Unlike many sectors, banks did not rally back to new highs when the Fed and Congress stepped up with stimulus programs to support the economy.
Investors were afraid of what would happen when people could not pay their bills and began to default on credit cards, car loans, and even mortgages.
That has not happened.
Although banks have had to work with some borrowers to restructure their loans and defer some payments, disaster never struck.
Banks entered 2020 with more capital than ever before, and loan portfolios were in pristine condition.
Most banks would have survived the worst the pandemic could have thrown at them.