Community banks and credit unions produced on average $367 in brokerage revenue for every $1 million in deposits during the fourth quarter 2005.

The revenue penetration was up 4% from $354 in the first quarter, according to a study by Kenneth Kehrer Associates, Princeton, N.J., sponsored by Invest Financial Corp., Tampa, Fla., a broker-dealer owned by Jackson National Life Insurance Co.

Banks with more than $4 billion in assets had average revenue penetration of $471 per $1 million of retail deposits in the fourth quarter, 28% more than for the smaller institutions.

Revenue per financial advisor for the smaller banks, including fees, fell to $19,589 from $22,710 in the same quarter in 2004.

Community banks’ product mix in fourth quarter 2005 was 31% variable annuities, 16% fixed annuities, 23% mutual funds, 6% stocks and bonds, 3% managed money, 1% life insurance and 19% other, according to the study.