XML 67 R45.htm IDEA: XBRL DOCUMENT v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease-Related Balances 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,
20242023
Lease balances
Right of use assets$10,608 $11,027 
Lease liabilities11,040 11,308 
 
Lease terms
Year through which lease terms extend20392037
Weighted average remaining lease term7.55 years8.39 years
Weighted average discount rate3.77 %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 on the Consolidated Statements of Income (dollars in thousands):
Years Ended December 31,
202420232022
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,
202420232022
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 liabilities1
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.
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
December 31, 2024
Rent commitments
2025$2,082 
20261,774 
20271,558 
20281,495 
20291,505 
Thereafter4,376 
Total undiscounted cash flows12,790 
Less: Amounts representing interest1,750 
Present value of net future minimum lease payments$11,040 
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, are summarized as follows (dollars in thousands):
Years Ended December 31,
202420232022
Rental income$820 $724 $707 
Schedule of Future Minimum Lease Payments to be Received 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 
2026603 
2027403 
2028290 
2029109 
Thereafter27 
Total lease payments from operating leases$2,214