XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Operating Segments and Related Information
 9 Months Ended
Sep. 30, 2021
Operating Segments and Related Information  
Operating Segments and Related Information

Note 15: Operating Segments and Related Information

​

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 Indianapolis, Indiana. 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.

​

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 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.

​

Following is a summary of selected financial information for the Company’s operating segments. The “other” category included in the tables below consists of the Parent Company, First Busey Risk Management, and the elimination of intercompany transactions (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

Total Assets

​

​

As of

​

As of

​

​

September 30, 

​

December 31, 

​

September 30, 

​

December 31, 

​

    

2021

    

2020

    

2021

    

2020

Operating segment

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

294,666

​

$

288,436

​

$

12,788,398

​

$

10,462,673

Remittance Processing

​

 

8,992

​

 

8,992

​

 

47,528

​

 

46,553

Wealth Management

​

 

14,108

​

 

14,108

​

 

60,496

​

 

46,504

Other

​

 

—

​

 

—

​

 

2,908

​

 

(11,683)

Consolidated total

​

$

317,766

​

$

311,536

​

$

12,899,330

​

$

10,544,047

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

2021

    

2020

    

2021

    

2020

Net interest income

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

74,672

​

$

73,330

​

$

211,377

​

$

218,221

Remittance Processing

​

​

19

​

​

21

​

​

60

​

​

59

Wealth Management

​

 

—

​

 

—

​

 

—

​

 

—

Other

​

 

(3,936)

​

 

(3,598)

​

 

(11,247)

​

 

(8,281)

Total net interest income

​

$

70,755

​

$

69,753

​

$

200,190

​

$

209,999

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

14,976

​

$

18,523

​

$

42,798

​

$

45,717

Remittance Processing

​

 

5,030

​

 

4,287

​

 

14,700

​

 

12,318

Wealth Management

​

 

13,746

​

 

10,662

​

 

39,333

​

 

32,681

Other

​

 

(493)

​

 

(1,187)

​

 

884

​

 

(2,950)

Total noninterest income

​

$

33,259

​

$

32,285

​

$

97,715

​

$

87,766

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest expense

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

59,520

​

$

44,863

​

$

150,032

​

$

135,037

Remittance Processing

​

​

4,519

​

​

3,523

​

​

13,086

​

​

9,669

Wealth Management

​

​

7,679

​

​

6,497

​

​

20,961

​

​

19,725

Other

​

​

1,769

​

​

1,659

​

​

6,532

​

​

5,693

Total noninterest expense

​

$

73,487

​

$

56,542

​

$

190,611

​

$

170,124

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

31,996

​

$

41,441

​

$

114,507

​

$

93,245

Remittance Processing

​

​

530

​

​

785

​

​

1,674

​

​

2,708

Wealth Management

​

​

6,068

​

​

4,165

​

​

18,373

​

​

12,956

Other

​

​

(6,198)

​

​

(6,444)

​

​

(16,895)

​

​

(16,924)

Total income before income taxes

​

$

32,396

​

$

39,947

​

$

117,659

​

$

91,985

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

​

​

Banking

​

$

25,123

​

$

31,744

​

$

89,889

​

$

72,653

Remittance Processing

​

 

384

​

 

578

​

 

1,214

​

 

1,966

Wealth Management

​

 

4,719

​

 

3,166

​

 

14,285

​

 

9,847

Other

​

 

(4,285)

​

 

(4,659)

​

 

(11,865)

​

 

(12,467)

Total net income

​

$

25,941

​

$

30,829

​

$

93,523

​

$

71,999

​