US Banks’ Paper Losses Eased as Net Income Rose, FDIC Says (1)

US banks’ paper losses eased in the first quarter, while net income increased, according to a report published Wednesday by the Federal Deposit Insurance Corp.

The agency said that unrealized losses on securities, which piled up during the 2023 industry turmoil, declined 20% to $413.2 billion in the first quarter from a year prior. Banks’ quarterly net income rose 9.1% to $70.6 billion in the same period.

The total number of FDIC-insured institutions declined by 25 during the first quarter to 4,462. One bank opened and another failed during that period. One lender was sold to an uninsured institution ...