XML 33 R23.htm IDEA: XBRL DOCUMENT v3.23.1
Leases
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases Leases
Busey as the Lessee
The Company 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 information and balances the Company reported in its unaudited Consolidated Balance Sheets for the periods presented (dollars in thousands):
As of
March 31,
2023
December 31,
2022
Lease balances
Right of use assets$12,291 $12,829 
Lease liabilities12,515 12,995 
Supplemental information
Year through which lease terms extend20372037
Weighted average remaining lease term, in years8.82 years8.90 years
Weighted average discount rate3.49 %3.45 %
The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):
Three Months Ended March 31,
20232022
Lease costs
Operating lease costs$628 $617 
Variable lease costs128 
Short-term lease costs
Total lease cost1
$639 $749 
Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments$570 $631 
Operating lease cash flows – Liability reduction479 585 
Right of use assets obtained during the period in exchange for operating lease liabilities55 
___________________________________________
1.Lease costs are included in net occupancy and equipment expense in the Consolidated Statements of Income.
The Company was obligated under noncancelable operating leases for office space and other commitments, as follows (dollars in thousands):
As of
March 31, 2023
Rent commitments
Remainder of 2023$1,650 
20241,933 
20251,716 
20261,441 
20271,276 
20281,255 
Thereafter5,477 
Total undiscounted cash flows14,748 
Less: Amounts representing interest2,233 
Present value of net future minimum lease payments$12,515 
Busey as the Lessor
Busey occasionally leases parking lots and office space to outside parties. Further, in connection with the acquisition of CAC in the second quarter of 2021, the Company acquired office buildings in Glenview, IL and Northbrook, IL, along with operating leases for space within these buildings that is rented to third parties. Revenues recorded in connection with these leases and reported in other income on our unaudited Consolidated Statements of Income are summarized as follows (dollars in thousands):
Three Months Ended March 31,
20232022
Rental income$191 $230