Deposits at all U.S. commercial banks dropped in the second week of April, though at smaller banks deposits held steady in a sign of stabilization in the financial institutions hardest hit by deposit outflows after last month's failure of two large regional banks.
Federal Reserve data released on Friday showed deposits at all commercial banks fell to $17.38 trillion in the week ended April 12, on a non-seasonally adjusted basis, from $17.43 trillion a week earlier.A drop in deposits can leave banks with less capacity for loans, though there was little to show that in the Fed's data Friday.
One effect of the higher interest rates is a rise in large time deposits, which at $1.87 trillion are now their highest since November 2009 on a nonseasonally adjusted basis. As a share of deposits, though, they remain very low at 10.8% of all deposits, the largest since August 2020 and up more than 3 percentage points from their record low in January 2022.
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