XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

DEBT SECURITIES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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, 2024
| Amortized Cost |  | Unrealized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities available for sale |  |  |  |  |  |  |
U.S. Treasury securities | $ | 749 |  |  | $ | — |  |  | $ | (7) |  |  | $ | 742 |
Obligations of U.S. government corporations and agencies | 5,777 |  |  | 1 |  |  | (35) |  |  | 5,743 |
Obligations of states and political subdivisions 1 | 168,997 |  |  | 20 |  |  | (18,091) |  |  | 150,926 |
Asset-backed securities 1,2 | 462,082 |  |  | — |  |  | (384) |  |  | 461,698 |
Commercial mortgage-backed securities | 108,006 |  |  | — |  |  | (15,443) |  |  | 92,563 |
Residential mortgage-backed securities | 1,223,453 |  |  | 2 |  |  | (201,722) |  |  | 1,021,733 |
Corporate debt securities | 177,212 |  |  | 85 |  |  | (12,630) |  |  | 164,667 |
Total debt securities available for sale | $ | 2,146,276 |  |  | $ | 108 |  |  | $ | (248,312) |  |  | $ | 1,898,072 |
| Amortized Cost |  | Unrecognized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities held to maturity |  |  |  |  |  |  |
Commercial mortgage-backed securities | $ | 424,946 |  |  | $ | — |  |  | $ | (74,590) |  |  | $ | 350,356 |
Residential mortgage-backed securities | 437,272 |  |  | — |  |  | (74,597) |  |  | 362,675 |
Total debt securities held to maturity | $ | 862,218 |  |  | $ | — |  |  | $ | (149,187) |  |  | $ | 713,031 |
___________________________________________ 1.Includes securities marked at par, with no gain or loss to report. 2.Gross gains were insignificant, rounding to zero thousand.
| As of December 31, 2023
| Amortized Cost |  | Unrealized |  | Fair Value
|  | Gross Gains |  | Gross Losses |
Debt securities available for sale |  |  |  |  |  |  |
U.S. Treasury securities | $ | 16,031 |  |  | $ | — |  |  | $ | (85) |  |  | $ | 15,946 |
Obligations of U.S. government corporations and agencies | 5,889 |  |  | 1 |  |  | (58) |  |  | 5,832 |
Obligations of states and political subdivisions 1 | 190,819 |  |  | 52 |  |  | (18,026) |  |  | 172,845 |
Asset-backed securities | 470,046 |  |  | — |  |  | (1,823) |  |  | 468,223 |
Commercial mortgage-backed securities | 119,044 |  |  | — |  |  | (15,535) |  |  | 103,509 |
Residential mortgage-backed securities 1 | 1,306,854 |  |  | 5 |  |  | (195,547) |  |  | 1,111,312 |
Corporate debt securities | 225,947 |  |  | 128 |  |  | (16,171) |  |  | 209,904 |
Total debt securities available for sale | $ | 2,334,630 |  |  | $ | 186 |  |  | $ | (247,245) |  |  | $ | 2,087,571 |
| Amortized Cost |  | Unrecognized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities held to maturity |  |  |  |  |  |  |
Commercial mortgage-backed securities | $ | 428,526 |  |  | $ | — |  |  | $ | (71,000) |  |  | $ | 357,526 |
Residential mortgage-backed securities | 444,102 |  |  | — |  |  | (71,231) |  |  | 372,871 |
Total debt securities held to maturity | $ | 872,628 |  |  | $ | — |  |  | $ | (142,231) |  |  | $ | 730,397 |
___________________________________________ 1.Includes securities marked at par, with no gain or loss to report.
Maturities of debt securities | All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):
| As of March 31, 2024
| Amortized Cost |  | Fair Value
Debt securities available for sale |  |  |
Due in one year or less | $ | 262,012 |  |  | $ | 222,566 |
Due after one year through five years | 752,610 |  |  | 666,718 |
Due after five years through ten years | 529,926 |  |  | 469,029 |
Due after ten years | 601,728 |  |  | 539,759 |
Debt securities available for sale | $ | 2,146,276 |  |  | $ | 1,898,072 |
Debt securities held to maturity |  |  |
Due in one year or less | $ | 104,797 |  |  | $ | 88,589 |
Due after one year through five years | 263,376 |  |  | 216,744 |
Due after five years through ten years | 241,243 |  |  | 198,562 |
Due after ten years | 252,802 |  |  | 209,136 |
Debt securities held to maturity | $ | 862,218 |  |  | $ | 713,031 |
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,
|  |  |  |  | 2024 |  | 2023
Realized gains and losses on debt securities |  |  |  |  |  |  |
Gross gains on debt securities |  |  |  |  | $ | 1 |  |  | $ | 10 |
Gross (losses) on debt securities 1 |  |  |  |  | (6,803) |  |  | (6) |
Realized net gains (losses) on debt securities |  |  |  |  | $ | (6,802) |  |  | $ | 4 |
___________________________________________ 1.During the first quarter of 2024, Busey sold available-for-sale debt securities with a book value of approximately $108.2 million for a pre-tax loss of $6.8 million, as part of a balance sheet repositioning strategy. The loss on the sale of securities was offset by a pre-tax gain of $7.5 million realized on the sale of mortgage servicing rights on approximately $923.5 million of one- to four-family mortgage loans.
