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 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 | |
|