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The top five banks and thrifts with the largest portfolios of home equity loans had more than $94 million in loans combined for the third quarter of last year — more than half of the roughly $178 million amassed by the top 20 institutions.
Discover Financial Services in Ridgewood, Illinois, posted the largest year-over-year change in total home equity loans, jumping from $3.9 million in the third quarter of 2023, to $6.1 million the following year. Other organizations with similar improvements include Third Federal Savings and Loan Association of Cleveland in Ohio with a 28% rise and First Citizens BancShares in Raleigh, North Carolina, with just over 22%.
Not all saw improvements, however. San Francisco-based Wells Fargo dropped by more than 15% across the same period, from $16.2 million in 2023 to $13.8 million last year. The New York-based Citigroup and Cleveland, Ohio-based KeyGroup recorded drops of roughly 11% and 9%, respectively.
See which organizations led the industry in home equity loans for the third quarter of 2024 below.
Data courtesy of S&P.
| Rank |
Company name |
City |
State |
2024Q3 home equity loans ($000) |
2023Q3 home equity loans ($000) |
YOY change
(%)
|
2024Q3 total loans & leases ($000) |
| 1 |
Bank of America Corporation |
Charlotte |
NC |
$26,304 |
$26,123 |
0.7% |
$1,129,466 |
| 2 |
The PNC Financial Services Group, Inc. |
Pittsburgh |
PA |
$21,764 |
$21,251 |
2.4% |
$322,150 |
| 3 |
JPMorgan Chase & Co. |
New York |
NY |
$16,917 |
$17,799 |
-5.0% |
$1,393,281 |
| 4 |
Citizens Financial Group, Inc. |
Providence |
RI |
$15,862 |
$14,575 |
8.8% |
$142,563 |
| 5 |
Wells Fargo & Company |
San Francisco |
CA |
$13,764 |
$16,237 |
-15.2% |
$912,435 |
| 6 |
U.S. Bancorp |
Minneapolis |
MN |
$13,364 |
$12,879 |
3.8% |
$377,375 |
| 7 |
Truist Financial Corporation |
Charlotte |
NC |
$10,014 |
$10,596 |
-5.5% |
$304,362 |
| 8 |
Huntington Bancshares Incorporated |
Columbus |
OH |
$8,032 |
$7,835 |
2.5% |
$127,042 |
| 9 |
TD Group US Holdings LLC |
Wilmington |
DE |
$7,618 |
$6,939 |
9.8% |
$202,517 |
| 10 |
Discover Financial Services |
Riverwoods |
IL |
$6,046 |
$3,983 |
51.8% |
$126,999 |
| 11 |
BMO Financial Corp. |
Chicago |
IL |
$4,711 |
$4,699 |
0.3% |
$148,192 |
| 12 |
M&T Bank Corporation |
Buffalo |
NY |
$4,645 |
$4,726 |
-1.7% |
$136,017 |
| 13 |
Citigroup Inc. |
New York |
NY |
$4,460 |
$5,005 |
-10.9% |
$705,048 |
| 14 |
Fifth Third Bancorp |
Cincinnati |
OH |
$3,956 |
$3,751 |
5.5% |
$117,280 |
| 15 |
Third Federal Savings and Loan Association of Cleveland, MHC |
Cleveland |
OH |
$3,922 |
$3,063 |
28.0% |
$15,410 |
| 16 |
KeyCorp |
Cleveland |
OH |
$3,778 |
$4,165 |
-9.3% |
$106,676 |
| 17 |
Zions Bancorporation, National Association |
Salt Lake City |
UT |
$3,679 |
$3,408 |
8.0% |
$58,982 |
| 18 |
Regions Financial Corporation |
Birmingham |
AL |
$3,661 |
$3,634 |
0.7% |
$97,305 |
| 19 |
First Citizens BancShares, Inc. |
Raleigh |
NC |
$2,861 |
$2,343 |
22.1% |
$138,760 |
| 20 |
Cullen/Frost Bankers, Inc. |
San Antonio |
TX |
$2,339 |
$1,986 |
17.7% |
$20,055 |
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