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 September 30, 2025
(dollars in thousands)	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale1

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


	As of December 31, 2024
(dollars in thousands)	Amortized Cost		Unrealized				Fair Value
			Gross Gains		Gross Losses
Debt securities available for sale1

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

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 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


	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 securities1	(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.

Debt securities with carrying amounts of $741.8 million on September 30, 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 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)


	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

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 September 30, 2025, Busey did not hold general obligation bonds of any single issuer that exceeded, in aggregate, 10% of Busey’s stockholders’ equity.