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Talk of the bay

Another strong year predicted for Florida's banks

By HELEN HUNTLEY
Published October 10, 2005

Florida may be a banking colony - 77 percent of the deposits are controlled by out-of-state banks - but Allen C. Ewing & Co. reminds us that the state's bankers haven't all waved the white flag of surrender. (At least not yet.)

The Jacksonville investment banking company says we've still got two dozen publicly traded banks with assets of $100-million or more, along with some substantial privately held institutions.

"Florida banks should have another good year in 2006, as the Florida economy should continue to flourish," Ewing says in its annual report on the industry. "However, Florida bank stock prices may only have modest gains in view of their current lofty levels."

Ewing says the top worries for bank stock investors are net interest margins, high oil prices, terrorism, credit unions and Alan Greenspan's replacement.

Publicly traded

Highest one-year market return: Vision Bancshares (Panama City)+93.2%

Largest market capitalization: BankAtlantic Bancorp (Fort Lauderdale) $1.1-bil.

Most deposits: Bank United Financial Corp. (Coral Gables) $4.2-bil.

Best return on assets: Harbor Florida Bancshares (Fort Pierce)+1.6%

Best return on equity: BankAtlantic Bancorp (Fort Lauderdale)+16.2%

Fastest growing earnings per share: First Community Bank (Pinellas Park)+58.7%

Privately held

Most deposits: Ocean Bankshares Inc. (Miami) $4.1-bil.

Best return on assets: City National Bancshares (Miami)+2.25%

Best return on equity: First State Bank of the Florida Keys (Key West)+26.8%

Rankings are based on 24 largest publicly traded and 25 largest privately held banks.

[Last modified October 7, 2005, 19:24:02]