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Cryptocurrencies: 26009
Markets: 101336
Market Cap: $2,905,692,986,217     
24h Vol: $64,980,493,784
Seeking Alpha 2023-03-02 23:14:05

Signature Bank spot deposit balances shrink so far in Q1 on lower crypto related deposits

Signature Bank spot deposit balances shrink so far in Q1 on lower crypto related deposits
Signature Bank ( NASDAQ: SBNY ) on Thursday issued a mid-Q1 financial update , with its spot deposit balances lower by ~$826M, driven by continued decline in cryptocurrency client related deposits. This is in line with its shift in strategy as the bank limits its crypto deposit exposure. Crypto client related deposits declined $1.51B so far in Q1. Excluding such balances, deposits increased $682M quarter-to-date. Average deposit balance QTD is $88.79B, compared with $88.59B at December 31, 2022 and $98.6B at Q4-end. Spot loan balances shrank by ~$1.71B so far in Q1 as Signature ( SBNY ) continues to reduce loan balances in its larger business lines. The bank reiterated that it does not trade, custody, or lend against/make loans collateralized by cryptos. Earlier, crypto exchange Kraken reportedly stopped using Signature ( SBNY ) for dollar deposits and withdrawals .
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