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Operating Segments and Related Information
 6 Months Ended
Jun. 30, 2021
Operating Segments and Related Information  
Operating Segments and Related Information

Note 14: Operating Segments and Related Information

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The Company has three reportable operating segments: Banking, Remittance Processing, and Wealth Management. The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and through its banking center in Indianapolis, Indiana. Banking services for Busey Bank and GSB are aggregated into the Banking operating segment as they have similar operations and activities. The Remittance Processing operating segment provides solutions for online bill payments, lockbox, and walk-in payments. The Wealth Management operating segment provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Wealth Management services for Busey Bank and GSB are aggregated into the Wealth Management operating segment as they have similar operations and activities.

The Company’s three operating segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. The “other” category consists of the Parent Company, First Busey Risk Management, and the elimination of intercompany transactions.

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The segment financial information provided below has been derived from information used by management to monitor and manage the financial performance of the Company. The accounting policies of the three segments are the same as those described in the summary of significant accounting policies in “Note 1. Significant Accounting Policies” to the Company’s 2020 Annual Report. The Company accounts for intersegment revenue and transfers at current market value.

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Following is a summary of selected financial information for the Company’s operating segments (dollars in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

Total Assets

​

​

As of

​

As of

​

​

June 30, 

​

December 31, 

​

June 30, 

​

December 31, 

​

    

2021

    

2020

    

2021

    

2020

Operating segment

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

294,421

​

$

288,436

​

$

12,301,878

​

$

10,462,673

Remittance Processing

​

 

8,992

​

 

8,992

​

 

46,761

​

 

46,553

Wealth Management

​

 

14,108

​

 

14,108

​

 

63,529

​

 

46,504

Other

​

 

—

​

 

—

​

 

3,281

​

 

(11,683)

Consolidated total

​

$

317,521

​

$

311,536

​

$

12,415,449

​

$

10,544,047

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

Six Months Ended June 30, 

​

    

2021

    

2020

    

2021

    

2020

Net interest income

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

68,250

​

$

73,318

​

$

136,705

​

$

144,891

Remittance Processing

​

​

21

​

​

19

​

​

41

​

​

38

Wealth Management

​

 

—

​

 

—

​

 

—

​

 

—

Other

​

 

(3,729)

​

 

(2,524)

​

 

(7,311)

​

 

(4,683)

Total net interest income

​

$

64,542

​

$

70,813

​

$

129,435

​

$

140,246

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest income

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

14,938

​

$

14,026

​

$

27,822

​

$

27,194

Remittance Processing

​

 

4,809

​

 

3,962

​

 

9,670

​

 

8,031

Wealth Management

​

 

13,000

​

 

10,310

​

 

25,587

​

 

22,019

Other

​

 

264

​

 

(334)

​

 

1,377

​

 

(1,763)

Total non-interest income

​

$

33,011

​

$

27,964

​

$

64,456

​

$

55,481

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-interest expense

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

48,421

​

$

41,659

​

$

90,512

​

$

90,174

Remittance Processing

​

​

4,277

​

​

3,243

​

​

8,567

​

​

6,146

Wealth Management

​

​

6,717

​

​

6,254

​

​

13,282

​

​

13,228

Other

​

​

3,210

​

​

1,912

​

​

4,763

​

​

4,034

Total non-interest expense

​

$

62,625

​

$

53,068

​

$

117,124

​

$

113,582

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

36,467

​

$

32,794

​

$

82,511

​

$

51,804

Remittance Processing

​

​

553

​

​

738

​

​

1,144

​

​

1,923

Wealth Management

​

​

6,283

​

​

4,056

​

​

12,305

​

​

8,791

Other

​

​

(6,675)

​

​

(4,770)

​

​

(10,697)

​

​

(10,480)

Total income before income taxes

​

$

36,628

​

$

32,818

​

$

85,263

​

$

52,038

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

29,238

​

$

25,985

​

$

64,766

​

$

40,909

Remittance Processing

​

 

401

​

 

528

​

 

830

​

 

1,388

Wealth Management

​

 

4,884

​

 

3,082

​

 

9,566

​

 

6,681

Other

​

 

(4,757)

​

 

(3,789)

​

 

(7,580)

​

 

(7,808)

Total net income

​

$

29,766

​

$

25,806

​

$

67,582

​

$

41,170

​