FIRST BUSEY CORP NV
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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Sep 30, 2024 · Filed Nov 5, 2024
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Concentration of Credit Risk
As a matter of policy and practice, we limit the level of concentration exposure in any particular loan segment with the goal of maintaining a well-diversified loan portfolio. The following table presents the percentage of total portfolio loans in each loan category and class.
| As of | ||
|---|---|---|
| September 302024 | December 312023 | |
| Commercial loans | ||
| C&I and other commercial | 24.0% | 24.0% |
| Commercial real estate | 43.0% | 43.6% |
| Real estate construction | 5.1% | 6.0% |
| Total commercial loans | 72.1% | 73.6% |
| Retail loans | ||
| Retail real estate | 21.9% | 22.5% |
| Retail other | 6.0% | 3.9% |
| Total retail loans | 27.9% | 26.4% |
| Total portfolio loans | 100.0% | 100.0% |
A significant majority of our portfolio lending activity occurs in the Illinois and Missouri markets, with the remainder in the Florida and Indiana markets. The geographic distribution of loans originated in each of these markets is presented in the tables below (dollars in thousands):
| September 30, 2024 | ||||||
|---|---|---|---|---|---|---|
| Illinois · Missouri · Florida · Indiana · Total | ||||||
| Commercial loans | ||||||
| C&I and other commercial | $1,525,046 | $295,895 | $22,046 | $34,510 | $1,877,497 | |
| Commercial real estate | 2,328,054 | 618,378 | 233,210 | 176,165 | 3,355,807 | |
| Real estate construction | 239,857 | 42,140 | 51,208 | 64,772 | 397,977 | |
| Total commercial loans | 4,092,957 | 956,413 | 306,464 | 275,447 | 5,631,281 | |
| Retail loans | ||||||
| Retail real estate | 1,277,020 | 219,963 | 131,862 | 79,926 | 1,708,771 | |
| Retail other | 463,928 | 3,460 | 632 | 1,025 | 469,045 | |
| Total retail loans | 1,740,948 | 223,423 | 132,494 | 80,951 | 2,177,816 | |
| Total portfolio loans | $5,833,905 | $1,179,836 | $438,958 | $356,398 | 7,809,097 | |
| ACL | (84,981) | |||||
| Portfolio loans, net of ACL | $7,724,116 | |||||
| December 31, 2023 | ||||||
|---|---|---|---|---|---|---|
| Illinois · Missouri · Florida · Indiana · Total | ||||||
| Commercial loans | ||||||
| C&I and other commercial | $1,395,020 | $369,767 | $25,267 | $45,940 | $1,835,994 | |
| Commercial real estate | 2,278,348 | 671,762 | 219,511 | 167,716 | 3,337,337 | |
| Real estate construction | 255,879 | 74,805 | 72,121 | 58,912 | 461,717 | |
| Total commercial loans | 3,929,247 | 1,116,334 | 316,899 | 272,568 | 5,635,048 | |
| Retail loans | ||||||
| Retail real estate | 1,284,362 | 225,610 | 129,454 | 81,029 | 1,720,455 | |
| Retail other | 290,937 | 2,344 | 1,111 | 1,139 | 295,531 | |
| Total retail loans | 1,575,299 | 227,954 | 130,565 | 82,168 | 2,015,986 | |
| Total portfolio loans | $5,504,546 | $1,344,288 | $447,464 | $354,736 | 7,651,034 | |
| ACL | (91,740) | |||||
| Portfolio loans, net of ACL | $7,559,294 | |||||
Commercial real estate loans made up 43.0% of our total loan portfolio as of September 30, 2024, and were 28.2% owner occupied. Commercial real estate loans are made across a variety of industries, as depicted in the table below(dollars in thousands). Balances reflected in the table below do not include loan origination fees or costs, purchase accounting adjustments, SBA discounts, or negative escrow amounts.
| As of September 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Commercial Real Estate Loans · % of Total Commercial Real Estate Loans · Owned By · % Owner Occupied | |||||||||
| Investor · Occupant | |||||||||
| Industry | |||||||||
| Industrial/Warehouse | $673,069 | 20.0% | $305,304 | $367,765 | 54.6% | ||||
| Retail | 585,651 | 17.4% | 502,039 | 83,612 | 14.3% | ||||
| Apartments | 551,235 | 16.4% | 551,235 | — | —% | ||||
| Traditional Office | 360,669 | 10.7% | 252,753 | 107,916 | 29.9% | ||||
| Specialty | 323,734 | 9.6% | 67,598 | 256,136 | 79.1% | ||||
| Medical Office | 230,935 | 6.9% | 147,234 | 83,701 | 36.2% | ||||
| Student Housing | 229,283 | 6.8% | 229,283 | — | —% | ||||
| Hotel | 169,663 | 5.0% | 169,070 | 593 | 0.3% | ||||
| Senior Housing | 122,272 | 3.6% | 122,272 | — | —% | ||||
| Restaurant | 68,852 | 2.0% | 23,259 | 45,593 | 66.2% | ||||
| Nursing Homes | 24,479 | 0.7% | 23,113 | 1,366 | 5.6% | ||||
| Health Care | 20,574 | 0.6% | 20,000 | 574 | 2.8% | ||||
| Other | 510 | —% | 510 | — | —% | ||||
| Total | $3,360,926 | 99.7% | — | $2,413,670 | $947,256 | 28.2% | |||
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