Big four banks kick off this earning season with huge profits from heightened interest rates.

JPMorgan Chase reported a profit of $12.6 billion, a rise YOY from $8.3 billion.

Wells Fargo's net income totaled close to $5 billion, a rise YOY from $3.788 billion

Citigroup's net income of $4.6 billion, a rise YOY from $4.3 billion.

PNC Financial Corp.'s net income of $1.68 billion, a rise YOY from $1.4 billion.

The jump in interest rates has clearly shown to benefit the profit margin of banks. It seems the incidents with the two recently fell banks are mainly related to their high total percentage of deposits that were uninsured by the FDIC.