XML 36 R14.htm IDEA: XBRL DOCUMENT v3.25.0.1
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
 12 Months Ended
Dec. 31, 2024
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract]  
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
NOTE 5. OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS
OREO and other repossessed assets represent properties and other assets acquired through foreclosure or other proceedings in settlement of loans and is included in other assets in the accompanying Consolidated Balance Sheets. The following table summarizes the composition of Busey’s OREO and other repossessed asset balances as of the periods presented (dollars in thousands):
As of December 31,
20242023
OREO
Residential$63 $125 
OREO and other repossessed assets$63 $125 
The following table summarizes changes in the OREO and other repossessed assets balance (dollars in thousands):
Years Ended December 31,
202420232022
OREO and other repossessed assets at January 1$125 $850 $4,416 
Additions, transfers from loans26 189 175 
Sales(84)(770)(2,565)
Cash payments collected(4)(44)(565)
Impairment of OREO and other repossessed assets— (100)(611)
OREO and other repossessed assets at December 31$63 $125 $850 
Busey’s recorded investment in residential real estate loans that were in the process of foreclosure was $0.4 million as of December 31, 2024, and $0.3 million as of December 31, 2023. Busey follows Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans.
Busey incurs operating expenses for, and may have income from, OREO and other repossessed assets. Upon sale, Busey may recognize a gain or loss on the sale of OREO and other repossessed assets. The table below summarizes the effect of these activities, included in other expense on Busey’s Consolidated Statements of Income (dollars in thousands):
Years Ended December 31,
202420232022
Activity for OREO and other repossessed assets
Net gain (loss) on sales$585 $(54)$(665)
Operating income (expense), net(17)(67)(248)
Activity for OREO and other repossessed assets$568 $(121)$(913)