Reportable Segments and Related Information

9 Months Ended

Sep. 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
	September 30,		December 31,		September 30,		December 31,
	2013		2012		2013		2012
	(dollars in thousands)				(dollars in thousands)
Goodwill & Total Assets:
Busey Bank	$	—	$	—	$	3,448,907	$	3,567,637
FirsTech	8,992		8,992		26,946		26,401
Busey Wealth Management	11,694		11,694		27,855		26,653
All Other	—		—		28,316		(2,635		)
Total	$	20,686	$	20,686	$	3,532,024	$	3,618,056

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(dollars in thousands)						(dollars in thousands)
Interest Income:
Busey Bank	$	27,167		$	28,935		$	81,597		$	88,093
FirsTech	13			15			39			48
Busey Wealth Management	62			62			179			192
All Other	(6		)	(1		)	(4		)	(1		)
Total interest income	$	27,236		$	29,011		$	81,811		$	88,332
Interest Expense:
Busey Bank	$	1,709		$	3,138		$	5,858		$	10,828
FirsTech	—			—			—			—
Busey Wealth Management	—			—			—			—
All Other	294			328			892			987
Total interest expense	$	2,003		$	3,466		$	6,750		$	11,815
Other Income:
Busey Bank	$	9,447		$	9,850		$	29,542		$	29,592
FirsTech	2,167			2,094			6,445			6,418
Busey Wealth Management	4,540			4,061			13,286			12,332
All Other	(524		)	(416		)	(1,219		)	897
Total other income	$	15,630		$	15,589		$	48,054		$	49,239
Net Income:
Busey Bank	$	6,963		$	4,642		$	19,243		$	14,859
FirsTech	259			237			807			746
Busey Wealth Management	1,173			780			3,126			2,647
All Other	(462		)	(750		)	(1,370		)	(812		)
Total net income	$	7,933		$	4,909		$	21,806		$	17,440