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Staff Reports

Deposit Specialization and Lending Behavior

Number 1175
December 2025 Revised July 2026

JEL classification: G20, G21, G01

Authors: Kristian S. Blickle, Cecilia Parlatore, and Anthony Saunders

Using granular supervisory data on deposits, loans, and securities for the largest U.S. banks, we document persistent differences in depositor structures that directly shape asset structures. Retail-depositor oriented banks, for instance, enjoy cheap and stable funding. They thus hold lower-rate, longer-maturity loans and conduct more real estate lending than NBFI-depositor oriented banks. This has aggregate implications. Using exogenous deposit growth around COVID, we show bank depositor orientation shapes their response to deposit growth as well as to interest rate changes. Finally, we augment the paper with a risk measure that captures deviations between asset duration and liability maturity.

Full Article

Author Disclosure Statement(s)

Kristian Blickle
I have nothing to disclose.

Cecilia Parlatore
The author declares that she has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.

Anthony Saunders
I am happy to disclose I have no financial or other conflicts of interest in my research work and papers co-authored with Kristian Blickle.

Suggested Citation:
Blickle, Kristian, Cecilia Parlatore, and Anthony Saunders. 2025. “Deposit Specialization and Lending Behavior.” Federal Reserve Bank of New York Staff Reports, no. 1175, revised July 2026. https://doi.org/10.59576/sr.1175

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