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FDIC-insured financial institutions grow Q1 earnings 13%

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Banks and savings institutions insured by the Federal Deposit Insurance Corp. increased their aggregate first-quarter earnings by 12.7 percent to $44 billion.

Of the 5,856 institutions that reported results to the FDIC, 57 percent posted net income growth compared with the prior year. The portion of unprofitable banks was 4.1 percent, down from 5.1 percent in first-quarter 2016, according to a news release.

First-quarter financial notes:
    •    Net operating income — the sum of net interest income and noninterest income — grew 6.3 percent to $183.6 billion.
    •    Community banks — which made up 5,401 of the total reporting institutions — posted aggregate net income of $522.9 million, a 10.4 percent increase.
    •    Total loans and leases were up 4 percent to $358.1 billion.

“In the past two quarters, the industry has seen a slowdown in loan growth that is broad-based across major lending categories,” FDIC Chairman Martin Gruenberg said in the release. “This slowdown has occurred as the economy approaches the end of the eighth year of a relatively modest expansion. Still, loan growth has remained at or above nominal GDP growth.”

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