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The coronavirus pandemic had an early effect on Massachusetts’ FDIC-insured banks, with first quarter earnings falling while total assets, loans and deposits increased.

According to the FDIC’s Quarterly Banking Profile for the first quarter of 2019, Massachusetts’ 111 FDIC-insured institutions together held $402.387 billion in deposits, a 24.2 percent increase over the fourth quarter and a 33.8 percent increase year-over-year.

Bank earnings plummeted, with only 32.43 percent of institutions reporting earning gains compared to 66.37 percent at the end of 2019 and 63.87 percent on March 31, 2019.

FDIC Chair Jelena McWilliams said in a statement that increases in loan loss provisions had negatively affected banks in the U.S., while also noting that the banking industry during the economic downturn “has proven to be a source of strength for the economy.”

“Although bank earnings were negatively affected by increases in loan loss provisions, banks effectively supported individuals and businesses during this downturn through lending and other critical financial services,” McWilliams said. “Loans and deposit inflows increased dramatically, reflecting drawdowns on corporate lines of credits and the flight to liquid assets during the market volatility. Notwithstanding these disruptions, at the end of the first quarter, bank capital and liquidity levels remain strong, asset quality metrics are stable, and the number of ‘problem banks’ remains near historic lows.”

She added that the low interest rate environment and the economic downturn would “present challenges to the industry over the near to mid-term.”

The net income for the state’s FDIC-insured institutions was $759 million in the first quarter compared to $891 million for the same period last year, a 14.8 percent decline. Net interest margin fell as well, to 1.95 percent in the first quarter compared to 2.37 percent on Dec. 31 and 2.44 percent on March 31.

Massachusetts institutions saw a collective 2.44 percent yield on all earning assets in the first quarter, down from 3.11 percent at the end of 2019 and 3.19 percent on March 31, 2019.

The percent of unprofitable institutions more than quadrupled, rising from 3.54 percent at the end of 2019 to 20.72 percent in the first quarter.

While profitability declined, growth in total assets, loans and deposits showed how banks responded to consumers and businesses affected by the pandemic.

Massachusetts FDIC-insured institutions together had total assets of $534.151 billion on March 31 compared to $412.371 billion on Dec. 31 and $391.69 billion at the end of the first quarter last year. Total loans and leases were $166.35 billion, up 4.6 percent from $159 billion at the end of last year. Loans year-over-year were up 8.2 percent.

Deposits grew from $323.926 billion at the end of 2019 to $402.387 billion in the first quarter. Bankers in recent months have attributed deposit growth to government aid payments, less spending during the economic shutdown and Paycheck Protection Program loans.

Mergers left the state with two fewer FDIC-insured institutions. The state had 111 institutions at the end of the first quarter following Family Federal Savings’ acquisition by Fidelity Bank and Ipswich Bank’s merger into Brookline Bank.

The number of full-time-equivalent employees at the state’s FDIC-insured institutions fell slightly from 52,116 full-time-equivalent employees on Dec. 31 to 51,980 on March 31.