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v3.25.3

LEASES | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
LEASES | NOTE 5. LEASES Busey as the Lessee Busey’s leases consisting primarily of real estate leases for banking centers, ATM locations, and office space, as well as equipment leases. The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited):
|  |  |  | As of
(dollars in thousands) |  | Location |  | September 30, 2025 |  | December 31, 2024
Lease balances |  |  |  |  |  |
Right of use assets: |  |  |  |  |  |
Operating leases |  | Other assets |  | $ | 29,236 |  |  | $ | 10,608 |
Finance leases |  | Premises and equipment, net |  | 5,235 |  |  | — |
Total right of use assets |  |  |  | $ | 34,471 |  |  | $ | 10,608 |
Lease liabilities: |  |  |  |  |  |
Operating leases |  | Other liabilities |  | $ | 31,592 |  |  | $ | 11,040 |
Finance leases |  | Long-term borrowings |  | 6,266 |  |  | — |
Total lease liabilities |  |  |  | $ | 37,858 |  |  | $ | 11,040 |
Lease terms are summarized as follows:
|  |  |  | As of
|  |  |  | September 30, 2025 |  | December 31, 2024
Lease terms |  |  |  |  |  |
Weighted average remaining lease terms |  |  |  |  |  |
Operating leases |  |  |  | 7.28 years |  | 7.55 years
Finance leases |  |  |  | 16.51 years |  | N/A
Weighted average discount rates |  |  |  |  |  |
Operating leases |  |  |  | 4.22 | % |  | 3.77 | %
Finance leases |  |  |  | 5.10 | % |  | N/A
The following table presents lease costs that Busey reported on its Consolidated Statements of Income (Unaudited):
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
Lease costs |  |  |  |  |  |  |  |  |  |
Operating lease costs: |  |  |  |  |  |  |  |  |  |
Premises rent expense |  | Net occupancy expense of premises |  | $ | 1,483 |  |  | $ | 604 |  |  | $ | 4,221 |  |  | $ | 1,692 |
Equipment rent expense |  | Furniture and equipment expenses |  | 8 |  |  | 4 |  |  | 22 |  |  | 10 |
Finance lease costs: |  |  |  |  |  |  |  |  |  |
Amortization expense |  | Net occupancy expense of premises |  | 190 |  |  | — |  |  | 190 |  |  | — |
Interest expense |  | Long-term borrowings |  | 187 |  |  | — |  |  | 187 |  |  | — |
Variable lease costs |  | Net occupancy expense of premises |  | 15 |  |  | 15 |  |  | 45 |  |  | 43 |
Short-term lease costs |  | Net occupancy expense of premises |  | 14 |  |  | 12 |  |  | 44 |  |  | 70 |
Total lease cost |  |  |  | $ | 1,897 |  |  | $ | 635 |  |  | $ | 4,709 |  |  | $ | 1,815 |
Cash paid for amounts included in the measurement of lease liabilities was as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash flows related to leases |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,657 |  |  | $ | 1,034 |  |  | $ | 7,212 |  |  | $ | 2,915 |
Operating cash flows from finance leases |  | 187 |  |  | — |  |  | 187 |  |  | — |
Financing cash flows from finance leases |  | 99 |  |  | — |  |  | 99 |  |  | — |
Right of use assets obtained in exchange for operating lease liabilities 1 |  | (6,331) |  |  | 469 |  |  | 23,287 |  |  | 1,478 |
Right of use assets obtained in exchange for finance lease liabilities 1 |  | 6,365 |  |  | — |  |  | 6,365 |  |  | — |
___________________________________________ 1.The nine months ended September 30, 2025, included $23.2 million for operating and $6.4 million for financing right of use assets recognized in connection with the acquisition of CrossFirst. One finance lease was initially classified as operating, and was moved to a financing classification in the third quarter of 2025. The nine months ended September 30, 2024, included $0.1 million right of use assets recognized in connection with the acquisition of M&M, 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. Additional information about assets and liabilities obtained in business combinations can be found in “Note 2. Mergers and Acquisitions.” Future undiscounted payments for leases with initial terms of one year or more, were as follows:
| As of September 30, 2025
(dollars in thousands) | Operating Leases |  | Finance Leases
Rent commitments |  |  |
Remainder of 2025 | $ | 1,618 |  |  | $ | 123 |
2026 | 6,107 |  |  | 490 |
2027 | 5,623 |  |  | 527 |
2028 | 5,107 |  |  | 540 |
2029 | 4,110 |  |  | 540 |
2030 | 3,227 |  |  | 540 |
Thereafter | 11,121 |  |  | 6,625 |
Total undiscounted cash flows | 36,913 |  |  | 9,385 |
Less: Amounts representing interest | 5,321 |  |  | 3,119 |
Present value of net future minimum lease payments | $ | 31,592 |  |  | $ | 6,266 |
As of September 30, 2025, Busey had commitments totaling $6.0 million for two lease contracts with future accounting commencement dates. 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 (Unaudited), are summarized as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Rental income |  | $ | 214 |  |  | $ | 206 |  |  | $ | 647 |  |  | $ | 612 |
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 lease payments as shown in the table below:
(dollars in thousands) |  | As of September 30, 2025
Rents to be received |  |
Remainder of 2025 |  | $ | 211 |
2026 |  | 738 |
2027 |  | 515 |
2028 |  | 377 |
2029 |  | 197 |
2030 |  | 117 |
