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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
þQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2023
oTransition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File No. 0-15950
FIRST BUSEY CORPORATION
(Exact name of registrant as specified in its charter)
Nevada37-1078406
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 W. University Ave.
Champaign, Illinois
61820
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (217) 365-4544
N/A
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, $.001 par valueBUSE
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ
Accelerated filer o
Non-accelerated filer o
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o  No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at November 2, 2023
Common Stock, $.001 par value55,258,904

FIRST BUSEY CORPORATION
FORM 10-Q
September 30, 2023

Table of Contents
2

GLOSSARY
We use acronyms, abbreviations, and other terms throughout this Quarterly Report, as defined in the glossary below:
TermDefinition
2020 Equity Plan
First Busey's 2020 Equity Incentive Plan
ACLAllowance for credit losses
Amended 2020 Equity Plan
First Busey's Amended 2020 Equity Incentive Plan
Annual ReportAnnual report filed with the SEC on Form 10-K pursuant to Section 13 or 15(d) of the Exchange Act
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
Basel III2010 capital accord adopted by the international Basel Committee on Banking Supervision
Basel III RuleRegulations promulgated by U.S. federal banking agencies – the OCC, the Federal Reserve, and the FDIC – to both enforce implementation of certain aspects of the Basel III capital reforms and effect certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
bpsbasis points
CACCummins-American Corp.
CECLASU 2016-13, codified as ASC Topic 326 “Financial Instruments-Credit Losses,” which established the Current Expected Credit Losses methodology for measuring credit losses on financial instruments
COVID-19Coronavirus disease 2019
DSUDeferred stock unit
ESPPEmployee Stock Purchase Plan
Exchange ActSecurities Exchange Act of 1934, as amended
Fair valueThe price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, as defined in ASC Topic 820 “Fair Value Measurement”
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
First BuseyFirst Busey Corporation, together with its wholly-owned consolidated subsidiaries; also, “Busey,” the “Company,” “we,” “us,” and “our”
First Busey Risk ManagementFirst Busey Risk Management, Inc.
FirsTechFirsTech, Inc.
FOMCFederal Open Market Committee
GAAPU.S. Generally Accepted Accounting Principles
LIBORLondon Interbank Offered Rate
NasdaqNational Association of Securities Dealers Automated Quotations
NMTCNew Markets Tax Credit
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCDPurchased credit deteriorated
PPPPaycheck Protection Program
3

TermDefinition
PSUPerformance-based restricted stock unit
Quarterly ReportQuarterly report filed with the SEC on Form 10-Q pursuant to Section 13 or 15(d) of the Exchange Act
RSURestricted stock unit
SBAU.S. Small Business Administration
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate published by the Federal Reserve
TDRTroubled debt restructuring
U.S.United States of America
U.S. TreasuryU.S. Department of the Treasury
4

PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
5

FIRST BUSEY CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(dollars in thousands)
As of
September 30,
2023
December 31,
2022
Assets
Cash and cash equivalents:
Cash and due from banks$122,574 $117,513 
Interest-bearing deposits215,345 109,651 
Total cash and cash equivalents337,919 227,164 
Debt securities available for sale2,182,841 2,461,393 
Debt securities held to maturity882,614 918,312 
Equity securities8,782 11,535 
Loans held for sale3,051 1,253 
Portfolio loans (net of ACL of $91,710 at September 30, 2023, and $91,608 at December 31, 2022)
7,764,450 7,634,094 
Premises and equipment, net122,538 126,524 
Right of use assets11,500 12,829 
Goodwill317,873 317,873 
Other intangible assets, net38,470 46,423 
Cash surrender value of bank owned life insurance181,955 180,485 
Other assets406,257 398,792 
Total assets$12,258,250 $12,336,677 
Liabilities and stockholders’ equity
Liabilities
Deposits:
Noninterest-bearing$2,918,574 $3,393,666 
Interest-bearing7,413,788 6,677,614 
Total deposits10,332,362 10,071,280 
Securities sold under agreements to repurchase183,702 229,806 
Short-term borrowings12,000 351,054 
Long-term debt21,000 30,000 
Subordinated notes, net of unamortized issuance costs222,666 222,038 
Junior subordinated debt owed to unconsolidated trusts71,946 71,810 
Lease liabilities11,783 12,995 
Other liabilities212,633 201,717 
Total liabilities11,068,092 11,190,700 
Outstanding commitments and contingent liabilities (see Notes 4 and 9)
Stockholders’ equity
Common stock, ($.001 par value; 100,000,000 shares authorized)
58 58 
Additional paid-in capital1,324,438 1,320,980 
Retained earnings224,698 168,769 
AOCI(290,730)(273,278)
Total stockholders’ equity before treasury stock1,258,464 1,216,529 
Treasury stock at cost(68,306)(70,552)
Total stockholders’ equity1,190,158 1,145,977 
Total liabilities and stockholders’ equity$12,258,250 $12,336,677 
Shares
Common shares issued58,116,969 58,116,970 
Less: Treasury shares(2,774,952)(2,837,846)
Common shares outstanding55,342,017 55,279,124 
6

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(dollars in thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Interest income
Interest and fees on loans$99,844 $76,081 $284,423 $202,530 
Interest and dividends on investment securities:
Taxable interest income20,549 17,436 60,224 47,370 
Non-taxable interest income685 813 2,136 2,482 
Other interest income1,591 1,085 3,890 1,720 
Total interest income122,669 95,415 350,673 254,102 
Interest expense
Deposits37,068 3,565 78,576 7,835 
Federal funds purchased and securities sold under agreements to repurchase1,327 459 3,772 665 
Short-term borrowings1,964 190 12,527 426 
Long-term debt425 372 1,331 859 
Senior notes   637 
Subordinated notes3,103 3,738 9,300 9,243 
Junior subordinated debt owed to unconsolidated trusts991 786 2,849 2,148 
Total interest expense44,878 9,110 108,355 21,813 
Net interest income77,791 86,305 242,318 232,289 
Provision for credit losses364 2,364 1,944 3,764 
Net interest income after provision for credit losses77,427 83,941 240,374 228,525 
Noninterest income
Wealth management fees14,235 12,508 43,594 42,422 
Fees for customer services7,502 7,627 21,560 26,122 
Payment technology solutions5,226 5,080 15,772 15,045 
Mortgage revenue311 438 871 1,697 
Income on bank owned life insurance1,001 958 3,682 2,716 
Realized net gains (losses) on securities(33)(74)(207)52 
Unrealized net gains (losses) recognized on equity securities(252)78 (2,753)(2,376)
Other income3,018 4,318 8,349 12,046 
Total noninterest income31,008 30,933 90,868 97,724 
Noninterest expense
Salaries, wages, and employee benefits39,677 39,762 119,867 117,226 
Data processing5,930 5,447 17,472 15,800 
Net occupancy expense of premises4,594 4,705 13,896 14,492 
Furniture and equipment expenses1,638 1,799 5,065 5,874 
Professional fees1,542 1,579 4,573 4,693 
Amortization of intangible assets2,555 2,871 7,953 8,833 
Interchange expense1,786 1,574 5,509 4,606 
FDIC insurance1,475 882 4,483 3,108 
Other expense11,748 12,117 31,735 35,572 
Total noninterest expense70,945 70,736 210,553 210,204 
Income before income taxes37,490 44,138 120,689 116,045 
Income taxes6,824 8,477 23,873 22,121 
Net income$30,666 $35,661 $96,816 $93,924 
Basic earnings per common share$0.55 $0.64 $1.75 $1.70 
Diluted earnings per common share$0.54 $0.64 $1.72 $1.67 
Dividends declared per share of common stock$0.24 $0.23 $0.72 $0.69 
7

