Aggregate revenue from annuities at 20 operating banks plunged 15% in second quarter 2009, according to a new report.

Annuities accounted for 61% of brokerage revenues in these banks for the quarter, says Heywood Sloane, managing director of the Bank Insurance and Securities Association, Wayne, Pa., which issued the report.

By comparison, in first quarter 2009, annuities accounted for 68% of brokerage revenues, says BISA.

The second quarter drop was behind the overall 11% decline in the BISA-Singer Bank Brokerage Index, indicates Sloane.

Produced jointly by BISA and Singer’s Annuity & Funds Report, the Index is an average based on quarterly brokerage revenues at 20 operating banks with established retail investments programs. These revenues come from fees and commissions for annuity sales and securities brokerage activities, as reported to the Federal Deposit Insurance Corporation.

The Index baseline, 100, was set first quarter 2007. This baseline fell from 109 in first quarter 2009 to 98 in second quarter 2009–the first time the baseline has fallen below 100, BISA says.

Other findings:

–The aggregate brokerage revenue of the 20 banks fell 6%, from $166.7 million in the first quarter to $156.6 million in second quarter. But four banks did improve their brokerage performance in the quarter.

–The aggregate securities revenues at the 20 banks increased by 13%.; BISA attributes this largely to the quarters’ resurgent stock market.