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Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

Note 22.  Leases

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Busey as the Lessee

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The Company has operating leases consisting primarily of equipment leases and real estate leases for banking centers, ATM locations, and office space.  The following table summarizes lease related information and balances the Company reported in its Consolidated Balance Sheets for the periods presented (dollars in thousands):

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​	​	​	​	​	​	​
​	As of December 31,					​
​	2021			2020
Lease balances	​	​	​	​	​	​
Right of use assets	$	10,533	​	$	7,714	​
Lease liabilities	​	10,591	​	​	7,757	​
​	​	​	​	​	​	​
Supplemental information	​	​	​	​	​	​
Year through which lease terms extend	​	2031	​	​	2032	​
Weighted average remaining lease term (in years)	​	6.47	​	​	5.93	​
Weighted average discount rate	​	2.16	%	​	2.82	%

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The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2021			2020		​	2019
Lease costs	​	​	​	​	​	​	​	​	​
Operating lease costs	​	$	2,464	​	$	2,524	​	$	2,364
Variable lease costs	​	​	540	​		416	​		432
Short-term lease costs	​	​	49	​	​	35	​	​	84
Total lease cost (1)	​	$	3,053	​	$	2,975	​	$	2,880
​	​	​	​	​	​	​	​	​	​
Cash flows related to leases	​	​	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​	​	​	​
Operating lease cash flows – Fixed payments	​	$	2,417	​	$	2,526	​	$	2,296
Operating lease cash flows – Liability reduction	​	​	2,217	​		2,289	​		2,010
Right of use assets obtained during the period in exchange for operating lease liabilities (2)	​	​	5,818	​	​	743	​	​	923

(1) Rent expense is included in net occupancy and equipment expense in the Consolidated Statements of Income.

(2) The year ended December 31, 2021, includes $0.4 million related to a lease obtained in the acquisition of CAC.

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At December 31, 2021, the Company was obligated under noncancelable operating leases for office space and other commitments.

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Future undiscounted lease payments with initial terms of one year or more, are as follows (dollars in thousands):

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​	​	​	​
​	​	As of
​		December 31, 2021
Rent commitments	​	​	​
2022	​	$	2,271
2023	​		2,098
2024	​	​	1,650
2025	​	​	1,413
2026	​	​	1,164
Thereafter	​	​	2,766
Total undiscounted cash flows	​	​	11,362
Less: Amounts representing interest	​	​	771
Present value of net future minimum lease payments	​	$	10,591

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Busey as the Lessor

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Busey occasionally leases parking lots and office space to outside parties.  Further, in connection with the acquisition of CAC, the Company acquired two office buildings in Glenview, IL and one office building in Northbrook, IL, along with operating leases for space within these buildings that is rented to outside parties.  Revenues recorded in connection with these leases and reported in other income on our Consolidated Statements of Income are summarized as follows (dollars in thousands):

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2021			2020		​	2019
Rental income	​	$	566	​	$	228	​	$	263

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- Definition

The entire disclosure of information about leases.

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No definition available.

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No definition available.

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