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FDIC Quarterly Features Key Findings from SOD, QBP

Board of Directors - Monday, April 10, 2017

The FDIC Quarterly released today includes a feature article that highlights key findings from the 2016 Summary of Deposits (SOD) survey.

Banks Attract More Deposits While Operating Fewer Offices—Deposits across the banking industry grew while the number of offices shrank among noncommunity banks and increased among community banks from the previous year, according to an analysis of data from the 2016 Summary of Deposits (SOD) survey. The survey collects data about offices and deposits from all FDIC-insured institutions as of June 30 each year. The number of FDIC-insured institutions totaled 6,058 on June 30, 2016, down from 6,348 the previous year. FDIC-insured institutions reduced their total number of offices by 1.5 percent to 91,851 for the year ending June 30, 2016. While the number of retail offices and brick-and-mortar offices fell, the number of home banking offices and trust offices increased, and the number of institutions with offices in multiple states increased from 688 to 703. Total deposits at FDIC-insured institutions increased 5.8 percent to $11.2 trillion. Offices in energy-dependent counties reported almost no deposit growth as natural gas, oil, and coal prices fell, but deposits in those offices have stabilized from the 7.1 percent decrease noted in the 2015 SOD. Total noncommunity bank deposits increased 6.1 percent ($543.5 billion), with more than three-quarters of noncommunity banks reporting an annual increase. Community bank deposits increased 5.8 percent ($95.3 billion), with more than two-thirds of community banks reporting an annual increase.

This issue of the FDIC Quarterly also includes fourth quarter 2016 industry results from the Quarterly Banking Profile, which was released on February 28, 2017.

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