Community banks and credit unions generated $531 in brokerage revenue per $1 million of bank retail deposits during the first quarter, up 24% from the total for the first quarter of 2006.

Kehrer-LIMRA, a division of LIMRA International, Windsor, Conn., has published those figures in a summary of results from its latest community bank brokerage revenue index.

Retail account revenue penetration was higher at smaller banks than at larger banks for the first time since Kehrer-LIMRA began conducting the survey series, the firm reports.

The average financial advisor in a community bank or credit union produced gross sales commissions of $16,692 per month during the first quarter, excluding trail commissions and advisory fees, compared with an average of $17,799 per month recorded in the first quarter of 2006, according to Kehrer-LIMRA.

Including trailer and advisory fees from managed money, average productivity per financial advisor in community banks increased 2%, to $21,794 in the first quarter, Kehrer-LIMRA reports.

Variable annuities accounted for 29% of community bank brokerage revenue in the first quarter. Fixed annuities accounted for 6%, and mutual fund sales accounted for 28%.

The share of revenue generated by fixed annuities was down from 12% in the first quarter of 2006, but the share of revenue coming from sales of variable annuities and mutual funds held steady.

The share of community bank brokerage revenue coming from life insurance commissions increased to 1.3%, from 0.7%.