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Operating Segments and Related Information | 9 Months Ended
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Sep. 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 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. 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. 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):
| Goodwill |  | Total Assets
| As of |  | As of
| September 30, 2023 |  | December 31, 2022 |  | September 30, 2023 |  | December 31, 2022
Operating segment |  |  |  |  |  |  |
Banking | $ | 294,773 |  |  | $ | 294,773 |  |  | $ | 12,104,706 |  |  | $ | 12,199,960 |
Wealth Management | 14,108 |  |  | 14,108 |  |  | 98,755 |  |  | 84,082 |
FirsTech | 8,992 |  |  | 8,992 |  |  | 50,689 |  |  | 48,715 |
Other | — |  |  | — |  |  | 4,100 |  |  | 3,920 |
Consolidated total | $ | 317,873 |  |  | $ | 317,873 |  |  | $ | 12,258,250 |  |  | $ | 12,336,677 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net interest income |  |  |  |  |  |  |
Banking | $ | 81,794 |  |  | $ | 90,916 |  |  | $ | 254,394 |  |  | $ | 244,820 |
FirsTech | 14 |  |  | 15 |  |  | 41 |  |  | 50 |
Other | (4,017) |  |  | (4,626) |  |  | (12,117) |  |  | (12,581) |
Total net interest income | $ | 77,791 |  |  | $ | 86,305 |  |  | $ | 242,318 |  |  | $ | 232,289 |
Noninterest income |  |  |  |  |  |  |
Banking | $ | 11,983 |  |  | $ | 13,559 |  |  | $ | 34,716 |  |  | $ | 42,827 |
Wealth Management | 14,350 |  |  | 12,514 |  |  | 43,993 |  |  | 42,425 |
FirsTech | 5,665 |  |  | 5,578 |  |  | 16,954 |  |  | 16,333 |
Other | (990) |  |  | (718) |  |  | (4,795) |  |  | (3,861) |
Total noninterest income | $ | 31,008 |  |  | $ | 30,933 |  |  | $ | 90,868 |  |  | $ | 97,724 |
Noninterest expense |  |  |  |  |  |  |
Banking | $ | 55,172 |  |  | $ | 55,273 |  |  | $ | 163,314 |  |  | $ | 165,220 |
Wealth Management | 8,059 |  |  | 7,682 |  |  | 24,821 |  |  | 23,533 |
FirsTech | 5,245 |  |  | 5,109 |  |  | 16,303 |  |  | 14,601 |
Other | 2,469 |  |  | 2,672 |  |  | 6,115 |  |  | 6,850 |
Total noninterest expense | $ | 70,945 |  |  | $ | 70,736 |  |  | $ | 210,553 |  |  | $ | 210,204 |
Income before income taxes |  |  |  |  |  |  |
Banking | $ | 38,241 |  |  | $ | 46,838 |  |  | $ | 123,852 |  |  | $ | 118,663 |
Wealth Management | 6,291 |  |  | 4,832 |  |  | 19,172 |  |  | 18,892 |
FirsTech | 434 |  |  | 484 |  |  | 692 |  |  | 1,782 |
Other | (7,476) |  |  | (8,016) |  |  | (23,027) |  |  | (23,292) |
Total income before income taxes | $ | 37,490 |  |  | $ | 44,138 |  |  | $ | 120,689 |  |  | $ | 116,045 |
Net income |  |  |  |  |  |  |
Banking | $ | 31,189 |  |  | $ | 37,082 |  |  | $ | 98,689 |  |  | $ | 94,032 |
Wealth Management | 4,781 |  |  | 3,756 |  |  | 14,571 |  |  | 14,688 |
FirsTech | 317 |  |  | 353 |  |  | 505 |  |  | 1,300 |
Other | (5,621) |  |  | (5,530) |  |  | (16,949) |  |  | (16,096) |
Total net income | $ | 30,666 |  |  | $ | 35,661 |  |  | $ | 96,816 |  |  | $ | 93,924 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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