Legendary investor Warren Buffett believes there may be more bank failures in the future. Therefore, the stock market, particularly the price of the S&P 500, may be in trouble.

“Bank failures are not over,” Berkshire Hathaway (NYSE:BRKb) (NYSE:BRKa) chairman and CEO told CNBC.

“The banks are failing,” Buffett said, though he noted that depositors will not be hurt and need not fear a crisis.

The collapse of SVB Financial Group (OTC: SIVBQ) and Signature Bank (OTC: SBNY) last month, the second and third largest bank failures in U.S. history, respectively, triggered emergency bailouts by regulators who backed deposits from failed lenders and provided additional funding mechanisms for troubled banks, CNBC noted.

“The Oracle of Omaha” notes that among the negative factors for the banks were mismatched assets and liabilities, as well as questionable accounting.

“The accounting procedures have forced some banks to do some things that have contributed a little bit to their current earnings and have caused a recurring temptation to get a little bit more spread on the balance sheets that is a little bit higher than their earnings,” Buffett noted.

Buffett, in fact, argues that a number of banks will continue to do so, putting shareholders of some institutions at risk.

However, Buffett also admits that there is unnecessary fear and panic among depositors, who are afraid of losing their money when the system is set up to protect deposits all over the country (we are talking about the United States).

The billionaire stressed the importance of banks maintaining customer confidence.

Buffett came to the rescue of Goldman Sachs (NYSE: GS) by injecting $5 billion in cash after the collapse of Lehman Brothers in 2008. In 2011, Buffett poured $5 billion into then troubled Bank of America (NYSE: BAC), CNBC noted.

We previously reported that Apple lost half of the PC market in record time.