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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of the components of income taxes | Components of Busey’s income tax expense consist of the following (dollars in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Income tax expense |  |  |  |  |
Current expense: |  |  |  |  |
Federal | $ | 20,139 |  |  | $ | 20,815 |  |  | $ | 20,261 |
State | 14,120 |  |  | 13,883 |  |  | 8,448 |
Deferred expense: |  |  |  |  |
Federal | (1,557) |  |  | (700) |  |  | 3,644 |
State | (1,363) |  |  | (572) |  |  | 1,021 |
Total income tax expense | $ | 31,339 |  |  | $ | 33,426 |  |  | $ | 33,374 |
Schedule of the reconciliation of federal and state income taxes at statutory rates to the income taxes included in the statements of income | A reconciliation of federal and state income taxes at statutory rates to Busey’s income taxes included in the accompanying Consolidated Statements of Income is as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Percent of pretax income |  |  |  |  |
Income tax at federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: |  |  |  |  |
Tax-exempt interest, net | (1.0) | % |  | (1.1) | % |  | (1.1) | %
Stock incentive | 0.2 | % |  | 0.1 | % |  | — | %
State income taxes, net | 6.5 | % |  | 6.5 | % |  | 4.5 | %
Income on bank owned life insurance | (0.6) | % |  | (0.5) | % |  | (0.7) | %
Tax credit investments | (6.0) | % |  | (5.6) | % |  | (3.6) | %
Other, net | 0.3 | % |  | 0.3 | % |  | 1.2 | %
Effective income tax rate | 20.4 | % |  | 20.7 | % |  | 21.3 | %
Schedule of the deferred tax assets and liabilities | Net deferred taxes, reported in other assets or other liabilities in Busey’s Consolidated Balance Sheets, include the following amounts of deferred tax assets and liabilities (dollars in thousands):
| As of December 31,
| 2023 |  | 2022
Deferred taxes |  |  |
Deferred tax assets: |  |  |
ACL | $ | 27,068 |  |  | $ | 26,979 |
Unrealized loss on cash flow hedge | 6,654 |  |  | 8,365 |
Unrealized losses on securities available for sale, net | 70,423 |  |  | 88,666 |
Unrealized losses on securities held to maturity | 10,156 |  |  | 11,919 |
Stock-based compensation | 5,767 |  |  | 5,504 |
Deferred compensation | — |  |  | 53 |
Purchase accounting adjustments | 764 |  |  | 656 |
Accrued vacation | 456 |  |  | 411 |
Lease liabilities | 3,092 |  |  | 3,564 |
Employee costs | 4,789 |  |  | 3,298 |
Unrealized loss on equity securities | 75 |  |  | — |
Other | 67 |  |  | 376 |
Total deferred tax assets | 129,311 |  |  | 149,791 |
Deferred tax liabilities: |  |  |
Basis in premises and equipment | (2,830) |  |  | (1,541) |
Affordable housing partnerships and other investments | (8,341) |  |  | (6,669) |
Purchase accounting adjustments | (1,133) |  |  | (1,207) |
Mortgage servicing assets | (1,336) |  |  | (2,132) |
Basis in core deposit, customer intangible assets, and asset purchase goodwill | (4,709) |  |  | (6,956) |
Deferred loan origination costs | (3,691) |  |  | (3,845) |
Right of use assets | (3,015) |  |  | (3,518) |
Unrealized gain on equity securities | — |  |  | (512) |
Other | (251) |  |  | (586) |
Total deferred tax liabilities | (25,306) |  |  | (26,966) |
Net deferred tax asset | $ | 104,005 |  |  | $ | 122,825 |

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