FORTUNE — Net income for all banks fell in the first quarter of 2014 as mortgage and trading revenue slid, according to data from the Federal Deposit Insurance Company (FDIC).

The FDIC reported net income of $37.2 billion for all banks, compared with $40.3 billion for the final quarter of 2013 — a decline of 8%. The first quarter’s net income also represented a drop of $3.1 billion, or 9%, from the first quarter of 2013.

The FDIC publishes a report each quarter detailing earnings activity from all FDIC-insured financial institutions. It also reports on return on assets, a measure of how profitable a company is relative to its total assets, which was 1.01% in the first quarter of 2014, down from 1.12% in the first quarter of 2013.

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The FDIC press release noted that a decrease in mortgage activity was one of the factors that led to the drop in income. Despite the low profits, the St. Louis Fed’s financial stress level is at an all-time low.

On Tuesday, Citigroup’s Chief Financial Officer John Gerspach said a recent decline in trading revenue could deepen in the second quarter.