America’s small banks bled deposits in the week ended March 15.

I realize that risks stating the obvious, and I also realize that because this data set (from the Fed) is published on what amounts to a two-week lag, it’s “old news.”

Still, I felt compelled to highlight the numbers and the associated visual because they’re quite something to behold. Deposits at small banks dropped $120 billion during a fateful week for the country’s small lenders, figures released late Friday showed.

That covers the Wednesday-to-Wednesday period during which SVB collapsed, Signature Bank was seized and US officials worked around the clock to shore up confidence in First Republic and other regional lenders swept up in the panic.

Meanwhile, deposits at large banks rose by $67 billion over the period. Overall, deposits dropped nearly $100 billion, among the largest declines on record.

Recall that during the same week, US money market funds took in $121 billion, all of which (and then some) was accounted for by flows into government funds. Another $117 billion flowed into money market funds last week.

Whether the liquidity stress has abated appreciably or not is the subject of some debate. Combined borrowing from the discount window and the Fed’s new bank term funding facility was essentially unchanged in the week to March 22, with the drop in discount window usage mirrored by an increase in BTFP utilization. FHLB issuance, meanwhile, has fallen back into a more normal range after exploding on March 13 and 14 to accommodate local liquidity needs.