Commercial real estate lender Signature Bank indicated that it would pump the brakes on multifamily lending for the foreseeable future, citing a slowdown in deposits, the cryptocurrency crash and rising interest rates.

Despite record earnings in the second quarter of 2022, the company said it would scale back its lending across multiple segments, including multifamily, in an effort to maintain a healthy loan-to-deposit ratio, as deposits have slowed dramatically, according to The Real Deal.

Signature noted in its Q2 earnings call that deposits declined by $5B compared to the previous quarter, dropping down to $104B.

Signature Bank CEO Joseph DePaolo said in the earnings call that the company is still bullish on lending in other asset classes, such as healthcare, noting that these classes are newer and have “clients they want to bring over.”

DePaolo also left the door open to push lending back up in commercial real estate — provided it sees significant deposit growth of $10B.

Rising interest rates and rapid repricing have led to a significant slowdown in commercial real estate deals in recent months, but multifamily investors remain undeterred so far, buoyed by strong demand for apartments nationwide.