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OPERATING SEGMENTS AND RELATED INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
OPERATING SEGMENTS AND RELATED INFORMATION
NOTE 23. OPERATING SEGMENTS AND RELATED INFORMATION
Busey’s reportable segments are determined by its chief executive officer, Van A. Dukeman, 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.
To evaluate segment performance and make informed decisions regarding the allocation of capital and personnel to the segments, the chief operating decision maker reviews each segment’s actual revenues, consisting of net interest income plus noninterest income, and net income against budgeted revenues and net income on a monthly basis. This process enables the Company to (1) determine the cost and availability of funds within each business segment, (2) assess the profitability of a specific business segment by aligning relevant costs with revenues, and (3) evaluate each business segment in a way that reflects its economic impact on consolidated earnings.
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, 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, 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 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.” Busey accounts for intersegment revenue and transfers at current market prices.
Goodwill and total assets are detailed below by operating segment. The “other” category included in the tables below consists of the parent company, First Busey Risk Management until its dissolution on December 18, 2023, and the elimination of intercompany transactions (dollars in thousands):
As of December 31, 2024
BankingWealth ManagementFirsTechOtherTotal
Goodwill$310,595 $14,108 $8,992 $— $333,695 
Total assets11,856,651 126,180 57,737 6,154 12,046,722 
As of December 31, 2023
BankingWealth ManagementFirsTechOtherTotal
Goodwill$294,773 $14,108 $8,992 $— $317,873 
Total assets12,125,298 103,147 51,600 3,370 12,283,415 
Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are detailed below (dollars in thousands):
Year Ended December 31, 2024
BankingWealth ManagementFirsTechOtherTotal
Interest income$523,648 $— $— $33 $523,681 
Intersegment interest income324 — 48 (372)— 
Interest expense183,126 — — 17,944 201,070 
Intersegment interest expense2,664 — — (2,664)— 
Net interest income338,182 — 48 (15,619)322,611 
Provision for credit losses8,590 — — — 8,590 
Net interest income after provision for credit losses329,592 — 48 (15,619)314,021 
 
Noninterest income
Wealth management fees— 63,630 — — 63,630 
Fees for customer services30,933 — — — 30,933 
Payment technology solutions— — 21,983 — 21,983 
All other noninterest income20,871 1,323 — 942 23,136 
Intersegment noninterest income1,402 — 1,071 (2,473)— 
Noninterest income53,206 64,953 23,054 (1,531)139,682 
 
Revenue
391,388 64,953 23,102 (17,150)462,293 
 
Noninterest expense
Salaries, wages, and employee benefits117,730 26,631 10,130 21,128 175,619 
Data processing20,631 2,263 3,692 538 27,124 
Amortization of intangible assets8,916 1,141 — — 10,057 
Interchange expense— — 6,001 — 6,001 
All other noninterest expense66,433 2,836 2,736 9,593 81,598 
Intersegment noninterest expense11,457 3,096 1,443 (15,996)— 
Noninterest expense225,167 35,967 24,002 15,263 300,399 
 
Income (loss) before income taxes157,631 28,986 (900)(32,413)153,304 
Income taxes40,365 6,956 (230)(7,478)39,613 
Net income$117,266 $22,030 $(670)$(24,935)$113,691 
Year Ended December 31, 2023
BankingWealth ManagementFirsTechOtherTotal
Interest income$480,438 $— $— $105 $480,543 
Intersegment interest income— — 54 (54)— 
Interest expense140,917 — — 19,005 159,922 
Intersegment interest expense3,006 — — (3,006)— 
Net interest income336,515 — 54 (15,948)320,621 
Provision for credit losses2,399 — — — 2,399 
Net interest income after provision for credit losses334,116 — 54 (15,948)318,222 
 
Noninterest income
Wealth management fees— 57,309 — — 57,309 
Fees for customer services29,044 — — — 29,044 
Payment technology solutions— — 21,192 — 21,192 
All other noninterest income15,337 514 — (2,182)13,669 
Intersegment noninterest income1,149 — 1,554 (2,703)— 
Noninterest income45,530 57,823 22,746 (4,885)121,214 
 
Revenue382,045 57,823 22,800 (20,833)441,835 
 
Noninterest expense
Salaries, wages, and employee benefits111,834 24,474 8,522 17,767 162,597 
Data processing18,217 1,937 3,013 541 23,708 
Amortization of intangible assets8,963 1,469 — — 10,432 
Interchange expense— — 6,864 — 6,864 
All other noninterest expense71,259 2,503 2,154 6,015 81,931 
Intersegment noninterest expense13,178 2,698 1,100 (16,976)— 
Noninterest expense223,451 33,081 21,653 7,347 285,532 
 
Income (loss) before income taxes156,195 24,742 1,147 (28,180)153,904 
Income taxes32,342 5,938 317 (7,258)31,339 
Net income$123,853 $18,804 $830 $(20,922)$122,565 
Year Ended December 31, 2022
BankingWealth ManagementFirsTechOtherTotal
Interest income$360,126 $— $— $50 $360,176 
Intersegment interest income— — 65 (65)— 
Interest expense18,694 — 17,854 36,548 
Intersegment interest expense1,159 — — (1,159)— 
Net interest income340,273 — 65 (16,710)323,628 
Provision for credit losses4,623 — — — 4,623 
Net interest income after provision for credit losses335,650 — 65 (16,710)319,005 
 
Noninterest income
Wealth management fees— 55,378 — — 55,378 
Fees for customer services33,111 — — — 33,111 
Payment technology solutions— — 20,067 — 20,067 
All other noninterest income19,890 16 (3)(1,846)18,057 
Intersegment noninterest income962 — 1,656 (2,618)— 
Noninterest income53,963 55,394 21,720 (4,464)126,613 
 
Revenue394,236 55,394 21,785 (21,174)450,241 
 
Noninterest expense
Salaries, wages, and employee benefits107,159 22,993 7,899 20,965 159,016 
Data processing16,420 1,962 2,721 545 21,648 
Amortization of intangible assets9,831 1,797 — — 11,628 
Interchange expense— — 6,298 — 6,298 
All other noninterest expense73,544 2,593 2,415 6,739 85,291 
Intersegment noninterest expense15,042 2,200 1,286 (18,528)— 
Noninterest expense221,996 31,545 20,619 9,721 283,881 
 
Income (loss) before income taxes167,617 23,849 1,166 (30,895)161,737 
Income taxes36,021 5,306 319 (8,220)33,426 
Net income$131,596 $18,543 $847 $(22,675)$128,311