Chart: The brutal month for regional bank stocks

It's been a brutal month or so for regional banks, since the implosion of Silicon Valley Bank in March.

Why it matters: The chart above shows that while the broader regional banking sector has sold off in sympathy with seriously troubled lenders like SVB and First Republic, the downturn has been nowhere near as deep.

• On the other hand: Big, diversified banks, like J.P.Morgan and Bank of America, have had an entirely different experience. Their perceived safety — and implied backing by the U.S. government — made them a magnet for jittery depositors.

Yes, but: The risk is that ongoing issues at First Republic — and whatever resolution the government ultimately devises — could reignite the panic.

• If First Republic is allowed to fail in a chaotic way, that could nudge depositors with uninsured funds at other regional banks to take their money and run.