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PORTFOLIO LOANS (Tables) | 3 Months Ended
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Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
Distribution of portfolio loans | Distributions of the loan portfolio by loan category and class is presented in the following table (dollars in thousands):
| As of
| March 31, 2024 |  | December 31, 2023
Commercial loans |  |  |
C&I and other commercial | $ | 1,828,711 |  |  | $ | 1,835,994 |
Commercial real estate | 3,331,670 |  |  | 3,337,337 |
Real estate construction | 445,860 |  |  | 461,717 |
Total commercial loans | 5,606,241 |  |  | 5,635,048 |
Retail loans |  |  |
Retail real estate | 1,708,663 |  |  | 1,720,455 |
Retail other | 273,173 |  |  | 295,531 |
Total retail loans | 1,981,836 |  |  | 2,015,986 |
Total portfolio loans | 7,588,077 |  |  | 7,651,034 |
ACL | (91,562) |  |  | (91,740) |
Portfolio loans, net | $ | 7,496,515 |  |  | $ | 7,559,294 |
Schedule of financial instruments owned and pledged as collateral | The principal balance of loans Busey has pledged as collateral to the FHLB and Federal Reserve Bank for liquidity as set forth in the table below (dollars in thousands):
| As of
| March 31, 2024 |  | December 31, 2023
Pledged loans |  |  |
FHLB | $ | 4,821,485 |  |  | $ | 4,865,481 |
Federal Reserve Bank | 724,971 |  |  | 722,914 |
Total pledged loans | $ | 5,546,456 |  |  | $ | 5,588,395 |
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows (dollars in thousands):
| As of
| March 31, 2024 |  | December 31, 2023
Cash pledged to secure obligations under derivative contracts | $ | 34,210 |  |  | $ | 34,210 |
Collateral held to secure obligations under derivative contracts | 24,860 |  |  | 19,280 |
Summary of risk grades segregated by category of portfolio loans (excluding accretable purchase accounting adjustments and clearings) | The following table is a summary of risk grades segregated by category and class of portfolio loans (dollars in thousands):
| As of March 31, 2024
| Pass |  | Watch |  | Special Mention |  | Substandard |  | Substandard Non-accrual |  | Total
Commercial loans |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 1,491,166 |  |  | $ | 243,635 |  |  | $ | 37,711 |  |  | $ | 42,853 |  |  | $ | 13,346 |  |  | $ | 1,828,711 |
Commercial real estate | 2,797,374 |  |  | 447,313 |  |  | 49,932 |  |  | 36,987 |  |  | 64 |  |  | 3,331,670 |
Real estate construction | 410,089 |  |  | 22,483 |  |  | 7,743 |  |  | 5,301 |  |  | 244 |  |  | 445,860 |
Total commercial loans | 4,698,629 |  |  | 713,431 |  |  | 95,386 |  |  | 85,141 |  |  | 13,654 |  |  | 5,606,241 |
Retail loans |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,692,013 |  |  | 9,371 |  |  | 922 |  |  | 2,689 |  |  | 3,668 |  |  | 1,708,663 |
Retail other | 273,030 |  |  | — |  |  | — |  |  | — |  |  | 143 |  |  | 273,173 |
Total retail loans | 1,965,043 |  |  | 9,371 |  |  | 922 |  |  | 2,689 |  |  | 3,811 |  |  | 1,981,836 |
Total portfolio loans | $ | 6,663,672 |  |  | $ | 722,802 |  |  | $ | 96,308 |  |  | $ | 87,830 |  |  | $ | 17,465 |  |  | $ | 7,588,077 |
| As of December 31, 2023
| Pass |  | Watch |  | Special Mention |  | Substandard |  | Substandard Non-accrual |  | Total
Commercial loans |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 1,462,755 |  |  | $ | 296,416 |  |  | $ | 46,488 |  |  | $ | 27,733 |  |  | $ | 2,602 |  |  | $ | 1,835,994 |
