How to Read the Fed's H.8 Bank Balance Sheet — Bank Credit, Loans, Deposits and Large vs Small Banks

As of 24 October 2026 (KST); latest release: H.8 of Friday, October 23, 2026, with monthly averages through September 2026 and weekly data through Wednesday, October 14, 2026. Primary sources: https://www.federalreserve.gov/releases/h8/20261023 and https://www.federalreserve.gov/releases/h8/^[1][2]

Comparison basis: levels are seasonally adjusted monthly averages in billions of dollars from table 2 of the October 23 release; the dollar changes are this page's calculations from those levels. Annual rates are the release's own table 1 figures, which "Percent changes are at a simple annual rate and have been adjusted to remove the effects of nonbank structure activity of $5 billion or more". Year-ago percentages are this page's calculations from the seasonally adjusted levels in table 2, without applying the release's break adjustments, rounded to one decimal place, so they can differ from the release's break-adjusted rates.^[1][3]

In three lines 1. The H.8 is the Fed's weekly estimate of the combined balance sheet of U.S. commercial banks, with monthly averages and annualized growth rates. 2. In September 2026 bank credit averaged $19,882.6 billion (seasonally adjusted), with loans and leases up at a 7.3% annual rate and securities down at a 6.3% rate. 3. Deposits averaged $19,636.6 billion in September, up at a 5.8% annual rate; the next release is scheduled for Friday, October 30, 2026, at 4:15 p.m.^[1][3]

"The H.8 release provides an estimated weekly aggregated balance sheet for all commercial banks in the United States." It is built from a weekly reporting panel, and the Fed says "reporting banks consistently represent around 90 percent of commercial bank assets in the U.S., making the weekly H.8 estimates highly accurate."^[3]

Coverage: "The commercial bank universe covered by the H.8 release excludes thrifts such as state savings banks, federal saving banks, savings and loans associations, credit unions, and consumer finance companies."^[3]

Why it is published: "The Federal Reserve monitors aggregated balance sheet data to track credit and funding conditions."^[3]

Timing: "These data are released each Friday, generally at 4:15 p.m., unless Friday is a federal holiday, in which case the data will be released on Thursday, generally at 4:15 p.m." The Fed's statistical release calendar lists the H.8 at 4:15 p.m. on October 30 and on November 6, 13, 20 and 27, 2026. The Fed's H.8 pages and calendar give the time without naming a time zone.^[2][5][6]

Weekly vs monthly. The release says "Weekly levels are Wednesday values; monthly levels are pro rata averages of Wednesday values." The About page adds: "The H.8 release contains weekly and monthly average levels, as well as monthly, quarterly, and annual percent changes, with all percent changes at annualized rates."^[1][3]

Annual rates are adjusted. Table 1 rates are break-adjusted, seasonally adjusted annual rates. The release notes that "Percent changes are at a simple annual rate and have been adjusted to remove the effects of nonbank structure activity of $5 billion or more", so a monthly rate is not the same as the dollar change between two monthly levels. The About page adds: "All percent changes have been adjusted to remove the effects of nonbank structure activity of $5 billion or more, as well as the effects of accounting rule changes, such as the initial consolidation of off-balance-sheet vehicles (FAS 166/167) and the adoption of the Current Expected Credit Loss (CECL) standard (ASU 2016-13)."^[1][3]

Benchmarking and revisions. "Once new Call Report data become available, the weights applied to weekly releases since the previous Call Report are updated, in a process referred to as benchmarking." Past weeks can therefore change between releases; compare figures from the same release.^[4]

Seasonal adjustment. Both seasonally adjusted and unadjusted data are published, and the Fed notes "Seasonal factors are updated once per year."^[3]

Bank credit is shown in two parts, securities in bank credit ($5,783.1 billion in September) and loans and leases in bank credit ($14,099.5 billion); together they equal bank credit of $19,882.6 billion (this page's check of the published figures).^[1]

Cash assets are described in the footnotes: "Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks."^[1]

Large and small banks. "Large domestically chartered commercial banks are defined as the top 25 domestically chartered commercial banks, ranked by domestic assets as of the previous commercial bank Call Report to which the H.8 release data have been benchmarked." Small domestically chartered banks are all others.^[1]

Residual (assets less liabilities). The footnote cautions: "This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis."^[1]

Monthly annual rate vs year-ago change. Bank credit rose at a 3.3% annual rate in September 2026 (published) but was 6.1% above its September 2025 level (this page's calculation from levels). The first is one month annualized and break-adjusted; the second compares seasonally adjusted levels twelve months apart, without applying the release's break adjustments.^[1]

Large vs small banks. Deposits at large domestically chartered banks averaged $12,353.1 billion in September 2026, $766.2 billion (6.6%) more than a year earlier; at small domestically chartered banks they averaged $5,671.3 billion, up $233.9 billion (4.3%). The levels are issuer records; the dollar and percentage changes are this page's calculations from seasonally adjusted levels, without applying the release's break adjustments.^[1]

Weekly vs monthly deposits. Deposits were $19,810.3 billion in the week ending October 14, 2026, $173.7 billion above the September monthly average of $19,636.6 billion (this page's calculation). A Wednesday value and a pro rata monthly average are different measures.^[1]

Loans vs securities. In September 2026 loans and leases rose at a 7.3% annual rate while securities in bank credit fell at a 6.3% rate (published annual rates).^[1]