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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 estimated fair value on a recurring basis (dollars in thousands):
| As of September 30, 2024
| Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
Debt securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | 250 |  |  | $ | — |  |  | $ | 250 |
Obligations of U.S. government corporations and agencies | — |  |  | 1,508 |  |  | — |  |  | 1,508 |
Obligations of states and political subdivisions | — |  |  | 155,052 |  |  | — |  |  | 155,052 |
Asset-backed securities | — |  |  | 405,372 |  |  | — |  |  | 405,372 |
Commercial mortgage-backed securities | — |  |  | 94,279 |  |  | — |  |  | 94,279 |
Residential mortgage-backed securities | — |  |  | 1,002,167 |  |  | — |  |  | 1,002,167 |
Corporate debt securities | — |  |  | 159,489 |  |  | — |  |  | 159,489 |
Equity securities | 40 |  |  | 10,275 |  |  | — |  |  | 10,315 |
Derivative assets | — |  |  | 27,795 |  |  | 16 |  |  | 27,811 |
Derivative liabilities | — |  |  | 44,636 |  |  | — |  |  | 44,636 |
| 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 |
Activity for risk participation agreements, which are financial assets measured at estimated fair value on a recurring basis using Level 3, is summarized in the tables below (dollars in thousands):
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| Location |  | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning Balance |  |  | $ | 8 |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | 5 |
Gains (losses) recognized in earnings | Other expense |  | (5) |  |  | (8) |  |  | (15) |  |  | (68) |
Purchases |  |  | 13 |  |  | — |  |  | 16 |  |  | 70 |
Ending Balance |  |  | $ | 16 |  |  | $ | 7 |  |  | $ | 16 |  |  | $ | 7 |
Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The following tables summarize financial assets and financial liabilities measured at estimated fair value on a non-recurring basis (dollars in thousands):
| As of September 30, 2024
| Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs |  | Total Fair Value
Loans evaluated individually, net of related allowance | $ | — |  |  | $ | — |  |  | $ | 616 |  |  | $ | 616 |
Bank property held for sale with impairment | — |  |  | — |  |  | 3,205 |  |  | 3,205 |
| 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 estimated fair value on a non-recurring basis using Level 3 inputs (dollars in thousands):
| As of September 30, 2024
| Fair Value |  | Valuation Techniques |  | Unobservable Input |  | Range (Weighted Average)
Loans evaluated individually, net of related allowance | $ | 616 |  |  | Appraisal of collateral |  | Appraisal adjustments |  | -25.0% to -100.0% (-75.2)%
Bank property held for sale with impairment | 3,205 |  |  | Appraisal of collateral or real estate listing price |  | Appraisal adjustments |  | -9.0% to -76.7% (-50.6)%
| 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 | Fair values of financial instruments that are not carried at fair value on Busey’s Consolidated Balance Sheets (Unaudited) were estimated as follows (dollars in thousands):
| As of September 30, 2024 |  | As of December 31, 2023
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Financial assets |  |  |  |  |  |  |
Level 1 inputs: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 553,709 |  |  | $ | 553,709 |  |  | $ | 719,581 |  |  | $ | 719,581 |
Level 2 inputs: |  |  |  |  |  |  |
Debt securities held to maturity | 838,883 |  |  | 712,369 |  |  | 872,628 |  |  | 730,397 |
Loans held for sale | 11,523 |  |  | 11,810 |  |  | 2,379 |  |  | 2,401 |
Accrued interest receivable | 48,822 |  |  | 48,822 |  |  | 45,288 |  |  | 45,288 |
Level 3 inputs: |  |  |  |  |  |  |
Portfolio loans, net | 7,724,116 |  |  | 7,597,736 |  |  | 7,559,294 |  |  | 7,276,905 |
Mortgage servicing rights | 1,008 |  |  | 4,963 |  |  | 3,289 |  |  | 18,079 |
Other servicing rights | 1,479 |  |  | 1,505 |  |  | 1,597 |  |  | 2,062 |
Financial liabilities |  |  |  |  |  |  |
Level 2 inputs: |  |  |  |  |  |  |
Time deposits | $ | 1,519,925 |  |  | $ | 1,511,069 |  |  | $ | 1,819,274 |  |  | $ | 1,804,905 |
Securities sold under agreements to repurchase | 128,429 |  |  | 128,429 |  |  | 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 | 74,754 |  |  | 61,840 |  |  | 71,993 |  |  | 57,153 |
Accrued interest payable | 33,447 |  |  | 33,447 |  |  | 28,418 |  |  | 28,418 |
Level 3 inputs: |  |  |  |  |  |  |
Subordinated notes, net of unamortized issuance costs | 227,482 |  |  | 216,713 |  |  | 222,882 |  |  | 200,000 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition 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 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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