Commercial real estate | 2,827,030 |  |  | 431,427 |  |  | 48,545 |  |  | 29,492 |  |  | 843 |  |  | 3,337,337 |
Real estate construction | 448,011 |  |  | 8,135 |  |  | — |  |  | 5,327 |  |  | 244 |  |  | 461,717 |
Total commercial loans | 4,737,796 |  |  | 735,978 |  |  | 95,033 |  |  | 62,552 |  |  | 3,689 |  |  | 5,635,048 |
Retail loans |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,702,897 |  |  | 11,144 |  |  | 1,024 |  |  | 1,795 |  |  | 3,595 |  |  | 1,720,455 |
Retail other | 295,374 |  |  | — |  |  | — |  |  | — |  |  | 157 |  |  | 295,531 |
Total retail loans | 1,998,271 |  |  | 11,144 |  |  | 1,024 |  |  | 1,795 |  |  | 3,752 |  |  | 2,015,986 |
Total portfolio loans | $ | 6,736,067 |  |  | $ | 747,122 |  |  | $ | 96,057 |  |  | $ | 64,347 |  |  | $ | 7,441 |  |  | $ | 7,651,034 |
Risk grades of portfolio loans, further sorted by origination | Risk grades of portfolio loans and gross charge-offs are presented in the tables below by loan class, further sorted by origination year (dollars in thousands):
|  | As of and For The Three Months Ended March 31, 2024
|  | Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  | Total
Risk Grade Ratings |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |
C&I and other commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 92,898 |  |  | $ | 261,771 |  |  | $ | 214,944 |  |  | $ | 156,831 |  |  | $ | 66,161 |  |  | $ | 154,099 |  |  | $ | 544,462 |  |  | $ | 1,491,166 |
Watch |  | 4,869 |  |  | 58,913 |  |  | 49,671 |  |  | 14,389 |  |  | 23,226 |  |  | 27,759 |  |  | 64,808 |  |  | 243,635 |
Special Mention |  | 665 |  |  | 239 |  |  | 7,964 |  |  | 2,654 |  |  | 677 |  |  | 3,264 |  |  | 22,248 |  |  | 37,711 |
Substandard |  | 8,371 |  |  | 5,700 |  |  | 1,386 |  |  | 819 |  |  | 525 |  |  | 2,348 |  |  | 23,704 |  |  | 42,853 |
Substandard non-accrual |  | — |  |  | 75 |  |  | — |  |  | 117 |  |  | 66 |  |  | 1,388 |  |  | 11,700 |  |  | 13,346 |
Total commercial |  | 106,803 |  |  | 326,698 |  |  | 273,965 |  |  | 174,810 |  |  | 90,655 |  |  | 188,858 |  |  | 666,922 |  |  | 1,828,711 |
Gross charge-offs |  | — |  |  | 5,130 |  |  | — |  |  | — |  |  | — |  |  | 88 |  |  | — |  |  | 5,218 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 77,146 |  |  | 362,541 |  |  | 845,621 |  |  | 676,837 |  |  | 384,545 |  |  | 433,216 |  |  | 17,468 |  |  | 2,797,374 |
Watch |  | 58,049 |  |  | 131,059 |  |  | 35,873 |  |  | 111,998 |  |  | 32,964 |  |  | 73,846 |  |  | 3,524 |  |  | 447,313 |
Special Mention |  | 1,405 |  |  | 8,646 |  |  | 13,126 |  |  | 12,578 |  |  | 5,015 |  |  | 9,162 |  |  | — |  |  | 49,932 |
Substandard |  | 1,362 |  |  | 5,626 |  |  | 2,677 |  |  | 18,821 |  |  | 3,337 |  |  | 5,114 |  |  | 50 |  |  | 36,987 |
Substandard non-accrual |  | — |  |  | 44 |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 64 |
Total commercial real estate |  | 137,962 |  |  | 507,916 |  |  | 897,297 |  |  | 820,234 |  |  | 425,881 |  |  | 521,338 |  |  | 21,042 |  |  | 3,331,670 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 96 |  |  | — |  |  | 96 |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 58,333 |  |  | 177,437 |  |  | 72,325 |  |  | 75,282 |  |  | 2,458 |  |  | 3,332 |  |  | 20,922 |  |  | 410,089 |
Watch |  | — |  |  | 3,678 |  |  | 18,030 |  |  | 455 |  |  | 320 |  |  | — |  |  | — |  |  | 22,483 |
