XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES | 12 Months Ended
--- | ---
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.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration