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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 12. 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 |
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 | %
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 |
Management believes that it is more likely than not that the other deferred tax assets included in the accompanying Consolidated Balance Sheets will be fully realized. Busey has determined that no valuation allowance is required for any deferred tax assets as of December 31, 2023, or 2022.

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