U.S. community banks are reporting about $31 million in annuity fee income for the first quarter, up 11% from the total for the first quarter of 2010.
Michael White Associates L.L.C. (MWA), Radnor, Pa., has published the community bank annuity production figures in an analysis of data filed by 6,850 banks.
For purposes of the analysis, a community bank is a U.S. commercial bank, or a savings bank regulated by the Federal Deposit Insurance Corp., with les than $4 billion in assets.
Annuity commissions accounted for 26% of community bank investment program income in the first quarter, up from about 25% in the first quarter of 2010.