Reportable Segments and Related Information

3 Months Ended

Mar. 31, 2014

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, 2013.

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

	Goodwill				Total Assets
	March 31,		December 31,		March 31,		December 31,
	2014		2013		2014		2013
	(dollars in thousands)				(dollars in thousands)
Goodwill & Total Assets:
Busey Bank	$	—	$	—	$	3,458,868	$	3,456,555
FirsTech	8,992		8,992		27,482		27,253
Busey Wealth Management	11,694		11,694		28,467		28,548
All Other	—		—		27,244		27,219
Total	$	20,686	$	20,686	$	3,542,061	$	3,539,575

	Three Months Ended March 31,
	2014			2013
	(dollars in thousands)
Interest income:
Busey Bank	$	26,181		$	27,040
FirsTech	12			13
Busey Wealth Management	64			60
All Other	(6		)	2
Total interest income	$	26,251		$	27,115
Interest expense:
Busey Bank	$	1,410		$	2,232
FirsTech	—			—
Busey Wealth Management	—			—
All Other	284			300
Total interest expense	$	1,694		$	2,532
Other income:
Busey Bank	$	8,536		$	10,497
FirsTech	2,387			2,129
Busey Wealth Management	4,541			4,103
All Other	(478		)	(88		)
Total other income	$	14,986		$	16,641
Net income:
Busey Bank	$	7,279		$	5,793
FirsTech	309			262
Busey Wealth Management	1,002			820
All Other	(703		)	(442		)
Total net income	$	7,887		$	6,433