Total lease payments from operating leases |  | $ | 2,155 |
LEASES | NOTE 5. LEASES Busey as the Lessee Busey’s leases consisting primarily of real estate leases for banking centers, ATM locations, and office space, as well as equipment leases. The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited):
|  |  |  | As of
(dollars in thousands) |  | Location |  | September 30, 2025 |  | December 31, 2024
Lease balances |  |  |  |  |  |
Right of use assets: |  |  |  |  |  |
Operating leases |  | Other assets |  | $ | 29,236 |  |  | $ | 10,608 |
Finance leases |  | Premises and equipment, net |  | 5,235 |  |  | — |
Total right of use assets |  |  |  | $ | 34,471 |  |  | $ | 10,608 |
Lease liabilities: |  |  |  |  |  |
Operating leases |  | Other liabilities |  | $ | 31,592 |  |  | $ | 11,040 |
Finance leases |  | Long-term borrowings |  | 6,266 |  |  | — |
Total lease liabilities |  |  |  | $ | 37,858 |  |  | $ | 11,040 |
Lease terms are summarized as follows:
|  |  |  | As of
|  |  |  | September 30, 2025 |  | December 31, 2024
Lease terms |  |  |  |  |  |
Weighted average remaining lease terms |  |  |  |  |  |
Operating leases |  |  |  | 7.28 years |  | 7.55 years
Finance leases |  |  |  | 16.51 years |  | N/A
Weighted average discount rates |  |  |  |  |  |
Operating leases |  |  |  | 4.22 | % |  | 3.77 | %
Finance leases |  |  |  | 5.10 | % |  | N/A
The following table presents lease costs that Busey reported on its Consolidated Statements of Income (Unaudited):
|  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
Lease costs |  |  |  |  |  |  |  |  |  |
Operating lease costs: |  |  |  |  |  |  |  |  |  |
Premises rent expense |  | Net occupancy expense of premises |  | $ | 1,483 |  |  | $ | 604 |  |  | $ | 4,221 |  |  | $ | 1,692 |
Equipment rent expense |  | Furniture and equipment expenses |  | 8 |  |  | 4 |  |  | 22 |  |  | 10 |
Finance lease costs: |  |  |  |  |  |  |  |  |  |
Amortization expense |  | Net occupancy expense of premises |  | 190 |  |  | — |  |  | 190 |  |  | — |
Interest expense |  | Long-term borrowings |  | 187 |  |  | — |  |  | 187 |  |  | — |
Variable lease costs |  | Net occupancy expense of premises |  | 15 |  |  | 15 |  |  | 45 |  |  | 43 |
Short-term lease costs |  | Net occupancy expense of premises |  | 14 |  |  | 12 |  |  | 44 |  |  | 70 |
Total lease cost |  |  |  | $ | 1,897 |  |  | $ | 635 |  |  | $ | 4,709 |  |  | $ | 1,815 |
Cash paid for amounts included in the measurement of lease liabilities was as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Cash flows related to leases |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,657 |  |  | $ | 1,034 |  |  | $ | 7,212 |  |  | $ | 2,915 |
Operating cash flows from finance leases |  | 187 |  |  | — |  |  | 187 |  |  | — |
Financing cash flows from finance leases |  | 99 |  |  | — |  |  | 99 |  |  | — |
Right of use assets obtained in exchange for operating lease liabilities 1 |  | (6,331) |  |  | 469 |  |  | 23,287 |  |  | 1,478 |
Right of use assets obtained in exchange for finance lease liabilities 1 |  | 6,365 |  |  | — |  |  | 6,365 |  |  | — |
___________________________________________ 1.The nine months ended September 30, 2025, included $23.2 million for operating and $6.4 million for financing right of use assets recognized in connection with the acquisition of CrossFirst. One finance lease was initially classified as operating, and was moved to a financing classification in the third quarter of 2025. The nine months ended September 30, 2024, included $0.1 million right of use assets recognized in connection with the acquisition of M&M, 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. Additional information about assets and liabilities obtained in business combinations can be found in “Note 2. Mergers and Acquisitions.” Future undiscounted payments for leases with initial terms of one year or more, were as follows:
| As of September 30, 2025
(dollars in thousands) | Operating Leases |  | Finance Leases
Rent commitments |  |  |
Remainder of 2025 | $ | 1,618 |  |  | $ | 123 |
2026 | 6,107 |  |  | 490 |
2027 | 5,623 |  |  | 527 |
2028 | 5,107 |  |  | 540 |
2029 | 4,110 |  |  | 540 |
2030 | 3,227 |  |  | 540 |
Thereafter | 11,121 |  |  | 6,625 |
Total undiscounted cash flows | 36,913 |  |  | 9,385 |
Less: Amounts representing interest | 5,321 |  |  | 3,119 |
Present value of net future minimum lease payments | $ | 31,592 |  |  | $ | 6,266 |
As of September 30, 2025, Busey had commitments totaling $6.0 million for two lease contracts with future accounting commencement dates. 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 (Unaudited), are summarized as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Rental income |  | $ | 214 |  |  | $ | 206 |  |  | $ | 647 |  |  | $ | 612 |
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 lease payments as shown in the table below:
(dollars in thousands) |  | As of September 30, 2025
Rents to be received |  |
Remainder of 2025 |  | $ | 211 |
2026 |  | 738 |
2027 |  | 515 |
2028 |  | 377 |
2029 |  | 197 |
2030 |  | 117 |
Total lease payments from operating leases |  | $ | 2,155 |

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