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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2019
Employee Benefit Plans |
Employee Benefit Plans | Note 13. Employee Benefit Plans ​ Employees’ Stock Ownership Plan ​ Prior to 2014, the First Busey Corporation Employees' Stock Ownership Plan (“ESOP”) was available to all full-time employees who met certain age and length of service requirements. Effective in 2014, the ESOP was frozen, all shares were fully vested and there were no new contributions under the ESOP. On October 31, 2019 First Busey’s board of directors elected to terminate the ESOP and filed a determination letter in February 2020. Dividends on allocated shares of common stock are distributed directly to the participants. All shares held by the ESOP, which were acquired prior to the issuance of ASC Topic 718-40, Employee Stock Ownership Plans, are included in the computation of average common shares and common share equivalents. This accounting treatment is grandfathered under ASC Topic 718-40 for shares purchased prior to December 31, 1992. ​ All shares held in the ESOP which were acquired prior to December 31, 1992 were allocated as of December 31, 2006. The number of shares and associated fair values were 113,866 worth $3.1 million and 115,602 worth $2.8 million at December 31, 2019 and 2018, respectively. Shares held in the ESOP which were acquired after December 31, 1992 and associated fair values were 36,719 worth $1.0 million and 36,639 worth $0.9 million at December 31, 2019 and 2018, respectively. ​ Profit Sharing Plan ​ All full-time employees who meet certain age and service requirements are eligible to participate in the Company's profit-sharing plan. The contributions, if any, are determined solely by the boards of directors of the Company and its subsidiaries, and in no case may the annual contributions be greater than the amounts deductible for federal income tax purposes for that year. ​ The rights of the participants vest ratably over a five-year period, except for the 401(k) match portion, which vests immediately. Expenses related to the employee benefit plans are $5.8 million, $5.4 million and $5.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. ​ Deferred Compensation Plan ​ The Company had sponsored deferred compensation plans for executive officers for deferral of compensation. Effective March 28, 2018, the deferred compensation plan was terminated and account balances were distributed in April 2019. The 2019 deferred compensation liability was impacted by the Banc Ed acquisition. The deferred compensation expense reported was $0.1 million for the year ended December 31, 2019 and $0.3 million for the years ended December 31, 2018 and 2017. The deferred compensation liability was $0.4 million and $6.4 million at December 31, 2019 and 2018, respectively. The December 31, 2019 Banc Ed deferred compensation liability of $0.4 million was settled in January 2020.

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- Definition Disclosure pertaining to the employee benefit plans of the entity. Such plans may include employee stock ownership plans and profit-sharing plans. + References No definition available. + Details
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