Agencies Release 2025 Shared National Credit Program Report

Fed Banking Regulation

Published January 12th, 2026

Detected March 14th, 2026

Summary

The Federal Reserve Board, FDIC, and OCC have released the 2025 Shared National Credit (SNC) report. The report indicates that credit risk associated with large, syndicated bank loans remains moderate, with 8.6% of total commitments rated as non-pass.

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What changed

The Federal Reserve Board, FDIC, and OCC have jointly issued the 2025 Shared National Credit (SNC) report, which examines large, syndicated bank loans originated on or before June 30, 2025. The report found that credit risk associated with these loans remains moderate, with 8.6% of total commitments rated as non-pass, a slight decrease from 9.1% in 2024. This decline is attributed more to growth in new commitments than an improvement in underlying credit quality. U.S. banks hold 45% of SNC commitments but only 22% of non-pass loans, with leveraged loans comprising 81% of these non-pass loans.

This report serves as an informational update for financial institutions regarding the credit quality of syndicated loans. While it does not impose new obligations, compliance officers should be aware of the trends highlighted, particularly concerning leveraged loans and the concentration of non-pass loans held by non-U.S. entities. The data provides insights into the current risk landscape for large credit exposures within the banking sector.

Source document (simplified)

Joint Press Release

January 12, 2026

Agencies issue 2025 Shared National Credit Program report

Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For release at 3:00 p.m. EST
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- Federal bank regulatory agencies today released the 2025 Shared National Credit (SNC) report that indicates credit risk associated with large, syndicated bank loans remains moderate. Credit risk trends continue to reflect the effects of borrowers' ability to manage higher interest expenses and other macroeconomic factors.

The 2025 report reflects the examination of SNC loans originated on or before June 30, 2025. The reviews focused on leveraged loans and stressed borrowers from various industry sectors and assessed aggregate loan commitments of $100 million or more that are shared by multiple regulated financial institutions.

The 2025 SNC portfolio included 6,857 borrowers, totaling $6.9 trillion in commitments, an increase of 6 percent from a year ago. The percentage of loans that deserve management's close attention ("non-pass" loans rated "special mention" and "classified") decreased to 8.6 percent of total commitments from 9.1 percent in 2024. The decline is primarily due to growth in new commitments rather than an underlying improvement in credit quality. U.S. banks hold 45 percent of all SNC commitments. However, they only hold 22 percent of non-pass loans, down slightly from the prior year. Nearly half of total SNC commitments are leveraged, and leveraged loans comprise 81 percent of non-pass loans.