Deposit inflows from Banking-as-a-Service (BaaS) and digital assets partially offset an exodus of more traditional deposits at Provident Bancorp in Amesbury, Mass.
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.