Is there any reason an insolvent bank cannot be profitable short-term?

[Kurt_and_Hunter]

Would anyone like to discuss/theorize/report on the relationship between quarterly operating profits and ultimate institutional health?

(The question does not suggest that Wells Fargo or Goldman are insolvent. Just that the reason we have rules about banking is to prevent certain behaviors that are potentially profitable. Since banks retail money and--between Fed and Treasury--their wholesale cost for money is at or below zero these days it would be hard not to show a profit, but I don't know that it follows that a bank's reserve situation is solid in the face of potential portfolio devaluation. Or maybe it does follow... there are doubtless wrinkles of which I am unaware.)