XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.24.3

DEBT SECURITIES (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 30, 2024
| Amortized Cost |  | Unrealized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities available for sale |  |  |  |  |  |  |
U.S. Treasury securities 1 | $ | 250 |  |  | $ | — |  |  | $ | — |  |  | $ | 250 |
Obligations of U.S. government corporations and agencies 2 | 1,515 |  |  | — |  |  | (7) |  |  | 1,508 |
Obligations of states and political subdivisions 3 | 168,052 |  |  | 144 |  |  | (13,144) |  |  | 155,052 |
Asset-backed securities 3 | 405,280 |  |  | 92 |  |  | — |  |  | 405,372 |
Commercial mortgage-backed securities | 106,543 |  |  | 228 |  |  | (12,492) |  |  | 94,279 |
Residential mortgage-backed securities | 1,161,213 |  |  | 179 |  |  | (159,225) |  |  | 1,002,167 |
Corporate debt securities | 166,818 |  |  | 118 |  |  | (7,447) |  |  | 159,489 |
Total debt securities available for sale | $ | 2,009,671 |  |  | $ | 761 |  |  | $ | (192,315) |  |  | $ | 1,818,117 |
| Amortized Cost |  | Unrecognized |  | Fair Value
Gross Gains |  | Gross Losses
Debt securities held to maturity |  |  |  |  |  |  |
Commercial mortgage-backed securities | $ | 419,685 |  |  | $ | — |  |  | $ | (64,780) |  |  | $ | 354,905 |
Residential mortgage-backed securities | 419,198 |  |  | — |  |  | (61,734) |  |  | 357,464 |
Total debt securities held to maturity | $ | 838,883 |  |  | $ | — |  |  | $ | (126,514) |  |  | $ | 712,369 |
___________________________________________ 1.Gross losses were insignificant, rounding to zero thousand. 2.Gross gains were insignificant, rounding to zero thousand. 3.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 September 30, 2024
| Amortized Cost |  | Fair Value
Debt securities available for sale |  |  |
Due in one year or less | $ | 86,812 |  |  | $ | 85,513 |
Due after one year through five years | 128,399 |  |  | 123,444 |
Due after five years through ten years | 558,784 |  |  | 539,952 |
Due after ten years | 1,235,676 |  |  | 1,069,208 |
Debt securities available for sale | $ | 2,009,671 |  |  | $ | 1,818,117 |
Debt securities held to maturity |  |  |
Due after one year through five years | $ | 83,464 |  |  | $ | 80,274 |
Due after five years through ten years | 14,678 |  |  | 13,103 |
Due after ten years | 740,741 |  |  | 618,992 |
Debt securities held to maturity | $ | 838,883 |  |  | $ | 712,369 |
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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Realized gains and losses on debt securities |  |  |  |  |  |  |
Gross gains on debt securities | $ | — |  |  | $ | 10 |  |  | $ | 1 |  |  | $ | 20 |
Gross (losses) on debt securities 1 | (11) |  | (43) |  | (6,818) |  |  | (227) |
Realized net gains (losses) on debt securities | $ | (11) |  |  | $ | (33) |  |  | $ | (6,817) |  |  | $ | (207) |
___________________________________________ 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 September 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 1 | $ | — |  |  | $ | — |  |  | $ | 250 |  |  | $ | — |  |  | $ | 250 |  |  | $ | — |
Obligations of U.S. government corporations and agencies | — |  |  | — |  |  | 1,425 |  |  | (7) |  |  | 1,425 |  |  | (7) |
Obligations of states and political subdivisions | 2,518 |  |  | (97) |  |  | 134,373 |  |  | (13,047) |  |  | 136,891 |  |  | (13,144) |
Commercial mortgage-backed securities | — |  |  | — |  |  | 89,272 |  |  | (12,492) |  |  | 89,272 |  |  | (12,492) |
Residential mortgage-backed securities | 877 |  |  | (2) |  |  | 993,631 |  |  | (159,223) |  |  | 994,508 |  |  | (159,225) |
Corporate debt securities | 784 |  |  | (9) |  |  | 150,295 |  |  | (7,438) |  |  | 151,079 |  |  | (7,447) |
Debt securities available for sale with gross unrealized losses | $ | 4,179 |  |  | $ | (108) |  |  | $ | 1,369,246 |  |  | $ | (192,207) |  |  | $ | 1,373,425 |  |  | $ | (192,315) |
|  |  | 12 months or more |  | Total
|  |  |  |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
Debt securities held to maturity |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  |  |  | $ | 354,905 |  |  | $ | (64,780) |  |  | $ | 354,905 |  |  | $ | (64,780) |
Residential mortgage-backed securities |  |  |  |  | 357,464 |  |  | (61,734) |  |  | 357,464 |  |  | (61,734) |
Debt securities held to maturity with gross unrecognized losses |  |  |  |  | $ | 712,369 |  |  | $ | (126,514) |  |  | $ | 712,369 |  |  | $ | (126,514) |
___________________________________________ 1.Gross losses were insignificant, rounding to zero thousand.
| 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 September 30, 2024
| Available for Sale |  | Held to Maturity |  | Total
Debt securities with gross unrealized or unrecognized losses, fair value | $ | 1,373,425 |  |  | $ | 712,369 |  |  | $ | 2,085,794 |
Gross unrealized or unrecognized losses on debt securities | 192,315 |  |  | 126,514 |  |  | 318,829 |
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses | 14.0 | % |  | 17.8 | % |  | 15.3 | %
Count of debt securities | 704 |  |  | 55 |  |  | 759 |
Count of debt securities in an unrealized or unrecognized loss position | 572 |  |  | 55 |  |  | 627 |
| 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