GLORY DAYS: The stars aligned for bank and credit union profits last year, contributing to a record year for many institutions.

Business North Carolina's annual list of the state's 50 biggest banks and credit unions shows more than half of the institutions reported profit gains of more than 50%.

Two key reasons suggest that probably won't be repeated, according to Tony Plath, a retired finance professor at UNC Charlotte who consults with banks. First, many banks recognized their fee income from making Payment Protection Program loans as income. Second, unprecedented mortgage loan activity from both new originations and refinancing also sparked huge fee increases.

No one expects another PPP effort, while soaring mortgage rates are expected to cool the housing market. Banks must find other ways to profit this year.

The rankings are based on information supplied by New York-based S&P Global Market Intelligence.

Here are 10 institutions that made news in the last year.

1 Bank of America (5-year total return: 75%)

The last year marked a changing of the guard for the North Carolina leadership at the second-largest U.S. bank. Longtime technology leader Cathy Bessant moved to Paris to become vice chair of global strategy, while 34-year bank veteran Andrea Smith retired as chief administrative officer. The bank's senior N.C. executives include Aditya Bhasin, chief technology and information officer; Steve Boland, chief administrative officer; and Christine Katziff, chief audit executive.

2 Truist Financial (5-year total return: 34%)

Former SunTrust Banks leader Bill Rogers succeeded Kelly King as CEO last September, then became board chair on March 12. Other top-level turnover at the seventh-largest U.S. commercial bank included the appointment of Donta Wilson as head of retail community banking and marketing, succeeding veteran executive Brant Standridge.

3 First Citizens BancShares (5-year total return: 92%)

The nation's biggest family-controlled bank completed its largest acquisition on Jan. 3, essentially doubling in size with the $2.2 billion purchase of CIT Group. It puts First Citizens among the 20 largest U.S. banks with more than 600 branches in 22 states.

4 State Employees Credit Union

In September, Jim Hayes became the third CEO since 1979 at the second-largest U.S. credit union, which has more than $50 billion in assets. A former chief of a much smaller federal credit union near Baltimore, Hayes pledges to improve the institution's digital platform and add new products for the 2.6 million members.

5 Live Oak Bank (5-year total return: 86.3%)

The fast-growing company that specializes in Small Business Administration loans is among the state's most volatile stocks. Its total return tops the state's publicly traded banks over the last three years, even though its stock slumped 35% in the year ended May 6. In addition to strong revenue growth, Live Oak booked a $120 million gain in the first quarter by selling its Finaxct investment to Fiserv.

7 Coastal Credit Union

CEO Chuck Purvis announced plans to retire next March after leading the second-largest N.C. credit union since 2012. Formed by eight IBM employees in 1967, it how has more than $4.6...