Signature Bank spot deposits fall quarter-to-date, fueled by crypto slump

In its mid-quarter update, Signature Bank (NASDAQ:SBNY) said Tuesday its spot deposit balances fell by ~$1.64B, as of Sept. 2, 2022, due to outflows in the digital banking space of $4.27B, driven by the recent downturn in cryptocurrency markets.Excluding the digital asset banking team, deposit balances have increased $2.64B during Q3.Spot loan growth so far this quarter is almost $2.39B with growth in almost all of its lending businesses.That puts Signature Bank (SBNY) in position to meet its target of combined loan and securities growth at the higher end of $1B-$3B range in Q3, it said.Signature Bank (SBNY) has dipped 2.6% in Tuesday afternoon trading, along with most other banks.In July, SA contributor took a close look at Signature's (SBNY) Q2 results and its growth prospects