XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

DEBT SECURITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost, Unrealized or Unrecognized Gains and Losses and Fair Values of Securities Classified Available for Sale and Held to Maturity | The tables below provide the amortized cost, unrealized or unrecognized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):
| As of June 30, 2024
| Amortized Cost |  | Unrealized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities available for sale |  |  |  |  |  |  |
U.S. Treasury securities | $ | 500 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 497 |
Obligations of U.S. government corporations and agencies | 3,796 |  |  | 1 |  |  | (11) |  |  | 3,786 |
Obligations of states and political subdivisions | 167,814 |  |  | 23 |  |  | (18,264) |  |  | 149,573 |
Asset-backed securities 1 | 427,722 |  |  | 151 |  |  | (469) |  |  | 427,404 |
Commercial mortgage-backed securities | 109,386 |  |  | 45 |  |  | (15,741) |  |  | 93,690 |
Residential mortgage-backed securities | 1,196,802 |  |  | 14 |  |  | (201,248) |  |  | 995,568 |
Corporate debt securities | 170,391 |  |  | 48 |  |  | (11,061) |  |  | 159,378 |
Total debt securities available for sale | $ | 2,076,411 |  |  | $ | 282 |  |  | $ | (246,797) |  |  | $ | 1,829,896 |
| Amortized Cost |  | Unrecognized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities held to maturity |  |  |  |  |  |  |
Commercial mortgage-backed securities | $ | 422,091 |  |  | $ | — |  |  | $ | (77,024) |  |  | $ | 345,067 |
Residential mortgage-backed securities | 429,170 |  |  | — |  |  | (76,782) |  |  | 352,388 |
Total debt securities held to maturity | $ | 851,261 |  |  | $ | — |  |  | $ | (153,806) |  |  | $ | 697,455 |
___________________________________________ 1.Includes securities marked at par, with no gain or loss to report.
| 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 | 1,306,854 |  |  | 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.
Schedule of Maturities Of Debt Securities | All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):
| As of June 30, 2024
| Amortized Cost |  | Fair Value
Debt securities available for sale |  |  |
Due in one year or less | $ | 80,143 |  |  | $ | 78,203 |
Due after one year through five years | 140,060 |  |  | 132,010 |
Due after five years through ten years | 508,143 |  |  | 481,333 |
Due after ten years | 1,348,065 |  |  | 1,138,350 |
Debt securities available for sale | $ | 2,076,411 |  |  | $ | 1,829,896 |
Debt securities held to maturity |  |  |
Due after one year through five years | $ | 72,525 |  |  | $ | 67,892 |
Due after five years through ten years | 26,751 |  |  | 23,992 |
Due after ten years | 751,985 |  |  | 605,571 |
Debt securities held to maturity | $ | 851,261 |  |  | $ | 697,455 |
Schedule of Gains and Losses on Debt Securities Available for Sale | 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Realized gains and losses on debt securities |  |  |  |  |  |  |
Gross gains on debt securities | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 10 |
Gross (losses) on debt securities 1 | (4) |  | (178) |  | (6,807) |  |  | (184) |
Realized net gains (losses) on debt securities | $ | (4) |  |  | $ | (178) |  |  | $ | (6,806) |  |  | $ | (174) |
___________________________________________ 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.
Schedule of Debt Securities in an Unrealized or Unrecognized 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 June 30, 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 | $ | — |  |  | $ | — |  |  | $ | 497 |  |  | $ | (3) |  |  | $ | 497 |  |  | $ | (3) |
Obligations of U.S. government corporations and agencies | — |  |  | — |  |  | 3,686 |  |  | (11) |  |  | 3,686 |  |  | (11) |
Obligations of states and political subdivisions | 5,465 |  |  | (64) |  |  | 135,744 |  |  | (18,200) |  |  | 141,209 |  |  | (18,264) |
Asset-backed securities | 159,674 |  |  | (86) |  |  | 184,078 |  |  | (383) |  |  | 343,752 |  |  | (469) |
Commercial mortgage-backed securities | — |  |  | — |  |  | 88,867 |  |  | (15,741) |  |  | 88,867 |  |  | (15,741) |
Residential mortgage-backed securities | 5,905 |  |  | (37) |  |  | 987,618 |  |  | (201,211) |  |  | 993,523 |  |  | (201,248) |
Corporate debt securities | 4,415 |  |  | (19) |  |  | 147,326 |  |  | (11,042) |  |  | 151,741 |  |  | (11,061) |
Debt securities available for sale with gross unrealized losses | $ | 175,459 |  |  | $ | (206) |  |  | $ | 1,547,816 |  |  | $ | (246,591) |  |  | $ | 1,723,275 |  |  | $ | (246,797) |
|  |  | 12 months or more |  | Total
|  |  |  |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
Debt securities held to maturity |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  |  |  | $ | 345,067 |  |  | $ | (77,024) |  |  | $ | 345,067 |  |  | $ | (77,024) |
Residential mortgage-backed securities |  |  |  |  | 352,388 |  |  | (76,782) |  |  | 352,388 |  |  | (76,782) |
Debt securities held to maturity with gross unrecognized losses |  |  |  |  | $ | 697,455 |  |  | $ | (153,806) |  |  | $ | 697,455 |  |  | $ | (153,806) |
| 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 June 30, 2024
| Available for Sale |  | Held to Maturity |  | Total
Debt securities with gross unrealized or unrecognized losses, fair value | $ | 1,723,275 |  |  | $ | 697,455 |  |  | $ | 2,420,730 |
Gross unrealized or unrecognized losses on debt securities | 246,797 |  |  | 153,806 |  |  | 400,603 |
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | 14.3 | % |  | 22.1 | % |  | 16.5 | %
Count of debt securities | 717 |  |  | 55 |  |  | 772 |
Count of debt securities in an unrealized or unrecognized loss position | 667 |  |  | 55 |  |  | 722 |
| 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