WASHINGTON (AP) -- 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.<br />
The data issued Wednesday by the Federal Deposit Insurance Corp. highlighted the impact of the increase in interest rates that occurred in the spring of 2013.<br />
It was only the second time in the last 19 quarters that the banking industry, which has been recovering from the financial crisis, posted a decline in net income from the year-earlier quarter.<br />
The FDIC 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.<br />
The number of banks on the FDIC's problem list fell to 411 from 467.
A blustery winter storm dumped snow and ice across the West on Wednesday, making driving treacherous in the mountains from California to the Rockies and forcing residents and party-goers in some usually sun-soaked cities to bundle up for a frosty New Year's.
SAN FRANCISCO (AP) — A federal judge on Friday blocked the release of any recordings made at meetings of an abortion providers' association by an anti-abortion group that previously revealed secretly...
ALTURAS, Calif. (AP) — A U.S. Forest Service firefighter from South Dakota has been killed battling one of more than a dozen wildfires raging across California, Forest Service officials said Friday ni...
OPA-LOCKA, Fla. (AP) — After hundreds of rescue workers fanned out across a massive swath of the Atlantic for a full week, the Coast Guard's search for two teenage fishermen ended Friday, a heart-rend...
WASHINGTON (AP) — Hillary Rodham Clinton and her husband paid close to $44 million in federal taxes since 2007 and she is in "excellent physical condition" — two facts that emerged Friday in a flood o...