Reportable Segments and Related Information
 12 Months Ended
Dec. 31, 2014
Reportable Segments and Related Information  
Reportable Segments and Related Information

 

Note 21.  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 Note 1. The Company accounts for intersegment revenue and transfers at current market value.

 

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

 

 

 

Goodwill

 

Total Assets

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

(dollars in thousands)

 

(dollars in thousands)

 

As of December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Busey Bank

 

$

—

 

$

—

 

$
3,589,419 

 

$
3,456,555 

 

FirsTech

 
8,992 

 
8,992 

 
28,540 

 
27,253 

 

Busey Wealth Management

 
11,694 

 
11,694 

 
31,196 

 
28,548 

 

All Other

 

—

 

—

 
16,452 

 
27,219 

 

Totals

 

$
20,686 

 

$
20,686 

 

$
3,665,607 

 

$
3,539,575 

 

 

 

 

Year ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

Interest Income:

 

 

 

 

 

 

 

Busey Bank

 

$
107,766

 

$
108,413

 

$
116,608

 

FirsTech

 
52

 
51

 
62

 

Busey Wealth Management

 
287

 
242

 
251

 

All Other

 
(30

)
(10

)
(5

)

Total interest income

 

$
108,075

 

$
108,696

 

$
116,916

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

Busey Bank

 

$
5,355

 

$
7,448

 

$
13,466

 

FirsTech

 

—

 

—

 

—

 

Busey Wealth Management

 

—

 

—

 

—

 

All Other

 
1,144

 
1,183

 
1,304

 

Total interest expense

 

$
6,499

 

$
8,631

 

$
14,770

 

 

 

 

 

 

 

 

 

Other Income:

 

 

 

 

 

 

 

Busey Bank

 

$
32,452

 

$
36,774

 

$
39,908

 

FirsTech

 
9,561

 
8,541

 
8,522

 

Busey Wealth Management

 
18,953

 
17,799

 
16,345

 

All Other

 
(2,025

)
(531

)
2,077

 

Total other income

 

$
58,941

 

$
62,583

 

$
66,852

 

 

 

 

 

 

 

 

 

Net Income:

 

 

 

 

 

 

 

Busey Bank

 

$
30,764

 

$
25,416

 

$
19,162

 

FirsTech

 
1,227

 
1,000

 
935

 

Busey Wealth Management

 
4,681

 
4,242

 
3,363

 

All Other

 
(3,898

)
(1,932

)
(1,103

)

Total net income

 

$
32,774

 

$
28,726

 

$
22,357