U.S. bank earnings rise in 1st 3 months of 2012

WASHINGTON -- U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years, and the number of troubled banks fell for the fourth-straight quarter, according to a report by the Federal Deposit Insurance Corp.

The mostly positive first-quarter earnings released Thursday illustrate how far the banking industry has come since the 2008 financial crisis. Still, the report noted that many banks remain cautious about lending, a necessary driver of economic growth.