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More than half of the $72 million in second quarter losses suffered by Florida banks originated in Southwest Florida, according to a new report issued by Saltmarsh, Cleaveland and Gund.
Banks in the Bradenton-Sarasota-Venice metro area lost a combined $7.6 million — although most of those losses can be attributed to one institution: LandMark Bank of Florida, which was recently shuttered by regulators before being acquired by American Momentum Bank. Bank of Commerce, First America Bank, and Sabal Palm Bank each lost less than $1 million; all other banks in the area earned positive profits.
The Tampa-St. Petersburg-Clearwater metro area's banks performed similarly, whereas the massive losses of two specific institutions dragged down regional results. Tampa-based Florida Bank lost $13.5 million, and Old Harbor Bank lost $8.1 million, explaining most of the region's cumulative $21.2 million loss. Old Harbor was recently acquired by Community Bank & Co.
Banks based in Fort Myers, Naples and Punta Gorda lost a combined $13.1 million. Each of the four banks based in Naples — Bank of Naples, First National Bank of the Gulf Coast, Royal Palm Bank of Florida, and Shamrock Bank of Florida — lost more than $1.5 million, with Bank of Naples posting $2.8 million in losses. Fort Myers-based First Community Bank of Southwest Florida lost $4 million.
The most profitable bank in the area was Clearwater-based USAmeriBank, which earned $4.5 million in net income in the second quarter.
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