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Banking Deposits

Description: 

The amount of banking deposits provides an indication of the amount of money available to loan to local businesses and individuals. Deposits at commercial banks, savings institutions, and federal banks that are insured by the Federal Deposit Insurance Corporation (FDIC) are presented on Arizona Indicators. Annual data as of June 30 go back to 1994 for Arizona and the 15 Arizona counties. The inflation-adjusted percent changes in deposits are shown through the latest year. The figures are adjusted for inflation using the national gross domestic product implicit price deflator (GDP deflator). In addition, banking deposits are compared to the size of the economy, as measured by personal income. However, the release of the personal income data lag 18 months behind the banking deposit data.

Data Source: 

Banking deposits on June 30 are reported by the Federal Deposit Insurance Corporation: http://www2.fdic.gov/sod/index.asp (click on ‘Summary of Deposits Data’). The data are updated in October.

For personal income, preliminary annual data by state are released in March, with revised annual data reported in September. County data are released two months later, in November. All of the data can be accessed from http://www.bea.gov/regional/index.htm.

The GDP deflator is available from the U.S. Department of Commerce, Bureau of Economic Analysis: http://www.bea.gov/national/index.htm. Click on the “Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables” link; the GDP deflator is in Table 1.1.9 (Section 1: Domestic Product and Income).

Data Quality Comments: 

Deposits are limited to those at FDIC-insured institutions. Misreporting by banks to the FDIC occur, causing erroneous large annual changes, which are most noticeable in the less populous counties. The data are sometimes revised.

iconBanking Deposits Per $1,000 of Personal Income, 2013

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Visualization Notes:

The amount of banking deposits relative to the size of the economy, as measured by personal income, varied widely by county in 2013. The high figure in Santa Cruz County likely is related to deposits made by residents of Mexico. La Paz, Mohave, and Yavapai counties, each with a sizable retiree population, and Maricopa County also had higher deposits per $1,000 of personal income than the statewide figure.

iconBanking Deposits Per $1,000 of Personal Income

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Visualization Notes:

The amount of banking deposits relative to the size of the economy, as measured by personal income, has fluctuated in Arizona since 1994. The figure declined by 19 percent during the mid-to-late 1990s, likely due to people shifting their savings from banks into the stock market. Following a recovery in deposits from 2001 through 2005 that brought the value almost back to the 1994 level, deposits per $1,000 of personal income dropped in the early part of the recession but recovered to set a record in 2010. The 2011 through 2013 figures were slightly higher than the long-term average, but below the 2010 record.

Though bank deposit data exist for 2014, the latest personal income data for counties are for 2013. Banking deposits per $1,000 of personal income in 2013 were below the long-term average in 11 of Arizona’s 15 counties. In each of these counties, deposits have been below average for several consecutive years. However, the populous counties of Maricopa and Pima had somewhat above-average deposits in 2013. Coconino County has experienced an upward trend since 2008 to the highest figure on record.



 

iconBanking Deposits, Inflation-Adjusted Percent Change, 2014

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Visualization Notes:

Arizona experienced an inflation-adjusted increase of 4.2 percent in banking deposits in 2014. The increases were 5.6 percent in Maricopa County and 9.3 percent in Pinal County, but only a slight gain was realized in Pima County, the other populous county. Deposits fell in four counties.

iconBanking Deposits, Inflation-Adjusted Percent Change

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Visualization Notes:

Inflation-adjusted banking deposits rose in Arizona in each year from 1997 through 2006, with large gains from 2003 through 2005. Decreases occurred in 2007, 2008, and 2011 with small-to-moderate gains in the other years.

Data Source

Banking deposits on June 30 are reported by the Federal Deposit Insurance Corporation: http://www2.fdic.gov/sod/index.asp (click on ‘Summary of Deposits Data’). The data are updated in October.

For personal income, preliminary annual data by state are released in March, with revised annual data reported in September. County data are released two months later, in November. All of the data can be accessed from http://www.bea.gov/regional/index.htm.

The GDP deflator is available from the U.S. Department of Commerce, Bureau of Economic Analysis: http://www.bea.gov/national/index.htm. Click on the “Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables” link; the GDP deflator is in Table 1.1.9 (Section 1: Domestic Product and Income).