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INCOME TAXES (Tables)
12 Months Ended
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,
202320222021
Income tax expense
Current expense:
Federal$20,139 $20,815 $20,261 
State14,120 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,
202320222021
Percent of pretax income
Income tax at federal statutory rate21.0 %21.0 %21.0 %
Effect of:
Tax-exempt interest, net(1.0)%(1.1)%(1.1)%
Stock incentive0.2 %0.1 %— %
State income taxes, net6.5 %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, net0.3 %0.3 %1.2 %
Effective income tax rate20.4 %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,
20232022
Deferred taxes
Deferred tax assets:
ACL$27,068 $26,979 
Unrealized loss on cash flow hedge6,654 8,365 
Unrealized losses on securities available for sale, net70,423 88,666 
Unrealized losses on securities held to maturity10,156 11,919 
Stock-based compensation5,767 5,504 
Deferred compensation— 53 
Purchase accounting adjustments764 656 
Accrued vacation456 411 
Lease liabilities3,092 3,564 
Employee costs4,789 3,298 
Unrealized loss on equity securities75 — 
Other67 376 
Total deferred tax assets129,311 149,791 
 
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