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Operating Segments and Related Information | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Operating Segments and Related Information | 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 operating 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
| September 30, 2022 |  | December 31, 2021 |  | September 30, 2022 |  | December 31, 2021
Operating segment |  |  |  |  |  |  |
Banking | $ | 294,773 |  |  | $ | 294,773 |  |  | $ | 12,352,413 |  |  | $ | 12,746,833 |
FirsTech | 8,992 |  |  | 8,992 |  |  | 48,499 |  |  | 47,481 |
Wealth Management | 14,108 |  |  | 14,108 |  |  | 80,082 |  |  | 65,587 |
Other | — |  |  | — |  |  | 16,394 |  |  | (212) |
Consolidated total | $ | 317,873 |  |  | $ | 317,873 |  |  | $ | 12,497,388 |  |  | $ | 12,859,689 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net interest income |  |  |  |  |  |  |
Banking | $ | 90,916 |  |  | $ | 74,672 |  |  | $ | 244,820 |  |  | $ | 211,377 |
FirsTech | 15 |  |  | 19 |  |  | 50 |  |  | 60 |
Other | (4,626) |  |  | (3,936) |  |  | (12,581) |  |  | (11,247) |
Total net interest income | $ | 86,305 |  |  | $ | 70,755 |  |  | $ | 232,289 |  |  | $ | 200,190 |
Noninterest income |  |  |  |  |  |  |
Banking | $ | 13,559 |  |  | $ | 14,976 |  |  | $ | 42,827 |  |  | $ | 42,798 |
FirsTech | 5,578 |  |  | 5,030 |  |  | 16,333 |  |  | 14,700 |
Wealth Management | 12,514 |  |  | 13,746 |  |  | 42,425 |  |  | 39,333 |
Other | (718) |  |  | (493) |  |  | (3,861) |  |  | 884 |
Total noninterest income | $ | 30,933 |  |  | $ | 33,259 |  |  | $ | 97,724 |  |  | $ | 97,715 |
Noninterest expense |  |  |  |  |  |  |
Banking | $ | 55,273 |  |  | $ | 59,520 |  |  | $ | 165,220 |  |  | $ | 150,032 |
FirsTech | 5,109 |  |  | 4,519 |  |  | 14,601 |  |  | 13,086 |
Wealth Management | 7,682 |  |  | 7,679 |  |  | 23,533 |  |  | 20,961 |
Other | 2,672 |  |  | 1,769 |  |  | 6,850 |  |  | 6,532 |
Total noninterest expense | $ | 70,736 |  |  | $ | 73,487 |  |  | $ | 210,204 |  |  | $ | 190,611 |
Income before income taxes |  |  |  |  |  |  |
Banking | $ | 46,838 |  |  | $ | 31,996 |  |  | $ | 118,663 |  |  | $ | 114,507 |
FirsTech | 484 |  |  | 530 |  |  | 1,782 |  |  | 1,674 |
Wealth Management | 4,832 |  |  | 6,068 |  |  | 18,892 |  |  | 18,373 |
Other | (8,016) |  |  | (6,198) |  |  | (23,292) |  |  | (16,895) |
Total income before income taxes | $ | 44,138 |  |  | $ | 32,396 |  |  | $ | 116,045 |  |  | $ | 117,659 |
Net income |  |  |  |  |  |  |
Banking | $ | 37,082 |  |  | $ | 25,123 |  |  | $ | 94,032 |  |  | $ | 89,889 |
FirsTech | 353 |  |  | 384 |  |  | 1,300 |  |  | 1,214 |
Wealth Management | 3,756 |  |  | 4,719 |  |  | 14,688 |  |  | 14,285 |
Other | (5,530) |  |  | (4,285) |  |  | (16,096) |  |  | (11,865) |
Total net income | $ | 35,661 |  |  | $ | 25,941 |  |  | $ | 93,924 |  |  | $ | 93,523 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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