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LEASES (Tables)
 9 Months Ended
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 liabilities11,470 11,308 
Lease terms
Year through which lease terms extend20372037
Weighted average remaining lease term7.62 years8.39 years
Weighted average discount rate3.74 %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,
2024202320242023
Lease costs
Operating lease costs$608 $615 $1,702 $1,836 
Variable lease costs15 9 43 27 
Short-term lease costs12 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 reduction466 483 1,310 1,423 
Right of use assets obtained during the period in exchange for operating lease liabilities1
469 199 1,478 208 
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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 
20252,088 
20261,766 
20271,549 
20281,494 
20291,503 
Thereafter4,303 
Total undiscounted cash flows13,293 
Less: Amounts representing interest1,823 
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,
2024202320242023
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 
2025665 
2026503 
2027301 
2028185 
Total lease payments from operating leases$1,861