Forty-one of the 50 largest U.S. banks and thrifts reported an increase in assets during the third quarter.
Nine of the top 10 banks ranked by assets reported quarter-over-quarter growth in their asset balance as of Sept. 30, including the Big 4 banks after all four registered shrinking balances during the second quarter.
JPMorgan Chase & Co. and Bank of America Corp. led the way with the largest nominal growth, excluding pending mergers, boosting assets by $73.32 billion and $55.55 billion, respectively. Both single-quarter increases were large enough to qualify, on their own, for a top 50 bank ranking. On a relative basis, JPMorgan increased its total assets by 2.0%, and Bank of America grew by 1.8%.
Goldman Sachs Group Inc. posted the next-highest nominal increase, adding $56.71 billion during the quarter. The investment-banking giant announced its acquisition of digital lender GreenSky Inc. in mid-September, which contributed $1.41 billion to its pro forma balance.
By ranking, U.S. Bancorp was the only mover in the top 10, leapfrogging Charles Schwab Corp. to take the No. 7 spot. U.S. Bancorp's total asset base was boosted by the largest acquisition of the year with its purchase of MUFG Union Bank NA's core regional banking operations, which added $133.26 billion in assets.
Signature Bank and SVB Financial Group made impressive gains from the linked-quarter, with the two banks reporting linked-quarter gains of 11.3% and 10.0%, respectively.
Raymond James Financial Inc. also scaled up significantly, both organically and with its pending acquisition of TriState Capital Holdings Inc. Raymond James' pro forma balance sheet increased by $16.89 billion in the quarter, a 29.6% leap. The deal drove most of the increase, accounting for $12.16 billion of asset growth.
Umpqua Holdings Corp. entered the entered the pro forma list at No. 50 after its reverse merger transaction with Columbia Banking System Inc. that was announced on Oct. 12. The combined entity will operate under the ticker of COLB with its headquarters based in Tacoma, Wash. The bank's pro forma balance sheet is just shy of the regulatorily significant $50 billion mark, coming in at $49.49 billion as of Sept. 30.
To view an Excel spreadsheet containing the top 50 U.S. banks and thrifts in the third quarter, click here.