WASHINGTON — Banks and thrifts managed to earn $7.6 billion in the first quarter, but that was where the good news ended in the Federal Deposit Insurance Corp.'s industry update.

The agency's Quarterly Banking Profile released Wednesday said almost 4% of all loans were noncurrent at March 31 — the highest level since the savings and loan crisis — and the industry's 1.94% chargeoff rate was just shy of the record set in the previous quarter.

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