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LEASES
 9 Months Ended
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)LocationSeptember 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 years7.55 years
Finance leases
16.51 yearsN/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)Location2025202420252024
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 expenses8 4 22 10 
Finance lease costs:
Amortization expense
Net occupancy expense of premises190 — 190 — 
Interest expense
Long-term borrowings187 — 187 — 
Variable lease costs
Net occupancy expense of premises15 15 45 43 
Short-term lease costs
Net occupancy expense of premises14 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)2025202420252024
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 liabilities1
(6,331)469 23,287 1,478 
Right of use assets obtained in exchange for finance lease liabilities1
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 LeasesFinance Leases
Rent commitments
Remainder of 2025$1,618 $123 
20266,107 490 
20275,623 527 
20285,107 540 
20294,110 540 
20303,227 540 
Thereafter11,121 6,625 
Total undiscounted cash flows36,913 9,385 
Less: Amounts representing interest5,321 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)2025202420252024
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 
2026738 
2027515 
2028377 
2029197 
2030117 
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)LocationSeptember 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 years7.55 years
Finance leases
16.51 yearsN/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)Location2025202420252024
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 expenses8 4 22 10 
Finance lease costs:
Amortization expense
Net occupancy expense of premises190 — 190 — 
Interest expense
Long-term borrowings187 — 187 — 
Variable lease costs
Net occupancy expense of premises15 15 45 43 
Short-term lease costs
Net occupancy expense of premises14 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)2025202420252024
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 liabilities1
(6,331)469 23,287 1,478 
Right of use assets obtained in exchange for finance lease liabilities1
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 LeasesFinance Leases
Rent commitments
Remainder of 2025$1,618 $123 
20266,107 490 
20275,623 527 
20285,107 540 
20294,110 540 
20303,227 540 
Thereafter11,121 6,625 
Total undiscounted cash flows36,913 9,385 
Less: Amounts representing interest5,321 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)2025202420252024
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 
2026738 
2027515 
2028377 
2029197 
2030117 
Total lease payments from operating leases$2,155