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The breathtaking rise in the number of start-up banks is finally showing signs of leveling off. So far this year, 216 applications to insure a new bank or thrift have been filed with the Federal Deposit Insurance Corp. At this rate, 355 applications would be filed this year, 4% below last year. Since 1992, applications for insurance have increased an average of nearly 34% a year, according to the FDIC. Florida, with 21 applications pending, and Georgia, with 18, are still by far the leaders in projected start-ups. But the rate of growth is much smaller than in the past few years.

United Bancshares of El Dorado said last week that it had terminated its $23 million deal for another Arkansas company, Mountain Bancshares of Yellville. United has $2.4 billion of assets and owns 13 banks in Arkansas, Texas, and Louisiana. Mountain has $115 million of assets.

Solid loan growth, hardy credit quality, and fatter interest margins produced exceptional first-quarter earnings at some smaller banks. The $1.4 billion-asset company, which focuses on small-business customers, grew its loan portfolio 15.3% in the year that ended March 31, to $1 billion. Mississippi Valley's efficiency ratio also improved, to 37.80% in the first quarter from 41.33% from a year earlier. Sun Bancorp in Vineland, N.J., expanded aggressively during the first quarter, opening five branches and buying a mortgage company and two other branches. The $1.5 billion-asset company's loan portfolio swelled 60% in the quarter, to $730 million. Net income increased 34% from a year earlier, to $2.4 million.