Special Mention |  | — |  |  | 7,743 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,743 |
Substandard |  | — |  |  | 5,301 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,301 |
Substandard non-accrual |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 244 |  |  | — |  |  | 244 |
Total real estate construction |  | 58,333 |  |  | 194,159 |  |  | 90,355 |  |  | 75,737 |  |  | 2,778 |  |  | 3,576 |  |  | 20,922 |  |  | 445,860 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Retail real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 19,533 |  |  | 240,662 |  |  | 376,623 |  |  | 378,955 |  |  | 153,995 |  |  | 313,080 |  |  | 209,165 |  |  | 1,692,013 |
Watch |  | 805 |  |  | 832 |  |  | 2,873 |  |  | 2,242 |  |  | 937 |  |  | 401 |  |  | 1,281 |  |  | 9,371 |
Special Mention |  | — |  |  | 191 |  |  | 354 |  |  | — |  |  | — |  |  | 377 |  |  | — |  |  | 922 |
Substandard |  | — |  |  | 136 |  |  | 1,049 |  |  | 519 |  |  | 45 |  |  | 935 |  |  | 5 |  |  | 2,689 |
Substandard non-accrual |  | — |  |  | — |  |  | 527 |  |  | 65 |  |  | 253 |  |  | 1,982 |  |  | 841 |  |  | 3,668 |
Total retail real estate |  | 20,338 |  |  | 241,821 |  |  | 381,426 |  |  | 381,781 |  |  | 155,230 |  |  | 316,775 |  |  | 211,292 |  |  | 1,708,663 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Retail other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 1,458 |  |  | 78,006 |  |  | 83,891 |  |  | 20,205 |  |  | 5,438 |  |  | 3,546 |  |  | 80,486 |  |  | 273,030 |
Substandard non-accrual |  | — |  |  | — |  |  | 93 |  |  | 49 |  |  | — |  |  | 1 |  |  | — |  |  | 143 |
Total retail other |  | 1,458 |  |  | 78,006 |  |  | 83,984 |  |  | 20,254 |  |  | 5,438 |  |  | 3,547 |  |  | 80,486 |  |  | 273,173 |
Gross charge-offs |  | — |  |  | 3 |  |  | — |  |  | 23 |  |  | — |  |  | 68 |  |  | — |  |  | 94 |
Total portfolio loans |  | $ | 324,894 |  |  | $ | 1,348,600 |  |  | $ | 1,727,027 |  |  | $ | 1,472,816 |  |  | $ | 679,982 |  |  | $ | 1,034,094 |  |  | $ | 1,000,664 |  |  | $ | 7,588,077 |
Total gross charge-offs |  | $ | — |  |  | $ | 5,133 |  |  | $ | — |  |  | $ | 23 |  |  | $ | — |  |  | $ | 304 |  |  | $ | — |  |  | $ | 5,460 |
|  | As of and For The Year Ended December 31, 2023
|  | Term Loans Amortized Cost Basis by Origination Year |  | Revolving Loans |  | Total
Risk Grade Ratings |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |
C&I and other commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 306,578 |  |  | $ | 220,847 |  |  | $ | 159,130 |  |  | $ | 71,025 |  |  | $ | 35,927 |  |  | $ | 143,078 |  |  | $ | 526,170 |  |  | $ | 1,462,755 |
Watch |  | 78,603 |  |  | 65,703 |  |  | 21,421 |  |  | 23,919 |  |  | 7,035 |  |  | 21,293 |  |  | 78,442 |  |  | 296,416 |
Special Mention |  | 792 |  |  | 8,224 |  |  | 2,917 |  |  | 1,076 |  |  | 686 |  |  | 3,274 |  |  | 29,519 |  |  | 46,488 |
Substandard |  | 8,715 |  |  | 765 |  |  | 942 |  |  | 426 |  |  | 3,734 |  |  | 1,859 |  |  | 11,292 |  |  | 27,733 |
Substandard non-accrual |  | 166 |  |  | — |  |  | 117 |  |  | 84 |  |  | 128 |  |  | 407 |  |  | 1,700 |  |  | 2,602 |
Total commercial |  | 394,854 |  |  | 295,539 |  |  | 184,527 |  |  | 96,530 |  |  | 47,510 |  |  | 169,911 |  |  | 647,123 |  |  | 1,835,994 |
