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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
Income tax expense |  |  |  |  |
Current expense: |  |  |  |  |
Federal | $ | 26,696 |  |  | $ | 20,139 |  |  | $ | 20,815 |
State | 11,533 |  |  | 14,120 |  |  | 13,883 |
Deferred expense: |  |  |  |  |
Federal | 1,561 |  |  | (1,557) |  |  | (700) |
State | (177) |  |  | (1,363) |  |  | (572) |
Total income tax expense | $ | 39,613 |  |  | $ | 31,339 |  |  | $ | 33,426 |
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,
| 2024 |  | 2023 |  | 2022
Percent of pretax income |  |  |  |  |
Income tax at federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: |  |  |  |  |
Tax-exempt interest, net | (0.7) | % |  | (1.0) | % |  | (1.1) | %
Stock incentive | — | % |  | 0.2 | % |  | 0.1 | %
State income taxes, net | 5.8 | % |  | 6.5 | % |  | 6.5 | %
Income on bank owned life insurance | (0.7) | % |  | (0.6) | % |  | (0.5) | %
Tax credit investments | (3.1) | % |  | (6.0) | % |  | (5.6) | %
Other, net | 3.5 | % |  | 0.3 | % |  | 0.3 | %
Effective income tax rate | 25.8 | % |  | 20.4 | % |  | 20.7 | %
Schedule of the Deferred Tax Assets and Liabilities | Net deferred taxes, reported in other assets or other liabilities on Busey’s Consolidated Balance Sheets, include the following amounts of deferred tax assets and liabilities (dollars in thousands):
| As of December 31,
| 2024 |  | 2023
Deferred taxes |  |  |
Deferred tax assets: |  |  |
ACL | $ | 23,685 |  |  | $ | 27,068 |
Unrealized loss on cash flow hedge | 7,256 |  |  | 6,654 |
Unrealized losses on securities available for sale, net | 61,479 |  |  | 70,423 |
Unrealized losses on securities held to maturity | 8,068 |  |  | 10,156 |
Stock-based compensation | 6,431 |  |  | 5,767 |
Purchase accounting adjustments | 2,076 |  |  | 764 |
Accrued vacation | 493 |  |  | 456 |
Lease liabilities | 2,951 |  |  | 3,092 |
Employee costs | 5,725 |  |  | 4,789 |
Unrealized loss on equity securities | — |  |  | 75 |
Other | — |  |  | 67 |
Total deferred tax assets | 118,164 |  |  | 129,311 |
Deferred tax liabilities: |  |  |
Basis in premises and equipment | (2,419) |  |  | (2,830) |
Affordable housing partnerships and other investments | (8,011) |  |  | (8,341) |
Purchase accounting adjustments | (1,022) |  |  | (1,133) |
Mortgage servicing assets | (745) |  |  | (1,336) |
Basis in core deposit, customer intangible assets, and asset purchase goodwill | (3,325) |  |  | (4,709) |
Deferred loan origination costs | (3,317) |  |  | (3,691) |
Right of use assets | (2,835) |  |  | (3,015) |
Unrealized gain on equity securities | (172) |  |  | — |
Other | (856) |  |  | (251) |
Total deferred tax liabilities | (22,702) |  |  | (25,306) |
Net deferred tax asset | $ | 95,462 |  |  | $ | 104,005 |

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