U.S. banks and thrifts added $1.68 billion in multifamily loans during the third quarter, pushing the aggregate balance to just over $400 billion as of Sept. 30. In addition, delinquent multifamily loans fell to 0.24% of total multifamily loans, down 3 basis points from the previous quarter.
Of the nation's 25 largest multifamily lenders, 15 reported an increase in multifamily loans during the quarter. JPMorgan Chase & Co., the nation's largest bank multifamily lender, reported $69.21 billion in multifamily loans, up $346.0 million from the second quarter.
At No. 2, New York Community Bancorp Inc. reported $27.16 billion in multifamily loans as of Sept. 30, up 1.1% from June 30.
Wells Fargo & Co. dropped to the No. 4 spot as its multifamily loans fell 10.1% to $14.21 billion. Signature Bank became the new No. 3 with $14.81 billion in multifamily loans as of Sept. 30, up $279.5 million quarter over quarter.
Citigroup Inc. at No. 13 added $233.0 million in loans during the quarter, taking its balance to $4.60 billion, while Bank of America Corp., at No. 10, reduced its multifamily balance by 5.9% to $5.56 billion.
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S&P Global compiles multifamily data based on loans reported in call reports and Form Y-9s. Click here to see the aggregated data for commercial banks.