The industry's aggregate net interest margin -- the average yield on loans and investments, less the average cost for deposits and wholesale borrowings -- narrowed to 3.46% during the second quarter, from 3.52% the previous quarter, and 3.61% a year earlier. A very bright note for the industry was that total loans and leases grew by $102 billion, or 1.4%, during the second quarter, with commercial and industrial loans increasing by $48.9 billion, or 3.6%; while residential mortgage loans increased by $16.6 billion, or 0.9%; and credit card balances grew by $14.7 billion, or 2.3%. The industry's total loans and leases grew by 2.7% year-over-year, to $7.513 trillion, as of June 30. There were 732 "problem institutions" as of June 30, according to the FDIC, declining from 772 the previous quarter, and 865 a year earlier. During the second quarter, 15 banks and thrifts failed. Illustrating the difficult environment for raising money, gaining state or federal approval for a new banking charter, and operating a small community bank in the face of myriad new regulatory requirements, the FDIC said that "this is the fourth quarter in a row in which no new charters have been added," and that "it has been more than six quarters since the last time a new charter was created other than to absorb a failed bank."