The majority of the largest U.S. banks and thrifts reported an increase in assets in the third quarter despite a slowdown in lending as banks brace for a recession.

Of the 50 largest U.S. banks and thrifts, 30 reported an increase in total assets sequentially, 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 third quarter of 2022, click here.

US banks with $50B - $500B in assets

Aggregate assets of the "Big 4" U.S. banks declined by a total of $109.32 billion, or 1.0%, in the third quarter. JPMorgan Chase & Co., Bank of America Corp., and Wells Fargo & Co. recorded asset declines of 1.8%, 1.2% and 0.2%, respectively. Citigroup Inc.'s total assets grew by $160.0 million.

Collectively, the country's top 10 banks shed $208.25 billion in assets.

However, 26 of the 38 banks in the $50 billion - $500 billion bracket reported asset growth during the third quarter of 2022.

*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.

Discover Financial Services had the largest asset growth among the top 50 banks at 6.4% quarter over quarter, while Westlake, Texas-based Charles Schwab Corp. reported the largest percentage decrease at 9.4%.

U.S. Bancorp and New York Community Bancorp close deals

On Dec. 1, Minneapolis-based U.S. Bancorp completed its acquisition of San Francisco-based MUFG Union Bank NA's core regional banking franchise, while New York Community Bancorp Inc. also closed its deal to acquire Troy, Mich.-based Flagstar Bancorp Inc. on the same day. U.S. Bancorp's assets were adjusted $124.56 billion higher to account for the MUFG Union Bank deal, while New York Community Bancorp's assets were adjusted $25.44 billion to account for the Flagstar acquisition.

M&A opportunities expected to slow down

Superregional banks like PNC Financial Services Group Inc. are open for more M&A opportunities, but the current regulatory environment is proving to be a roadblock, forcing executives to focus on organic growth than face a lengthy approval process.