Yes, but before it was down, they had substantially more assets than deposits owed.
> As of the end of December, SVB had roughly $209 billion in total assets and $175.4 billion in total deposits
Say $80B of that is worth 83% of the HTM value on their balance sheet. That would be $14B less, or $195B in assets against $175B in deposits. I don't know the details of their holdings or exact difference between market prices and their HTM accounted value, but the important points are (1) they started with a lot more assets than deposits and (2) different portions of their balance sheet have declined different amounts. It's not all 10-year 1.5% MBS notes; only about $80B is.
> As of the end of December, SVB had roughly $209 billion in total assets and $175.4 billion in total deposits
Say $80B of that is worth 83% of the HTM value on their balance sheet. That would be $14B less, or $195B in assets against $175B in deposits. I don't know the details of their holdings or exact difference between market prices and their HTM accounted value, but the important points are (1) they started with a lot more assets than deposits and (2) different portions of their balance sheet have declined different amounts. It's not all 10-year 1.5% MBS notes; only about $80B is.