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, 2024
| 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 | $ | — |  |  | $ | — |  |  | $ | 742 |  |  | $ | (7) |  |  | $ | 742 |  |  | $ | (7) |
Obligations of U.S. government corporations and agencies | — |  |  | — |  |  | 5,629 |  |  | (35) |  |  | 5,629 |  |  | (35) |
Obligations of states and political subdivisions | 8,524 |  |  | (68) |  |  | 134,945 |  |  | (18,023) |  |  | 143,469 |  |  | (18,091) |
Asset-backed securities | — |  |  | — |  |  | 253,231 |  |  | (384) |  |  | 253,231 |  |  | (384) |
Commercial mortgage-backed securities | — |  |  | — |  |  | 92,563 |  |  | (15,443) |  |  | 92,563 |  |  | (15,443) |
Residential mortgage-backed securities | 165 |  |  | (1) |  |  | 1,021,383 |  |  | (201,721) |  |  | 1,021,548 |  |  | (201,722) |
Corporate debt securities | 4,313 |  |  | (102) |  |  | 152,739 |  |  | (12,528) |  |  | 157,052 |  |  | (12,630) |
Debt securities available for sale with gross unrealized losses | $ | 13,002 |  |  | $ | (171) |  |  | $ | 1,661,232 |  |  | $ | (248,141) |  |  | $ | 1,674,234 |  |  | $ | (248,312) |
|  |  | 12 months or more |  | Total
|  |  |  |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
Debt securities held to maturity |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  |  |  | $ | 350,356 |  |  | $ | (74,590) |  |  | $ | 350,356 |  |  | $ | (74,590) |
Residential mortgage-backed securities |  |  |  |  | 362,675 |  |  | (74,597) |  |  | 362,675 |  |  | (74,597) |
Debt securities held to maturity with gross unrecognized losses |  |  |  |  | $ | 713,031 |  |  | $ | (149,187) |  |  | $ | 713,031 |  |  | $ | (149,187) |
| As of December 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 | $ | — |  |  | $ | — |  |  | $ | 15,946 |  |  | $ | (85) |  |  | $ | 15,946 |  |  | $ | (85) |
Obligations of U.S. government corporations and agencies | — |  |  | — |  |  | 5,709 |  |  | (58) |  |  | 5,709 |  |  | (58) |
Obligations of states and political subdivisions | 11,442 |  |  | (54) |  |  | 146,797 |  |  | (17,972) |  |  | 158,239 |  |  | (18,026) |
Asset-backed securities | — |  |  | — |  |  | 468,223 |  |  | (1,823) |  |  | 468,223 |  |  | (1,823) |
Commercial mortgage-backed securities | — |  |  | — |  |  | 103,509 |  |  | (15,535) |  |  | 103,509 |  |  | (15,535) |
Residential mortgage-backed securities | 141 |  |  | (1) |  |  | 1,110,906 |  |  | (195,546) |  |  | 1,111,047 |  |  | (195,547) |
Corporate debt securities | 1,450 |  |  | (10) |  |  | 198,694 |  |  | (16,161) |  |  | 200,144 |  |  | (16,171) |
Debt securities available for sale with gross unrealized losses | $ | 13,033 |  |  | $ | (65) |  |  | $ | 2,049,784 |  |  | $ | (247,180) |  |  | $ | 2,062,817 |  |  | $ | (247,245) |
|  |  | 12 months or more |  | Total
|  |  |  |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
Debt securities held to maturity |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  |  |  | $ | 357,526 |  |  | $ | (71,000) |  |  | $ | 357,526 |  |  | $ | (71,000) |
Residential mortgage-backed securities |  |  |  |  | 372,871 |  |  | (71,231) |  |  | 372,871 |  |  | (71,231) |
Debt securities held to maturity with gross unrecognized losses |  |  |  |  | $ | 730,397 |  |  | $ | (142,231) |  |  | $ | 730,397 |  |  | $ | (142,231) |
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, 2024
| Available for Sale |  | Held to Maturity |  | Total
Debt securities with gross unrealized or unrecognized losses, fair value | $ | 1,674,234 |  |  | $ | 713,031 |  |  | $ | 2,387,265 |
Gross unrealized or unrecognized losses on debt securities | 248,312 |  |  | 149,187 |  |  | 397,499 |
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | 14.8 | % |  | 20.9 | % |  | 16.7 | %
Count of debt securities | 708 |  |  | 55 |  |  | 763 |
Count of debt securities in an unrealized or unrecognized loss position | 654 |  |  | 55 |  |  | 709 |
| As of December 31, 2023
| Available for Sale |  | Held to Maturity |  | Total
Debt securities with gross unrealized or unrecognized losses, fair value | $ | 2,062,817 |  |  | $ | 730,397 |  |  | $ | 2,793,214 |
Gross unrealized or unrecognized losses on debt securities | 247,245 |  |  | 142,231 |  |  | 389,476 |
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | 12.0 | % |  | 19.5 | % |  | 13.9 | %
Count of debt securities | 835 |  |  | 55 |  |  | 890 |
Count of debt securities in an unrealized or unrecognized loss position | 779 |  |  | 55 |  |  | 834 |

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-types1: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 -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration