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LEASES (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Lease-Related Balances The following table summarizes lease-related balances Busey reported in its Consolidated Balance Sheets (Unaudited) (dollars in thousands) and lease terms:
As of
June 30,
2024		December 31,
2023
Lease balances
Right of use assets$11,137 $11,027 
Lease liabilities11,469 11,308 
Lease terms
Year through which lease terms extend20372037
Weighted average remaining lease term7.87 years8.39 years
Weighted average discount rate3.71 %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 June 30,Six Months Ended June 30,
2024202320242023
Lease costs
Operating lease costs$559 $593 $1,094 $1,221 
Variable lease costs14 13 28 18 
Short-term lease costs45 16 58 22 
Total lease cost$618 $622 $1,180 $1,261 
Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments$530 $564 $1,037 $1,134 
Operating lease cash flows – Liability reduction433 461 844 940 
Right of use assets obtained during the period in exchange for operating lease liabilities1
1,009 5 1,009 9 
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1.The three and six months ended June 30, 2024, include $0.3 million right of use assets recognized in connection with the acquisition of M&M (see “Note 16. Acquisition”), and an additional $0.7 million recognized 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
June 30, 2024
Rent commitments
Remainder of 2024$1,134 
20251,938 
20261,678 
20271,465 
20281,410 
20291,436 
Thereafter4,281 
Total undiscounted cash flows13,342 
Less: Amounts representing interest1,873 
Present value of net future minimum lease payments$11,469 
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 June 30,Six Months Ended June 30,
2024202320242023
Rental income$204 $183 $406 $374 
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, 2024
Rents to be received
Remainder of 2024$413 
2025623 
2026463 
2027301 
2028185 
Total lease payments from operating leases$1,985