XML 34 R12.htm IDEA: XBRL DOCUMENT v3.25.0.1

DEBT SECURITIES

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

DEBT SECURITIES

NOTE 3. DEBT SECURITIES

Busey's portfolio of debt securities includes both available for sale and held to maturity securities.

The tables below provides the amortized cost, unrealized and unrecognized gains and losses, and fair values of debt securities, summarized by major category (dollars in thousands):

			As of December 31, 2024
			Amortized Cost						Unrealized												Fair Value
									Gross Gains						Gross Losses
Debt securities available for sale
Obligations of U.S. government corporations and agencies			$	1,408					$	—					$	(8)					$	1,400
Obligations of states and political subdivisions1			156,534						31						(16,736)						139,829
Asset-backed securities1			336,379						181						(3)						336,557
Commercial mortgage-backed securities			107,305						—						(15,131)						92,174
Residential mortgage-backed securities			1,279,090						19						(191,899)						1,087,210
Corporate debt securities			159,236						363						(6,548)						153,051
Total debt securities available for sale			$	2,039,952					$	594					$	(230,325)					$	1,810,221

			Amortized Cost						Unrecognized												Fair Value
									Gross Gains						Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities			$	415,530					$	—					$	(77,242)					$	338,288
Residential mortgage-backed securities			411,100						—						(74,335)						336,765
Total debt securities held to maturity			$	826,630					$	—					$	(151,577)					$	675,053

___________________________________________

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 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.

Amortized cost and fair value of debt securities, by contractual maturity or pre-refunded date, are shown below. Mortgages underlying mortgage-backed securities and asset-backed securities may be called or prepaid; therefore, actual maturities could differ from the contractual maturities. All mortgage-backed securities were issued by U.S. government corporations and agencies (dollars in thousands):

			As of December 31, 2024
			Amortized Cost						Fair Value
Debt securities available for sale
Due in one year or less			$	91,497					$	90,406
Due after one year through five years			110,271						104,914
Due after five years through ten years			518,414						495,024
Due after ten years			1,319,770						1,119,877
Debt securities available for sale			$	2,039,952					$	1,810,221
Debt securities held to maturity
Due in one year or less			$	18,628					$	18,327
Due after one year through five years			62,119						58,733
Due after five years through ten years			14,689						12,609
Due after ten years			731,194						585,384
Debt securities held to maturity			$	826,630					$	675,053

Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):

									Years Ended December 31,
															2024						2023						2022
Realized gains and losses on debt securities
Gross gains on debt securities															$	1					$	20					$	115
Gross (losses) on debt securities															(7,034)						(5,523)						(89)
Realized net gains (losses) on debt securities1															$	(7,033)					$	(5,503)					$	26

___________________________________________

1.Net gains (losses) on sales of securities reported on the Consolidated Statements of Income include the sale of equity securities, excluded in this table.

Debt securities with carrying amounts of $871.4 million on December 31, 2024, and $837.4 million on December 31, 2023, were pledged as collateral for public deposits, securities sold under agreements to repurchase, and for other purposes as required.

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 December 31, 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
Obligations of U.S. government corporations and agencies			$	—					$	—					$	1,328					$	(8)					$	1,328					$	(8)
Obligations of states and political subdivisions			11,234						(209)						119,723						(16,527)						130,957						(16,736)
Asset-backed securities			14,997						(3)						—						—						14,997						(3)
Commercial mortgage-backed securities			6,238						(42)						85,936						(15,089)						92,174						(15,131)
Residential mortgage-backed securities			152,081						(640)						930,642						(191,259)						1,082,723						(191,899)
Corporate debt securities			598						(1)						143,966						(6,547)						144,564						(6,548)
Debt securities available for sale with gross unrealized losses			$	185,148					$	(895)					$	1,281,595					$	(229,430)					$	1,466,743					$	(230,325)

									12 months or more												Total
															Fair Value						Unrecognized Losses						Fair Value						Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities															$	338,288					$	(77,242)					$	338,288					$	(77,242)
Residential mortgage-backed securities															336,765						(74,335)						336,765						(74,335)
Debt securities held to maturity with gross unrecognized losses															$	675,053					$	(151,577)					$	675,053					$	(151,577)

			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 December 31, 2024
			Available for Sale						Held to Maturity						Total
Debt securities with gross unrealized or unrecognized losses, fair value			$	1,466,743					$	675,053					$	2,141,796
Gross unrealized or unrecognized losses on debt securities			230,325						151,577						381,902
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses			15.7		%				22.5		%				17.8		%
Count of debt securities			677						55						732
Count of debt securities in an unrealized or unrecognized loss position			586						55						641

			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

Unrealized and unrecognized losses were related to changes in market interest rates and market conditions that do not represent credit-related impairments. Unless part of a corporate strategy or restructuring plan, Busey does not intend to sell securities that are in an unrealized or unrecognized loss position, and it is more likely than not that Busey will recover the amortized cost prior to being required to sell the debt securities. Full collection of the amounts due according to the contractual terms of the debt securities is expected; therefore, no ACL was recorded in relation to debt securities, and the impairment related to noncredit factors on debt securities available for sale is recognized in AOCI, net of applicable taxes. As of December 31, 2024, Busey did not hold general obligation bonds of any single issuer, the aggregate of which exceeded 10% of Busey’s stockholders’ equity.

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

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

+ Details

Name:	us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration