Banks in the United States reported $540 million in annuity commission and fee income for the first half, up 13% from the total for the first half of 2007.

Researchers at Michael White Associates L.L.C., Radnor, Pa., have based those figures on a review of data data from 7,622 commercial and savings banks.

The Michael White researchers found that 22% of the institutions reviewed generated income from selling and servicing mutual funds or annuities, down from 23% in 2007.

About 13% of the financial institutions included sell annuities.

Although the financial institutions’ annuity income rose, a drop in income from mutual fund operations reduced total income from annuity and mutual fund distribution operations 0.9%, to about $2.8 billion.

Some of the fund and annuity income came from sources such as lease payments from mutual fund and annuity providers rather than from traditional sales commissions and fees, the Michael White researchers note.

About 74% of the banks with more than $10 billion in assets reported fund or annuity income. Their fund and annuity revenue fell 0.6%, to about $2.5 billion.

The big banks’ annuity commissions rose more than 12%, to $430 million, and those banks accounted for almost 80% of all bank annuity commissions in the first half, the Michael White researchers report.

Banks with assets between $1 billion and $10 billion report total fund and annuity income fell 5.5%, to $189 million, as their annuity commissions increased 23%, to $70 million.