Banking Conditions Survey

Special Questions

September 2025

For this survey, respondents were asked supplemental questions about credit standards, loan demand, deposits and trade policy impact. Data were collected Sept. 16–24, and 67 bankers responded to the survey.

1. How do you expect credit standards and terms to change over the next three months for the following loan categories?

	Ease considerably (percent)	Ease somewhat (percent)	Remain unchanged (percent)	Tighten somewhat (percent)	Tighten considerably (percent)
Commercial and industrial	0.0	8.1	77.4	11.3	3.2
Commercial real estate	0.0	11.5	65.6	21.3	1.6
Residential real estate	0.0	9.4	81.3	7.8	1.6
Consumer	0.0	7.7	80.0	10.8	1.5

NOTES: 65 responses. This question was most recently posed in Jun. '25.

2. How do you expect credit standards and terms to change over the next three months for the following categories of commercial real estate lending?

	Ease considerably (percent)	Ease somewhat (percent)	Remain unchanged (percent)	Tighten somewhat (percent)	Tighten considerably (percent)
Construction and land development	0.0	8.3	68.3	21.7	1.7
Industrial	0.0	6.7	75.0	13.3	5.0
Retail	0.0	3.3	78.3	15.0	3.3
Multifamily	0.0	5.0	70.0	21.7	3.3
Office	0.0	1.7	68.3	21.7	8.3
Hotels/lodging	0.0	1.7	66.1	27.1	5.1
Other	0.0	0.0	91.4	6.9	1.7

NOTES: 60 responses. This question was most recently posed in Jun. '25.

3. Over the past six weeks, how has loan demand changed for the following loan categories?

	Increased	No change	Decreased
Commercial and industrial	16.4	62.3	21.3
Commercial real estate	26.2	45.9	27.9
Residential real estate	14.3	65.1	20.6
Consumer	10.6	68.2	21.2

NOTES: 66 responses. This question was most recently posed in Jun. '25.

4. Over the next six months, how do you expect loan demand to change for the following loan categories?

	Increased	No change	Decreased
Commercial and industrial	31.1	54.1	14.8
Commercial real estate	45.9	36.1	18.0
Residential real estate	57.1	33.3	9.5
Consumer	21.5	63.1	15.4

NOTES: 65 responses. This question was most recently posed in Jun. '25.

5. Over the past six weeks, how has your volume of core deposits changed?

	Sep. '23 (percent)	Dec. '23 (percent)	Mar. '24 (percent)	Jun. '24 (percent)	Oct. '24 (percent)	Apr. '25 (percent)	Sep. '25 (percent)
Increased significantly	4.6	4.8	2.9	2.7	4.1	3.2	1.5
Increased slightly	27.7	36.5	45.6	42.5	50.0	49.2	57.6
No change	20.0	25.4	26.5	28.8	32.4	27.0	22.7
Decreased slightly	41.5	31.7	23.5	26.0	10.8	20.6	18.2
Decreased significantly	6.2	1.6	1.5	0.0	2.7	0.0	0.0

NOTE: 66 responses.

6. Over the next six weeks, how do you expect your volume of core deposits to change?

	Sep. '23 (percent)	Dec. '23 (percent)	Mar. '24 (percent)	Jun. '24 (percent)	Oct. '24 (percent)	Apr. '25 (percent)	Sep. '25 (percent)
Increase significantly	1.5	7.9	1.5	0.0	1.3	3.2	1.5
Increase slightly	41.5	49.2	41.2	47.2	54.7	43.5	58.2
No change	30.8	28.6	29.4	36.1	30.7	37.1	28.4
Decrease slightly	23.1	14.3	27.9	16.7	13.3	16.1	11.9
Decrease significantly	3.1	0.0	0.0	0.0	0.0	0.0	0.0

NOTE: 67 responses.

7. Is uncertainty surrounding trade policy impacting your ability to determine credit standards and make lending decisions?

	Sep. '25 (percent)
Yes, significant positive impact	0.0
Yes, somewhat positive impact	3.0
No	59.7
Yes, somewhat negative impact	35.8
Yes, significant negative impact	0.0
Don’t know	1.5

NOTE: 67 responses.

7a. Please explain in more detail.

By and large companies subject to the impact of tariffs haven't seen an impact yet. Manufacturers have absorbed most of the impact thus far and companies are actively diversifying suppliers to mitigate potential for greater tariffs impact. Continue to monitor the issue closely.
Uncertainty of impacts is restraining investments.
Uncertainty and lack of clarity from industry to industry and product to product [are having an impact].
At this time, our customers have not experienced any material impacts from trade policy.
It does not appear at this time to be affecting our credit standards.
Marked increase in cost of goods are making it impossible to determine any, if any, profitability.
Commercial customers are cautious about capital purchases due to questions about tariffs.
Very little impact on the markets we are in. Most of our loans are real estate secured.
Only a slight amount if any.
We are not certain what the impacts will be to our customers' costs going forward. Many of the items subject to tariff have no local alternatives and therefore will only add to the cost of the product.
Overall environment of uncertainty [is having an impact].
We don't know if prices are going up higher than they have and that creates uncertainty among businesses and consumers.
Construction cost continue to rise. This has been a barrier to commercial and residential construction.
Our proximity to the Mexican border plays a big part in our credit standards and lending decisions. Uncertainty with trade policy has definitely delayed investment decisions locally and across in Mexico.
Tariffs impacting ag producers and related industries.
Certain segments are more difficult to project than in the past.
Oil and gas prices [are having an impact].

Special Questions Comments

Survey participants are given the opportunity to submit comments. Some comments have been edited for grammar and clarity.

We are expecting overall economic improvements as rates decline. We have not experienced impacts from trade policy, however, we remain vigilant for any indication.

Questions regarding the Banking Conditions Survey can be addressed to Mariam Yousuf at mariam.yousuf@dal.frb.org.