U.S. Capital Markets Glide Path to Clearer Skies

CRE exposure is manageable for most banks

Total Assets vs. CRE Loans (Billions)

CRE Loans as % of Total Assets

$25,000

16%

GFC

14.9%

15%

$20,000

14%

$15,000

12.6% Today

13%

$10,000

12%

$5,000

11%

$0

10%

2004

2005

2006

2007

2008

2009 2010 CRE Loans 2011

2012

2013

2014

2015

2016 Total Assets 2017 2018

2019

2020

2021

2022

2023

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

CRE Loans as % of total assets

26

Source: Federal Reserve. Note: CRE loans include farm lending, although this is a small proportion of CRE loans.