DEPOSITS

12 Months Ended

Dec. 31, 2023

Statistical Disclosure for Banks [Abstract]

The composition of the deposit portfolio is included in the table below as of the dates indicated:


	December 31, 2023		December 31, 2022
Demand deposits	$	7,965,862	$	8,448,797
Savings deposits	4,516,433		4,657,140
Certificates and other time deposits of $100,000 or more	1,408,985		742,539
Other certificates and time deposits	849,906		468,712
Brokered certificates of deposits	80,267		65,557
Total deposits	$	14,821,453	$	14,382,745

Deposits increased $438.7 million from December 31, 2022. The majority of the organic deposit growth was due to increases in maturity deposits of $1.1 billion, which was offset by decreases in nonmaturity deposits of $623.6 million when compared to December 31, 2022. Higher interest rates have resulted in customers migrating funds from nonmaturity products into maturity time deposit products. At December 31, 2023 and 2022, deposits exceeding the FDIC’s Standard Maximum Deposit Insurance Amount of $250,000 were $8.6 billion and $8.1 billion, respectively.

At December 31, 2023, the contractual maturities of time deposits are summarized as follows:


	Certificates and Other Time Deposits
2024	$	2,185,566
2025	98,377
2026	47,924
2027	5,056
2028	2,015
After 2028	220
	$	2,339,158