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LEASES (Tables) | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Schedule of Lease-Related Balances | The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited) and lease terms:
|  | As of
(dollars in thousands) |  | June 30, 2025 |  | December 31, 2024
Lease balances |  |  |  |
Right of use assets |  | $ | 38,065 |  |  | $ | 10,608 |
Lease liabilities |  | 39,235 |  |  | 11,040 |
Lease terms |  |  |  |
Year through which lease terms extend |  | 2042 |  | 2039
Weighted average remaining lease term |  | 8.96 years |  | 7.55 years
Weighted average discount rate |  | 4.39 | % |  | 3.77 | %
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):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Lease costs |  |  |  |  |  |  |  |
Operating lease costs |  | $ | 1,795 |  |  | $ | 559 |  |  | $ | 2,752 |  |  | $ | 1,094 |
Variable lease costs |  | 15 |  |  | 14 |  |  | 30 |  |  | 28 |
Short-term lease costs |  | 18 |  |  | 45 |  |  | 30 |  |  | 58 |
Total lease cost |  | $ | 1,828 |  |  | $ | 618 |  |  | $ | 2,812 |  |  | $ | 1,180 |
Cash paid for amounts included in the measurement of lease liabilities was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash flows related to leases |  |  |  |  |  |  |  |
Operating lease cash flows – Fixed payments |  | $ | 1,707 |  |  | $ | 530 |  |  | $ | 2,582 |  |  | $ | 1,037 |
Operating lease cash flows – Liability reduction |  | 1,289 |  |  | 433 |  |  | 1,973 |  |  | 844 |
Right of use assets obtained during the period in exchange for operating lease liabilities 1 |  | (1,115) |  |  | 1,009 |  |  | 29,618 |  |  | 1,009 |
___________________________________________ 1.The six months ended June 30, 2025, included $29.6 million right of use assets recognized in connection with the acquisition of CrossFirst (see “Note 2. Mergers and Acquisitions”). The three and six months ended June 30, 2024, included $0.3 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 M&M acquisition for a lease that was obtained in that 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, were as follows:
(dollars in thousands) |  | As of June 30, 2025
Rent commitments |  |
Remainder of 2025 |  | $ | 3,446 |
2026 |  | 6,549 |
2027 |  | 6,161 |
2028 |  | 5,682 |
2029 |  | 4,684 |
2030 |  | 3,802 |
Thereafter |  | 17,796 |
Total undiscounted cash flows |  | 48,120 |
Less: Amounts representing interest |  | 8,885 |
Present value of net future minimum lease payments |  | $ | 39,235 |
Schedule of Revenue Recorded in Connection with Leases | Revenues recorded in connection with these leases, reported in other income on Busey’s Consolidated Statements of Income (Unaudited), are summarized as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Rental income |  | $ | 217 |  |  | $ | 204 |  |  | $ | 433 |  |  | $ | 406 |
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 June 30, 2025
Rents to be received |  |
Remainder of 2025 |  | $ | 410 |
2026 |  | 630 |
2027 |  | 430 |
2028 |  | 318 |
2029 |  | 136 |
2030 |  | 55 |
Total lease payments from operating leases |  | $ | 1,979 |

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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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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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