Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $60.7 billion in first quarter of 2019, up $4.9 billion (8.7 percent) from a year earlier. The increase in net income was mainly attributable to a $7.9 billion (6 percent) increase in net interest income. Financial results for first quarter of 2019 are included in the FDIC’s latest¬†Quarterly Banking Profile released May 29.

The 4,930 insured institutions identified as community banks reported net income of $6.5 billion in the first quarter, up $596 million (10.1 percent) from a year earlier. The increase was driven by higher net interest income (up $1.1 billion, or 6.4 percent), higher securities gains (up $110 million, or 206.7 percent), and lower provision expense (down $137 million, or 17.3 percent). Lower noninterest income (down $84 million, or 1.9 percent) and higher noninterest expense (up $585 million, or 4 percent) partially offset improvements to net income.

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