
Promoting a safe, sound, and stable banking and financial system, and fair and transparent financial services
Publications
First Glance 12L
Third Quarter 2022: Banks Continued to Navigate a Rising Interest Rate Environment
The 3Q22 issue of First Glance 12L notes cooling job and real estate market conditions in the District. Among the District’s banks, rising interest rates benefitted earnings, but weighed on bond portfolio values and influenced growth and funding trends.
First Glance 12L
Second Quarter 2022: Hiring and Lending Expanded despite a Clouded Outlook
The 2Q22 issue of First Glance 12L notes further improvement in the District’s job markets despite rising interest rates and declining consumer and business confidence. In addition, median loan growth among District banks — excluding Paycheck Protection Program loans — accelerated to nearly 16% year-over-year, the fastest pace among all twelve Federal Reserve districts and the strongest rate since 2006.
First Glance 12L
First Quarter 2022: Risks Persist in an Uncertain Economic Environment
The 1Q22 issue of First Glance 12L notes further improvements in the job, housing, and commercial real estate markets despite a January surge in COVID-19 cases. Among District banks, quarterly loan growth and profits as well as on-balance sheet liquidity and risk-based capital ratios remained sound but eased slightly. Loans continued to perform well, but bankers’ expectations about the economic outlook dimmed.
Supervision in Brief
Monitoring the Changing Landscape in an Ongoing Recovery
As we come out of more than two years of weathering the effects of the pandemic, Twelfth District banking and economic conditions continue to show signs of recovery. However, we are monitoring financial conditions as the economy normalizes while noting a changing interest rate environment and potential headwinds from geopolitical tensions and uncertainty around the ultimate impact of fading government stimulus.
First Glance 12L
Fourth Quarter 2021: The Recovery Continued but a New Year Brings New Uncertainties
The 4Q21 issue of First Glance 12L notes the continued recovery of jobs, tight housing markets, and improved but uneven commercial real estate market conditions. Meanwhile, banks’ average loan growth accelerated, more than offsetting declining Paycheck Protection Program (PPP) balances. Quarterly profits continued to benefit from PPP fees and low provision expense burdens, but not to the same degree as 3Q21.
Pacific Exchanges Podcast
Fintech & Racial Equity: Featuring Our Recent Collaboration on the Community Development Innovation Review

We’re excited to share a special episode in partnership with our colleagues in the San Francisco Fed’s Community Development group. Our teams recently collaborated on a special issue of the Community Development Innovation Review in partnership with the Aspen Institute’s Financial Security program, which examined the potential ways financial technology can promote racial equity in the financial system. Today’s episode features audio from the journal’s live launch event.