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LEASES | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
LEASES | NOTE 6. LEASES Busey as The Lessee Busey 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 Busey reported in its Consolidated Balance Sheets for the periods presented (dollars in thousands):
| As of December 31,
| 2023 |  | 2022
Lease balances |  |  |
Right of use assets | $ | 11,027 |  |  | $ | 12,829 |
Lease liabilities | 11,308 |  |  | 12,995 |
Supplemental information |  |  |
Year through which lease terms extend | 2037 |  | 2037
Weighted average remaining lease term | 8.39 years |  | 8.90 years
Weighted average discount rate | 3.59 | % |  | 3.45 | %
The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Lease costs |  |  |  |  |
Operating lease costs | $ | 2,395 |  |  | $ | 2,495 |  |  | $ | 2,464 |
Variable lease costs | 38 |  |  | 365 |  |  | 540 |
Short-term lease costs | 50 |  |  | 22 |  |  | 49 |
Total lease cost 1 | $ | 2,483 |  |  | $ | 2,882 |  |  | $ | 3,053 |
Cash flows related to leases |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating lease cash flows – Fixed payments | $ | 2,290 |  |  | $ | 3,080 |  |  | $ | 2,417 |
Operating lease cash flows – Liability reduction | 1,883 |  |  | 2,285 |  |  | 2,217 |
Right of use assets obtained during the period in exchange for operating lease liabilities 2 | 231 |  |  | 6,206 |  |  | 5,818 |
___________________________________________ 1.Lease costs are 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. Busey was obligated under noncancelable operating leases for office space and other commitments. Future undiscounted lease payments with initial terms of one year or more, are as follows (dollars in thousands):
| As of December 31, 2023
Rent commitments |
2024 | $ | 2,023 |
2025 | 1,768 |
2026 | 1,443 |
2027 | 1,277 |
2028 | 1,255 |
Thereafter | 5,478 |
Total undiscounted cash flows | 13,244 |
Less: Amounts representing interest | 1,936 |
Present value of net future minimum lease payments | $ | 11,308 |
Busey as The Lessor Busey occasionally leases parking lots and office space to outside parties. Revenues recorded in connection with these leases, reported in other income on our Consolidated Statements of Income, are summarized as follows (dollars in thousands):
|  |  | Years Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Rental income |  |  |  |  | $ | 724 |  |  | $ | 707 |  |  | $ | 566 |
LEASES | NOTE 6. LEASES Busey as The Lessee Busey 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 Busey reported in its Consolidated Balance Sheets for the periods presented (dollars in thousands):
| As of December 31,
| 2023 |  | 2022
Lease balances |  |  |
Right of use assets | $ | 11,027 |  |  | $ | 12,829 |
Lease liabilities | 11,308 |  |  | 12,995 |
Supplemental information |  |  |
Year through which lease terms extend | 2037 |  | 2037
Weighted average remaining lease term | 8.39 years |  | 8.90 years
Weighted average discount rate | 3.59 | % |  | 3.45 | %
The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Lease costs |  |  |  |  |
Operating lease costs | $ | 2,395 |  |  | $ | 2,495 |  |  | $ | 2,464 |
Variable lease costs | 38 |  |  | 365 |  |  | 540 |
Short-term lease costs | 50 |  |  | 22 |  |  | 49 |
Total lease cost 1 | $ | 2,483 |  |  | $ | 2,882 |  |  | $ | 3,053 |
Cash flows related to leases |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating lease cash flows – Fixed payments | $ | 2,290 |  |  | $ | 3,080 |  |  | $ | 2,417 |
Operating lease cash flows – Liability reduction | 1,883 |  |  | 2,285 |  |  | 2,217 |
Right of use assets obtained during the period in exchange for operating lease liabilities 2 | 231 |  |  | 6,206 |  |  | 5,818 |
___________________________________________ 1.Lease costs are 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. Busey was obligated under noncancelable operating leases for office space and other commitments. Future undiscounted lease payments with initial terms of one year or more, are as follows (dollars in thousands):
| As of December 31, 2023
Rent commitments |
2024 | $ | 2,023 |
2025 | 1,768 |
2026 | 1,443 |
2027 | 1,277 |
2028 | 1,255 |
Thereafter | 5,478 |
Total undiscounted cash flows | 13,244 |
Less: Amounts representing interest | 1,936 |
Present value of net future minimum lease payments | $ | 11,308 |
Busey as The Lessor Busey occasionally leases parking lots and office space to outside parties. Revenues recorded in connection with these leases, reported in other income on our Consolidated Statements of Income, are summarized as follows (dollars in thousands):
|  |  | Years Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Rental income |  |  |  |  | $ | 724 |  |  | $ | 707 |  |  | $ | 566 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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