NEW YORK (TheStreet) -- Most of California largest banks saw continued improvement in profitability during the first quarter, although 38 Golden State institutions were still losing money.
Following the pattern being seen for other key states in the boom-and-bust cycle for the housing market -- including Florida, Georgia and Illinois -- most of California's banks saw continued improvement in asset quality and profitability during the first quarter, with over 85% of the state's 258 institutions now in the black, according to regulatory data provided by Thomson Reuters Bank Insight.
Since the current wave of bank failures began during 2008, 39 California banks and savings and loan associations have failed, trailing only Georgia, with 78 failures, Florida, with 61 and Illinois with 50. But only four institutions in the state have failed so far this year. The most recent California bank to fail was Palm Desert National Bank, which was closed by the Office of the Comptroller of the Currency on April 27, and sold by the Federal Deposit Insurance Corp. to Premier Pacific Bancorp (PPBI) of Costa Mesa, Calif.
Please see TheStreet's Bank Watch List for a full listing of all the banks and thrifts across the country that were undercapitalized as of March 31, per normal regulatory guidelines.Since the 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.
California Banks with Weakest Asset QualityThe following list includes all banks in the state with nonperforming assets comprising more than 15% of total assets as of March 31:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV