XML 32 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
--- | ---
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Busey’s goodwill is associated with its three operating segments, Banking, Wealth Management, and FirsTech. Goodwill is tested annually for impairment, and as part of this analysis, the reporting unit's carrying value is compared to its estimated fair value. Based on the impairment testing performed at December 31, 2023, there were no indicators of potential impairment. Busey did not record any new goodwill during the years ended December 31, 2023, or 2022. The carrying amount of goodwill by operating segment is as follows (dollars in thousands):
| As of December 31,
| 2023 |  | 2022
Goodwill |  |  |
Banking | $ | 294,773 |  |  | $ | 294,773 |
Wealth Management | 14,108 |  |  | 14,108 |
FirsTech | 8,992 |  |  | 8,992 |
Total goodwill | $ | 317,873 |  |  | $ | 317,873 |
Indefinite-lived intangible assets, such as goodwill, are not amortized. Goodwill is Busey's only indefinite-lived intangible asset. Intangible Assets Core deposit and customer relationship intangible assets are amortized over the estimated period during which Busey expects to benefit from the assets. Intangible asset disclosures are as follows (dollars in thousands):
| As of December 31, 2023
| Core deposit intangible |  | Customer relationship intangible |  | Total
Intangible Assets |  |  |  |  |
Intangible assets, gross | $ | 99,065 |  |  | $ | 33,138 |  |  | $ | 132,203 |
Accumulated amortization | 71,092 |  |  | 25,120 |  |  | 96,212 |
Intangible assets, net | $ | 27,973 |  |  | $ | 8,018 |  |  | $ | 35,991 |
| As of December 31, 2022
| Core deposit intangible |  | Customer relationship intangible |  | Total
Intangible Assets |  |  |  |  |
Intangible assets, gross | $ | 99,065 |  |  | $ | 33,138 |  |  | $ | 132,203 |
Accumulated amortization | 63,476 |  |  | 22,304 |  |  | 85,780 |
Intangible assets, net | $ | 35,589 |  |  | $ | 10,834 |  |  | $ | 46,423 |
Amortization expense related to intangible assets, as reflected in Busey's Consolidated Statements of Income, is presented in the table below (dollars in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Amortization Expense |  |  |  |  |
Core deposit intangible | $ | 7,616 |  |  | $ | 8,315 |  |  | $ | 8,253 |
Customer relationship intangible | 2,816 |  |  | 3,313 |  |  | 3,021 |
Amortization of intangible assets | $ | 10,432 |  |  | $ | 11,628 |  |  | $ | 11,274 |
Future expense for the amortization of intangible assets, as estimated, is summarized in the table below (dollars in thousands):
| As of December 31, 2023
| Core deposit intangible |  | Customer relationship intangible |  | Total
Estimated amortization expense |  |  |  |  |
2024 | $ | 6,902 |  |  | $ | 2,318 |  |  | $ | 9,220 |
2025 | 5,956 |  |  | 1,887 |  |  | 7,843 |
2026 | 5,227 |  |  | 1,479 |  |  | 6,706 |
2027 | 4,490 |  |  | 1,091 |  |  | 5,581 |
2028 | 3,740 |  |  | 703 |  |  | 4,443 |
Thereafter | 1,658 |  |  | 540 |  |  | 2,198 |
Total estimated amortization expense | $ | 27,973 |  |  | $ | 8,018 |  |  | $ | 35,991 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration