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OPERATING SEGMENTS AND RELATED INFORMATION
 3 Months Ended
Mar. 31, 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 subsidiaries, Busey Bank and CrossFirst Bank.
Busey Bank has 62 banking centers located throughout Illinois; the St. Louis, Missouri metropolitan area; southwest Florida; and Indianapolis, Indiana.
CrossFirst Bank has 16 banking centers located in Leawood, Kansas; Wichita, Kansas; Kansas City, Missouri; Oklahoma City, Oklahoma; Tulsa, Oklahoma; Dallas, Texas; Fort Worth, Texas; Frisco, Texas; Phoenix, Arizona; Tucson, Arizona; Colorado Springs, Colorado; Denver, Colorado; and Clayton, New Mexico. The newest banking center located in Oklahoma was opened on April 7, 2025.
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 March 31, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Goodwill$362,039 $14,108 $8,992 $— $385,139 
Total assets19,271,919 130,700 46,188 15,445 19,464,252 
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 March 31, 2025
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$166,812 $— $— $3 $166,815 
Intersegment interest income— — 13 (13)— 
Interest expense58,517 — — 4,567 63,084 
Intersegment interest expense491 — — (491)— 
Net interest income107,804 — 13 (4,086)103,731 
Provision for credit losses42,452 — — — 42,452 
Net interest income after provision for credit losses65,352 — 13 (4,086)61,279 
Noninterest income
Wealth management fees— 17,364 — — 17,364 
Fees for customer services8,128 — — — 8,128 
Payment technology solutions— — 5,073 — 5,073 
All other noninterest income(9,248)202 (2)(294)(9,342)
Intersegment noninterest income352 — 345 (697)— 
Noninterest income(768)17,566 5,416 (991)21,223 
Revenue107,036 17,566 5,429 (5,077)124,954 
Noninterest expense
Salaries, wages, and employee benefits46,726 7,031 2,481 11,325 67,563 
Data processing7,949 593 937 96 9,575 
Amortization of intangible assets2,841 242 — — 3,083 
Interchange expense— — 1,343 — 1,343 
All other noninterest expense22,966 737 617 9,287 33,607 
Intersegment noninterest expense4,665 780 369 (5,814)— 
Noninterest expense85,147 9,383 5,747 14,894 115,171 
Income (loss) before income taxes(20,563)8,183 (318)(19,971)(32,669)
Income taxes(870)1,964 (79)(3,694)(2,679)
Net income (loss)$(19,693)$6,219 $(239)$(16,277)$(29,990)
Three Months Ended March 31, 2024
(dollars in thousands)BankingWealth ManagementFirsTechOtherTotal
Interest income$125,810 $— $— $10 $125,820 
Intersegment interest income— — 13 (13)— 
Interest expense45,323 — — 4,643 49,966 
Intersegment interest expense867 — — (867)— 
Net interest income79,620 — 13 (3,779)75,854 
Provision for credit losses5,038 — — — 5,038 
Net interest income after provision for credit losses74,582 — 13 (3,779)70,816 
Noninterest income
Wealth management fees— 15,549 — — 15,549 
Fees for customer services7,056 — — — 7,056 
Payment technology solutions— — 5,709 — 5,709 
All other noninterest income6,013 163 — 423 6,599 
Intersegment noninterest income316 — 262 (578)— 
Noninterest income13,385 15,712 5,971 (155)34,913 
Revenue93,005 15,712 5,984 (3,934)110,767 
Noninterest expense
Salaries, wages, and employee benefits27,361 6,759 2,449 5,521 42,090 
Data processing5,033 516 858 143 6,550 
Amortization of intangible assets2,102 307 — — 2,409 
Interchange expense— — 1,611 — 1,611 
All other noninterest expense15,014 780 585 1,730 18,109 
Intersegment noninterest expense2,877 774 363 (4,014)— 
Noninterest expense52,387 9,136 5,866 3,380 70,769 
Income (loss) before income taxes35,580 6,576 118 (7,314)34,960 
Income taxes9,088 1,578 32 (1,963)8,735 
Net income$26,492 $4,998 $86 $(5,351)$26,225