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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of financial instruments owned and pledged as collateral
The principal balance of loans Busey has pledged as collateral to the FHLB and Federal Reserve Bank for liquidity as set forth in the table below (dollars in thousands):
As of December 31,
20232022
Pledged loans
FHLB$4,865,481 $5,095,448 
Federal Reserve Bank722,914 804,718 
Total pledged loans$5,588,395 $5,900,166 
To secure its obligations under derivative contracts, Busey pledged cash and held collateral as follows (dollars in thousands):
As of December 31,
20232022
Cash pledged to secure obligations under derivative contracts$34,210 $38,609 
Collateral held to secure obligations under derivative contracts19,280 29,830 
Summary of the interest-rate swaps designated as cash flow hedges
A summary of the interest-rate swaps designated as cash flow hedges is presented below (dollars in thousands):
As of December 31,
Location20232022
Debt Swap
Notional amount$50,000 $50,000 
Weighted average fixed pay rates1.79 %1.79 %
Weighted average variable 3-month LIBOR receive rates5.61 %4.77 %
Weighted average maturity
0.71 years
1.71 years
 
Loan Swap
Notional amount$300,000 $300,000 
Weighted average fixed receive rates4.81 %4.81 %
Weighted average variable Prime pay rates8.50 %7.32 %
Weighted average maturity
5.10 years
6.10 years
 
Gross aggregate fair value of the swaps
Gross aggregate fair value of swap assetsOther assets$1,293 $2,535 
Gross aggregate fair value of swap liabilitiesOther liabilities$25,411 $32,367 
 
Balances carried in AOCI
Unrealized gains (losses) on cash flow hedges, net of taxAOCI$(16,694)$(20,985)
Reclassification of unrealized gains and losses from OCI
Busey expects to reclassify unrealized gains and losses from OCI to interest income and interest expense as shown in the following table, during the next 12 months (dollars in thousands). Amounts actually recognized could differ from these expectations due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to December 31, 2023.
As of
December 31, 2023
Unrealized gains (losses) in OCI expected to be recognized in income
Unrealized losses expected to be reclassified from OCI to interest income$(952)
Unrealized gains expected to be reclassified from OCI to interest expense483 
Net unrealized gains (losses) in OCI expected to be recognized in net interest income$(469)
Schedule of interest income (expense) recorded on swap transactions
Interest income (expense) recorded on swap transactions was as follows for the periods presented (dollars in thousands):
Years Ended December 31,
202320222021
Interest on swap transactions
Increase (decrease) in interest income on swap transactions$(10,326)$(553)$— 
(Increase) decrease in interest expense on swap transactions1,757 (30)(1,067)
Net increase (decrease) in net interest income on swap transactions$(8,569)$(583)$(1,067)
Summary of net gains (losses) relating to these derivative instruments
The following table reflects the net gains (losses) recorded in AOCI and the Consolidated Statements of Comprehensive Income relating to cash flow derivative instruments for the periods presented (dollars in thousands):
Years Ended December 31,
202320222021
Unrealized gains (losses) on cash flow hedges
Net gain (loss) recognized in OCI, net of tax$(1,835)$(20,717)$736 
(Gain) loss reclassified from OCI to interest income, net of tax7,382 395 — 
(Gain) loss reclassified from OCI to interest expense, net of tax(1,256)22 763 
Net change in unrealized gains (losses) on cash flow hedges, net of tax$4,291 $(20,300)$1,499 
Changes in fair value of these derivative assets and liabilities were recorded in noninterest expense in the Consolidated Statements of Income and are summarized as follows (dollars in thousands):
Years Ended December 31,
Location202320222021
Interest rate swaps
Pay floating, receive fixedNoninterest expense$(11,525)$19,308 $(12,587)
Pay fixed, receive floatingNoninterest expense11,525 (19,308)12,587 
Net change in fair value of interest rate swaps$— $— $— 
Net gains (losses) relating to these derivative instruments are summarized as follows for the periods presented (dollars in thousands):
Years Ended December 31,
Location202320222021
Net gains (losses)
Interest rate lock commitmentsMortgage revenue$— $15 $1,702 
Forward sales commitmentsMortgage revenue2 (38)(4,045)
Net gains (losses)$2 $(23)$(2,343)
Summary of fair values of derivative assets and liabilities recorded in consolidated balance sheet
Amounts and fair values of derivative assets and liabilities related to customer interest rate swaps, included in other assets and other liabilities in the Consolidated Balance Sheets, are summarized as follows (dollars in thousands):
As of December 31, 2023
Derivative AssetDerivative Liability
Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivatives not designated as hedging instruments
Interest rate swaps – pay floating, receive fixed$177,883 $2,375 $485,253 $26,289 
Interest rate swaps – pay fixed, receive floating485,253 26,289 177,883 2,375 
Total derivatives not designated as hedging instruments$663,136 $28,664 $663,136 $28,664 
As of December 31, 2022
Derivative AssetDerivative Liability
Notional
Amount		Fair
Value		Notional
Amount		Fair
Value
Derivatives not designated as hedging instruments
Interest rate swaps – pay floating, receive fixed$48,728 $370 $528,183 $39,685 
Interest rate swaps – pay fixed, receive floating528,183 39,685 48,728 370 
Total derivatives not designated as hedging instruments$576,911 $40,055 $576,911 $40,055 
Amounts and fair values of mortgage banking derivatives included in the Consolidated Balance Sheets are summarized as follows (dollars in thousands):
As of December 31, 2023As of December 31, 2022
LocationNotional
Amount		Fair
Value		Notional
Amount		Fair
Value
Mortgage banking derivative assets
Interest rate lock commitmentsOther assets$3,477 $25 $1,517 $16 
Forward sales commitmentsOther assets1,761 11 83 1 
Mortgage banking derivative assets$5,238 $36 $1,600 $17 
 
Mortgage banking derivative liabilities
Interest rate lock commitmentsOther liabilities$1,615 $10 $83 $1 
Forward sales commitmentsOther liabilities5,216 47 2,757 39 
Mortgage banking derivative liabilities$6,831 $57 $2,840 $40 
Schedule of notional amount and fair value of risk participation agreement
The notional amount of the risk participation agreements reflect Busey's pro-rata share of the derivative instrument, consistent with its share of the related participated loan. The risk participation agreements mature between 2024 and 2029, and are summarized as follows (dollars in thousands):
As of December 31,
20232022
Risk participation agreements purchased
Number of risk participation agreements3 2 
Notional amount$34,251 $18,899 
Fair value15 5 
 
Risk participation agreements sold
Number of risk participation agreements1 — 
Notional amount$20,001 — 
Fair value— —