Commercial real estate maturities are still moving through the system, and office remains the property type most market participants worry about. The core issue is not just current delinquency. It is refinance risk. Loans that looked manageable when rates were lower and valuations were stronger can become much harder to roll when occupancy is weaker, cash flow is thinner, and lenders are underwriting to tougher assumptions.<\/p>
Short answer:<\/strong> this is a proxy-based ranking, not a direct office-loan ranking. Using FDIC-sourced Call Report data as of 2025-12-31, the screen covers active U.S. banks under $10 billion in assets with at least $100 million in nonfarm nonresidential real estate loans. By that office-risk proxy as a share of assets, State Bank of Texas, American First National Bank, Metropolitan Commercial Bank, United Business Bank, and Northeast Bank screen highest.<\/p> That creates an obvious question for bank investors, analysts, risk teams, and executives: which banks are most exposed? The honest answer is that public regulatory data cannot tell you that perfectly. U.S. Call Reports do not<\/strong> break out office loans as a standalone category. So if you want a defensible public-data screen, you need to use an office-risk proxy rather than claim exact office exposure.<\/p> For U.S. banks, the best public proxy is nonfarm nonresidential real estate loans<\/strong> reported on Call Report Schedule RC-C. That category includes office, but it also includes other nonfarm nonresidential property types. So this is not a direct office-loan ranking. It is a ranking of the banks whose balance sheets appear most exposed to the broader part of CRE where office risk usually sits.<\/p> Using the local Banking Intelligence database through 2025-12-31, we screened active U.S. FDIC-sourced banks under $10 billion in assets with at least $100 million in nonfarm nonresidential real estate exposure. We then ranked them by that office-risk proxy as a percentage of total assets, because concentration usually matters more than raw dollar size when you are trying to understand who is most vulnerable to a prolonged office maturity cycle.<\/p> Before looking at any ranking, it is important to be explicit about the limitation. This article does not measure exact office balances or office maturities.<\/strong> It measures nonfarm nonresidential real estate loans, which is the most useful public proxy for office-related refinance risk in Call Report data.<\/p> That means two things can be true at once. A bank that ranks high here may not be as office-heavy as the proxy suggests if its nonfarm nonresidential book leans toward industrial, retail, healthcare, or mixed-use properties. And a bank that ranks lower may still have meaningful office exposure if office is a large share of its nonfarm nonresidential bucket. This is a screening tool, not a substitute for loan-level diligence.<\/p> Call Report Schedule RC-C splits nonfarm nonresidential into owner-occupied<\/strong> and non-owner-occupied<\/strong> sub-lines. Non-owner-occupied is the tighter office-risk read because repayment more often depends on third-party rent, refinance proceeds, or sale proceeds. Owner-occupied loans can have different credit dynamics because repayment is tied more closely to the operating cash flow of the business that uses the property.[2]<\/sup>[3]<\/sup> This article uses the combined nonfarm nonresidential figure for continuity, but a second-pass review should separate the non-owner-occupied line. Excluding owner-occupied exposure can materially change the ranking at business-heavy community banks; the size of that reduction should be calculated bank by bank rather than assumed.<\/p> Office stress is often maturity-driven. A loan can remain current while the property is effectively trapped between old financing assumptions and new market reality. If the building has lower occupancy, weaker leasing prospects, or lower valuation support, the loan may not refinance on the same terms. That can lead to extensions, recaps, restructurings, sponsor equity injections, or eventual loss recognition.<\/p> That is why public concentration still matters even when current delinquency looks manageable. A bank with a heavy office-sensitive book does not need widespread defaults today to face elevated risk. It only needs enough maturities to come due in a market where refinancing is harder. Academic work on monetary tightening, CRE distress, and bank fragility points in the same direction.[7]<\/sup><\/p> The names below are the top 10 excerpt from the under-$10 billion universe by combined nonfarm nonresidential real estate loans as a share of assets at 2025-12-31. Again, this is not<\/strong> a pure office ranking. It is the best public screening proxy available, and the top-25 summary statistics are discussed below.<\/p> NPL Ratio is a bank-level nonperforming-loan ratio: loans 90+ days past due and still accruing plus nonaccrual loans, divided by total loans and leases.<\/em><\/p> Key Takeaways<\/h2>
The Caveat That Matters<\/h2>
Why Maturities Matter More Than Simple Delinquencies<\/h2>
The Banks That Screen Highest On The Public Office-Risk Proxy<\/h2>