NEW YORK ( TheStreet) -- Bank lending appears to have hit bottom and looks set to increase, according to report published Monday from Credit Suisse. "While loan growth remains challenging, we are seeing indications that loans may have troughed for the overall industry," states the report. "Management commentary over the past two quarters has indicated early signs of increased activity, particularly on the commercial side." Total loans and leases for U.S. commercial banks, as measured by the Federal Reserve and Credit Suisse estimates, peaked at $7.03 trillion in 2008 and had shown a double digit percentage increase each year since at least 2005. Since then, however, the figure has fallen every year and was at $6.77 trillion in 2010. Despite the cautiously optimistic view on loans, Credit Suisse analysts joined the rest of Wall Street researchers by lowering earnings estimates for several banks. Credit Suisse lowered 2012 and 2013 earnings estimates for Bank of America ( BAC), Citigroup ( C) and Wells Fargo ( WFC), citing lower interest rates and a weak revenues environment for investment banking. Nonetheless, also like many other analysts, Credit Suisse argues banks are attractive from a valuation standpoint. They rate JPMorgan Chase ( JPM), Bank of America ( BAC) and U.S. Bancorp ( USB) "outperform." -- Written by Dan Freed in New York.