Bank programs set a new record for record for income in the first half of 2014. The 1,386 community banks that offered investment programs in the U.S. (21% of the total 6,608 community banks) produced $289.4 million in program income, up 2.2% from the first half 2013. Moreover, average program income at the mid-year point was $209,000, or 40% higher than it was in the first half of 2007, when banks first began reporting the raw data we use for our analysis here at Michael White Associates.

So there has been growth, but when you drill down further there are also some surprises. One is the love-hate relationship the channel seems to have with annuities.

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