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OPERATING SEGMENTS AND RELATED INFORMATION
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
OPERATING SEGMENTS AND RELATED INFORMATION
NOTE 16. 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
September 30,
2024		December 31,
2023		September 30,
2024		December 31,
2023
Operating segment
Banking$310,398 $294,773 $11,806,647 $12,125,298 
Wealth Management14,108 14,108 119,801 103,147 
FirsTech8,992 8,992 51,474 51,600 
Other— — 8,917 3,370 
Consolidated total$333,498 $317,873 $11,986,839 $12,283,415 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net interest income
Banking$86,425 $81,794 $252,200 $254,394 
FirsTech12 14 37 41 
Other(3,896)(4,017)(11,495)(12,117)
Net interest income$82,541 $77,791 $240,742 $242,318 
 
Noninterest income
Banking$14,056 $11,983 $39,962 $34,716 
Wealth Management16,169 14,350 47,989 43,993 
FirsTech5,551 5,665 17,700 16,954 
Other175 (990)(899)(4,795)
Total noninterest income$35,951 $31,008 $104,752 $90,868 
 
Noninterest expense
Banking$56,740 $55,172 $167,724 $163,314 
Wealth Management8,777 8,059 26,704 24,821 
FirsTech5,648 5,245 17,666 16,303 
Other4,761 2,469 10,138 6,115 
Total noninterest expense$75,926 $70,945 $222,232 $210,553 
 
Income before income taxes
Banking$43,739 $38,241 $117,121 $123,852 
Wealth Management7,392 6,291 21,285 19,172 
FirsTech(85)434 71 692 
Other(8,482)(7,476)(22,532)(23,027)
Income before income taxes$42,564 $37,490 $115,945 $120,689 
 
Net income
Banking$33,221 $31,189 $86,410 $98,689 
Wealth Management5,618 4,781 16,177 14,571 
FirsTech(61)317 53 505 
Other(6,774)(5,621)(17,054)(16,949)
Net income$32,004 $30,666 $85,586 $96,816