LEASES

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

LEASES

NOTE 5. LEASES

Busey as the Lessee

Busey has operating leases consisting primarily of equipment leases and real estate leases for banking centers, ATM locations, and office space. The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited) and lease terms:

	As of
(dollars in thousands)	March 31, 2025			December 31, 2024
Lease balances
Right of use assets	$	40,594		$	10,608
Lease liabilities	41,111			11,040
Lease terms
Year through which lease terms extend	2042			2039
Weighted average remaining lease term	9.10 years			7.55 years
Weighted average discount rate	4.38		%	3.77		%

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 March 31,
(dollars in thousands)	2025		2024
Lease costs
Operating lease costs	$	957	$	535
Variable lease costs	15		14
Short-term lease costs	12		13
Total lease cost	$	984	$	562

Cash paid for amounts included in the measurement of lease liabilities was as follows:

	Three Months Ended March 31,
(dollars in thousands)	2025		2024
Cash flows related to leases
Operating lease cash flows – Fixed payments	$	875	$	507
Operating lease cash flows – Liability reduction	684		411
Right of use assets obtained during the period in exchange for operating lease liabilities1	30,733		—

___________________________________________

1.The three months ended March 31, 2025, included $30.7 million right of use assets recognized in connection with the acquisition of CrossFirst (see “Note 2. Mergers and Acquisitions”).

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 March 31, 2025
Rent commitments
Remainder of 2025	$	5,845
2026	6,548
2027	6,116
2028	5,648
2029	4,671
2030	3,796
Thereafter	17,783
Total undiscounted cash flows	50,407
Less: Amounts representing interest	9,296
Present value of net future minimum lease payments	$	41,111

As of March 31, 2025, Busey had commitments totaling $5.7 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 March 31,
(dollars in thousands)	2025		2024
Rental income	$	216	$	202

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 minimum lease payments as shown in the table below:

(dollars in thousands)	As of March 31, 2025
Rents to be received
Remainder of 2025	$	579
2026	603
2027	403
2028	290
2029	109
2030	27
Total lease payments from operating leases	$	2,011

LEASES

NOTE 5. LEASES

Busey as the Lessee

Busey has operating leases consisting primarily of equipment leases and real estate leases for banking centers, ATM locations, and office space. The following table summarizes lease-related balances that Busey reported on its Consolidated Balance Sheets (Unaudited) and lease terms:

	As of
(dollars in thousands)	March 31, 2025			December 31, 2024
Lease balances
Right of use assets	$	40,594		$	10,608
Lease liabilities	41,111			11,040
Lease terms
Year through which lease terms extend	2042			2039
Weighted average remaining lease term	9.10 years			7.55 years
Weighted average discount rate	4.38		%	3.77		%

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 March 31,
(dollars in thousands)	2025		2024
Lease costs
Operating lease costs	$	957	$	535
Variable lease costs	15		14
Short-term lease costs	12		13
Total lease cost	$	984	$	562

Cash paid for amounts included in the measurement of lease liabilities was as follows:

	Three Months Ended March 31,
(dollars in thousands)	2025		2024
Cash flows related to leases
Operating lease cash flows – Fixed payments	$	875	$	507
Operating lease cash flows – Liability reduction	684		411
Right of use assets obtained during the period in exchange for operating lease liabilities1	30,733		—

___________________________________________

1.The three months ended March 31, 2025, included $30.7 million right of use assets recognized in connection with the acquisition of CrossFirst (see “Note 2. Mergers and Acquisitions”).

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 March 31, 2025
Rent commitments
Remainder of 2025	$	5,845
2026	6,548
2027	6,116
2028	5,648
2029	4,671
2030	3,796
Thereafter	17,783
Total undiscounted cash flows	50,407
Less: Amounts representing interest	9,296
Present value of net future minimum lease payments	$	41,111

As of March 31, 2025, Busey had commitments totaling $5.7 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 March 31,
(dollars in thousands)	2025		2024
Rental income	$	216	$	202

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 minimum lease payments as shown in the table below:

(dollars in thousands)	As of March 31, 2025
Rents to be received
Remainder of 2025	$	579
2026	603
2027	403
2028	290
2029	109
2030	27
Total lease payments from operating leases	$	2,011