Loan growth at banks is slowing, casting a cloud over what was supposed to have been a banner year for financial institutions following last November’s elections.

The rate of 12-month loan growth at U.S. banks in the third quarter hit its lowest level since the end of 2013, according to data released last week by the Federal Deposit Insurance Corp. That marked the sixth consecutive quarter of decline for this measure of loan growth.

Growth in each of the four major lending categories measured by the FDIC fell. Notably, the growth rate for business lending, an important source of revenues for banks in recent years, plumbed its lowest level since the first quarter of 2011.

While loan balances are still rising, the slowing rate of growth has defied the expectations of bankers. Many have spent the year looking for growth-reviving catalysts that never came and remain puzzled by the slowdown.

Even more surprising is that falling rates of loan growth are occurring as many signals point to a more buoyant U.S. economy. Unemployment continues to decline, gross domestic product growth came in at 3% in the third quarter and business investment is rising.