Almost 75% of Florida Banks Now Eke Out a Profit

Florida Banks with Weakest Asset Quality

The following list includes all banks in the state with nonperforming assets comprising more than 15% of total assets as of March 31:

Nonperforming assets (NPA) include nonaccrual loans, loans past due 90 days or more and repossessed assets. Government-guaranteed loan balances are excluded. The ratio of net charge-offs to average loans is annualized.

The total risk-based capital ratios needs to be at least 8% for most institutions to be considered adequately capitalized by regulators and 10% for most to be considered well-capitalized. 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).

Largest Florida Banks

As we have seen from the expansion of Home Bancshares and the comments from the company's executives, Florida remains a key banking battleground and a long-term growth story. Over time, the state's economic advantages -- including lower (or nonexistent) heating bills, lower real estate prices than many northern states, lower property taxes, and the lack of a state income tax -- not to mention all that sunshine, seem likely to restore the state's destination status for an aging U.S. population.

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

The largest Florida bank is Everbank of Jacksonville, which had $13.8 billion in total assets as of March 31, and operates mainly over the Internet. Everbank is the main subsidiary of Everbank Financial (EVER), which went public on May 3, with an offering of 22,103,000 common shares, at an initial price of $10.00 a share. The shares closed at $11.27 on Tuesday.

The second largest Florida institution is BankUnited of Miami Lakes, which is held by BankUnited, Inc. (BKU). The "new" BankUnited was formed was formed by an investor group led by John Kanas to acquire the old BankUnited FSB from the FDIC after the thrift failed in May 2009.

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