The $1.8 billion-asset
company said that overall deposits at June 30 fell by 1.4% from the end of
2021, to $1.4 billion.
Traditional deposits fell
by 3.3%, to about $1.1 billion. Another $14 million of deposits tied to
enterprise value customers left the bank over the first half of 2022.
Provident said BaaS
deposits rose by 62%, to $96.9 million. Deposits related to digital assets
increased by 5.1%, to $104.7 million.
The company also said that
noninterest deposits made up 46.9% of all deposits on June 30, an improvement
from 42.9% at the end of last year.
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