TAX CREDIT AND OTHER INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Investments

Busey’s investments in these unconsolidated entities and related unfunded investment obligations are reflected in other assets and other liabilities on the Consolidated Balance Sheets (Unaudited), and are summarized in the table below for the periods indicated (dollars in thousands):

		As of
	Location	June 30, 2024		December 31, 2023
Investments in unconsolidated entities
Funded investments	Other assets	$	65,595	$	68,516
Unfunded investments	Other assets	71,785		58,552
Investments in unconsolidated entities		$	137,380	$	127,068
Unfunded investment obligations	Other liabilities	$	71,785	$	58,552

Upon adoption of ASU 2023-02 on January 1, 2024, Busey elected to apply the proportional amortization method in accounting for investments in tax-advantaged projects. Estimated income tax credits and other tax benefits related to these investments, net of investment amortization, are included as a component of our estimated annual effective tax rate used for the calculation of income taxes presented in the Consolidated Statements of Income (Unaudited). Actual amounts of income tax credits and other benefits, along with the investment amortization, are presented in the table below (dollars in thousands):

	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Income tax credits and other tax benefits	$	3,765	$	7,866
Amortization of investments in tax-advantaged projects	3,339		6,986