Gross charge-offs |  | 284 |  |  | — |  |  | 420 |  |  | — |  |  | 316 |  |  | 1,409 |  |  | — |  |  | 2,429 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 395,644 |  |  | 824,506 |  |  | 720,052 |  |  | 399,195 |  |  | 271,078 |  |  | 199,662 |  |  | 16,893 |  |  | 2,827,030 |
Watch |  | 166,795 |  |  | 47,070 |  |  | 92,848 |  |  | 34,010 |  |  | 68,196 |  |  | 19,396 |  |  | 3,112 |  |  | 431,427 |
Special Mention |  | 14,313 |  |  | 10,507 |  |  | 12,446 |  |  | 4,968 |  |  | 3,297 |  |  | 3,014 |  |  | — |  |  | 48,545 |
Substandard |  | 1,796 |  |  | 188 |  |  | 18,862 |  |  | 2,938 |  |  | 1,802 |  |  | 3,856 |  |  | 50 |  |  | 29,492 |
Substandard non-accrual |  | 47 |  |  | 79 |  |  | 85 |  |  | 23 |  |  | — |  |  | 609 |  |  | — |  |  | 843 |
Total commercial real estate |  | 578,595 |  |  | 882,350 |  |  | 844,293 |  |  | 441,134 |  |  | 344,373 |  |  | 226,537 |  |  | 20,055 |  |  | 3,337,337 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 953 |  |  | — |  |  | 953 |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 204,952 |  |  | 128,462 |  |  | 85,086 |  |  | 2,616 |  |  | 1,323 |  |  | 2,934 |  |  | 22,638 |  |  | 448,011 |
Watch |  | 2,859 |  |  | 4,406 |  |  | 507 |  |  | 322 |  |  | 41 |  |  | — |  |  | — |  |  | 8,135 |
Substandard |  | 5,327 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,327 |
Substandard non-accrual |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 244 |  |  | — |  |  | 244 |
Total real estate construction |  | 213,138 |  |  | 132,868 |  |  | 85,593 |  |  | 2,938 |  |  | 1,364 |  |  | 3,178 |  |  | 22,638 |  |  | 461,717 |
Gross charge-offs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Retail real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 243,400 |  |  | 376,922 |  |  | 411,723 |  |  | 156,762 |  |  | 70,099 |  |  | 256,571 |  |  | 187,420 |  |  | 1,702,897 |
Watch |  | 1,096 |  |  | 4,137 |  |  | 2,442 |  |  | 954 |  |  | 536 |  |  | 234 |  |  | 1,745 |  |  | 11,144 |
Special Mention |  | 286 |  |  | 358 |  |  | — |  |  | — |  |  | — |  |  | 380 |  |  | — |  |  | 1,024 |
Substandard |  | 69 |  |  | 72 |  |  | 292 |  |  | 49 |  |  | 80 |  |  | 997 |  |  | 236 |  |  | 1,795 |
Substandard non-accrual |  | — |  |  | 528 |  |  | 121 |  |  | 267 |  |  | 100 |  |  | 1,960 |  |  | 619 |  |  | 3,595 |
Total retail real estate |  | 244,851 |  |  | 382,017 |  |  | 414,578 |  |  | 158,032 |  |  | 70,815 |  |  | 260,142 |  |  | 190,020 |  |  | 1,720,455 |
Gross charge-offs |  | — |  |  | 5 |  |  | — |  |  | 29 |  |  | 72 |  |  | 301 |  |  | — |  |  | 407 |
Retail other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 88,885 |  |  | 92,931 |  |  | 23,019 |  |  | 6,701 |  |  | 4,597 |  |  | 854 |  |  | 78,387 |  |  | 295,374 |
Substandard non-accrual |  | — |  |  | 93 |  |  | 62 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 157 |
Total retail other |  | 88,885 |  |  | 93,024 |  |  | 23,081 |  |  | 6,701 |  |  | 4,597 |  |  | 856 |  |  | 78,387 |  |  | 295,531 |
Gross charge-offs |  | 5 |  |  | 71 |  |  | 172 |  |  | 5 |  |  | 3 |  |  | 373 |  |  | — |  |  | 629 |
Total portfolio loans |  | $ | 1,520,323 |  |  | $ | 1,785,798 |  |  | $ | 1,552,072 |  |  | $ | 705,335 |  |  | $ | 468,659 |  |  | $ | 660,624 |  |  | $ | 958,223 |  |  | $ | 7,651,034 |
Total gross charge-offs |  | $ | 289 |  |  | $ | 76 |  |  | $ | 592 |  |  | $ | 34 |  |  | $ | 391 |  |  | $ | 3,036 |  |  | $ | — |  |  | $ | 4,418 |
