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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 liabilities10,896 11,308 
Supplemental information
Year through which lease terms extend20372037
Weighted average remaining lease term8.26 years8.39 years
Weighted average discount rate3.61 %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,
20242023
Lease costs
Operating lease costs$535 $628 
Variable lease costs14 5 
Short-term lease costs13 6 
Total lease cost1
$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 reduction411 479 
Right of use assets obtained during the period in exchange for operating lease liabilities— 4 
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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 
20251,768 
20261,443 
20271,277 
20281,255 
20291,278 
Thereafter4,200 
Total undiscounted cash flows12,736 
Less: Amounts representing interest1,840 
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,
20242023
Rental income$202 $191