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Operating Segments and Related Information
 9 Months Ended
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):
GoodwillTotal Assets
As ofAs 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 Management14,108 14,108 98,755 84,082 
FirsTech8,992 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,
2023202220232022
Net interest income
Banking$81,794 $90,916 $254,394 $244,820 
FirsTech14 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 Management14,350 12,514 43,993 42,425 
FirsTech5,665 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 Management8,059 7,682 24,821 23,533 
FirsTech5,245 5,109 16,303 14,601 
Other2,469 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 Management6,291 4,832 19,172 18,892 
FirsTech434 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 Management4,781 3,756 14,571 14,688 
FirsTech317 353 505 1,300 
Other(5,621)(5,530)(16,949)(16,096)
Total net income$30,666 $35,661 $96,816 $93,924