Summary of portfolio loans that are past due and still accruing or on a non-accrual status | An analysis of the amortized cost basis of portfolio loans that are past due and still accruing, or on a non-accrual status, is as follows (dollars in thousands):
| As of March 31, 2024
| Loans past due, still accruing |  | Non-accrual Loans
| 30-59 Days |  | 60-89 Days |  | 90+Days |
Past due and non-accrual loans |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |
C&I and other commercial | $ | 43 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,346 |
Commercial real estate | 3,174 |  |  | 338 |  |  | — |  |  | 64 |
Real estate construction | — |  |  | — |  |  | — |  |  | 244 |
Past due and non-accrual commercial loans | 3,217 |  |  | 338 |  |  | — |  |  | 13,654 |
Retail loans: |  |  |  |  |  |  |
Retail real estate | 2,869 |  |  | 385 |  |  | 77 |  |  | 3,668 |
Retail other | 530 |  |  | 102 |  |  | 11 |  |  | 143 |
Past due and non-accrual retail loans | 3,399 |  |  | 487 |  |  | 88 |  |  | 3,811 |
Total past due and non-accrual loans | $ | 6,616 |  |  | $ | 825 |  |  | $ | 88 |  |  | $ | 17,465 |
| As of December 31, 2023
| Loans past due, still accruing |  | Non-accrual Loans
| 30-59 Days |  | 60-89 Days |  | 90+Days |
Past due and non-accrual loans |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |
C&I and other commercial | $ | — |  |  | $ | 214 |  |  | $ | — |  |  | $ | 2,602 |
Commercial real estate | 752 |  |  | — |  |  | — |  |  | 843 |
Real estate construction | 24 |  |  | — |  |  | — |  |  | 244 |
Past due and non-accrual commercial loans | 776 |  |  | 214 |  |  | — |  |  | 3,689 |
Retail loans: |  |  |  |  |  |  |
Retail real estate | 2,781 |  |  | 927 |  |  | 366 |  |  | 3,595 |
Retail other | 886 |  |  | 195 |  |  | 9 |  |  | 157 |
Past due and non-accrual retail loans | 3,667 |  |  | 1,122 |  |  | 375 |  |  | 3,752 |
Total past due and non-accrual loans | $ | 4,443 |  |  | $ | 1,336 |  |  | $ | 375 |  |  | $ | 7,441 |
Schedule of loan modifications made to borrowers experiencing financial difficulty | The following tables present the amortized cost basis of loans that were modified—specifically in the form of (1) principal forgiveness, (2) an interest rate reduction, (3) an other-than-insignificant payment deferral, and/or (4) a term extension—for borrowers experiencing financial difficulty during the periods indicated, disaggregated by class of financing receivable and type of concession granted (dollars in thousands):
|  |  |  |  | Three Months Ended March 31, 2024
|  |  |  |  | Payment Deferral 1 |  | % of Total Class of Financing Receivable |  | Term Extension 2 |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |  |
Modified Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial |  |  |  |  | $ | 10,000 |  |  | 0.5 | % |  | $ | 17,155 |  |  | 0.9 | % |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  | — |  |  | — | % |  | 1,705 |  |  | 0.1 | % |  |  |  |  |  |  |  |  |  |  |  |
Total of loans modified during the period |  |  |  |  | $ | 10,000 |  |  | 0.1 | % |  | $ | 18,860 |  |  | 0.2 | % |  |  |  |  |  |  |  |  |  |  |  |
___________________________________________ 1.One loan was modified and classified as non-accrual during the three months ended March 31, 2024. 2.Modifications to extend loan terms also included, in some cases, interest rate increases during the extension period. All modifications were for loans classified as substandard.
