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LEASES

12 Months Ended

Dec. 31, 2023

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 cost1	$	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 liabilities2	231		6,206		5,818

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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