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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | NOTE 7. 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 Busey reported in its Consolidated Balance Sheets for the periods presented (dollars in thousands):
| As of December 31,
| 2024 |  | 2023
Lease balances |  |  |
Right of use assets | $ | 10,608 |  |  | $ | 11,027 |
Lease liabilities | 11,040 |  |  | 11,308 |
Lease terms |  |  |
Year through which lease terms extend | 2039 |  | 2037
Weighted average remaining lease term | 7.55 years |  | 8.39 years
Weighted average discount rate | 3.77 | % |  | 3.59 | %
The following table presents lease costs, which are included in net occupancy and equipment expense on the Consolidated Statements of Income (dollars in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Lease costs |  |  |  |  |
Operating lease costs | $ | 2,352 |  |  | $ | 2,395 |  |  | $ | 2,495 |
Variable lease costs | 58 |  |  | 38 |  |  | 365 |
Short-term lease costs | 83 |  |  | 50 |  |  | 22 |
Total lease cost | $ | 2,493 |  |  | $ | 2,483 |  |  | $ | 2,882 |
Cash paid for amounts included in the measurement of lease liabilities was as follows (dollars in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash flows related to leases |  |  |  |  |
Operating lease cash flows – Fixed payments | $ | 2,194 |  |  | $ | 2,290 |  |  | $ | 3,080 |
Operating lease cash flows – Liability reduction | 1,798 |  |  | 1,883 |  |  | 2,285 |
Right of use assets obtained during the period in exchange for operating lease liabilities 1 | 1,579 |  |  | 231 |  |  | 6,206 |
___________________________________________ 1. The year ended December 31, 2024, included $0.1 million right of use assets recognized in connection with the acquisition of M&M (see “Note 2. Mergers and Acquisitions”), and an additional $0.7 million recognized in connection with a lease amendment that was executed subsequent to the acquisition of M&M 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, were as follows (dollars in thousands):
| As of December 31, 2024
Rent commitments |
2025 | $ | 2,082 |
2026 | 1,774 |
2027 | 1,558 |
2028 | 1,495 |
2029 | 1,505 |
Thereafter | 4,376 |
Total undiscounted cash flows | 12,790 |
Less: Amounts representing interest | 1,750 |
Present value of net future minimum lease payments | $ | 11,040 |
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 Busey’s Consolidated Statements of Income, are summarized as follows (dollars in thousands):
|  |  | Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Rental income |  |  |  |  | $ | 820 |  |  | $ | 724 |  |  | $ | 707 |
Noncancellable terms for these leases, all of which are operating leases, extend through 2030. 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 December 31, 2024
Rents to be received |
2025 | $ | 782 |
2026 | 603 |
2027 | 403 |
2028 | 290 |
2029 | 109 |
Thereafter | 27 |
Total lease payments from operating leases | $ | 2,214 |
LEASES | NOTE 7. 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 Busey reported in its Consolidated Balance Sheets for the periods presented (dollars in thousands):
| As of December 31,
| 2024 |  | 2023
Lease balances |  |  |
Right of use assets | $ | 10,608 |  |  | $ | 11,027 |
Lease liabilities | 11,040 |  |  | 11,308 |
Lease terms |  |  |
Year through which lease terms extend | 2039 |  | 2037
Weighted average remaining lease term | 7.55 years |  | 8.39 years
Weighted average discount rate | 3.77 | % |  | 3.59 | %
The following table presents lease costs, which are included in net occupancy and equipment expense on the Consolidated Statements of Income (dollars in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Lease costs |  |  |  |  |
Operating lease costs | $ | 2,352 |  |  | $ | 2,395 |  |  | $ | 2,495 |
Variable lease costs | 58 |  |  | 38 |  |  | 365 |
Short-term lease costs | 83 |  |  | 50 |  |  | 22 |
Total lease cost | $ | 2,493 |  |  | $ | 2,483 |  |  | $ | 2,882 |
Cash paid for amounts included in the measurement of lease liabilities was as follows (dollars in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Cash flows related to leases |  |  |  |  |
Operating lease cash flows – Fixed payments | $ | 2,194 |  |  | $ | 2,290 |  |  | $ | 3,080 |
Operating lease cash flows – Liability reduction | 1,798 |  |  | 1,883 |  |  | 2,285 |
Right of use assets obtained during the period in exchange for operating lease liabilities 1 | 1,579 |  |  | 231 |  |  | 6,206 |
___________________________________________ 1. The year ended December 31, 2024, included $0.1 million right of use assets recognized in connection with the acquisition of M&M (see “Note 2. Mergers and Acquisitions”), and an additional $0.7 million recognized in connection with a lease amendment that was executed subsequent to the acquisition of M&M 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, were as follows (dollars in thousands):
| As of December 31, 2024
Rent commitments |
2025 | $ | 2,082 |
2026 | 1,774 |
2027 | 1,558 |
2028 | 1,495 |
2029 | 1,505 |
Thereafter | 4,376 |
Total undiscounted cash flows | 12,790 |
Less: Amounts representing interest | 1,750 |
Present value of net future minimum lease payments | $ | 11,040 |
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 Busey’s Consolidated Statements of Income, are summarized as follows (dollars in thousands):
|  |  | Years Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Rental income |  |  |  |  | $ | 820 |  |  | $ | 724 |  |  | $ | 707 |
Noncancellable terms for these leases, all of which are operating leases, extend through 2030. 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 December 31, 2024
Rents to be received |
2025 | $ | 782 |
2026 | 603 |
2027 | 403 |
2028 | 290 |
2029 | 109 |
Thereafter | 27 |
Total lease payments from operating leases | $ | 2,214 |

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