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income$30,666 $35,661 $96,816 $93,924 
OCI:
Unrealized/Unrecognized gains (losses) on debt securities:
Net unrealized holding gains (losses) on debt securities available for sale, net of taxes of $10,746, $27,631, $6,728, and $84,519, respectively
(26,950)(69,306)(16,872)(211,988)
Net unrealized gains (losses) on debt securities transferred to held to maturity from available for sale, net of taxes of $0, $0, $0, and $13,812, respectively
   (34,644)
Reclassification adjustment for realized (gains) losses on debt securities available for sale included in net income, net of taxes of $(9), $(21), $(59), and $8, respectively
24 53 148 (20)
Amortization of unrecognized losses on securities transferred to held to maturity, net of taxes of $(420), $(515), $(1,346), and $(1,396), respectively
1,056 1,291 3,379 3,500 
Net change in unrealized/unrecognized gains (losses) on debt securities(25,870)(67,962)(13,345)(243,152)
Unrealized gains (losses) on cash flow hedges:
Net unrealized holding gains (losses) on cash flow hedges, net of taxes of $2,220, $4,061, $3,412, and $8,604, respectively
(5,577)(10,192)(8,563)(21,587)
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $(652), ($104), $(1,776), and $199, respectively
1,638 266 4,456 (498)
Net change in unrealized gains (losses) on cash flow hedges(3,939)(9,926)(4,107)(22,085)
Net change in AOCI(29,809)(77,888)(17,452)(265,237)
Total comprehensive income (loss)$857 $(42,227)$79,364 $(171,313)
8

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited)
(dollars in thousands, except per share amounts)
Three Months Ended September 30, 2023
SharesCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
AOCITreasury
Stock
Total
Stockholders'
Equity
Balance, June 30, 202355,290,847$58 $1,325,173 $207,660 $(260,921)$(70,022)$1,201,948 
Net income30,66630,666
OCI, net of tax(29,809)(29,809)
Repurchase of stock(65,123)(1,278)(1,278)
Issuance of treasury stock for ESPP11,291(106)290184
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax105,002(3,593)2,704(889)
Cash dividends on common stock at $0.24 per share
(13,267)(13,267)
Stock dividend equivalents on RSUs/PSUs/DSUs361(361)
Stock-based compensation2,6032,603
Balance, September 30, 202355,342,017$58 $1,324,438 $224,698 $(290,730)$(68,306)$1,190,158 
Nine Months Ended September 30, 2023
SharesCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
AOCITreasury
Stock
Total
Stockholders'
Equity
Balance, December 31, 202255,279,124$58 $1,320,980 $168,769 $(273,278)$(70,552)$1,145,977 
Net income96,81696,816
OCI, net of tax(17,452)(17,452)
Repurchase of stock(110,123)(2,209)(2,209)
Issuance of treasury stock for ESPP51,885(451)1,335884
Net issuance of treasury stock for RSU/PSU/DSU vesting and related tax120,137(4,083)3,094(989)
Net issuance of treasury stock for warrants exercised994(17)269
Cash dividends on common stock at $0.72 per share
(39,806)(39,806)
Stock dividend equivalents on RSUs/PSUs/DSUs1,081(1,081)
Stock-based compensation6,9286,928
Balance, September 30, 202355,342,017$58 $1,324,438 $224,698 $(290,730)$(68,306)$1,190,158 
(continued)
9

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Continued)
(dollars in thousands, except per share amounts)
Three Months Ended September 30, 2022
SharesCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
AOCITreasury
Stock
Total
Stockholders'
Equity
Balance, June 30, 202255,335,703$58 $1,317,675 $124,685 $(211,107)$(69,354)$1,161,957 
Net income35,66135,661
OCI, net of tax(77,888)(77,888)
Repurchase of stock(130,000)(3,088)(3,088)
Issuance of treasury stock for ESPP10,993(77)283206
Net issuance of treasury stock for RSU/DSU vesting and related tax15,738(434)405(29)
Cash dividends on common stock at $0.23 per share
(12,707)(12,707)
Stock dividend equivalents on RSUs/DSUs at $0.23 per share
281(281)
Stock-based compensation2,4762,476
Balance, September 30, 202255,232,434$58 $1,319,921 $147,358 $(288,995)$(71,754)$1,106,588 
Nine Months Ended September 30, 2022
SharesCommon
Stock
Additional
Paid-in
Capital
Retained
Earnings
AOCITreasury
Stock
Total
Stockholders'
Equity
Balance, December 31, 202155,434,910$58 $1,316,984 $92,463 $(23,758)$(66,635)$1,319,112 
Net income93,92493,924
OCI, net of tax(265,237)(265,237)
Repurchase of stock(388,614)(9,912)(9,912)
Issuance of treasury stock for ESPP50,033(271)1,2881,017
Net issuance of treasury stock for RSU/DSU vesting and related tax136,105(4,383)3,505(878)
Cash dividends on common stock at $0.69 per share
(38,159)(38,159)
Stock dividend equivalents on RSUs/DSUs at $0.69 per share
870(870)
Stock-based compensation6,7216,721
Balance, September 30, 202255,232,434$58 $1,319,921 $147,358 $(288,995)$(71,754)$1,106,588 
10

