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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (dollars in thousands):

			As of March 31, 2024
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available for sale:
U.S. Treasury securities			$	—					$	742					$	—					$	742
Obligations of U.S. government corporations and agencies			—						5,743						—						5,743
Obligations of states and political subdivisions			—						150,926						—						150,926
Asset-backed securities			—						461,698						—						461,698
Commercial mortgage-backed securities			—						92,563						—						92,563
Residential mortgage-backed securities			—						1,021,733						—						1,021,733
Corporate debt securities			—						164,667						—						164,667
Equity securities			—						9,790						—						9,790
Derivative assets			—						35,740						9						35,749
Derivative liabilities			—						64,777						—						64,777

			As of December 31, 2023
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Debt securities available for sale:
U.S. Treasury securities			$	—					$	15,946					$	—					$	15,946
Obligations of U.S. government corporations and agencies			—						5,832						—						5,832
Obligations of states and political subdivisions			—						172,845						—						172,845
Asset-backed securities			—						468,223						—						468,223
Commercial mortgage-backed securities			—						103,509						—						103,509
Residential mortgage-backed securities			—						1,111,312						—						1,111,312
Corporate debt securities			—						209,904						—						209,904
Equity securities			448						9,364						—						9,812
Derivative assets			—						29,993						15						30,008
Derivative liabilities			—						54,132						—						54,132

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 March 31, 2024
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	3,422					$	3,422
Bank property held for sale with impairment			—						—						4,238						4,238

			As of December 31, 2023
			Level 1 Inputs						Level 2 Inputs						Level 3 Inputs						Total Fair Value
Loans evaluated individually, net of related allowance			$	—					$	—					$	1,000					$	1,000
Bank property held for sale with impairment			—						—						4,286						4,286

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 March 31, 2024

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

3,422

Appraisal of collateral

Appraisal adjustments

-25.0% to -100.0% (-68.7)%

Bank property held for sale with impairment

4,238

Appraisal of collateral or real estate listing price

Appraisal adjustments

-9.0% to -64.9% (-39.1)%

As of December 31, 2023

Fair Value

Valuation Techniques

Unobservable Input

Range (Weighted Average)

Loans evaluated individually, net of related allowance

$

1,000

Appraisal of collateral

Appraisal adjustments

-41.2% to -100.0% (-47.2)%

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)%

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 March 31, 2024												As of December 31, 2023
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets
Level 1 inputs:
Cash and cash equivalents			$	591,071					$	591,071					$	719,581					$	719,581
Level 2 inputs:
Debt securities held to maturity			862,218						713,031						872,628						730,397
Loans held for sale			6,827						6,834						2,379						2,401
Accrued interest receivable			46,530						46,530						45,288						45,288
Level 3 inputs:
Portfolio loans, net			7,496,515						7,293,871						7,559,294						7,276,905
Mortgage servicing rights			989						5,468						3,289						18,079
Other servicing rights			1,573						2,008						1,597						2,062
Financial liabilities
Level 2 inputs:
Time deposits			$	1,577,178					$	1,559,643					$	1,819,274					$	1,804,905
Securities sold under agreements to repurchase			147,175						147,175						187,396						187,396
Short-term borrowings			—						—						12,000						12,034
Long-term debt			—						—						18,000						18,020
Junior subordinated debt owed to unconsolidated trusts			72,040						58,776						71,993						57,153
Accrued interest payable			26,707						26,707						28,418						28,418
Level 3 inputs:
Subordinated notes, net of unamortized issuance costs			223,100						204,750						222,882						200,000

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
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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).

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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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