|  |  |  |  | Three Months Ended March 31, 2023
|  |  |  |  | Payment Deferral 1 |  | % of Total Class of Financing Receivable 2 |  | Term Extension 3 |  | % of Total Class of Financing Receivable |  |  |  |  |  |  |  |  |  |  |  |
Modified Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial |  |  |  |  | $ | 489 |  |  | — | % |  | $ | 25,155 |  |  | 1.3 | % |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  |  |  | — |  |  | — | % |  | 12,698 |  |  | 0.4 | % |  |  |  |  |  |  |  |  |  |  |  |
Total of loans modified during the period 4 |  |  |  |  | $ | 489 |  |  | — | % |  | $ | 37,853 |  |  | 0.5 | % |  |  |  |  |  |  |  |  |  |  |  |
___________________________________________ 1.Loans with payment deferrals were modified to defer all principal payments until the end of the loan terms, which were shortened. Regular interest payments continue to be required during the deferral period. 2.Loans with payment deferrals represent an insignificant portion of commercial loans and total loans, rounding to zero percent. 3.Modifications to extend loan terms also included, in most cases, interest rate increases during the extension period. 4.All modifications were for loans classified as substandard.
|  |  | Three Months Ended March 31,
|  |  | 2024 |  |  | 2023
|  |  | Weighted Average Term Extension |  |  |  |  |  | Weighted Average Term Extension |  |
Effects of Loan Modifications |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial |  |  | 19.1 months |  |  |  |  |  | 9.1 months |  |
Commercial real estate |  |  | 2.0 months |  |  |  |  |  | 5.8 months |  |
Total effect |  |  | 17.6 months |  |  |  |  |  | 8.0 months |  |
No loans to borrowers experiencing financial difficulty had a payment default during the three months ended March 31, 2024 or 2023, after having been modified during the 12 months before that default. A default occurs when a loan is 90 days or more past due or transferred to non-accrual status. Busey closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the payment performance of loans modified during the last twelve months (dollars in thousands):
| As of March 31, 2024
| Current |  | 30-89 Days |  | 90+ Days |  | Non-accrual
Modified Loans |  |  |  |  |  |  |
C&I and other commercial | $ | 21,641 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,000 |
Commercial real estate | 3,009 |  |  | — |  |  | — |  |  | — |
Real estate construction | 5,301 |  |  | — |  |  | — |  |  | — |
Amortized cost of modified loans | $ | 29,951 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,000 |
Schedule of details of impaired loans, segregated by category | Average recorded investment is calculated using the most recent four quarters (dollars in thousands):
| As of March 31, 2024
| Unpaid Principal Balance |  | Recorded Investment |  |  |  | Average Recorded Investment
|  | With No Allowance |  | With Allowance |  | Total |  | Related Allowance |
Loans evaluated individually |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 20,372 |  |  | $ | 2,197 |  |  | $ | 10,920 |  |  | $ | 13,117 |  |  | $ | 7,498 |  |  | $ | 6,553 |
Commercial real estate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,618 |
Commercial loans evaluated individually | 20,372 |  |  | 2,197 |  |  | 10,920 |  |  | 13,117 |  |  | 7,498 |  |  | 9,171 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 213 |  |  | 61 |  |  | 25 |  |  | 86 |  |  | 25 |  |  | 289 |
Retail loans evaluated individually | 213 |  |  | 61 |  |  | 25 |  |  | 86 |  |  | 25 |  |  | 289 |
Total loans evaluated individually | $ | 20,585 |  |  | $ | 2,258 |  |  | $ | 10,945 |  |  | $ | 13,203 |  |  | $ | 7,523 |  |  | $ | 9,460 |
| As of December 31, 2023
| Unpaid Principal Balance |  | Recorded Investment |  |  |  | Average Recorded Investment
|  | With No Allowance |  | With Allowance |  | Total |  | Related Allowance |
Loans evaluated individually |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 7,283 |  |  | $ | 585 |  |  | $ | 1,785 |  |  | $ | 2,370 |  |  | $ | 785 |  |  | $ | 5,244 |
Commercial real estate | 2,600 |  |  | 610 |  |  | 85 |  |  | 695 |  |  | 85 |  |  | 3,865 |
Real estate construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |
Commercial loans evaluated individually | 9,883 |  |  | 1,195 |  |  | 1,870 |  |  | 3,065 |  |  | 870 |  |  | 9,158 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 213 |  |  | 61 |  |  | 25 |  |  | 86 |  |  | 25 |  |  | 790 |
Retail loans evaluated individually | 213 |  |  | 61 |  |  | 25 |  |  | 86 |  |  | 25 |  |  | 790 |
Total loans evaluated individually | $ | 10,096 |  |  | $ | 1,256 |  |  | $ | 1,895 |  |  | $ | 3,151 |  |  | $ | 895 |  |  | $ | 9,948 |
Schedule of activity on the allowance for loan losses | The following tables summarize activity in the ACL attributable to each loan class. Allocation of a portion of the ACL to one loan class does not preclude its availability to absorb losses in other loan classes (dollars in thousands):
| Three Months Ended March 31, 2024
| C&I and Other Commercial |  | Commercial Real Estate |  | Real Estate Construction |  | Retail Real Estate |  | Retail Other |  | Total
ACL balance, December 31, 2023 | $ | 21,256 |  |  | $ | 35,465 |  |  | $ | 5,163 |  |  | $ | 26,298 |  |  | $ | 3,558 |  |  | $ | 91,740 |
Provision for credit losses | 10,125 |  |  | (1,864) |  |  | (491) |  |  | (2,093) |  |  | (639) |  |  | 5,038 |
Charged-off | (5,218) |  |  | (96) |  |  | — |  |  | (52) |  |  | (94) |  |  | (5,460) |
Recoveries | 44 |  |  | — |  |  | 41 |  |  | 128 |  |  | 31 |  |  | 244 |
ACL balance, March 31, 2024 | $ | 26,207 |  |  | $ | 33,505 |  |  | $ | 4,713 |  |  | $ | 24,281 |  |  | $ | 2,856 |  |  | $ | 91,562 |
| Three Months Ended March 31, 2023
| C&I and Other Commercial |  | Commercial Real Estate |  | Real Estate Construction |  | Retail Real Estate |  | Retail Other |  | Total
ACL balance, December 31, 2022 | $ | 23,860 |  |  | $ | 38,299 |  |  | $ | 6,457 |  |  | $ | 18,193 |  |  | $ | 4,799 |  |  | $ | 91,608 |
Provision for credit losses | 695 |  |  | (3,359) |  |  | (1,329) |  |  | 5,948 |  |  | (1,002) |  |  | 953 |
Charged-off | (400) |  |  | (539) |  |  | — |  |  | (5) |  |  | (237) |  |  | (1,181) |
Recoveries | 121 |  |  | 20 |  |  | 31 |  |  | 119 |  |  | 56 |  |  | 347 |
ACL balance, March 31, 2023 | $ | 24,276 |  |  | $ | 34,421 |  |  | $ | 5,159 |  |  | $ | 24,255 |  |  | $ | 3,616 |  |  | $ | 91,727 |
Schedule of allowance for loan losses and recorded investments in portfolio loans, by category | The following tables present the ACL and amortized cost of portfolio loans by loan category and class (dollars in thousands):
| As of March 31, 2024
| Portfolio Loans |  | ACL Attributed to Portfolio Loans
| Collectively Evaluated for Impairment |  | Individually Evaluated for Impairment |  | Total |  | Collectively Evaluated for Impairment |  | Individually Evaluated for Impairment |  | Total
Portfolio loans and related ACL |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 1,815,594 |  |  | $ | 13,117 |  |  | $ | 1,828,711 |  |  | $ | 18,709 |  |  | $ | 7,498 |  |  | $ | 26,207 |
Commercial real estate | 3,331,670 |  |  | — |  |  | 3,331,670 |  |  | 33,505 |  |  | — |  |  | 33,505 |
Real estate construction | 445,860 |  |  | — |  |  | 445,860 |  |  | 4,713 |  |  | — |  |  | 4,713 |
Commercial loans and related ACL | 5,593,124 |  |  | 13,117 |  |  | 5,606,241 |  |  | 56,927 |  |  | 7,498 |  |  | 64,425 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,708,577 |  |  | 86 |  |  | 1,708,663 |  |  | 24,256 |  |  | 25 |  |  | 24,281 |
Retail other | 273,173 |  |  | — |  |  | 273,173 |  |  | 2,856 |  |  | — |  |  | 2,856 |
Retail loans and related ACL | 1,981,750 |  |  | 86 |  |  | 1,981,836 |  |  | 27,112 |  |  | 25 |  |  | 27,137 |
Portfolio loans and related ACL | $ | 7,574,874 |  |  | $ | 13,203 |  |  | $ | 7,588,077 |  |  | $ | 84,039 |  |  | $ | 7,523 |  |  | $ | 91,562 |
| As of December 31, 2023
| Portfolio Loans |  | ACL Attributed to Portfolio Loans
| Collectively Evaluated for Impairment |  | Individually Evaluated for Impairment |  | Total |  | Collectively Evaluated for Impairment |  | Individually Evaluated for Impairment |  | Total
Portfolio loans and related ACL |  |  |  |  |  |  |  |  |  |  |
Commercial loans: |  |  |  |  |  |  |  |  |  |  |
C&I and other commercial | $ | 1,833,624 |  |  | $ | 2,370 |  |  | $ | 1,835,994 |  |  | $ | 20,471 |  |  | $ | 785 |  |  | $ | 21,256 |
Commercial real estate | 3,336,642 |  |  | 695 |  |  | 3,337,337 |  |  | 35,380 |  |  | 85 |  |  | 35,465 |
Real estate construction | 461,717 |  |  | — |  |  | 461,717 |  |  | 5,163 |  |  | — |  |  | 5,163 |
Commercial loans and related ACL | 5,631,983 |  |  | 3,065 |  |  | 5,635,048 |  |  | 61,014 |  |  | 870 |  |  | 61,884 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Retail real estate | 1,720,369 |  |  | 86 |  |  | 1,720,455 |  |  | 26,273 |  |  | 25 |  |  | 26,298 |
Retail other | 295,531 |  |  | — |  |  | 295,531 |  |  | 3,558 |  |  | — |  |  | 3,558 |
Retail loans and related ACL | 2,015,900 |  |  | 86 |  |  | 2,015,986 |  |  | 29,831 |  |  | 25 |  |  | 29,856 |
Portfolio loans and related ACL | $ | 7,647,883 |  |  | $ | 3,151 |  |  | $ | 7,651,034 |  |  | $ | 90,845 |  |  | $ | 895 |  |  | $ | 91,740 |

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