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OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS | 12 Months Ended
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Dec. 31, 2023
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] |
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS | NOTE 4. OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS OREO and other repossessed assets represent properties and other assets acquired through foreclosure or other proceedings in settlement of loans and is included in other assets in the accompanying Consolidated Balance Sheets. The following table summarizes the composition of Busey’s OREO and other repossessed asset balances as of the periods presented (dollars in thousands):
| As of December 31,
| 2023 |  | 2022
OREO |  |  |
Residential | $ | 125 |  |  | $ | 70 |
Total OREO | 125 |  |  | 70 |
Other repossessed assets | — |  |  | 780 |
OREO and other repossessed assets | $ | 125 |  |  | $ | 850 |
The following table summarizes changes in the balance OREO and other repossessed assets (dollars in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
OREO and other repossessed assets at January 1 | $ | 850 |  |  | $ | 4,416 |  |  | $ | 4,571 |
Additions, transfers from loans | 189 |  |  | 175 |  |  | 1,610 |
Sales | (770) |  |  | (2,565) |  |  | (1,721) |
Cash payments collected | (44) |  |  | (565) |  |  | (43) |
Impairment of OREO and other repossessed assets | (100) |  |  | (611) |  |  | (1) |
OREO and other repossessed assets at December 31 | $ | 125 |  |  | $ | 850 |  |  | $ | 4,416 |
Busey had residential real estate in the process of foreclosure totaling $0.3 million as of December 31, 2023, and $1.1 million as of December 31, 2022. Busey has elected to follow Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans. Busey incurs operating expenses for, and may have income from, OREO and other repossessed assets. Upon sale, Busey may recognize a gain or loss on the sale of OREO and other repossessed assets. The table below summarizes the effect of these activities, included in Other expense on Busey’s Consolidated Statements of Income (dollars in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Activity for OREO and other repossessed assets |  |  |  |  |
Net loss (gain) on sales | $ | 54 |  |  | $ | 665 |  |  | $ | 173 |
Operating expenses, net of income | 67 |  |  | 248 |  |  | 468 |
Activity for OREO and other repossessed assets | $ | 121 |  |  | $ | 913 |  |  | $ | 641 |

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-3 + Details
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