XML 37 R24.htm IDEA: XBRL DOCUMENT v3.25.3
OPERATING SEGMENTS AND RELATED INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
OPERATING SEGMENTS AND RELATED INFORMATION
NOTE 16. OPERATING SEGMENTS AND RELATED INFORMATION
Busey’s reportable segments are determined by its chief executive officer, who is the designated chief operating decision maker. Busey is organized into three reportable operating segments: Banking, Wealth Management, and FirsTech. These operating segments are strategic business units that are separately managed, as they offer different products and services and have different marketing strategies.
Banking
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.
Busey Bank has 79 banking centers located throughout Illinois; the St. Louis, Missouri MSA; southwest Florida; Indianapolis, Indiana; the Dallas-Fort Worth MSA; the Kansas City MSA; Wichita Kansas; Oklahoma City and Tulsa Oklahoma; Phoenix and Tucson, Arizona; Denver and Colorado Springs, Colorado; and Clayton, New Mexico.
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, CRE, real estate construction, and agricultural loans, as well as commercial depository services such as cash management.
Wealth Management
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.
FirsTech
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 Busey’s operating segments are the same as those described in the summary of significant accounting policies in “Note 1. Significant Accounting Policies” of Busey’s 2024 Annual Report. Busey accounts for intersegment revenue and transfers at current market prices.
Goodwill and total assets are summarized below by operating segment. The “other” category included in the tables below consists of the parent company and the elimination of intercompany transactions:
As of September 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Goodwill$360,223 $14,108 $8,992 $— $383,323 
Total assets17,972,441 144,882 45,909 25,396 18,188,628 
As of December 31, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Goodwill$310,595 $14,108 $8,992 $— $333,695 
Total assets11,856,651 126,180 57,737 6,154 12,046,722 
Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are summarized below:
Three Months Ended September 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$244,504 $— $— $1 $244,505 
Intersegment interest income— — 16 (16)— 
Interest expense86,524 — — 2,844 89,368 
Intersegment interest expense951 — — (951)— 
Net interest income157,029 — 16 (1,908)155,137 
Provision for credit losses(985)— — — (985)
Net interest income after provision for credit losses158,014 — 16 (1,908)156,122 
Noninterest income
Wealth management fees— 17,184 — — 17,184 
Payment technology solutions— — 5,092 — 5,092 
Treasury management services4,598 — — — 4,598 
Card services and ATM fees4,799 — — — 4,799 
Other service charges on deposit accounts1,617 — — — 1,617 
All other noninterest income5,957 183 (4)1,772 7,908 
Intersegment noninterest income564 — 443 (1,007)— 
Noninterest income17,535 17,367 5,531 765 41,198 
Revenue174,564 17,367 5,547 (1,143)196,335 
Noninterest expense
Salaries, wages, and employee benefits53,264 7,576 2,620 10,685 74,145 
Data processing8,062 658 931 63 9,714 
Amortization of intangible assets4,292 215 — — 4,507 
Interchange expense— — 1,336 — 1,336 
All other noninterest expense26,706 562 674 2,374 30,316 
Intersegment noninterest expense4,346 885 404 (5,635)— 
Noninterest expense96,670 9,896 5,965 7,487 120,018 
Income (loss) before income taxes78,879 7,471 (418)(8,630)77,302 
Income taxes21,283 1,793 (112)(2,760)20,204 
Net income$57,596 $5,678 $(306)$(5,870)$57,098 
Three Months Ended September 30, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$134,598 $— $— $8 $134,606 
Intersegment interest income— — 12 (12)— 
Interest expense47,611 — — 4,348 51,959 
Intersegment interest expense457 — — (457)— 
Net interest income86,530 — 12 (3,895)82,647 
Provision for credit losses409 — — — 409 
Net interest income after provision for credit losses86,121 — 12 (3,895)82,238 
Noninterest income
Wealth management fees— 15,378 — — 15,378 
Payment technology solutions— — 5,265 — 5,265 
Treasury management services2,201 — — — 2,201 
Card services and ATM fees3,557 — — — 3,557 
Other service charges on deposit accounts2,390 — — — 2,390 
All other noninterest income5,431 791 (1)833 7,054 
Intersegment noninterest income372 — 286 (658)— 
Noninterest income13,951 16,169 5,550 175 35,845 
Revenue100,481 16,169 5,562 (3,720)118,492 
Noninterest expense
Salaries, wages, and employee benefits29,615 6,606 2,357 6,015 44,593 
Data processing5,298 544 938 130 6,910 
Amortization of intangible assets2,268 280 — — 2,548 
Interchange expense— — 1,352 — 1,352 
All other noninterest expense16,273 573 639 2,631 20,116 
Intersegment noninterest expense2,879 774 361 (4,014)— 
Noninterest expense56,333 8,777 5,647 4,762 75,519 
Income (loss) before income taxes43,739 7,392 (85)(8,482)42,564 
Income taxes10,518 1,774 (24)(1,708)10,560 
Net income$33,221 $5,618 $(61)$(6,774)$32,004 
Nine Months Ended September 30, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$658,760 $— $— $6 $658,766 
Intersegment interest income— — 46 (46)— 
Interest expense235,288 — — 11,427 246,715 
Intersegment interest expense2,308 — — (2,308)— 
Net interest income421,164 — 46 (9,159)412,051 
Provision for credit losses50,308 — — — 50,308 
Net interest income after provision for credit losses370,856 — 46 (9,159)361,743 
Noninterest income
Wealth management fees— 51,325 — — 51,325 
Payment technology solutions— — 15,121 — 15,121 
Treasury management services12,596 — — — 12,596 
Card services and ATM fees13,388 — — — 13,388 
Other service charges on deposit accounts4,663 — — — 4,663 
All other noninterest income2,134 594 (6)7,469 10,191 
Intersegment noninterest income1,232 — 1,217 (2,449)— 
Noninterest income34,013 51,919 16,332 5,020 107,284 
Revenue455,177 51,919 16,378 (4,139)519,335 
Noninterest expense
Salaries, wages, and employee benefits157,237 21,713 7,952 33,166 220,068 
Data processing28,392 1,873 2,790 255 33,310 
Amortization of intangible assets11,497 685 — — 12,182 
Interchange expense— — 3,976 — 3,976 
All other noninterest expense72,693 1,889 2,009 13,754 90,345 
Intersegment noninterest expense14,167 2,443 1,133 (17,743)— 
Noninterest expense283,986 28,603 17,860 29,432 359,881 
Income (loss) before income taxes120,883 23,316 (1,482)(33,571)109,146 
Income taxes37,142 5,596 (393)(7,711)34,634 
Net income$83,741 $17,720 $(1,089)$(25,860)$74,512 
Nine Months Ended September 30, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$392,336 $— $— $29 $392,365 
Intersegment interest income324 — 37 (361)— 
Interest expense138,060 — — 13,272 151,332 
Intersegment interest expense2,109 — — (2,109)— 
Net interest income252,491 — 37 (11,495)241,033 
Provision for credit losses6,677 — — — 6,677 
Net interest income after provision for credit losses245,814 — 37 (11,495)234,356 
Noninterest income
Wealth management fees— 46,844 — — 46,844 
Payment technology solutions— — 16,889 — 16,889 
Treasury management services6,247 — — — 6,247 
Card services and ATM fees9,947 — — — 9,947 
Other service charges on deposit accounts7,059 — — — 7,059 
All other noninterest income15,414 1,145 (1)917 17,475 
Intersegment noninterest income1,004 — 812 (1,816)— 
Noninterest income39,671 47,989 17,700 (899)104,461 
Revenue292,162 47,989 17,737 (12,394)345,494 
Noninterest expense
Salaries, wages, and employee benefits87,358 19,831 7,277 15,695 130,161 
Data processing15,742 1,591 2,790 437 20,560 
Amortization of intangible assets6,705 881 — — 7,586 
Interchange expense— — 4,696 — 4,696 
All other noninterest expense49,954 2,079 1,822 6,014 59,869 
Intersegment noninterest expense8,605 2,322 1,081 (12,008)— 
Noninterest expense168,364 26,704 17,666 10,138 222,872 
Income (loss) before income taxes117,121 21,285 71 (22,532)115,945 
Income taxes30,711 5,108 18 (5,478)30,359 
Net income$86,410 $16,177 $53 $(17,054)$85,586