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OPERATING SEGMENTS AND RELATED INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
OPERATING SEGMENTS AND RELATED INFORMATION
NOTE 15. 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 62 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; merchant services referral solutions serving partner Financial Institutions and their business customers; 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” of Busey’s 2023 Annual Report. Busey accounts for intersegment revenue and transfers at current market value.
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, Inc. until its dissolution on December 18, 2023, and the elimination of intercompany transactions (dollars in thousands):
GoodwillTotal Assets
As ofAs of
June 30,
2024		December 31,
2023		June 30,
2024		December 31,
2023
Operating segment
Banking$310,181 $294,773 $11,796,353 $12,125,298 
Wealth Management14,108 14,108 113,516 103,147 
FirsTech8,992 8,992 50,172 51,600 
Other— — 11,375 3,370 
Consolidated total$333,281 $317,873 $11,971,416 $12,283,415 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net interest income
Banking$86,242 $82,710 $165,775 $172,600 
FirsTech12 14 25 27 
Other(3,820)(4,054)(7,599)(8,100)
Total net interest income$82,434 $78,670 $158,201 $164,527 
 
Noninterest income
Banking$12,434 $10,312 $25,906 $22,733 
Wealth Management16,108 14,717 31,820 29,643 
FirsTech6,178 5,615 12,149 11,289 
Other(919)(2,632)(1,074)(3,805)
Total noninterest income$33,801 $28,012 $68,801 $59,860 
 
Noninterest expense
Banking$58,597 $53,491 $110,984 $108,142 
Wealth Management8,791 8,228 17,927 16,762 
FirsTech6,152 5,319 12,018 11,058 
Other1,997 2,167 5,377 3,646 
Total noninterest expense$75,537 $69,205 $146,306 $139,608 
 
Income before income taxes
Banking$37,802 $38,904 $73,382 $85,611 
Wealth Management7,317 6,489 13,893 12,881 
FirsTech38 310 156 258 
Other(6,736)(8,853)(14,050)(15,551)
Total income before income taxes$38,421 $36,850 $73,381 $83,199 
 
Net income
Banking$26,697 $30,665 $53,189 $67,500 
Wealth Management5,561 4,932 10,559 9,790 
FirsTech28 226 114 188 
Other(4,929)(6,459)(10,280)(11,328)
Total net income$27,357 $29,364 $53,582 $66,150