Large Cap Banks: Fed Weekly: C&I Plus NBFI Loans Up Sizably Last Week, but 3QTD Remains Soft; Deposits Up Moderately Last Week

Research evidence excerpt

J P M O R G A N

North America Equity Research

07 August 2026

Large Cap Banks: Fed Weekly

C&I Plus NBFI Loans Up Sizably Last Week, but 3QTD

Remains Soft; Deposits Up Moderately Last Week

Last week, deposits rose moderately by 0.5% at large banks and were up by 0.2%

at small banks; deposits rose 0.3% at all banks. Borrowings fell very sharply by

2.8% at large banks but were flattish at small banks, with borrowings at all banks

down 2.6%.

Banks — Large-Cap

Vivek Juneja AC

(1-212) 622-6465

Andrew J Dietrich

Large bank C&I plus NBFI loans rose sizably last week but remain down in 3QTD:

C&I loans and loans to non-bank financials were each up sizably by 0.6%. C&Irelated loans, which also includes All Other Loans, also rose sizably by 0.6% last

week with All Other loans up 0.7%. Small bank C&I plus NBFI loans were flattish

last week. C&I-related loans are overstated due to the inclusion of securities-based

margin loans.

Large bank credit card loans rose sharply by 1.4% last week, and yoy growth was

at +4.6% (same in prior week). CRE, home equity, and auto loans rose modestly

by 0.2-0.3% each, while residential mortgages and other consumer loans were each

flattish. Hence, total loans rose moderately by 0.5% (+7.0% yoy) last week at large

banks but were flattish at small banks. Large banks’ securities portfolios rose

modestly last week. Loan loss reserves fell modestly in amount and down 1bp as

a ratio of loans to 1.76%.

Large bank C&I loans +0.6% last week (flattish at small banks). Other loans

and leases +0.6% (+0.2% small banks), with loans to non-depository financials

+0.6% and all other loans +0.7%. CRE loans +0.3% (flattish small banks), with

construction +2.2%, multifamily flattish, and other CRE flattish.

Large bank credit card loans +1.4% last week (+1.2% at small banks). Auto

loans +0.2% (+0.5% small banks), and other consumer loans were flattish

(+0.8% small banks).

Large bank residential mortgages were flattish last week (same at small banks),

and home equity loans +0.2% (same small banks).

Large bank total loans +0.5% last week on reported basis (flattish at small

banks) and +0.7% ex resi mortgages (flattish small banks). Total loans +7.1%

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