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(dollars in thousands)
Nine Months Ended September 30,
20232022
Cash flows provided by (used in) operating activities
Net income$96,816 $93,924 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses1,944 3,764 
Amortization of intangible assets7,953 8,833 
Amortization of mortgage servicing rights2,155 2,757 
Amortization of NMTC6,740 4,668 
Depreciation and amortization of premises and equipment7,052 8,035 
Net amortization (accretion) on portfolio loans5,399 2,524 
Net amortization (accretion) of premium (discount) on investment securities11,351 15,820 
Net amortization (accretion) of premium (discount) on time deposits(223)(318)
Net amortization (accretion) of premium (discount) on FHLB advances and other borrowings764 1,152 
Impairment of OREO and other repossessed assets113 611 
Impairment of fixed assets held for sale 427 
Impairment of mortgage servicing rights1 (9)
Impairment of leases 84 
Unrealized (gains) losses recognized on equity securities, net2,753 2,376 
(Gain) loss on sales of equity securities, net (24)
(Gain) loss on sales of debt securities, net207 (28)
(Gain) loss on sales of loans, net(603)(1,777)
(Gain) loss on sales of OREO4 56 
(Gain) loss on sales of premises and equipment(197)(666)
(Gain) loss on life insurance proceeds(759) 
(Increase) decrease in cash surrender value of bank owned life insurance(2,923)(2,716)
Provision for deferred income taxes(2,000)(3)
Stock-based compensation6,928 6,721 
Mortgage loans originated for sale(28,663)(63,986)
Proceeds from sales of mortgage loans27,418 84,732 
(Increase) decrease in other assets(15,072)(45,575)
Increase (decrease) in other liabilities171 (3,364)
Net cash provided by (used in) operating activities127,329 118,018 
Cash flows provided by (used in) investing activities
Purchases of equity securities(6,169)(14,820)
Purchases of debt securities available for sale(7,796)(279,831)
Proceeds from sales of equity securities6,169 15,418 
Proceeds from paydowns and maturities of debt securities held to maturity38,172 51,552 
Proceeds from paydowns and maturities of debt securities available for sale253,648 370,274 
Purchases of FHLB and other bank stock(30,957) 
Proceeds from the redemption of FHLB and other bank stock43,926 225 
Net (increase) decrease in loans(137,843)(484,701)
Cash paid for premiums on bank-owned life insurance(80)(101)
Proceeds from life insurance2,292 219 
Purchases of premises and equipment(6,750)(4,006)
Proceeds from disposition of premises and equipment3,881 4,182 
Proceeds from sales of OREO781 2,662 
Net cash provided by (used in) investing activities159,274 (338,927)
(continued)
11

FIRST BUSEY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
(dollars in thousands)
Nine Months Ended September 30,
20232022
Cash flows provided by (used in) financing activities
Net increase (decrease) in deposits$261,305 $(166,862)
Net change in federal funds purchased and securities sold under agreements to repurchase(46,104)(35,542)
Proceeds from FHLB advances265,000  
Repayment of FHLB advances(604,054)(5,507)
Proceeds from other borrowings, net of debt issuance costs 98,094 
Repayment of other borrowings(9,000)(109,000)
Cash dividends paid(39,806)(38,159)
Purchase of treasury stock(2,209)(9,912)
Cash paid for withholding taxes on stock-based payments(989)(878)
Proceeds from stock warrants exercised9  
Issuance of treasury stock for ESPP (271)
Net cash provided by (used in) financing activities(175,848)(268,037)
Net increase (decrease) in cash and cash equivalents$110,755 $(488,946)
Cash and cash equivalents, beginning of period227,164 836,095 
Cash and cash equivalents, ending of period$337,919 $347,149 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest$89,572 $19,465 
Income taxes23,594 30,506 
Non-cash investing and financing activities:
OREO acquired in settlement of loans144 132 
Transfer of debt securities available for sale to held to maturity 985,199 
12

