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LEASES | 9 Months Ended
--- | ---
Sep. 30, 2024
Leases [Abstract] |
LEASES | NOTE 5. 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 balances that Busey reported on its Consolidated Balance Sheets (Unaudited) (dollars in thousands) and lease terms:
| As of
| September 30, 2024 |  | December 31, 2023
Lease balances |  |  |
Right of use assets | $ | 11,100 |  |  | $ | 11,027 |
Lease liabilities | 11,470 |  |  | 11,308 |
Lease terms |  |  |
Year through which lease terms extend | 2037 |  | 2037
Weighted average remaining lease term | 7.62 years |  | 8.39 years
Weighted average discount rate | 3.74 | % |  | 3.59 | %
The following table presents lease costs, which are included in net occupancy and equipment expense in the Consolidated Statements of Income (Unaudited), and lease-related cash flows (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Lease costs |  |  |  |  |  |  |
Operating lease costs | $ | 608 |  |  | $ | 615 |  |  | $ | 1,702 |  |  | $ | 1,836 |
Variable lease costs | 15 |  |  | 9 |  |  | 43 |  |  | 27 |
Short-term lease costs | 12 |  |  | 15 |  |  | 70 |  |  | 37 |
Total lease cost | $ | 635 |  |  | $ | 639 |  |  | $ | 1,815 |  |  | $ | 1,900 |
Cash flows related to leases |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating lease cash flows – Fixed payments | $ | 568 |  |  | $ | 586 |  |  | $ | 1,605 |  |  | $ | 1,720 |
Operating lease cash flows – Liability reduction | 466 |  |  | 483 |  |  | 1,310 |  |  | 1,423 |
Right of use assets obtained during the period in exchange for operating lease liabilities 1 | 469 |  |  | 199 |  |  | 1,478 |  |  | 208 |
___________________________________________ 1.The nine months ended September 30, 2024, included $0.3 million right of use assets recognized during the second quarter of 2024 in connection with the acquisition of M&M (see “Note 2. Mergers and Acquisitions”), and an additional $0.7 million recognized in the second quarter of 2024 in connection with a lease amendment that was executed subsequent to the acquisition for a lease that was obtained in the acquisition. 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 September 30, 2024
Rent commitments |
Remainder of 2024 | $ | 590 |
2025 | 2,088 |
2026 | 1,766 |
2027 | 1,549 |
2028 | 1,494 |
2029 | 1,503 |
Thereafter | 4,303 |
Total undiscounted cash flows | 13,293 |
Less: Amounts representing interest | 1,823 |
Present value of net future minimum lease payments | $ | 11,470 |
Busey as the Lessor Busey leases office and parking spaces to outside parties. 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Rental income | $ | 206 |  |  | $ | 152 |  |  | $ | 612 |  |  | $ | 526 |
Noncancellable terms for these leases, all of which are operating leases, extend through 2028. Under the terms of these lease agreements, Busey is entitled to receive aggregate future minimum lease payments as shown in the table below (dollars in thousands):
| As of September 30, 2024
Rents to be received |
Remainder of 2024 | $ | 207 |
2025 | 665 |
2026 | 503 |
2027 | 301 |
2028 | 185 |
Total lease payments from operating leases | $ | 1,861 |
LEASES | NOTE 5. 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 balances that Busey reported on its Consolidated Balance Sheets (Unaudited) (dollars in thousands) and lease terms:
| As of
| September 30, 2024 |  | December 31, 2023
Lease balances |  |  |
Right of use assets | $ | 11,100 |  |  | $ | 11,027 |
Lease liabilities | 11,470 |  |  | 11,308 |
Lease terms |  |  |
Year through which lease terms extend | 2037 |  | 2037
Weighted average remaining lease term | 7.62 years |  | 8.39 years
Weighted average discount rate | 3.74 | % |  | 3.59 | %
The following table presents lease costs, which are included in net occupancy and equipment expense in the Consolidated Statements of Income (Unaudited), and lease-related cash flows (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Lease costs |  |  |  |  |  |  |
Operating lease costs | $ | 608 |  |  | $ | 615 |  |  | $ | 1,702 |  |  | $ | 1,836 |
Variable lease costs | 15 |  |  | 9 |  |  | 43 |  |  | 27 |
Short-term lease costs | 12 |  |  | 15 |  |  | 70 |  |  | 37 |
Total lease cost | $ | 635 |  |  | $ | 639 |  |  | $ | 1,815 |  |  | $ | 1,900 |
Cash flows related to leases |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating lease cash flows – Fixed payments | $ | 568 |  |  | $ | 586 |  |  | $ | 1,605 |  |  | $ | 1,720 |
Operating lease cash flows – Liability reduction | 466 |  |  | 483 |  |  | 1,310 |  |  | 1,423 |
Right of use assets obtained during the period in exchange for operating lease liabilities 1 | 469 |  |  | 199 |  |  | 1,478 |  |  | 208 |
___________________________________________ 1.The nine months ended September 30, 2024, included $0.3 million right of use assets recognized during the second quarter of 2024 in connection with the acquisition of M&M (see “Note 2. Mergers and Acquisitions”), and an additional $0.7 million recognized in the second quarter of 2024 in connection with a lease amendment that was executed subsequent to the acquisition for a lease that was obtained in the acquisition. 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 September 30, 2024
Rent commitments |
Remainder of 2024 | $ | 590 |
2025 | 2,088 |
2026 | 1,766 |
2027 | 1,549 |
2028 | 1,494 |
2029 | 1,503 |
Thereafter | 4,303 |
Total undiscounted cash flows | 13,293 |
Less: Amounts representing interest | 1,823 |
Present value of net future minimum lease payments | $ | 11,470 |
Busey as the Lessor Busey leases office and parking spaces to outside parties. 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Rental income | $ | 206 |  |  | $ | 152 |  |  | $ | 612 |  |  | $ | 526 |
Noncancellable terms for these leases, all of which are operating leases, extend through 2028. Under the terms of these lease agreements, Busey is entitled to receive aggregate future minimum lease payments as shown in the table below (dollars in thousands):
| As of September 30, 2024
Rents to be received |
Remainder of 2024 | $ | 207 |
2025 | 665 |
2026 | 503 |
2027 | 301 |
2028 | 185 |
Total lease payments from operating leases | $ | 1,861 |

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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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