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Operating Segments and Related Information

12 Months Ended

Dec. 31, 2021

Operating Segments and Related Information

Operating Segments and Related Information

Note 21.  Operating Segments and Related Information

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The Company has three reportable operating segments: Banking, FirsTech, and Wealth Management. The Company’s operating segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. 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 FirsTech 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.

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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.”  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.  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):

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Goodwill

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Total Assets

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As of December 31,

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As of December 31,

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2021

2020

2021

2020

Operating segment

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Banking

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$

294,773

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$

288,436

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$

12,746,833

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$

10,462,673

FirsTech

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8,992

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8,992

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47,481

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46,553

Wealth Management

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14,108

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14,108

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65,587

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46,504

Other

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—

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—

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(212)

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(11,683)

Consolidated total

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$

317,873

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$

311,536

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$

12,859,689

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$

10,544,047

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​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Net interest income	​	​	​	​	​	​	​	​	​
Banking	​	$	285,678	​	$	294,728	​	$	296,754
FirsTech	​	​	79	​	​	79	​	​	76
Wealth Management	​		—	​		—	​		—
Other	​		(15,059)	​		(11,872)	​		(9,607)
Total net interest income	​	$	270,698	​	$	282,935	​	$	287,223
​	​	​	​	​	​	​	​	​	​
Noninterest income	​	​	​	​	​	​	​	​	​
Banking	​	$	59,393	​	$	61,043	​	$	63,613
FirsTech	​		19,629	​		16,548	​		16,450
Wealth Management	​		53,082	​		43,429	​		39,075
Other	​		700	​		(2,755)	​		(2,723)
Total noninterest income	​	$	132,804	​	$	118,265	​	$	116,415
​	​	​	​	​	​	​	​	​	​
Noninterest expense	​	​	​	​	​	​	​	​	​
Banking	​	$	205,905	​	$	185,445	​	$	211,559
FirsTech	​	​	17,574	​	​	13,279	​	​	10,990
Wealth Management	​	​	29,198	​	​	26,086	​	​	24,534
Other	​	​	9,103	​	​	9,387	​	​	11,711
Total noninterest expense	​	$	261,780	​	$	234,197	​	$	258,794
​	​	​	​	​	​	​	​	​	​
Income before income taxes	​	​	​	​	​	​	​	​	​
Banking	​	$	154,267	​	$	131,529	​	$	138,401
FirsTech	​	​	2,134	​	​	3,348	​	​	5,536
Wealth Management	​	​	23,884	​	​	17,343	​	​	14,541
Other	​	​	(23,462)	​	​	(24,014)	​	​	(24,040)
Total income before income taxes	​	$	156,823	​	$	128,206	​	$	134,438
​	​	​	​	​	​	​	​	​	​
Net income	​	​	​	​	​	​	​	​	​
Banking	​	$	117,844	​	$	101,226	​	$	106,409
FirsTech	​		1,527	​		2,372	​		4,060
Wealth Management	​		18,570	​		13,181	​		11,135
Other	​		(14,492)	​		(16,435)	​		(18,651)
Total net income	​	$	123,449	​	$	100,344	​	$	102,953

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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