WASHINGTON (AP) — U.S. banks earned less in theJuly-September quarter than they did a year
earlier, marking the firstyear-over-year decline in earnings since the spring of 2009 when thecountry was
still mired in the Great Recession.The FederalDeposit Insurance Corp. says the banking industry earned $36
billion inthe third quarter, down $1.5 billion or 3.9 percent from the thirdquarter of 2012.The FDIC says
the year-over-year earnings declinecame primarily from a $4 billion increase in litigation expenses at
asingle institution. The FDIC did not name the institution.Lower revenue from reduced mortgage activity and
lower gains from asset sales also contributed to the reduction in earnings.Half of the nation’s 6,891
insured banking institutions had year-over-year growth in earnings while half reported declines.Copyright
2013 The Associated Press. All rightsreserved. This material may not be published, broadcast, rewritten
orredistributed.WASHINGTON (AP) — U.S. banks earned less in theJuly-September quarter than they did a year
earlier, marking the firstyear-over-year decline in earnings since the spring of 2009 when thecountry was
still mired in the Great Recession.The FederalDeposit Insurance Corp. says the banking industry earned $36
billion inthe third quarter, down $1.5 billion or 3.9 percent from the thirdquarter of 2012.The FDIC says
the year-over-year earnings declinecame primarily from a $4 billion increase in litigation expenses at
asingle institution. The FDIC did not name the institution.Lower revenue from reduced mortgage activity and
lower gains from asset sales also contributed to the reduction in earnings.Half of the nation’s 6,891
insured banking institutions had year-over-year growth in earnings while half reported declines.Copyright
2013 The Associated Press. All rightsreserved. This material may not be published, broadcast, rewritten
orredistributed.