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DEPOSITS | 12 Months Ended
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Dec. 31, 2023
Statistical Disclosure for Banks [Abstract] |
DEPOSITS | DEPOSITS 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 |

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481047/942-405-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Paragraph (e) -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1406 -Publisher SEC Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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