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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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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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