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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

The following tables summarize financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2023, and December 31, 2022, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

			As of June 30, 2023
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available for sale:
U.S. Treasury securities			$	—					$	59,930					$	—					$	59,930
Obligations of U.S. government corporations and agencies			—						11,112						—						11,112
Obligations of states and political subdivisions			—						239,755						—						239,755
Asset-backed securities			—						474,082						—						474,082
Commercial mortgage-backed securities			—						103,763						—						103,763
Residential mortgage-backed securities			—						1,166,693						—						1,166,693
Corporate debt securities			—						228,513						—						228,513
Equity securities			—						9,034						—						9,034
Derivative assets			—						38,238						15						38,253
Derivative liabilities			—						68,506						—						68,506

			As of December 31, 2022
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available for sale:
U.S. Treasury securities			$	—					$	114,061					$	—					$	114,061
Obligations of U.S. government corporations and agencies			—						19,779						—						19,779
Obligations of states and political subdivisions			—						257,512						—						257,512
Asset-backed securities			—						469,875						—						469,875
Commercial mortgage-backed securities			—						108,394						—						108,394
Residential mortgage-backed securities			—						1,243,256						—						1,243,256
Corporate debt securities			—						248,516						—						248,516
Equity securities			—						11,535						—						11,535
Derivative assets			—						42,607						5						42,612
Derivative liabilities			—						72,462						—						72,462

Schedule of assets and liabilities measured at fair value on a non-recurring basis

The following tables summarize assets and liabilities measured at fair value on a non-recurring basis for the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

			As of June 30, 2023
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	3,356					$	3,356
Bank property held for sale with impairment			—						—						4,286						4,286

			As of December 31, 2022
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	5,345					$	5,345
Bank property held for sale with impairment			—						—						7,923						7,923

Schedule of quantitative information about Level 3 fair value measurements

The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):

As of June 30, 2023

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

3,356

Appraisal of collateral

Appraisal adjustments

-15.7% to -100.0% (-43.7)%

Bank property held for sale with impairment

4,286

Appraisal of collateral or real estate listing price

Appraisal adjustments

-6.2% to -64.9% (-38.4)%

As of December 31, 2022

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

5,345

Appraisal of collateral

Appraisal adjustments

-22.7% to -100.0% (-45.7)%

Bank property held for sale with impairment

7,923

Appraisal of collateral or real estate listing price

Appraisal adjustments

-0.7% to -70.1% (-35.1)%

Schedule of estimated fair values of financial instruments

Estimated fair values of financial instruments that are not carried at fair value in Busey’s Consolidated Balance Sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows (dollars in thousands):

			As of June 30, 2023												As of December 31, 2022
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents			$	232,703					$	232,703					$	227,164					$	227,164
Level 2 inputs:
Debt securities held to maturity			894,102						746,502						918,312						785,295
Loans held for sale			1,545						1,558						1,253						1,276
Accrued interest receivable			42,689						42,689						43,372						43,372
Level 3 inputs:
Portfolio loans, net			7,713,645						7,389,784						7,634,094						7,320,422
Mortgage servicing rights			4,498						17,873						5,861						18,284
Other servicing rights			1,729						2,179						1,914						2,331
Financial liabilities
Level 2 inputs:
Time deposits			$	1,471,615					$	1,447,372					$	855,375					$	830,596
Securities sold under agreements to repurchase			202,953						202,953						229,806						229,806
Short-term borrowings			212,000						212,033						351,054						351,085
Long-term debt			24,000						24,031						30,000						30,052
Junior subordinated debt owed to unconsolidated trusts			71,900						55,475						71,810						59,111
Accrued interest payable			11,791						11,791						3,978						3,978
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs			222,454						193,250						222,038						208,562

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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-Topic 820
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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