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Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Summary of lease-related balances The following table summarizes lease-related information and balances reported in our Consolidated Balance Sheets (Unaudited) for the periods presented (dollars in thousands):
As of
September 30,
2023		December 31,
2022
Lease balances
Right of use assets$11,500 $12,829 
Lease liabilities11,783 12,995 
Supplemental information
Year through which lease terms extend20372037
Weighted average remaining lease term, in years8.498.90
Weighted average discount rate3.56 %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 September 30,Nine Months Ended September 30,
2023202220232022
Lease costs
Operating lease costs$615 $563 $1,836 $1,762 
Variable lease costs9 214 27 436 
Short-term lease costs15 5 37 15 
Total lease cost1
$639 $782 $1,900 $2,213 
Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments$586 $1,076 $1,720 $2,445 
Operating lease cash flows – Liability reduction483 464 1,423 1,741 
Right of use assets obtained during the period in exchange for operating lease liabilities199 1,127 208 1,182 
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1.Lease costs are included in net occupancy and equipment expense in the Consolidated Statements of Income (Unaudited).
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
September 30, 2023
Rent commitments
Remainder of 2023$566 
20242,044 
20251,764 
20261,442 
20271,276 
20281,255 
Thereafter5,478 
Total undiscounted cash flows13,825 
Less: Amounts representing interest2,042 
Present value of net future minimum lease payments$11,783 
Summary 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 September 30,Nine Months Ended September 30,
2023202220232022
Rental income$152 $146 $526 $519