WASHINGTON (CBSMiami) – Florida’s federally insured banks and savings institutions posted a combined net income of $174 million for the period ending March 31, the Federal Deposit Insurance Corporation said. The first quarter figures were up 26.1 percent from $138 million posted for the fourth quarter of 2011 and compared to a $3 million net income loss in the first quarter of 2011.

The number of FDIC insured banks and savings and loans dropped from 243 last year to 222 during the most recently reported quarter. Nationally, FDIC insured commercial banks and savings institutions reported aggregates profit of $35.3 billion in the first quarter of 2012, a $6.6 billion improvement from the $28.8 billion in net income the industry reported in the first quarter of 2011.

“The condition of the industry continues to gradually improve. Insured institutions have made steady progress in shedding bad loans, bolstering net worth, and increasing profitability.” FDIC Acting Chairman Martin J. Gruenberg said in a statement.