Operating Segments and Related Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Operating Segments and Related Information

Operating Segments and Related Information

The Company has three reportable operating segments: Banking, FirsTech, and Wealth Management. The Company’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 provides a full range of banking services to individual and corporate customers through its banking center network in Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana. The FirsTech operating segment provides solutions for online, mobile, and voice-recognition bill payments; lockbox; and walk-in payments. 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.

The segment financial information provided below has been derived from information used by management to monitor and manage the financial performance of the Company. 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” in the Company’s 2021 Annual Report. The Company accounts for intersegment revenue and transfers at current market value.

Following is a summary of selected financial information for the Company’s operating segments. The “other” category included in the tables below consists of the parent company, First Busey Risk Management, and the elimination of intercompany transactions (dollars in thousands):

	Goodwill				Total Assets
	As of				As of
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Operating segment
Banking	$	294,773	$	294,773	$	12,352,413	$	12,746,833
FirsTech	8,992		8,992		48,499		47,481
Wealth Management	14,108		14,108		80,082		65,587
Other	—		—		16,394		(212)
Consolidated total	$	317,873	$	317,873	$	12,497,388	$	12,859,689

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net interest income
Banking	$	90,916	$	74,672	$	244,820	$	211,377
FirsTech	15		19		50		60
Other	(4,626)		(3,936)		(12,581)		(11,247)
Total net interest income	$	86,305	$	70,755	$	232,289	$	200,190
Noninterest income
Banking	$	13,559	$	14,976	$	42,827	$	42,798
FirsTech	5,578		5,030		16,333		14,700
Wealth Management	12,514		13,746		42,425		39,333
Other	(718)		(493)		(3,861)		884
Total noninterest income	$	30,933	$	33,259	$	97,724	$	97,715
Noninterest expense
Banking	$	55,273	$	59,520	$	165,220	$	150,032
FirsTech	5,109		4,519		14,601		13,086
Wealth Management	7,682		7,679		23,533		20,961
Other	2,672		1,769		6,850		6,532
Total noninterest expense	$	70,736	$	73,487	$	210,204	$	190,611
Income before income taxes
Banking	$	46,838	$	31,996	$	118,663	$	114,507
FirsTech	484		530		1,782		1,674
Wealth Management	4,832		6,068		18,892		18,373
Other	(8,016)		(6,198)		(23,292)		(16,895)
Total income before income taxes	$	44,138	$	32,396	$	116,045	$	117,659
Net income
Banking	$	37,082	$	25,123	$	94,032	$	89,889
FirsTech	353		384		1,300		1,214
Wealth Management	3,756		4,719		14,688		14,285
Other	(5,530)		(4,285)		(16,096)		(11,865)
Total net income	$	35,661	$	25,941	$	93,924	$	93,523