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Operating Segments and Related Information | 3 Months Ended
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Mar. 31, 2022
Operating Segments and Related Information |
Operating Segments and Related Information | Note 14: Operating Segments and Related Information ​ The Company has three reportable operating segments: Banking, FirsTech, and Wealth Management. 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 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, mobile, and voice-recognition 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 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” in the Company’s 2021 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
​ | ​ | March 31, | ​ | December 31, | ​ | March 31, | ​ | December 31,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating segment | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Banking | ​ | $ | 294,773 | ​ | $ | 294,773 | ​ | $ | 12,450,999 | ​ | $ | 12,746,833
FirsTech | ​ |  | 8,992 | ​ |  | 8,992 | ​ |  | 46,900 | ​ |  | 47,481
Wealth Management | ​ |  | 14,108 | ​ |  | 14,108 | ​ |  | 71,364 | ​ |  | 65,587
Other | ​ |  | — | ​ |  | — | ​ |  | (1,754) | ​ |  | (212)
Consolidated total | ​ | $ | 317,873 | ​ | $ | 317,873 | ​ | $ | 12,567,509 | ​ | $ | 12,859,689
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2022 |  | 2021
Net interest income | ​ | ​ | ​ | ​ | ​ | ​
Banking | ​ | $ | 73,832 | ​ | $ | 68,455
FirsTech | ​ | ​ | 18 | ​ | ​ | 20
Other | ​ |  | (3,794) | ​ |  | (3,582)
Total net interest income | ​ | $ | 70,056 | ​ | $ | 64,893
​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest income | ​ | ​ | ​ | ​ | ​ | ​
Banking | ​ | $ | 15,286 | ​ | $ | 12,884
FirsTech | ​ |  | 5,419 | ​ |  | 4,861
Wealth Management | ​ |  | 15,776 | ​ |  | 12,587
Other | ​ |  | (709) | ​ |  | 1,113
Total noninterest income | ​ | $ | 35,772 | ​ | $ | 31,445
​ | ​ | ​ | ​ | ​ | ​ | ​
Noninterest expense | ​ | ​ | ​ | ​ | ​ | ​
Banking | ​ | $ | 55,567 | ​ | $ | 42,091
FirsTech | ​ | ​ | 4,683 | ​ | ​ | 4,290
Wealth Management | ​ | ​ | 8,265 | ​ | ​ | 6,565
Other | ​ | ​ | 1,861 | ​ | ​ | 1,553
Total noninterest expense | ​ | $ | 70,376 | ​ | $ | 54,499
​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​
Banking | ​ | $ | 33,804 | ​ | $ | 46,044
FirsTech | ​ | ​ | 754 | ​ | ​ | 591
Wealth Management | ​ | ​ | 7,511 | ​ | ​ | 6,022
Other | ​ | ​ | (6,364) | ​ | ​ | (4,022)
Total income before income taxes | ​ | $ | 35,705 | ​ | $ | 48,635
​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | ​ | ​ | ​ | ​ | ​
Banking | ​ | $ | 26,451 | ​ | $ | 35,528
FirsTech | ​ |  | 550 | ​ |  | 429
Wealth Management | ​ |  | 5,840 | ​ |  | 4,682
Other | ​ |  | (4,402) | ​ |  | (2,823)
Total net income | ​ | $ | 28,439 | ​ | $ | 37,816
​

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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