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WASHINGTON, May 25 (Reuters) - Higher revenue from trading and securitization activity helped push profits at U.S. commercial banks and savings institutions to a record level in the first quarter, bank regulators said on Thursday.

Earnings rose 14.1 percent to $37.3 billion from $32.7 billion in the fourth quarter, and were up 9.5 percent from $34 billon a year earlier, the Federal Deposit Insurance Corp. said. Fourth-quarter results were revised from an original $32.9 billion.

The FDIC, which oversees some 8,800 financial institutions and insures deposits, said loan growth remained robust, particularly in commercial lending.

Asset quality remained historically strong, with net charge-offs declining after two quarters of increases related to a tougher bankruptcy law that took effect in October.

Loans associated with real estate construction and land development jumped 7.7 percent from the fourth quarter to $34.5 billion, and were 34.6 percent higher than a year ago.

The FDIC nevertheless said rising short-term interest rates have put downward pressure on net interest margins, which fell to a 15-year low of 3.46 percent, down from 3.49 percent in the fourth quarter. Almost two out of every three institutions saw margins decline.

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