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Reportable Segments and Related Information
6 Months Ended
Jun. 30, 2013
Reportable Segments and Related Information  
Reportable Segments and Related Information

Note 10:  Reportable Segments and Related Information

 

The Company has three reportable segments, Busey Bank, FirsTech and Busey Wealth Management.  Busey Bank provides a full range of banking services to individual and corporate customers through its branch network in downstate Illinois, through its branch in Indianapolis, Indiana, and through its branch network in southwest Florida.  FirsTech provides remittance processing for online bill payments, lockbox and walk-in payments.  Busey Wealth Management is the parent company of Busey Trust Company, which provides a full range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation and philanthropic advisory services.

 

The Company’s three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies.

 

The segment financial information provided below has been derived from the internal accounting system used by management to monitor and manage the financial performance of the Company.  The accounting policies of the three segments are the same as those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

 

Following is a summary of selected financial information for the Company’s business segments:

 

 

 

Goodwill

 

Total Assets

 

 

 

June 30,

 

December 31,

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(dollars in thousands)

 

(dollars in thousands)

 

Goodwill & Total Assets:

 

 

 

 

 

 

 

 

 

Busey Bank

 

$

 

$

 

$

3,420,199

 

$

3,567,637

 

FirsTech

 

8,992

 

8,992

 

26,766

 

26,401

 

Busey Wealth Management

 

11,694

 

11,694

 

27,390

 

26,653

 

All Other

 

 

 

37,034

 

(2,635

)

Total

 

$

20,686

 

$

20,686

 

$

3,511,389

 

$

3,618,056

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

(dollars in thousands)

 

(dollars in thousands)

 

Interest Income:

 

 

 

 

 

 

 

 

 

Busey Bank

 

$

27,390

 

$

29,145

 

$

54,430

 

$

59,158

 

FirsTech

 

13

 

17

 

26

 

33

 

Busey Wealth Management

 

57

 

64

 

117

 

130

 

All Other

 

 

(1

)

2

 

 

Total interest income

 

$

27,460

 

$

29,225

 

$

54,575

 

$

59,321

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

Busey Bank

 

$

1,917

 

$

3,626

 

$

4,149

 

$

7,690

 

FirsTech

 

 

 

 

 

Busey Wealth Management

 

 

 

 

 

All Other

 

298

 

325

 

598

 

659

 

Total interest expense

 

$

2,215

 

$

3,951

 

$

4,747

 

$

8,349

 

 

 

 

 

 

 

 

 

 

 

Other Income:

 

 

 

 

 

 

 

 

 

Busey Bank

 

$

9,598

 

$

9,678

 

$

20,095

 

$

19,742

 

FirsTech

 

2,149

 

2,135

 

4,278

 

4,324

 

Busey Wealth Management

 

4,643

 

4,339

 

8,746

 

8,271

 

All Other

 

(607

)

(382

)

(695

)

1,313

 

Total other income

 

$

15,783

 

$

15,770

 

$

32,424

 

$

33,650

 

 

 

 

 

 

 

 

 

 

 

Net Income:

 

 

 

 

 

 

 

 

 

Busey Bank

 

$

6,487

 

$

4,187

 

$

12,280

 

$

10,217

 

FirsTech

 

286

 

244

 

548

 

509

 

Busey Wealth Management

 

1,133

 

1,004

 

1,953

 

1,867

 

All Other

 

(466

)

(547

)

(908

)

(62

)

Total net income

 

$

7,440

 

$

4,888

 

$

13,873

 

$

12,531