FIRST BUSEY CORP NV
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Deposits
The following table shows the deposit mix for each of the periods presented (dollars in thousands):
| As of December 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 · 2022 | ||||||
| Balance | % Total | Balance | % Total | Change | % Change | |
| Deposits | ||||||
| Non-maturity deposits: | ||||||
| Noninterest-bearing demand deposits | $2,834,655 | 27.5% | $3,393,666 | 33.7% | $(559,011) | (16.5)% |
| Interest-bearing transaction deposits | 2,717,139 | 26.4% | 2,857,818 | 28.4% | (140,679) | (4.9)% |
| Saving deposits and money market deposits | 2,920,088 | 28.4% | 2,964,421 | 29.4% | (44,333) | (1.5)% |
| Total non-maturity deposits | 8,471,882 | 82.3% | 9,215,905 | 91.5% | (744,023) | (8.1)% |
| Time deposits | 1,819,274 | 17.7% | 855,375 | 8.5% | 963,899 | 112.7% |
| Total deposits | $10,291,156 | 100.0% | $10,071,280 | 100.0% | $219,876 | 2.2% |
Total deposits increased by 2.2% to $10.3 billion as of December 31, 2023, compared to $10.1 billion as of December 31, 2022. Growth in our deposit base coupled with cash flows from our securities portfolio allows us to fund loan growth while limiting our reliance on higher cost wholesale funding alternatives. We focus on deepening our relationship with customers to maintain and protect our strong core deposit 4 franchise, allowing us to reduce our reliance on wholesale funding. As of December 31, 2023, our average customer tenure was 16.5 years for retail customers and 12.4 years for commercial customers. Core deposits 4 include non-brokered transaction accounts, money market deposit accounts, and time deposits of $250,000 or less. Core deposits 4 represented 96.2% of total deposits as of December 31, 2023, compared to 98.8% as of December 31, 2022.
Deposits are federally insured up to the FDIC insurance limit of $250,000. When a portion of a deposit account exceeds the FDIC insurance limit, that portion is uninsured. Estimated uninsured deposits were $3.8 billion at December 31, 2023. The portion of our deposit base that was uninsured and not otherwise collateralized was estimated to be $2.8 billion at December 31, 2023, which represented 27% of total deposits. Of that amount, $350.1 million represented time deposits. The following table presents estimates of the uninsured portion of time deposits by maturity date(dollars in thousands):
| As ofDecember 31,2023 | |
|---|---|
| Estimated uninsured time deposits by schedule of maturities | |
| 3 months or less | $115,498 |
| Over 3 months through 6 months | 123,186 |
| Over 6 months through 12 months | 88,335 |
| Thereafter | 23,059 |
| Uninsured time deposits | $350,078 |
4 Core deposits is a non-GAAP financial measure. For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see“Item 1. Business—Non-GAAP Financial Information” included in this Annual Report.
First Busey Corporation | 2023 — 82
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.