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LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of lease-related balances 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,
20232022
Lease balances
Right of use assets$11,027 $12,829 
Lease liabilities11,308 12,995 
 
Supplemental information
Year through which lease terms extend20372037
Weighted average remaining lease term8.39 years8.90 years
Weighted average discount rate3.59 %3.45 %
Schedule of lease costs and other lease information
The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):
Years Ended December 31,
202320222021
Lease costs
Operating lease costs$2,395 $2,495 $2,464 
Variable lease costs38 365 540 
Short-term lease costs50 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 reduction1,883 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.
Schedule of future undiscounted lease payments 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 
20251,768 
20261,443 
20271,277 
20281,255 
Thereafter5,478 
Total undiscounted cash flows13,244 
Less: Amounts representing interest1,936 
Present value of net future minimum lease payments$11,308 
Schedule of revenue recorded in connection with leases 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,
202320222021
Rental income$724 $707 $566