The FDIC’s annual Summary of Deposits (SOD) data is now available, providing detailed branch-level information on deposit balances as of June 30, 2024. This data is a key resource for analyzing geographic deposit market trends, assessing competitive positioning, and supporting strategic decision-making in the banking sector.
About the Summary of Deposits (SOD)
The SOD is a comprehensive dataset that includes:
- Deposit balances for each FDIC-insured branch
- Institutional and branch identifiers
- Location details (city, county, state, ZIP code)
- Market share information at the local and national levels
Published annually, the SOD is a primary tool used by banks, analysts, and regulators to evaluate:
- Market concentration
- Deposit growth or contraction by region
- Branch performance trends
- M&A impact on local deposit footprints
Key Trends from the 2024 SOD Release (Preliminary Insights):
- Consolidation Continues: The number of branches continues to decline slightly, following ongoing trends of digital transformation and cost optimization.
- Deposit Migration: Shifts in deposit concentration from urban to suburban and rural areas were noted in several markets, influenced by remote work and migration trends.
- Top Market Holders: Large national and super-regional banks maintain strong footholds in major MSAs, but community banks continue to hold dominant shares in smaller counties.
- Deposit Share Shifts: Changes in market share from recent mergers and acquisitions are reflected, reshaping local competition in key areas.
Strategic Uses of SOD Data:
- Market Entry/Exit Planning: Identify underserved areas or over-saturated markets.
- Competitive Benchmarking: Compare deposit trends against peer institutions at the branch level.
- Regulatory Filings: Inform CRA evaluations, branch applications, and merger assessments.
- Analytical Modeling: Integrate branch-level deposit data into GIS systems and custom market analysis models.