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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Off-Balance-Sheet Arrangements
Busey Bank routinely enters into commitments to extend credit and standby letters of credit in the normal course of business to meet the financing needs of its customers. The balance of commitments to extend credit represents future cash requirements and some of these commitments may expire without being drawn upon.
The following table summarizes our outstanding commitments and reserves for unfunded commitments(dollars in thousands):
| As of December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Outstanding loan commitments and standby letters of credit | $2,176,496 | $2,024,777 |
| Reserve for unfunded commitments | 7,062 | 6,601 |
The following table summarizes our provision for unfunded commitments expenses (releases) for the periods presented(dollars in thousands):
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Provision for unfunded commitments expense (release) | $461 | $61 | $(774) |
We anticipate we will have sufficient funds available to meet current loan commitments, including loan applications received and in process prior to the issuance of firm commitments.
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