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LEASES (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Schedule of Lease-Related Balances | 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 | %
Schedule of Lease Costs and Other Lease Information | 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.
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 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 |
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 (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 |
Schedule of Future Minimum Lease Payments | 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 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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