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Leases (Tables)
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Summary of lease-related balances The following table summarizes lease-related information and balances reported in our Consolidated Balance Sheets for the periods presented (dollars in thousands):
As of
June 30,
2023		December 31,
2022
Lease balances
Right of use assets$11,806 $12,829 
Lease liabilities12,059 12,995 
Supplemental information
Year through which lease terms extend20372037
Weighted average remaining lease term, in years8.718.90
Weighted average discount rate3.51 %3.45 %
Schedule of lease costs and other lease information
The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Lease costs
Operating lease costs$593 $582 $1,221 $1,199 
Variable lease costs13 94 18 222 
Short-term lease costs16 6 22 10 
Total lease cost1
$622 $682 $1,261 $1,431 
Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments$564 $738 $1,134 $1,369 
Operating lease cash flows – Liability reduction461 692 940 1,277 
Right of use assets obtained during the period in exchange for operating lease liabilities5 — 9 55 
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1.Lease costs are included in net occupancy and equipment expense in the Consolidated Statements of Income.
Schedule of future undiscounted lease payments
Busey was obligated under noncancelable operating leases for office space and other commitments, as follows (dollars in thousands):
As of
June 30, 2023
Rent commitments
Remainder of 2023$1,089 
20241,935 
20251,716 
20261,442 
20271,276 
20281,255 
Thereafter5,476 
Total undiscounted cash flows14,189 
Less: Amounts representing interest2,130 
Present value of net future minimum lease payments$12,059 
Summary of revenue recorded in connection with leases 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 June 30,Six Months Ended June 30,
2023202220232022
Rental income$183 $143 $374 $373