Only 23 of the 50 largest U.S. banks and thrifts reported an increase in assets in the second quarter, even as most of the country's largest banks reported loan growth, according to S&P Global Market Intelligence data.

To conduct this analysis, S&P Global Market Intelligence examined the largest U.S. banks and thrifts by assets with a deposits-to-assets ratio of at least 25% or at least $30 billion in deposits as of quarter-end.

To compile a pro forma ranking, S&P Global Market Intelligence calculates pro forma assets after accounting for pending M&A transactions as well as transactions that closed after quarter-end. To be included in pro forma adjustments, the deal value must be over $1 billion or involve assets or deposits in excess of $5 billion. Loan portfolio deals are not included because of a general lack of data on both deal consideration and the impact on total assets.

To view an Excel spreadsheet containing the top 50 U.S. banks and thrifts in the second quarter of 2022, click here.

Assets decline at all of the 'Big Four' U.S. banks

Assets at all of the "Big Four" U.S. banks declined in the second quarter, falling by a combined $311.76 billion, or 2.7%. JPMorgan Chase & Co., the largest U.S. bank, reported a 2.9% decline in assets in the second quarter, while assets at Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. fell by 3.9%, 0.6% and 3.0%, respectively.

Collectively, the country's top 10 banks lost a combined $389.44 billion in assets during the second quarter, accounting for 91% of the decline in assets among the top 50 banks.

*Download a template to compare a bank's financials to industry aggregate totals. *Read some of the day's top news and insights from S&P Global Market Intelligence.

Phoenix-based Western Alliance Bancorp. had the largest asset percentage growth among the top 50 at 9.0% quarter over quarter, while Chicago-based Northern Trust Corp. reported the largest percentage decrease in assets at 8.6%.

Toronto-Dominion Bank announces second major acquisition of the year

On Aug. 2, Toronto-Dominion Bank announced it would acquire Cowen Inc., an investment banking firm, for $1.32 billion, less than six months after inking a deal to purchase First Horizon Corp. for $13.67 billion. TD Group US Holdings LLC's assets were adjusted $8.76 billion higher to account for the Cowen deal and another $85.13 billion for First Horizon.

M&A time lag for large bank deals

Meanwhile, four of the largest bank deals announced last year have yet to close, including New York Community Bancorp Inc.'s acquisition of Flagstar Bancorp Inc., which was announced in April 2021.

Large bank mergers continue to face longer delays as the Biden administration has pushed regulators to examine these deals more closely.