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


Note 1: Significant Accounting Policies
Nature of Operations
First Busey Corporation, a Nevada corporation organized in 1980, is a $12.3 billion financial holding company headquartered in Champaign, Illinois. Busey’s common stock is traded on The Nasdaq Global Select Market under the symbol “BUSE.”
First Busey operates and reports its business in three segments: Banking, Wealth Management, and FirsTech.
The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana.
The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations.
The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.
For additional information about First Busey's operating segments, see Note 14. Operating Segments and Related Information.”
Basis of Financial Statement Presentation
These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements included in Busey's 2022 Annual Report. These interim unaudited consolidated financial statements serve to update our 2022 Annual Report and may not include all information and notes necessary to constitute a complete set of financial statements.
We prepared these unaudited consolidated financial statements in conformity with GAAP. We have eliminated intercompany accounts and transactions. We have also reclassified certain prior year amounts to conform to the current period presentation. These reclassifications did not have a material impact on our consolidated financial condition or results of operations.
In our opinion, the unaudited consolidated financial statements reflect all normal, recurring adjustments needed to present fairly our results for the interim periods. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.
Use of Estimates
In preparing the accompanying unaudited consolidated financial statements in conformity with GAAP, Busey’s management is required to make estimates and assumptions that affect the amounts reported in the financial statements and the disclosures provided. Actual results could differ from those estimates. Material estimates which are particularly susceptible to significant change in the near term relate to the fair value of debt securities available for sale, fair value of assets acquired and liabilities assumed in business combinations, goodwill, income taxes, and the determination of the ACL.
13

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Impact of Recently Adopted Accounting Standards
In July 2023, the FASB issued ASU 2023-03 “Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718)” pursuant to: (i) SEC Staff Accounting Bulletin No. 120, which provided interpretive guidance related to estimating the fair value of share-based payment transactions while in possession of material non-public information; (ii) an SEC Staff Announcement at the March 24, 2022, Emerging Issues Task Force Meeting, which provided interpretive guidance on accounting for share-based payments to employees and non-employees; and (iii) Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock, which provided interpretive guidance on the reporting of income or loss applicable to common stock. This update was reflected in the Accounting Standards Codification upon issuance. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
In March 2022, the FASB issued ASU 2022-02 “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the TDR accounting model for creditors that have already adopted CECL. In lieu of the TDR accounting model, loan refinancing and restructuring guidance in ASC Subtopic 310-20-35-9 through 35-11 “Receivables—Nonrefundable Fees and Other Costs—Subsequent Measurement—Loan Refinancing or Restructuring” will apply to all loan modifications, including those made for borrowers experiencing financial difficulty. This standard also enhances disclosure requirements related to certain loan modifications. Additionally, this standard introduces new requirements to disclose gross write-off information in the vintage disclosures of financing receivables by credit quality indicator and class of financing receivable by year of origination. This standard applies prospectively. For the transition method related to the recognition and measurement of TDRs, there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. This standard became effective for Busey beginning January 1, 2023. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
In March 2022, the FASB issued ASU 2022-01 “Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method,” which replaces the current last-of-layer hedge accounting method with an expanded portfolio layer method that permits multiple hedged layers of a single closed portfolio. The scope of the portfolio layer method is also expanded to include non-prepayable financial assets. This update also provides additional guidance on the accounting for and disclosure of hedge basis adjustments that are applicable to the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. Amendments related to hedge basis adjustments which are included in this standard apply on a modified retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings on the initial application date. Amendments related to disclosure which are included in this standard may be applied on a prospective basis from the initial application date, or on a retrospective basis to each prior period presented after the date of adoption of the amendments in ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This standard became effective for Busey beginning January 1, 2023. Adoption of this standard did not have a material impact on Busey’s financial position or results of operations.
ASU 2021-08 “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” requires measurement and recognition in accordance with ASC Topic 606 “Revenue from Contracts with Customers” for contract assets and contract liabilities acquired in a business combination. This update became effective for Busey beginning January 1, 2023. This standard applied prospectively to all business combinations that occurred on or after the date of adoption. Adoption of this standard did not have an impact on Busey’s financial position or results of operations.
14

