U.S. bank profits rose 29% as outlook for future credit losses downward

WASHINGTON (Reuters) -U.S. bank profits rose 29.1% during the first quarter of 2021 from the previous quarter as banks adjusted expectations for future credit losses downward, a bank regulator said on Wednesday.

The industry posted $76.8 billion in first-quarter profits, up $58.3 billion from a year prior and $17.3 billion in the final quarter of 2020, the U.S. Federal Deposit Insurance Corporation (FDIC) said in its quarterly banking profile report.WASHINGTON (Reuters) -U.S. bank profits rose 29.1% during the first quarter of 2021 from the previous quarter as banks adjusted expectations for future credit losses downward, a bank regulator said on Wednesday.

The industry posted $76.8 billion in first-quarter profits, up $58.3 billion from a year prior and $17.3 billion in the final quarter of 2020, the U.S. Federal Deposit Insurance Corporation (FDIC) said in its quarterly banking profile report.

The report data also showed that three-quarters of all banks, or 74.8%, reported higher quarterly net income compared with the year-ago quarter and that the share of unprofitable institutions dropped from 7.4% a year ago to 3.9%.

Loan balances declined from the previous quarter and year, driven by a reduction in credit card balances, the agency added.

FDIC Chairman Jelena McWilliams said the new data shows, despite continued challenges, “the banking industry remains resilient. Strong capital and liquidity levels support lending needs and help protect against potential losses.”

The new data also showed deposits grew by $635.2 billion, or 3.6%, from a quarter prior to $18.5 trillion.

This lift in U.S. consumers’ savings repeats a trend of previous quarters of unprecedented deposit growth, the regulator said.

“We’ve had record savings rates since the beginning of the pandemic, but this influx of deposits is not permanent,” an agency official told reporters.

“As the economy continues to expand due to consumers and businesses starting to spend again, we will see a significant moderation in growth,” another official added, saying that the agency will continue to monitor deposit trends.

Total assets increased by $680.9 billion, or 3.1%, from the previous quarter to $22.6 trillion.

Cash and balances due from depository institutions expanded by $440.1 billion, or 13.8%, while securities rose a record $366.9 billion, or 7.2%.

Three new banks opened and 25 institutions merged in first quarter 2021. No banks failed during the quarter, the FDIC data showed.

The number of institutions on the FDIC’s so-called problem bank list declined by one to 55 from the previous quarter.
These properties, such as the Colorado property that Tom Cruise just unloaded for a shiny $39.5 million, more often than not boast a gobsmacking square-footage, a plethora of bedrooms and bathrooms and more space to entertain than the average person may know what to do with.

Even more impressive is the location of some of these properties, which doubtlessly increases the price and value of the homes.
One of the coolest camera features on the iPhone is portrait mode. It makes your subject pop and can give your pictures a dramatic look. Basically, when you take a photo, it keeps the subject in focus while making the background of the picture look artistically out of focus. This popular effect replicates photos taken on a mirrorless or DSLR camera with a long lens and a shallow depth of field. Depending on the model of iPhone you have, portrait mode can be used on people, pets and even certain objects. 
Apple also added Portrait Lighting Mode looks that apply popular styles of photographic lighting to your pictures. Additionally, you can change the amount of background blur behind the subject. 

With all of the tools and settings Apple built into portrait mode, it can be easy to overlook their functionality or even know they're there. I gathered seven tips and tricks to help you master portrait mode on the iPhone. I should warn you that depending on the model of iPhone you have, some of these tips might not apply.
You can adjust the depth of field before or after taking a portrait mode photo. On an actual camera, the depth of field is determined by the aperture of the lens. In portrait mode on an iPhone, when you adjust the depth of field it changes the amount of blur on the background. Adjusting the depth of field beforehand can help hide any imperfections along the edges of your subject's cutout.
Portrait mode works best when your subject is between two and eight feet away from the phone, which is roughly between 0.5 and 2.5 meters. If your subject is too far away (or too close), the iPhone will politely prompt you to adjust your distance. If you try to take a portrait mode photo with an out-of-range subject, the camera will take a regular picture instead.
When setting up your portrait mode masterpiece, look for any onscreen options in yellow. Specifically, look for the Natural Light label at the bottom of the screen to turn yellow. This indicates that the iPhone has identified and focused on your subject, and that it can separate them from the background. Also look for the yellow rounded-corners of an invisible rectangle to appear around the subject's head. If you don't see the yellow corners, tap the subject's eye in the frame to help the iPhone find the focus and exposure.