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Operating Segments and Related Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Operating Segments and Related Information Operating Segments and Related Information
Busey has three reportable operating segments: Banking, FirsTech, and Wealth Management. Busey’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
The Banking operating segment provides a full range of banking services to individual and corporate customers through First Busey Corporation’s wholly-owned bank subsidiary, Busey Bank, with 58 banking centers in Illinois; the St. Louis, Missouri, metropolitan area; southwest Florida; and Indianapolis, Indiana.
Banking services offered to individual customers include customary types of demand and savings deposits, money transfers, safe deposit services, individual retirement accounts and other fiduciary services, automated teller machines, and technology-based networks, as well as a variety of loan products including residential real estate, home equity lines of credit, and consumer loans. Banking services offered to corporate customers include commercial, commercial real estate, real estate construction, and agricultural loans, as well as commercial depository services such as cash management.
The FirsTech Operating Segment
The FirsTech operating segment provides comprehensive and innovative payment technology solutions through Busey Bank’s wholly-owned subsidiary, FirsTech. FirsTech's multi-channel payment platform allows businesses to collect payments from their customers in a variety of ways to enable fast, frictionless payments. Payment method vehicles include, but are not limited to, text-based mobile bill pay; interactive voice response; electronic payment concentration delivered to Automated Clearing House networks, money management, and credit card networks; walk-in payment processing for customers at retail pay agents; customer service payments made over a telephone; direct debit services; and lockbox remittance processing for customers to make payments by mail. FirsTech also provides additional tools to help clients with billing, reconciliation, bill reminders, and treasury services.
FirsTech's client base represents a diverse set of industries, with a higher concentration in highly regulated industries, such as financial institutions, utility, insurance, and telecommunications industries.
The Wealth Management Operating Segment
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. Services are provided through Busey Capital Management, Inc., a wholly-owned subsidiary of Busey Bank, and Busey Wealth Management, a division of Busey Bank.
Wealth management services tailored to individuals include trust and estate advisory services and financial planning. Business services include business succession planning and employee retirement plan services. Services for foundations include investment strategy consulting and fiduciary services.
Segment Financial Information
The segment financial information provided below has been derived from information used by management to monitor and manage Busey’s financial performance. 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 Busey’s 2022 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):
GoodwillTotal Assets
As ofAs of
June 30,
2023		December 31,
2022		June 30,
2023		December 31,
2022
Operating segment
Banking$294,773 $294,773 $12,057,131 $12,199,960 
FirsTech8,992 8,992 48,558 48,715 
Wealth Management14,108 14,108 93,408 84,082 
Other— — 9,932 3,920 
Consolidated total$317,873 $317,873 $12,209,029 $12,336,677 
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Net interest income
Banking$82,710 $80,072 $172,600 $153,904 
FirsTech14 17 27 35 
Other(4,054)(4,161)(8,100)(7,955)
Total net interest income$78,670 $75,928 $164,527 $145,984 
Noninterest income
Banking$10,312 $13,982 $22,733 $29,268 
FirsTech5,615 5,336 11,289 10,755 
Wealth Management14,717 14,135 29,643 29,911 
Other(2,632)(2,434)(3,805)(3,143)
Total noninterest income$28,012 $31,019 $59,860 $66,791 
Noninterest expense
Banking$53,491 $54,380 $108,142 $109,947 
FirsTech5,319 4,809 11,058 9,492 
Wealth Management8,228 7,586 16,762 15,851 
Other2,167 2,317 3,646 4,178 
Total noninterest expense$69,205 $69,092 $139,608 $139,468 
Income before income taxes
Banking$38,904 $38,021 $85,611 $71,825 
FirsTech310 544 258 1,298 
Wealth Management6,489 6,549 12,881 14,060 
Other(8,853)(8,912)(15,551)(15,276)
Total income before income taxes$36,850 $36,202 $83,199 $71,907 
Net income
Banking$30,665 $30,499 $67,500 $56,950 
FirsTech226 397 188 947 
Wealth Management4,932 5,092 9,790 10,932 
Other(6,459)(6,164)(11,328)(10,566)
Total net income$29,364 $29,824 $66,150 $58,263