Figure14-3Assets and Liabilities of First Street Bank First Street Bank’s assets consist of $1 200 000 in loans and $100 000 in reserves. Its liabilities consist of $1 000 000 in deposits—money owed to people who have placed funds in First Street’s hands. The equity of First Street Bank is $300 000. Equity, the gap between assets and other liabilities, represents the value of what the bank owes its shareholders.