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U.S. bank earnings decline 7.7% in 1st quarter

By The Associated Press

This article was published May 28, 2014 at 11:06 a.m.

WASHINGTON — U.S. banks’ earnings declined 7.7 percent in the January-March quarter from a year earlier, as higher interest rates dampened demand for mortgage refinancing and reduced banks’ revenue from the mortgage business.

The Federal Deposit Insurance Corp. reported that the banking industry earned $37.2 billion in the first quarter of this year, down from $40.3 billion in the same period in 2013.

It was only the second time in the last 19 quarters that banks, which have been recovering from the financial crisis, posted a decline in net income from the year-earlier quarter.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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