Board of Governors of the Federal Reserve System

Beginning 2012:Q1, stocks outstanding estimated from quarterly FR Y-14Q Capital Assessments and Stress Testing information collection and Reports of Condition for U.S.-chartered depository institutions forms FFIEC 031, FFIEC 041 and FFIEC 051 (Call Reports) in a multi-step estimation process. First, municipal obligors reported in FR Y-14Q Schedule H Wholesale Risk H.1 - Corporate Loan Data Schedule are identified using string matching and other identifiers such as EIN, CUSIP, NAICS code, and address. Second, because FR Y-14Q only collects information on loans of $1 million committed value or higher, utilized loans under $1 million are estimated at the bank holding company and quarter stocks outstanding using the assumptions that loan commitments in each bank and quarter follow a truncated log-normal distribution and that the utilization ratio (the percentage of the committed loan amount that is utilized) is the same for loans from $1 to $5 million for a given bank and quarter as it is for loans under $1 million. Total state and local government loan liabilities to banks filing FR Y-14Q are calculated as the sum of observed liabilities from the first step and estimated liabilities below the reporting threshold from the second step. Third, to account for loans made by banks not captured in the set of bank holding companies filing FR Y-14Q, the total value of all Call Report schedule RC-C - Loans and Lease Financing Receivables, Obligations (other than securities and leases) of states and political subdivisions in the U.S. (series RCON2107) in each quarter is multiplied by the following ratio, which is calculated each quarter using the set of banks filing both FR Y-14Q and Call Report forms FFIEC 031, FFIEC 041 and FFIEC 051: the total value of state and local government loan liabilities identified in FR Y-14Q to the total value of Call Report series RCON2107 loans. After 2025:Q1, the sample of FR Y-14Q-reporting bank holding companies is fixed to bank holding companies that filed in 2025:Q1. Prior to 2012:Q1, the stocks outstanding are calculated as the total value of Call Report series RCON2107 multiplied by the average value of the ratio described above from 2012:Q1 to 2020:Q1, which is approximately 0.7. Transactions are measured as the change in stocks outstanding; data for the most recent ten years show no significant seasonality.