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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 September 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 September 30, 2023
| Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
Debt securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 50,130 |  |  | $ | — |  |  | $ | 50,130 |
Obligations of U.S. government corporations and agencies | — |  |  | 9,819 |  |  | — |  |  | 9,819 |
Obligations of states and political subdivisions | — |  |  | 226,797 |  |  | — |  |  | 226,797 |
Asset-backed securities | — |  |  | 479,448 |  |  | — |  |  | 479,448 |
Commercial mortgage-backed securities | — |  |  | 100,300 |  |  | — |  |  | 100,300 |
Residential mortgage-backed securities | — |  |  | 1,088,796 |  |  | — |  |  | 1,088,796 |
Corporate debt securities | — |  |  | 227,551 |  |  | — |  |  | 227,551 |
Equity securities | — |  |  | 8,782 |  |  | — |  |  | 8,782 |
Derivative assets | — |  |  | 47,027 |  |  | 7 |  |  | 47,034 |
Derivative liabilities | — |  |  | 82,814 |  |  | — |  |  | 82,814 |
| 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 September 30, 2023
| Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
Loans evaluated individually, net of related allowance | $ | — |  |  | $ | — |  |  | $ | 3,333 |  |  | $ | 3,333 |
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 September 30, 2023
| Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average)
Loans evaluated individually, net of related allowance | $ | 3,333 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | -10.5% to -100.0% (-34.0)%
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 (Unaudited), 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 September 30, 2023 |  | As of December 31, 2022
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial assets |  |  |  |  |  |  |
Level 1 inputs: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 337,919 |  |  | $ | 337,919 |  |  | $ | 227,164 |  |  | $ | 227,164 |
Level 2 inputs: |  |  |  |  |  |  |
Debt securities held to maturity | 882,614 |  |  | 701,676 |  |  | 918,312 |  |  | 785,295 |
Loans held for sale | 3,051 |  |  | 3,059 |  |  | 1,253 |  |  | 1,276 |
Accrued interest receivable | 47,889 |  |  | 47,889 |  |  | 43,372 |  |  | 43,372 |
Level 3 inputs: |  |  |  |  |  |  |
Portfolio loans, net | 7,764,450 |  |  | 7,241,479 |  |  | 7,634,094 |  |  | 7,320,422 |
Mortgage servicing rights | 3,870 |  |  | 18,758 |  |  | 5,861 |  |  | 18,284 |
Other servicing rights | 1,675 |  |  | 2,144 |  |  | 1,914 |  |  | 2,331 |
Financial liabilities |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |
Time deposits | $ | 1,666,652 |  |  | $ | 1,643,625 |  |  | $ | 855,375 |  |  | $ | 830,596 |
Securities sold under agreements to repurchase | 183,702 |  |  | 183,702 |  |  | 229,806 |  |  | 229,806 |
Short-term borrowings | 12,000 |  |  | 12,027 |  |  | 351,054 |  |  | 351,085 |
Long-term debt | 21,000 |  |  | 21,020 |  |  | 30,000 |  |  | 30,052 |
Junior subordinated debt owed to unconsolidated trusts | 71,946 |  |  | 55,662 |  |  | 71,810 |  |  | 59,111 |
Accrued interest payable | 22,761 |  |  | 22,761 |  |  | 3,978 |  |  | 3,978 |
Level 3 inputs: |  |  |  |  |  |  |
Subordinated notes, net of unamortized issuance costs | 222,666 |  |  | 198,812 |  |  | 222,038 |  |  | 208,562 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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