than 12 months were insignificant, rounding to zero thousand.

Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below (dollars in thousands):

			As of March 31, 2023
			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	2,339,952					$	780,653					$	3,120,605
Gross unrealized or unrecognized losses on debt securities			280,583						126,906						407,489
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			12.0		%				16.3		%				13.1		%
Count of debt securities			1,058						55						1,113
Count of debt securities in an unrealized or unrecognized loss position			947						55						1,002

			As of December 31, 2022
			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	2,439,533					$	785,295					$	3,224,828
Gross unrealized or unrecognized losses on debt securities			311,204						133,017						444,221
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			12.8		%				16.9		%				13.8		%
Count of debt securities			1,091						55						1,146
Count of debt securities in an unrealized or unrecognized loss position			1,032						55						1,087

X

- Definition

Tabular disclosure of the reconciliation of available-for-sale and held to maturity securities from cost basis to fair value.

+ References

No definition available.

+ Details

Name:	buse_ScheduleOfAvailableForSaleAndHeldToMaturitySecuritiesReconciliationTableTextBlock
Namespace Prefix:	buse_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27357-111563

+ Details

Name:	us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration