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  4. Supervision and Regulation Report - November 2020

Federal Reserve Supervision and Regulation Report

Accessible Version - Supervision and Regulation Report - November 2020

Figure 1. Loan growth by sector (seasonally adjusted, annual rate)

Percent

Date Commercial and industrial Consumer Residential real estate Commercial real estate
1/31/2019 9.2 2.4 0.2 3.4
2/28/2019 3.8 5.7 2 4.5
3/31/2019 5.6 5.3 2.1 3.6
4/30/2019 -2.3 6.6 1.6 2.5
5/31/2019 1.6 8.4 3.6 5.5
6/30/2019 3.8 7.2 3.9 3.6
7/31/2019 5.6 5.3 2.1 3.8
8/31/2019 8.3 8.1 1.4 6
9/30/2019 -1.7 4 1.9 6.2
10/31/2019 -4.5 3.3 3.2 6.2
11/30/2019 0 3.2 3 6.5
12/31/2019 -4.5 3 1.5 6.3
1/31/2020 -3.2 3.7 -0.9 4.6
2/29/2020 0 4.5 0.7 5.5
3/31/2020 111.7 2.5 4.4 6.8
4/30/2020 168.9 -40.2 1.1 7.8
5/31/2020 44.4 -22.5 -5.7 3
6/30/2020 -42.8 -2.1 -2.7 1.8
7/31/2020 -25.7 3.3 3.2 3.3
8/31/2020 -18.4 -1.3 -3.7 4.6
9/30/2020 -23.9 1.3 -5.1 0.7

Note: Growth rate is annualized month-over-month change, based on estimated weekly aggregate balance sheets for all commercial banks in the United States. Key identifies bars in order from left to right.

Source: H.8, "Assets and Liabilities of Commercial Banks in the United States."

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Figure 2. Commercial and industrial (C&I) loans and unused commitments

Trillions of dollars

Date C&I unused commitments C&I loans minus PPP loans PPP loans outstanding
3/31/2019 1.87 2.04 0.00
6/30/2019 1.92 2.05 0.00
9/30/2019 1.93 2.05 0.00
12/31/2019 1.98 2.04 0.00
3/31/2020 1.72 2.35 0.00
6/30/2020 1.91 2.03 0.43

Note: Assumes all PPP loans are C&I loans. Capping the institution-level PPP loan amount at the C&I loan amount would reduce total PPP loans by about $150 million. Key identifies bars in order from top to bottom.

Source: Call Report and FR Y-9C.

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Figure 3. Aggregate common equity tier 1 (CET1) capital ratio

Percent

Date Aggregate CET1 capital ratio
3/31/2019 11.99
6/30/2019 12.03
9/30/2019 11.95
12/31/2019 11.87
3/31/2020 11.28
6/30/2020 11.75

Note: CET1 capital ratio is the ratio of common equity tier 1 capital to risk-weighted assets. See the data appendix for further information.

Source: Call Report and FR Y-9C.

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Figure 4. Deposits growth (seasonally adjusted, annual rate)

Percent

Date Deposits growth rate Average deposits growth rate, 2011-19
1/31/2019 1.7 5.43
2/28/2019 4.2 5.43
3/31/2019 7 5.43
4/30/2019 5.7 5.43
5/31/2019 4.9 5.43
6/30/2019 8.1 5.43
7/31/2019 2.7 5.43
8/31/2019 5.7 5.43
9/30/2019 8 5.43
10/31/2019 9.4 5.43
11/30/2019 10.9 5.43
12/31/2019 3.2 5.43
1/31/2020 5.2 5.43
2/29/2020 6.9 5.43
3/31/2020 43.1 5.43
4/30/2020 73.9 5.43
5/31/2020 49 5.43
6/30/2020 15.5 5.43
7/31/2020 1.9 5.43
8/31/2020 2.7 5.43
9/30/2020 9.8 5.43

Note: Growth rate is annualized month-over-month change, based on estimated weekly aggregate balance sheets for all commercial banks in the United States.

Source: H.8, "Assets and Liabilities of Commercial Banks in the United States."

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Figure 5. Liquid assets as a share of total assets

Percent

Date Liquid assets as a share of total assets
3/31/2019 17.12
6/30/2019 17.15
9/30/2019 17.69
12/31/2019 18.03
3/31/2020 20.38
6/30/2020 23.25

Note: Liquid assets are cash plus estimates of securities that qualify as high-quality liquid assets (HQLA) as defined by the liquidity coverage ratio requirement. See the data appendix for further information.

Source: FR Y-9C.

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Figure 6. Average credit default swap (CDS) spread and market leverage ratio, 2019–20 (daily)
Date CDS average (Basis points) Market leverage ratio (Percent)
1/2/2019 102.42 7.89
1/3/2019 109.59 7.76
1/4/2019 108.54 8.02
1/7/2019 104.13 8.04
1/8/2019 100.98 8.03
1/9/2019 98.81 8.08
1/10/2019 100.72 8.08
1/11/2019 100.77 8.11
1/14/2019 99.66 8.21
1/15/2019 100.23 8.25
1/16/2019 95.88 8.47
1/17/2019 92.38 8.48
1/18/2019 89.36 8.61
1/22/2019 88.54 8.51
1/23/2019 88.79 8.52
1/24/2019 87.80 8.55
1/25/2019 85.41 8.64
1/28/2019 85.50 8.60
1/29/2019 85.11 8.57
1/30/2019 83.82 8.59
1/31/2019 79.40 8.49
2/1/2019 79.27 8.48
2/4/2019 79.97 8.51
2/5/2019 79.05 8.52
2/6/2019 79.70 8.50
2/7/2019 82.48 8.38
2/8/2019 84.63 8.31
2/11/2019 83.88 8.30
2/12/2019 82.96 8.43
2/13/2019 81.65 8.43
2/14/2019 81.72 8.35
2/15/2019 81.06 8.54
2/19/2019 80.26 8.55
2/20/2019 79.37 8.61
2/21/2019 79.74 8.56
2/22/2019 79.59 8.51
2/25/2019 78.13 8.57
2/26/2019 77.67 8.56
2/27/2019 75.61 8.56
2/28/2019 73.75 8.50
3/1/2019 73.38 8.57
3/4/2019 72.73 8.51
3/5/2019 73.40 8.50
3/6/2019 73.84 8.45
3/7/2019 75.16 8.35
3/8/2019 77.50 8.36
3/11/2019 75.75 8.42
3/12/2019 74.31 8.43
3/13/2019 73.36 8.49
3/14/2019 73.12 8.54
3/15/2019 71.67 8.58
3/18/2019 70.22 8.70
3/19/2019 69.00 8.65
3/20/2019 73.15 8.45
3/21/2019 75.23 8.39
3/22/2019 77.54 8.13
3/25/2019 79.15 8.09
3/26/2019 77.82 8.18
3/27/2019 78.25 8.14
3/28/2019 77.37 8.20
3/29/2019 76.26 8.21
4/1/2019 74.21 8.40
4/2/2019 73.73 8.41
4/3/2019 72.38 8.47
4/4/2019 72.25 8.53
4/5/2019 70.86 8.50
4/8/2019 71.28 8.51
4/9/2019 70.93 8.43
4/10/2019 70.25 8.46
4/11/2019 70.05 8.51
4/12/2019 68.16 8.69
4/15/2019 67.40 8.62
4/16/2019 67.34 8.73
4/17/2019 67.04 8.69
4/18/2019 66.98 8.67
4/22/2019 67.61 8.65
4/23/2019 68.19 8.60
4/24/2019 67.49 8.57
4/25/2019 70.36 8.59
4/26/2019 70.09 8.62
4/29/2019 69.91 8.74
4/30/2019 69.15 8.72
5/1/2019 68.79 8.63
5/2/2019 70.38 8.66
5/3/2019 69.86 8.69
5/6/2019 71.27 8.63
5/7/2019 72.21 8.46
5/8/2019 72.89 8.43
5/9/2019 74.96 8.39
5/10/2019 74.48 8.41
5/13/2019 71.22 8.17
5/14/2019 66.18 8.20
5/15/2019 66.47 8.15
5/16/2019 64.97 8.20
5/17/2019 64.72 8.13
5/20/2019 65.80 8.11
5/21/2019 66.25 8.18
5/22/2019 67.97 8.10
5/23/2019 72.07 7.97
5/24/2019 77.77 8.02
5/28/2019 70.15 7.93
5/29/2019 73.56 7.89
5/30/2019 72.92 7.81
5/31/2019 73.91 7.68
6/3/2019 73.92 7.52
6/4/2019 70.44 7.76
6/5/2019 68.15 7.72
6/6/2019 66.88 7.74
6/7/2019 65.39 7.71
6/10/2019 63.69 7.81
6/11/2019 63.34 7.81
6/12/2019 63.08 7.70
6/13/2019 63.55 7.73
6/14/2019 64.16 7.75
6/17/2019 63.61 7.70
6/18/2019 60.22 7.80
6/19/2019 57.89 7.76
6/20/2019 54.70 7.78
6/21/2019 53.75 7.79
6/24/2019 54.23 7.75
6/25/2019 56.03 7.72
6/26/2019 55.37 7.73
6/27/2019 54.53 7.80
6/28/2019 54.14 7.93
7/1/2019 51.09 8.01
7/2/2019 51.33 7.97
7/3/2019 50.33 8.00
7/5/2019 53.37 8.04
7/8/2019 51.99 7.95
7/9/2019 53.09 7.98
7/10/2019 52.33 7.92
7/11/2019 51.54 8.00
7/12/2019 50.89 8.05
7/15/2019 50.58 8.00
7/16/2019 51.60 7.95
7/17/2019 52.07 7.90
7/18/2019 52.95 7.99
7/19/2019 51.95 8.01
7/22/2019 51.61 8.04
7/23/2019 49.92 8.17
7/24/2019 48.04 8.23
7/25/2019 47.92 8.17
7/26/2019 48.84 8.26
7/29/2019 50.83 8.17
7/30/2019 51.70 8.17
7/31/2019 51.76 8.15
8/1/2019 52.92 7.92
8/2/2019 54.85 7.88
8/5/2019 59.56 7.64
8/6/2019 59.34 7.71
8/7/2019 60.70 7.58
8/8/2019 57.98 7.69
8/9/2019 59.34 7.67
8/12/2019 59.82 7.50
8/13/2019 61.20 7.54
8/14/2019 62.93 7.26
8/15/2019 63.42 7.22
8/16/2019 63.20 7.38
8/19/2019 60.19 7.46
8/20/2019 60.92 7.37
8/21/2019 59.26 7.39
8/22/2019 58.59 7.46
8/23/2019 58.50 7.28
8/26/2019 57.11 7.35
8/27/2019 56.03 7.29
8/28/2019 56.21 7.36
8/29/2019 54.31 7.49
8/30/2019 54.03 7.53
9/3/2019 54.47 7.32
9/4/2019 52.23 7.40
9/5/2019 50.12 7.58
9/6/2019 49.42 7.55
9/9/2019 48.97 7.77
9/10/2019 49.20 7.91
9/11/2019 48.65 7.97
9/12/2019 47.18 8.00
9/13/2019 46.83 8.10
9/16/2019 48.28 8.05
9/17/2019 49.92 8.00
9/18/2019 50.85 8.04
9/19/2019 51.39 8.03
9/20/2019 55.51 7.98
9/23/2019 57.66 7.97
9/24/2019 58.90 7.85
9/25/2019 60.42 7.93
9/26/2019 60.57 7.88
9/27/2019 60.72 7.90
9/30/2019 60.33 7.89
10/1/2019 60.86 7.70
10/2/2019 62.07 7.55
10/3/2019 63.33 7.53
10/4/2019 62.94 7.64
10/7/2019 62.31 7.61
10/8/2019 62.83 7.49
10/9/2019 63.93 7.55
10/10/2019 61.54 7.66
10/11/2019 57.63 7.81
10/14/2019 56.93 7.82
10/15/2019 54.60 7.89
10/16/2019 54.12 7.84
10/17/2019 53.62 7.85
10/18/2019 53.03 7.93
10/21/2019 51.33 8.07
10/22/2019 50.91 8.12
10/23/2019 51.26 8.16
10/24/2019 51.65 8.14
10/25/2019 50.75 8.19
10/28/2019 50.20 8.25
10/29/2019 50.29 8.25
10/30/2019 51.26 8.19
10/31/2019 51.98 8.13
11/1/2019 51.46 8.26
11/4/2019 50.11 8.39
11/5/2019 49.47 8.41
11/6/2019 49.42 8.42
11/7/2019 49.56 8.51
11/8/2019 49.31 8.51
11/11/2019 49.34 8.49
11/12/2019 50.08 8.49
11/13/2019 51.93 8.40
11/14/2019 51.68 8.40
11/15/2019 51.29 8.44
11/18/2019 51.36 8.47
11/19/2019 51.45 8.48
11/20/2019 52.48 8.43
11/21/2019 52.52 8.43
11/22/2019 52.48 8.51
11/25/2019 51.39 8.58
11/26/2019 50.48 8.53
11/27/2019 49.21 8.58
11/29/2019 49.34 8.55
12/2/2019 48.53 8.60
12/3/2019 49.69 8.45
12/4/2019 48.66 8.55
12/5/2019 48.15 8.59
12/6/2019 47.20 8.72
12/9/2019 46.43 8.70
12/10/2019 46.60 8.70
12/11/2019 45.98 8.69
12/12/2019 44.64 8.89
12/13/2019 43.59 8.82
12/16/2019 43.06 8.89
12/17/2019 43.40 8.96
12/18/2019 43.43 8.93
12/19/2019 43.70 8.91
12/20/2019 43.90 8.88
12/23/2019 43.79 8.89
12/24/2019 44.03 8.90
12/26/2019 43.27 8.96
12/27/2019 42.22 8.95
12/30/2019 43.68 8.92
12/31/2019 43.84 8.93
1/2/2020 43.28 9.04
1/3/2020 44.33 8.93
1/6/2020 46.09 8.94
1/7/2020 46.35 8.94
1/8/2020 45.26 8.99
1/9/2020 43.98 9.04
1/10/2020 43.01 8.97
1/13/2020 42.92 9.03
1/14/2020 42.79 8.97
1/15/2020 42.96 8.87
1/16/2020 42.52 8.86
1/17/2020 41.62 8.88
1/21/2020 41.52 8.80
1/22/2020 41.59 8.79
1/23/2020 42.20 8.76
1/24/2020 43.06 8.63
1/27/2020 45.42 8.47
1/28/2020 44.56 8.55
1/29/2020 43.77 8.51
1/30/2020 43.74 8.61
1/31/2020 44.00 8.42
2/3/2020 44.11 8.47
2/4/2020 42.06 8.59
2/5/2020 41.01 8.76
2/6/2020 39.52 8.79
2/7/2020 39.97 8.75
2/10/2020 40.11 8.74
2/11/2020 39.79 8.78
2/12/2020 38.72 8.81
2/13/2020 39.09 8.78
2/14/2020 38.47 8.76
2/18/2020 39.13 8.65
2/19/2020 39.00 8.73
2/20/2020 39.85 8.69
2/21/2020 40.90 8.54
2/24/2020 46.03 8.19
2/25/2020 48.04 7.91
2/26/2020 50.56 7.82
2/27/2020 56.40 7.53
2/28/2020 63.78 7.34
3/2/2020 64.25 6.56
3/3/2020 60.76 6.31
3/4/2020 61.38 6.45
3/5/2020 65.30 6.14
3/6/2020 73.97 5.93
3/9/2020 100.28 5.25
3/10/2020 96.65 5.56
3/11/2020 97.87 5.27
3/12/2020 135.69 4.64
3/13/2020 122.88 5.35
3/16/2020 127.81 4.59
3/17/2020 136.16 4.81
3/18/2020 156.36 4.46
3/19/2020 156.28 4.60
3/20/2020 162.07 4.43
3/23/2020 159.79 4.19
3/24/2020 141.06 4.75
3/25/2020 130.54 4.85
3/26/2020 121.80 5.12
3/27/2020 125.50 4.90
3/30/2020 119.69 4.99
3/31/2020 118.35 4.88
4/1/2020 121.86 4.59
4/2/2020 123.66 4.74
4/3/2020 126.09 4.66
4/6/2020 123.20 4.97
4/7/2020 114.18 5.05
4/8/2020 112.38 5.26
4/9/2020 96.05 5.55
4/13/2020 90.50 5.39
4/14/2020 84.50 5.33
4/15/2020 89.58 5.08
4/16/2020 89.65 5.01
4/17/2020 92.68 5.26
4/20/2020 96.17 5.15
4/21/2020 101.30 4.97
4/22/2020 99.48 5.02
4/23/2020 95.38 5.02
4/24/2020 97.13 5.06
4/27/2020 94.88 5.30
4/28/2020 89.06 5.40
4/29/2020 86.29 5.57
4/30/2020 85.81 5.42
5/1/2020 87.66 5.23
5/4/2020 89.49 5.16
5/5/2020 89.66 5.12
5/6/2020 89.91 5.03
5/7/2020 90.02 5.13
5/8/2020 90.44 5.24
5/11/2020 90.39 5.11
5/12/2020 89.11 4.95
5/13/2020 91.86 4.76
5/14/2020 101.67 4.89
5/15/2020 103.02 4.82
5/18/2020 97.57 5.14
5/19/2020 92.32 5.03
5/20/2020 88.51 5.17
5/21/2020 88.20 5.13
5/22/2020 89.01 5.07
5/26/2020 84.53 5.45
5/27/2020 79.42 5.78
5/28/2020 78.37 5.61
5/29/2020 80.07 5.49
6/1/2020 80.01 5.70
6/2/2020 76.69 5.78
6/3/2020 71.02 6.01
6/4/2020 69.49 6.18
6/5/2020 63.48 6.40
6/8/2020 61.82 6.51
6/9/2020 70.06 6.41
6/10/2020 74.01 6.14
6/11/2020 80.11 5.65
6/12/2020 78.59 5.83
6/15/2020 79.80 5.88
6/16/2020 66.87 5.99
6/17/2020 68.83 5.88
6/18/2020 70.67 5.87
6/19/2020 70.15 5.88
6/22/2020 72.20 5.82
6/23/2020 70.35 5.87
6/24/2020 73.07 5.67
6/25/2020 75.75 5.86
6/26/2020 77.17 5.56
6/29/2020 77.10 5.63
6/30/2020 75.82 5.74
7/1/2020 73.25 5.65
7/2/2020 70.89 5.69
7/7/2020 69.45 5.66
7/8/2020 69.62 5.73
7/13/2020 70.01 5.85
7/14/2020 69.13 5.85
7/15/2020 67.60 5.89
7/16/2020 67.60 5.88
7/17/2020 66.92 5.77
7/20/2020 65.80 5.74
7/21/2020 62.05 5.86
7/22/2020 64.04 5.80
7/23/2020 64.70 5.81
7/24/2020 62.66 5.77
7/27/2020 63.36 5.75
7/28/2020 64.82 5.75
7/29/2020 64.94 5.82
7/30/2020 68.15 5.69
7/31/2020 67.93 5.68
8/3/2020 67.48 5.71
8/4/2020 66.40 5.72
8/5/2020 64.67 5.80
8/6/2020 64.99 5.78
8/7/2020 62.32 5.92
8/10/2020 61.68 5.97
8/11/2020 60.31 6.06
8/12/2020 59.63 6.07
8/13/2020 59.88 6.00
8/14/2020 60.21 6.02
8/17/2020 60.50 5.90
8/18/2020 60.65 5.84
8/19/2020 59.55 5.88
8/20/2020 59.23 5.78
8/21/2020 59.04 5.77
8/24/2020 58.23 5.91
8/25/2020 57.48 5.92
8/26/2020 59.86 5.87
8/27/2020 59.33 5.98
8/28/2020 56.18 6.00
8/31/2020 56.17 5.89
9/1/2020 55.50 5.89
9/2/2020 53.83 5.96
9/3/2020 53.96 5.90
9/8/2020 56.60 5.78
9/9/2020 56.33 5.80
9/10/2020 56.29 5.74
9/11/2020 57.28 5.78
9/14/2020 56.90 5.80
9/15/2020 55.29 5.68
9/16/2020 54.78 5.75
9/17/2020 56.10 5.68
9/18/2020 56.26 5.64
9/21/2020 60.46 5.47
9/22/2020 62.80 5.40
9/23/2020 62.18 5.29
9/24/2020 66.28 5.32
9/25/2020 66.41 5.35
9/28/2020 64.35 5.49
9/29/2020 63.07 5.42
9/30/2020 62.84 5.48
10/1/2020 62.34 5.45
10/2/2020 62.31 5.61
10/5/2020 61.27 5.70
10/6/2020 57.27 5.67
10/7/2020 56.60 5.78
10/8/2020 55.89 5.87
10/9/2020 55.87 5.88
10/12/2020 55.29 5.97
10/13/2020 57.40 5.86
10/14/2020 55.02 5.85

FOOTNOTES

Note: The market leverage ratio is the ratio of the firm's market capitalization to the sum of market capitalization and the book value of liabilities. Averages are calculated from available observations for the eight U.S. and three FBO LISCC firms (U.S.: Bank of America Corporation; The Bank of New York Mellon Corporation; Citigroup Inc.; The Goldman Sachs Group; JPMorgan Chase & Co.; Morgan Stanley; State Street Corporation; and Wells Fargo & Company. FBO: Barclays PLC; Credit Suisse Group AG; and Deutsche Bank AG.)

Source: Bloomberg.

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Figure 7. Nonperforming loan ratio

Percent

Date Total Residential real estate CRE Consumer C&I
3/31/2019 1.00 2.09 0.47 1.00 0.81
6/30/2019 0.93 1.92 0.45 0.92 0.79
9/30/2019 0.93 1.83 0.45 0.95 0.85
12/31/2019 0.91 1.76 0.42 1.01 0.88
3/31/2020 0.93 1.72 0.49 1.05 0.88
6/30/2020 1.06 1.97 0.61 0.92 1.08

Note: Nonperforming loan ratio is the ratio of loans 90 days or more delinquent and nonaccrual loans to total loans and leases.

Source: Call Report and FR Y-9C.

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Figure 8. Provisions to average loans and leases (annual rate)

Percent

Date Provisions to average loans and leases
3/31/2019 0.54
6/30/2019 0.49
9/30/2019 0.53
12/31/2019 0.57
3/31/2020 2.00
6/30/2020 2.33

Source: Call Report and FR Y-9C.

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Box 1, Figure A. Portfolio comparison ACL coverage ratio, 12/31/2019–6/30/2020

Percent

  LISCC LFBO LFBO, consumer loan focused
2020:Q2 ACL build 0.72 0.53 0.83
2020:Q1 ACL build 0.48 0.51 1.14
Adoption impact 0.29 0.84 1.75
12/31/2019 ACL 1.30 1.63 3.18

Note: ACL coverage ratio is ACL/loans. See the data appendix for further information on sampled firms. Key identifies bars in order from top to bottom.

Source: S&P Global Market Intelligence.

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Figure 9. Bank profitability

Percent

Date ROE ROAA
3/31/2019 11.67 1.27
6/30/2019 11.92 1.30
9/30/2019 10.93 1.19
12/31/2019 10.51 1.13
3/31/2020 4.07 0.43
6/30/2020 5.50 0.54

Note: ROE is net income/average equity capital, and ROAA is net income/average assets.

Source: Call Report and FR Y-9C.

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Box B, Figure A. Return on equity

Percent, annual rate

Date Return on equity
3/31/2019 11.49
6/30/2019 11.86
9/30/2019 10.49
12/31/2019 10.19
3/31/2020 5.12
6/30/2020 5.36
9/30/2020 9.53

Source: S&P Global Market Intelligence and earnings releases.

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Box 2, Figure B. Loan loss reserves as a percent of average loans

Percent

Date Loan loss reserves as a percent of average loans
3/31/2019 1.23
6/30/2019 1.22
9/30/2019 1.22
12/31/2019 1.19
3/31/2020 1.87
6/30/2020 2.42
9/30/2020 2.52

Note: See the data appendix for additional information.

Source: S&P Global Market Intelligence and earnings releases.

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Box 2, Figure C. CET1 ratio

Percent

Date CET1 ratio
3/31/2019 11.88
6/30/2019 11.94
9/30/2019 11.78
12/31/2019 11.61
3/31/2020 11.03
6/30/2020 11.61
9/30/2020 12.10

Source: S&P Global Market Intelligence and earnings releases.

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Figure 10: Tier 1 leverage ratio (CBOs and RBOs)

Percent

Date CBO CBO (PPP adjusted) RBO RBO (PPP adjusted)
3/31/2019 10.91   9.90  
6/30/2019 10.95   9.87  
9/30/2019 11.05   9.83  
12/31/2019 10.97   9.84  
3/31/2020 10.92   9.51  
6/30/2020 10.24 10.90 9.11 9.54

Note: The PPP-adjusted leverage ratio was computed by subtracting PPP covered loans outstanding from the ratio's denominator, and then adding back to the denominator the quarterly average amount of PPP covered loans pledged to the PPPLF that were excluded from total assets for the leverage ratio.

Source: Call Report and FR Y-9C.

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Last Update: November 10, 2020