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DEBT SECURITIES (Tables)
 6 Months Ended
Jun. 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 June 30, 2024
Amortized
Cost		UnrealizedFair
Value
Gross GainsGross Losses
Debt securities available for sale
U.S. Treasury securities$500 $— $(3)$497 
Obligations of U.S. government corporations and agencies3,796 1 (11)3,786 
Obligations of states and political subdivisions167,814 23 (18,264)149,573 
Asset-backed securities1
427,722 151 (469)427,404 
Commercial mortgage-backed securities109,386 45 (15,741)93,690 
Residential mortgage-backed securities1,196,802 14 (201,248)995,568 
Corporate debt securities170,391 48 (11,061)159,378 
Total debt securities available for sale$2,076,411 $282 $(246,797)$1,829,896 
Amortized
Cost		UnrecognizedFair
Value
Gross GainsGross Losses
Debt securities held to maturity
Commercial mortgage-backed securities$422,091 $— $(77,024)$345,067 
Residential mortgage-backed securities429,170 — (76,782)352,388 
Total debt securities held to maturity$851,261 $— $(153,806)$697,455 
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1.Includes securities marked at par, with no gain or loss to report.
As of December 31, 2023
Amortized
Cost		UnrealizedFair
Value
Gross GainsGross Losses
Debt securities available for sale
U.S. Treasury securities$16,031 $— $(85)$15,946 
Obligations of U.S. government corporations and agencies5,889 1 (58)5,832 
Obligations of states and political subdivisions1
190,819 52 (18,026)172,845 
Asset-backed securities470,046 — (1,823)468,223 
Commercial mortgage-backed securities119,044 — (15,535)103,509 
Residential mortgage-backed securities1,306,854 5 (195,547)1,111,312 
Corporate debt securities225,947 128 (16,171)209,904 
Total debt securities available for sale$2,334,630 $186 $(247,245)$2,087,571 
Amortized
Cost		UnrecognizedFair
Value
Gross GainsGross Losses
Debt securities held to maturity
Commercial mortgage-backed securities$428,526 $— $(71,000)$357,526 
Residential mortgage-backed securities444,102 — (71,231)372,871 
Total debt securities held to maturity$872,628 $— $(142,231)$730,397 
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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 June 30, 2024
Amortized
Cost		Fair
Value
Debt securities available for sale
Due in one year or less$80,143 $78,203 
Due after one year through five years140,060 132,010 
Due after five years through ten years508,143 481,333 
Due after ten years1,348,065 1,138,350 
Debt securities available for sale$2,076,411 $1,829,896 
Debt securities held to maturity
Due after one year through five years$72,525 $67,892 
Due after five years through ten years26,751 23,992 
Due after ten years751,985 605,571 
Debt securities held to maturity$851,261 $697,455 
Schedule of Gains and Losses on Debt Securities Available for Sale
Realized gains and losses related to sales and calls of debt securities available for sale are summarized as follows (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Realized gains and losses on debt securities
Gross gains on debt securities$— $— $1 $10 
Gross (losses) on debt securities1
(4)(178)(6,807)(184)
Realized net gains (losses) on debt securities$(4)$(178)$(6,806)$(174)
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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 $923.5 million of one- to four-family mortgage loans.
Schedule of Debt Securities in an Unrealized or Unrecognized Loss Position
The following information pertains to debt securities with gross unrealized or unrecognized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (dollars in thousands):
As of June 30, 2024
Less than 12 months12 months or moreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Debt securities available for sale
U.S. Treasury securities$— $— $497 $(3)$497 $(3)
Obligations of U.S. government corporations and agencies— — 3,686 (11)3,686 (11)
Obligations of states and political subdivisions5,465 (64)135,744 (18,200)141,209 (18,264)
Asset-backed securities159,674 (86)184,078 (383)343,752 (469)
Commercial mortgage-backed securities— — 88,867 (15,741)88,867 (15,741)
Residential mortgage-backed securities5,905 (37)987,618 (201,211)993,523 (201,248)
Corporate debt securities4,415 (19)147,326 (11,042)151,741 (11,061)
Debt securities available for sale with gross unrealized losses$175,459 $(206)$1,547,816 $(246,591)$1,723,275 $(246,797)
12 months or moreTotal
Fair
Value		Unrecognized
Losses		Fair
Value		Unrecognized
Losses
Debt securities held to maturity
Commercial mortgage-backed securities$345,067 $(77,024)$345,067 $(77,024)
Residential mortgage-backed securities352,388 (76,782)352,388 (76,782)
Debt securities held to maturity with gross unrecognized losses$697,455 $(153,806)$697,455 $(153,806)
As of December 31, 2023
Less than 12 months12 months or moreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Debt securities available for sale
U.S. Treasury securities$— $— $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 subdivisions11,442 (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 securities141 (1)1,110,906 (195,546)1,111,047 (195,547)
Corporate debt securities1,450 (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 moreTotal
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 securities372,871 (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 June 30, 2024
Available for Sale Held to Maturity Total
Debt securities with gross unrealized or unrecognized losses, fair value$1,723,275 $697,455 $2,420,730 
Gross unrealized or unrecognized losses on debt securities246,797 153,806 400,603 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses14.3 %22.1 %16.5 %
Count of debt securities717 55 772 
Count of debt securities in an unrealized or unrecognized loss position667 55 722 
As of December 31, 2023
Available for Sale Held to MaturityTotal
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 securities247,245 142,231 389,476 
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses12.0 %19.5 %13.9 %
Count of debt securities835 55 890 
Count of debt securities in an unrealized or unrecognized loss position779 55 834