updated 8/26/2008 3:39:20 PM ET 2008-08-26T19:39:20

The government says U.S. banking profits fell 86 percent in the second quarter, while the number of troubled banks rose to the highest level in about five years.

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The Federal Deposit Insurance Corp. says the roughly 8,500 banks and thrifts also set aside a record 50 billion dollars to cover losses from soured mortgages and other loans in the second quarter.

FDIC says 117 banks and thrifts were considered to be in trouble in the second quarter, up from 90 in the prior quarter.

Total assets of troubled banks jumped from 26 billion dollars to 78 billion in the second quarter. Some 32 billion dollars of the increase came from IndyMac Bank, which failed in July.

FDIC doesn't disclose the names of institutions on its internal list of troubled banks.

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