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OPERATING SEGMENTS AND RELATED INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
OPERATING SEGMENTS AND RELATED INFORMATION
NOTE 21. OPERATING SEGMENTS AND RELATED INFORMATION
Busey has three reportable operating segments: Banking, Wealth Management, and FirsTech. 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.” Busey accounts for intersegment revenue and transfers at current market prices.
Following is a summary of selected financial information for Busey’s operating segments. The “other” category included in the tables below consists of the parent company, First Busey Risk Management until its dissolution on December 18, 2023, and the elimination of intercompany transactions (dollars in thousands):
GoodwillTotal Assets
As of December 31,As of December 31,
2023202220232022
Operating segment
Banking$294,773 $294,773 $12,125,298 $12,199,960 
Wealth Management14,108 14,108 103,147 84,082 
FirsTech8,992 8,992 51,600 48,715 
Other— — 3,370 3,920 
Consolidated total$317,873 $317,873 $12,283,415 $12,336,677 
Years Ended December 31,
202320222021
Net interest income
Banking$335,345 $340,083 $285,678 
FirsTech54 65 79 
Other(15,948)(16,710)(15,059)
Total net interest income$319,451 $323,438 $270,698 
 
Noninterest income
Banking$46,701 $54,154 $59,393 
Wealth Management57,823 55,394 53,082 
FirsTech22,746 21,720 19,629 
Other(4,886)(4,465)700 
Total noninterest income$122,384 $126,803 $132,804 
 
Noninterest expense
Banking$223,451 $221,997 $205,905 
Wealth Management33,081 31,545 29,198 
FirsTech21,653 20,619 17,574 
Other7,347 9,720 9,103 
Total noninterest expense$285,532 $283,881 $261,780 
 
Income before income taxes
Banking$156,196 $167,617 $154,267 
Wealth Management24,742 23,849 23,884 
FirsTech1,147 1,166 2,134 
Other(28,181)(30,895)(23,462)
Total income before income taxes$153,904 $161,737 $156,823 
 
Net income
Banking$123,853 $131,596 $117,844 
Wealth Management18,804 18,543 18,570 
FirsTech830 847 1,527 
Other(20,922)(22,675)(14,492)
Total net income$122,565 $128,311 $123,449