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OPERATING SEGMENTS AND RELATED INFORMATION
 12 Months Ended
Dec. 31, 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 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 its banking center network 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 FirsTech Operating Segment
The FirsTech operating segment provides comprehensive and innovative payment technology solutions including online, mobile, and voice-recognition bill payments; money management and credit card networks; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments. 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.
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.
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.
Segment Financial Information
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.” The Company accounts for intersegment revenue and transfers at current market prices.
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):
GoodwillTotal Assets
As of December 31,As of December 31,
2022202120222021
Operating segment
Banking$294,773 $294,773 $12,199,960 $12,746,833 
FirsTech8,992 8,992 48,715 47,481 
Wealth Management14,108 14,108 84,082 65,587 
Other— — 3,920 (212)
Consolidated total$317,873 $317,873 $12,336,677 $12,859,689 
Years Ended December 31,
202220212020
Net interest income
Banking$340,083 $285,678 $294,728 
FirsTech65 79 79 
Wealth Management— — — 
Other(16,710)(15,059)(11,872)
Total net interest income$323,438 $270,698 $282,935 
Noninterest income
Banking$54,154 $59,393 $61,043 
FirsTech21,720 19,629 16,548 
Wealth Management55,394 53,082 43,429 
Other(4,465)700 (2,755)
Total noninterest income$126,803 $132,804 $118,265 
Noninterest expense
Banking$221,997 $205,905 $185,445 
FirsTech20,619 17,574 13,279 
Wealth Management31,545 29,198 26,086 
Other9,720 9,103 9,387 
Total noninterest expense$283,881 $261,780 $234,197 
Income before income taxes
Banking$167,617 $154,267 $131,529 
FirsTech1,166 2,134 3,348 
Wealth Management23,849 23,884 17,343 
Other(30,895)(23,462)(24,014)
Total income before income taxes$161,737 $156,823 $128,206 
Net income
Banking$131,596 $117,844 $101,226 
FirsTech847 1,527 2,372 
Wealth Management18,543 18,570 13,181 
Other(22,675)(14,492)(16,435)
Total net income$128,311 $123,449 $100,344