Using branch-level FDIC Summary of Deposits data over the past several years, I aggregated deposit account balances to the county level so I could make a comparison of economic health between Escambia, Santa Rosa, and Okaloosa County, Florida.
From 2020 to 2022, there was forced reserve accumulation likely driven by stimulus, suppressed consumption, and deferred discretionary spending. In 2022, this deferred demand was introduced back into the market.
Over the past three years, we are seeing deposit growth slow and even reverse – indicating households and businesses are drawing down reserves to maintain financial stability.
Santa Rosa County is now three consecutive years into a confirmed drawdown phase, while Escambia and Okaloosa Counties are showing emerging confirmation.
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Chris Woodward Research 