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DEBT SECURITIES (Tables) | 9 Months Ended
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Sep. 30, 2025
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:
|  | As of September 30, 2025
(dollars in thousands) |  | Amortized Cost |  | Unrealized |  | Fair Value
| Gross Gains |  | Gross Losses
Debt securities available for sale 1 |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 113,676 |  |  | $ | 124 |  |  | $ | (195) |  |  | $ | 113,605 |
Obligations of states and political subdivisions |  | 259,470 |  |  | 655 |  |  | (12,581) |  |  | 247,544 |
Asset-backed securities |  | 285,052 |  |  | 510 |  |  | — |  |  | 285,562 |
Commercial mortgage-backed securities |  | 147,183 |  |  | 541 |  |  | (11,743) |  |  | 135,981 |
Residential mortgage-backed securities |  | 1,395,849 |  |  | 7,513 |  |  | (135,786) |  |  | 1,267,576 |
Corporate debt securities |  | 50,501 |  |  | 410 |  |  | (1,920) |  |  | 48,991 |
Total debt securities available for sale |  | $ | 2,251,731 |  |  | $ | 9,753 |  |  | $ | (162,225) |  |  | $ | 2,099,259 |
|  | Amortized Cost |  | Unrecognized |  | Fair Value
| Gross Gains |  | Gross Losses
Debt securities held to maturity |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | $ | 398,375 |  |  | $ | — |  |  | $ | (68,743) |  |  | $ | 329,632 |
Residential mortgage-backed securities |  | 386,446 |  |  | — |  |  | (56,607) |  |  | 329,839 |
Total debt securities held to maturity |  | $ | 784,821 |  |  | $ | — |  |  | $ | (125,350) |  |  | $ | 659,471 |
___________________________________________ 1.This table includes debt securities marked at par, with no gain or loss.
|  | As of December 31, 2024
(dollars in thousands) |  | Amortized Cost |  | Unrealized |  | Fair Value
|  | Gross Gains |  | Gross Losses |
Debt securities available for sale 1 |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 1,408 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 1,400 |
Obligations of states and political subdivisions |  | 156,534 |  |  | 31 |  |  | (16,736) |  |  | 139,829 |
Asset-backed securities |  | 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.This table includes debt securities marked at par, with no gain or loss.
Schedule of Maturities Of Debt Securities | All mortgage-backed securities were issued by U.S. government corporations and agencies.
|  | As of September 30, 2025
(dollars in thousands) |  | Amortized Cost |  | Fair Value
Debt securities available for sale |  |  |  |
Due in one year or less |  | $ | 13,055 |  |  | $ | 12,989 |
Due after one year through five years |  | 59,849 |  |  | 57,288 |
Due after five years through ten years |  | 373,230 |  |  | 359,557 |
Due after ten years |  | 1,805,597 |  |  | 1,669,425 |
Debt securities available for sale |  | $ | 2,251,731 |  |  | $ | 2,099,259 |
Debt securities held to maturity |  |  |  |
Due in one year or less |  | $ | 31,564 |  |  | $ | 31,320 |
Due after one year through five years |  | 38,433 |  |  | 36,972 |
Due after five years through ten years |  | 14,719 |  |  | 13,268 |
Due after ten years |  | 700,105 |  |  | 577,911 |
Debt securities held to maturity |  | $ | 784,821 |  |  | $ | 659,471 |
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:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Realized gains and losses on debt securities |  |  |  |  |  |  |  |
Gross gains on debt securities |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 1 |
Gross (losses) on debt securities 1 |  | (13) |  | (11) |  | (15,558) |  |  | (6,818) |
Realized net gains (losses) on debt securities |  | $ | (13) |  |  | $ | (11) |  |  | $ | (15,549) |  |  | $ | (6,817) |
___________________________________________ 1.During the first quarter of 2025, Busey sold available for sale debt securities with a book value of approximately $205.6 million for a pre-tax loss of $15.5 million and related estimated tax benefit of $4.1 million, as part of a balance sheet repositioning strategy. 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 and related estimated tax benefit of $1.8 million, as part of a balance sheet repositioning strategy.
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:
|  | As of September 30, 2025
|  | Less than 12 months |  | 12 months or more |  | Total
(dollars in thousands) |  | 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 |  | $ | 69,984 |  |  | $ | (195) |  |  | $ | — |  |  | $ | — |  |  | $ | 69,984 |  |  | $ | (195) |
Obligations of states and political subdivisions |  | 99,487 |  |  | (2,375) |  |  | 95,200 |  |  | (10,206) |  |  | 194,687 |  |  | (12,581) |
Commercial mortgage-backed securities |  | 5,813 |  |  | (61) |  |  | 72,141 |  |  | (11,682) |  |  | 77,954 |  |  | (11,743) |
Residential mortgage-backed securities |  | 1,427 |  |  | (1) |  |  | 782,258 |  |  | (135,785) |  |  | 783,685 |  |  | (135,786) |
Corporate debt securities |  | 5,967 |  |  | (18) |  |  | 30,956 |  |  | (1,902) |  |  | 36,923 |  |  | (1,920) |
Debt securities available for sale with gross unrealized losses |  | $ | 182,678 |  |  | $ | (2,650) |  |  | $ | 980,555 |  |  | $ | (159,575) |  |  | $ | 1,163,233 |  |  | $ | (162,225) |
|  |  |  |  |  | Fair Value |  | Unrecognized Losses |  | Fair Value |  | Unrecognized Losses
Debt securities held to maturity |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  |  |  |  |  | $ | 329,632 |  |  | $ | (68,743) |  |  | $ | 329,632 |  |  | $ | (68,743) |
Residential mortgage-backed securities |  |  |  |  |  | 329,839 |  |  | (56,607) |  |  | 329,839 |  |  | (56,607) |
Debt securities held to maturity with gross unrecognized losses |  |  |  |  |  | $ | 659,471 |  |  | $ | (125,350) |  |  | $ | 659,471 |  |  | $ | (125,350) |
|  | As of December 31, 2024
|  | Less than 12 months |  | 12 months or more |  | Total
(dollars in thousands) |  | 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) |
|  |  |  |  |  | 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) |
Additional information about debt securities in an unrealized or unrecognized loss position is presented in the tables below:
|  | As of September 30, 2025
(dollars in thousands) |  | Available for Sale |  | Held to Maturity |  | Total
Debt securities with gross unrealized or unrecognized losses, fair value |  | $ | 1,163,233 |  |  | $ | 659,471 |  |  | $ | 1,822,704 |
Gross unrealized or unrecognized losses on debt securities |  | 162,225 |  |  | 125,350 |  |  | 287,575 |
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses |  | 13.9 | % |  | 19.0 | % |  | 15.8 | %
Count of debt securities |  | 632 |  |  | 55 |  |  | 687 |
Count of debt securities in an unrealized or unrecognized loss position |  | 428 |  |  | 55 |  |  | 483 |
|  | As of December 31, 2024
(dollars in thousands) |  | 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 |

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