Note 12: Operating Segments and Related Information

The Company has three reportable operating segments, Banking, Remittance Processing and Wealth Management. The Banking operating segment provides a full range of banking services to individual and corporate customers through its banking center network in Illinois, St. Louis, Missouri metropolitan area, southwest Florida and through its banking center in Indianapolis, Indiana. Banking services for Busey Bank and TheBANK are aggregated into the banking operating segment as they have similar operations and activities. The Remittance Processing operating segment provides for online bill payments, lockbox and walk-in payments. The Wealth Management operating segment provides a full range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services and farm and brokerage services.

The Company’s three operating segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. The “other” category consists of the Parent Company and the elimination of intercompany transactions.

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 segments are the same as those described in the summary of significant accounting policies in the “Note 1. Significant Accounting Policies” to Form 10-K. The Company accounts for intersegment revenue and transfers at current market value.

Following is a summary of selected financial information for the Company’s operating segments (dollars in thousands):


	Goodwill				Total Assets
	March 31, 2019		December 31, 2018		March 31, 2019		December 31, 2018

Banking	$	293,657	$	246,999	$	9,499,513	$	7,656,709
Remittance Processing		8,992		8,992		41,467		39,278
Wealth Management		11,694		11,694		22,894		20,992
Other		—		—		(26,540)		(14,622)
Totals	$	314,343	$	267,685	$	9,537,334	$	7,702,357


	Three Months Ended March 31,
	2019		2018
Net interest income:
Banking	$	70,638	$	61,416
Remittance Processing		18		16
Wealth Management		—		94
Other		(2,273)		(1,769)
Total net interest income	$	68,383	$	59,757

Non-interest income:
Banking	$	12,783	$	10,897
Remittance Processing		4,181		3,783
Wealth Management		9,133		8,641
Other		(152)		(835)
Total non-interest income	$	25,945	$	22,486

Non-interest expense:
Banking	$	45,171	$	41,386
Remittance Processing		2,764		2,466
Wealth Management		5,564		4,911
Other		3,664		2,277
Total non-interest expense	$	57,163	$	51,040

Income before income taxes:
Banking	$	36,139	$	29,919
Remittance Processing		1,435		1,333
Wealth Management		3,569		3,824
Other		(6,089)		(4,881)
Total income before income taxes	$	35,054	$	30,195

Net income:
Banking	$	26,665	$	21,845
Remittance Processing		1,025		953
Wealth Management		2,641		2,764
Other		(4,862)		(3,645)
Total net income	$	25,469	$	21,917