PROVIDENCE – The real estate lending portfolio for Rhode Island’s 14 reporting financial institutions contracted in the first half of 2010 to $69.6 billion, reflecting a three-year downward trend, from $93.2 billion in the first six months of 2008 to $82.0 billion in the first six months of 2009, according to the Federal Deposit Insurance Company.
Specifically, the total of one-to-four family residential loans fell to $55.6 billion in the first six months of the year from $67.3 billion in the same 2009 period. Nevertheless, multifamily residential real estate loans grew slightly from $1.2 billion to $1.3 billion.
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Commercial real estate loans remained almost unchanged since 2008. In the first six months of 2010, the financial institutions reported $10.6 billion in commercial loans, with $10.7 billion in the same 2009 period and $10.6 billion in 2008.
In total, Rhode Island’s net loans and leases have fallen from $129.6 billion in the first half of 2008 to $98.7 billion in the first half of 2010.
Massachusetts, on the other hand, saw slight first-half growth in its outstanding real estate loans to $57.9 billion from $57.8 billion in the first half of 2009. There were 166 reporting institutions in the Bay State. Net loans and leases declined to $77.1 billion in the first six months of the year from $77.8 billion in the first half of 2009.
RBS Citizens Bank, based in Providence, reported the largest total in-state assets at $112.31 billion, followed by Bank of America at $21.1 billion and The Washington Trust Company of Westerly at $2.9 billion.
Rhode Island’s smallest asset holders were Freedom National Bank, Independence Bank and Talbots Classics National Bank.