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Recently Issued Accounting Standards Not Yet Adopted
In March 2023, the FASB issued ASU 2023-02 “Investments—Equity Method and Joint Ventures (Topic 323),” permitting an election to use the proportional amortization method to account for equity investments made primarily for the purpose of receiving income tax credits and other income tax benefits, regardless of the tax credit program from which the income tax credits are received, provided that certain conditions are met. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense. This standard must be applied on a retrospective or modified retrospective basis, and is applicable for Busey beginning on January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations, and upon adoption expects changes to be reflected in the Other Expense and Income Taxes line items in the Consolidated Statements of Income (Unaudited).
In March 2023, the FASB issued ASU 2023-01 “Leases (Topic 842): Common Control Arrangements,” which requires amortization over the useful life of leasehold improvements (not the lease term) when the lease is between entities under common control, and any value of such leasehold improvements remaining at the end of the lease term is to be accounted for as a transfer between entities under common control. This standard may be adopted either prospectively, or retrospectively, and is effective for Busey beginning January 1, 2024. Early adoption is permitted. Busey does not expect adoption of this standard to have a material impact on the Company’s financial position and results of operations.
In June 2022, the FASB issued ASU 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,” which clarifies that contractual restrictions on the sale of equity securities are not considered in measuring the fair value of those equity securities, and further that contractual sale restrictions cannot be recognized and measured as a separate unit of account. This standard applies prospectively, and is effective for Busey beginning January 1, 2024. Early adoption is permitted. Busey is currently evaluating the potential effect on the Company’s financial position and results of operations.
Subsequent Events
Busey has evaluated subsequent events for potential recognition and/or disclosure through the date the unaudited consolidated financial statements included in this Quarterly Report were issued. The Company issued a Form 8‑K on October 24, 2023, regarding the departure of a named executive officer, and during the fourth quarter of 2023 expects to record related severance expenses according to Schedule 1 of the Separation Letter that was filed as Exhibit 10.1 to the Form  8‑K. Other than this, there were no significant subsequent events for the quarter ended September 30, 2023, through the filing date of these unaudited consolidated financial statements.
15

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 2: Debt Securities
Busey's portfolio of debt securities includes both available for sale and held to maturity securities. The tables below provide the amortized cost, unrealized gains and losses, and fair values of debt securities summarized by major category (dollars in thousands):
As of September 30, 2023
Amortized
Cost
UnrealizedFair
Value
Gross GainsGross Losses
Debt securities available for sale
U.S. Treasury securities$51,522 $ $(1,392)$50,130 
Obligations of U.S. government corporations and agencies10,071 2 (254)9,819 
Obligations of states and political subdivisions1
254,549 6 (27,758)226,797 
Asset-backed securities486,517  (7,069)479,448 
Commercial mortgage-backed securities120,117  (19,817)100,300 
Residential mortgage-backed securities2
1,343,324  (254,528)1,088,796 
Corporate debt securities251,194 91 (23,734)227,551 
Total debt securities available for sale$2,517,294 $99 $(334,552)$2,182,841 
___________________________________________
1.Includes securities marked at par, with no gain or loss to report.
2.Gross gains on Residential mortgage-backed securities were insignificant, rounding to zero thousand.
Amortized
Cost
UnrecognizedFair
Value
Gross GainsGross Losses
Debt securities held to maturity
Commercial mortgage-backed securities$459,866 $ $(93,401)$366,465 
Residential mortgage-backed securities422,748  (87,537)335,211 
Total debt securities held to maturity$882,614 $ $(180,938)$701,676 
16

FIRST BUSEY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As of December 31, 2022
Amortized
Cost
UnrealizedFair
Value
Gross GainsGross Losses
Debt securities available for sale
U.S. Treasury securities$117,805 $ $(3,744)</