Banks post most profitable year since 2006

The sluggish economic recovery has held bank revenues mostly flat. 

During the quarter, 54 institutions were merged into other institutions and 18 insured institutions failed. 

The number of institutions on the FDIC’s “problem list” declined from 844 to 813 during the quarter. For the year, the 92 institutions failed and 198 were absorbed by mergers. 

Nearly all of the earnings — 83 percent — were at banks with assets of at least $10 billion, including Bank of America Corp., JPMorgan Chase, Citi and Wells Fargo.

The Quarterly Banking Profile provides the earliest comprehensive summary of financial results for all FDIC-insured institutions.