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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 securities1			$	250					$	—					$	—					$	250
Obligations of U.S. government corporations and agencies2			1,515						—						(7)						1,508
Obligations of states and political subdivisions3			168,052						144						(13,144)						155,052
Asset-backed securities3			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 subdivisions1			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 securities1			(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 securities1			$	—					$	—					$	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

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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.

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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.

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