This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Florida's Weakest Banks Vanish

Most of the undercapitalized banks on the above list are operating under regulatory orders to achieve and maintain total risk-based capital ratios higher than 10%.

The list also includes financial strength ratings provided by Weiss Ratings. Weiss Ratings uses a very conservative ratings model, placing the greatest weight on capital strength, credit quality and earnings stability to assign ratings ranging from A-plus (Excellent) to E-minus (Very Weak).

The largest Florida institution with NPA exceeding 15% as of June 30 was Vision Bank of Panama City, which is a subsidiary of Park National Corp. (PRK - Get Report) of Newark, Ohio. Vision Bank's NPA ratio was 16.58% as of June 30, improving from 23.37% the previous quarter. The bank's total risk-based capital ratio was a very strong 22.347%. The holding company has been profitable for the past 12 quarters, reporting second-quarter earnings to common shareholders of $18.9 million, or $1.22 a share, with an ROA of 1.11%, according to SNL Financial. Park National Corp. owes $100 million in government bailout funds received in December 2008, through the Troubled Assets Relief Program, or TARP.

The Florida bank with the highest concentration in nonperforming assets as of June 30 was Southern Commerce Bank, NA of Tampa, with NPA of 30.72%. The bank is operating under a May 2010 consent order with the Office of the Comptroller of the Currency, and as of June 30 was in compliance with the order's higher capital requirements, with a total risk-based capital ratio of 26.85%, while the agreement called for the bank to achieve and maintain a total risk-based capital ratio of 11%.

Florida's Largest Banks

Here are the 10 largest Florida banks, along with key metrics as of March 31:

Out-of-state players dominate deposit gathering in Florida. Based on the most recent deposit market share data provided by the Federal Deposit Insurance Corp., Bank of America NA (the main banking subsidiary of Bank of America (BAC - Get Report)) was the market share leader with 18.3% of deposits in the Sunshine State as of June 30, 2010.

Wells Fargo Bank NA (the main subsidiary of Wells Fargo (WFC - Get Report)) had a 16.1% deposit market share in Florida, and SunTrust Bank (held by SunTrust Banks (STI - Get Report)) was third, with a 10.1% market share.

The largest bank chartered in Florida is Northern Trust, NA, which is a subsidiary of Northern Trust Corp. (NTRS - Get Report) of Chicago. The Florida subsidiary earned $33.4 million during the second quarter, for a return on average assets of 1.04%, improving from earnings of $28.5 million and ROA of 0.91% during the first quarter.
2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BKU $37.82 -0.73%
BAC $17.44 -0.26%
NTRS $75.00 -0.71%
PRK $97.18 0.96%
RJF $58.70 0.48%


Chart of I:DJI
DOW 17,741.17 -57.32 -0.32%
S&P 500 2,084.04 -6.07 -0.29%
NASDAQ 5,113.46 -14.0650 -0.27%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs