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LEASES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases [Abstract] |
Summary of lease-related balances | The following table summarizes lease-related information and balances Busey reported in its Consolidated Balance Sheets (Unaudited) for the periods presented (dollars in thousands):
| As of
| March 31, 2024 |  | December 31, 2023
Lease balances |  |  |
Right of use assets | $ | 10,590 |  |  | $ | 11,027 |
Lease liabilities | 10,896 |  |  | 11,308 |
Supplemental information |  |  |
Year through which lease terms extend | 2037 |  | 2037
Weighted average remaining lease term | 8.26 years |  | 8.39 years
Weighted average discount rate | 3.61 | % |  | 3.59 | %
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):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Lease costs |  |  |  |  |  |  |
Operating lease costs |  |  |  |  | $ | 535 |  |  | $ | 628 |
Variable lease costs |  |  |  |  | 14 |  |  | 5 |
Short-term lease costs |  |  |  |  | 13 |  |  | 6 |
Total lease cost 1 |  |  |  |  | $ | 562 |  |  | $ | 639 |
Cash flows related to leases |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating lease cash flows – Fixed payments |  |  |  |  | $ | 507 |  |  | $ | 570 |
Operating lease cash flows – Liability reduction |  |  |  |  | 411 |  |  | 479 |
Right of use assets obtained during the period in exchange for operating lease liabilities |  |  |  |  | — |  |  | 4 |
___________________________________________ 1.Lease costs are included in net occupancy and equipment expense in the Consolidated Statements of Income (Unaudited).
Schedule of future undiscounted lease payments | 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 March 31, 2024
Rent commitments |
Remainder of 2024 | $ | 1,515 |
2025 | 1,768 |
2026 | 1,443 |
2027 | 1,277 |
2028 | 1,255 |
2029 | 1,278 |
Thereafter | 4,200 |
Total undiscounted cash flows | 12,736 |
Less: Amounts representing interest | 1,840 |
Present value of net future minimum lease payments | $ | 10,896 |
Summary of revenue recorded in connection with leases | Revenues recorded in connection with these leases, reported in Other income on our Consolidated Statements of Income (Unaudited), are summarized as follows (dollars in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Rental income |  |  |  |  | $ | 202 |  |  | $ | 191 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482964/270-10-50-6A + Details
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