This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Almost 75% of Florida Banks Now Eke Out a Profit

Stocks in this article: BBT BKU EVER HOMB

NEW YORK ( TheStreet) -- Nearly three out of four Florida's banks were profitable during the first quarter, which was a vast improvement from the fourth quarter, when nearly half lost money.

Of course, Florida still has its share of troubled banks, with 24 undercapitalized institutions as of March 31, according to data provided by Thomson Reuters Bank Insight, not including Security Bank, NA of North Lauderdale, which failed on May 4, and was purchased from the Federal Deposit Insurance Corp. by Branesco USA of Coral Gables, Fla.

Please see TheStreet's Bank Watch List for a full listing of all the banks and thrifts across the country that were undercapitalized, per normal regulatory guidelines, as of March 31.

One of the larger banks on last quarter's Bank Watch List was Vision Bank of Panama City, which was held by Park National Corp. (PRK)of Newark, Ohio. Park National sold Vision Bank to Home BancShares (HOMB) of Conway, Ark., for $27.9 million on February 16. The deal was a sweet one for Home BancShares, which picked up 17 branches in Baldwin County, Ala., and in the Florida Panhandle, while not acquiring Vision Bank's nonperforming loans or its repossessed real estate.

Deposit gathering in Florida is dominated by the big national players, including Bank of America (BAC), with a first-place 19% deposit market share as of June 30, 2011, according to the most recent FDIC data. Wells Fargo (WFC) is in second place, with a 16% deposit market share in the Sunshine State, followed by SunTrust (STI), with a 10% market share.

But smaller players are looking for continued Florida expansion. Home BancShares chairman John Allison said during the company's first-quarter earnings call that "we're looking somewhere in the Naples market to try to build some more base there for our Keys operation," and that the company "would like to do something in and around Orlando, and we would certainly continue to build in the Panhandle." During the call, Home BancShares chief lending officer Kevin Hester said "we're optimistic, especially in Florida," where the bank's loan "pipeline is improving."

Since the Bank Watch List is based solely on capital ratios, we take a different approach on our quarterly coverage of banks in key states, by looking at overall credit quality to identify troubled institutions.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs