According to a Reuters report, U.S. banks reported $1.53 trillion in commercial and industrial loans in the first quarter, reflecting a 12% gain year-over-year following double-digit gains in 2011 and 2012.

However, according to the report, some bankers and analysts believe this gain in C&I lending looks more like an early asset bubble than an economic breakout.

Reuters reports that mid-size companies and publicly traded corporations are not using the loans for economic expansion.  Rather, these companies are dictating easy terms to the banks competing for their business and taking advantage of cheaper credit lines or refinancing the replacement of obsolete factory equipment.