Busey's portfolio of debt securities includes both available for sale and held to maturity securities. 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 March 31, 2025
(dollars in thousands)	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale

Obligations of U.S. government corporations and agencies	$	219	$	—	$	(2)	$	217
Obligations of states and political subdivisions1	262,377		90		(18,603)		243,864
Asset-backed securities1	342,584		92		—		342,676
Commercial mortgage-backed securities	93,488		98		(12,762)		80,824
Residential mortgage-backed securities1	1,651,857		2,285		(158,626)		1,495,516
Corporate debt securities1	113,716		365		(3,304)		110,777
Total debt securities available for sale	$	2,464,241	$	2,930	$	(193,297)	$	2,273,874



	Amortized Cost		Unrecognized				Fair Value
			Gross Gains		Gross Losses
Debt securities held to maturity
Commercial mortgage-backed securities	$	411,680	$	—	$	(71,458)	$	340,222
Residential mortgage-backed securities	403,722		—		(65,474)		338,248
Total debt securities held to maturity	$	815,402	$	—	$	(136,932)	$	678,470


	As of December 31, 2024
(dollars in thousands)	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

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:


	As of March 31, 2025
(dollars in thousands)	Amortized Cost		Fair Value
Debt securities available for sale
Due in one year or less	$	68,340	$	68,099
Due after one year through five years	67,386		64,779
Due after five years through ten years	452,231		434,831
Due after ten years	1,876,284		1,706,165
Debt securities available for sale	$	2,464,241	$	2,273,874

Debt securities held to maturity
Due in one year or less	$	17,862	$	17,665
Due after one year through five years	60,943		58,316
Due after five years through ten years	14,700		12,929
Due after ten years	721,897		589,560
Debt securities held to maturity	$	815,402	$	678,470


	Three Months Ended March 31,
(dollars in thousands)		2025		2024
Realized gains and losses on debt securities
Gross gains on debt securities		$	8	$	1
Gross (losses) on debt securities1		(15,545)		(6,803)
Realized net gains (losses) on debt securities		$	(15,537)	$	(6,802)

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, 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, as part of a balance sheet repositioning strategy.

Debt securities with carrying amounts of $695.3 million on March 31, 2025, and $871.4 million on December 31, 2024, 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:


	As of March 31, 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 agencies1	$	66	$	—	$	151	$	(2)	$	217	$	(2)
Obligations of states and political subdivisions	130,434		(5,962)		96,467		(12,641)		226,901		(18,603)

Commercial mortgage-backed securities	1,495		(2)		74,450		(12,760)		75,945		(12,762)
Residential mortgage-backed securities	247,106		(689)		810,718		(157,937)		1,057,824		(158,626)
Corporate debt securities	916		(21)		96,685		(3,283)		97,601		(3,304)
Debt securities available for sale with gross unrealized losses	$	380,017	$	(6,674)	$	1,078,471	$	(186,623)	$	1,458,488	$	(193,297)



	12 months or more			Total
		Fair Value		Unrecognized Losses		Fair Value		Unrecognized Losses
Debt securities held to maturity
Commercial mortgage-backed securities		$	340,222	$	(71,458)	$	340,222	$	(71,458)
Residential mortgage-backed securities		338,248		(65,474)		338,248		(65,474)
Debt securities held to maturity with gross unrecognized losses		$	678,470	$	(136,932)	$	678,470	$	(136,932)


	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)



	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 March 31, 2025
(dollars in thousands)	Available for Sale			Held to Maturity			Total
Debt securities with gross unrealized or unrecognized losses, fair value	$	1,458,488		$	678,470		$	2,136,958
Gross unrealized or unrecognized losses on debt securities	193,297			136,932			330,229
Ratio of gross unrealized or unrecognized losses to debt securities with gross unrealized or unrecognized losses	13.3		%	20.2		%	15.5		%

Count of debt securities	679			55			734
Count of debt securities in an unrealized or unrecognized loss position	536			55			591


	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

Unrealized and unrecognized losses are related to changes in market interest rates and market conditions that do not represent credit-related impairments. Unless part of a corporate strategy or repositioning 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 has been 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 March 31, 2025, Busey did not hold general obligation bonds of any single issuer that exceeded, in aggregate, 10% of Busey’s stockholders’ equity.