Our analysis suggests several regional banks are struggling with flighty deposits, interest-rate mismatches and pricey borrowing. Even if none are about to collapse, the outlook is grim
Start with deposits. Before the panic in March, savers were moving money to high-yielding money-market funds. The fall of Silicon Valley Bank sped up the trend. Accounts with balances over the $250,000 federal-insurance limit fell by nearly 5% across the banking system—and by more than 11% at midsized lenders. At PacWest, an institution in California, total deposits dropped by 17% and uninsured ones by more than half.
Many banks are still sitting on billions in unrealised losses. The data show that America’s banks in aggregate have more than $500bn in such losses on their securities portfolios. Charles Schwab, a broker that has seen its share price fall by two-fifths this year, holds more than $21bn in paper losses through its banking subsidiaries. WhenOutstanding borrowing at American banks reached $1.3trn in the most recent quarter, up more than 40% on the previous one.
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