Community banks produced $242 million in investment program income in the first half of the year, down from $248 million in the first half of 2007.

Researchers at Michael White Associates L.L.C., Radnor, Pa., have based those figures on an analysis of reports from the 1,635 banks with less than $4 billion in assets that reported making investment sales.

Annuity production at community banks increased to $74 million in the first half, from $70 million in the first half of 2007, according to MWA.

The MWA study was sponsored by LPL Financial Institutions Services Inc., Boston.

Community banks earned an adjusted mean investment program income of $505 for each $1 million in retail deposits so far this year.

That compares with an average of $766 in investment program income per $1 million in deposits for banks with more than $4 billion in deposits, MWA reports.