Net income at America’s banks set a record net income level in the second quarter of 2015 at $43 billion, according to the Federal Deposit Insurance Corp.
In its Quarterly Banking Profile, the FDIC said net income was up $2.9 billion, or 7.3 percent, from the second quarter of 2014, when it was the second-highest quarterly level ever.
Almost 59 percent of all of the FDIC’s 6,348 insured institutions reported year-over-year growth in quarterly earnings, according to the report. Unprofitable banks fell from 6.8 percent last year to 5.6 percent in this year’s second quarter. That figure is the lowest it’s been since 2005, according to the FDIC.
The biggest gains came from the FDIC’s 5,881 community banks, which reported $5.3 billion in net income — an increase of 12 percent from the second quarter of 2014.
The list of “problem banks” continued to shrink as well, from 253 after the second quarter of 2014 to 228 this year. The FDIC said that’s the smallest list of problem banks in seven years and down from the 2011 peak of 888.
The FDIC does not release its list of problem banks.