All of the biggest South Florida-based banks grew loans in Q1
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- Nina Lincoff[1]
- Reporter- South Florida Business Journal
- This email address is being protected from spambots. You need JavaScript enabled to view it.[2] | Twitter[3]
The 11 South Florida-based banks with $1 billion or more in assets as of March 31 generated $2.37 billion in loan growth in the first quarter of 2015.
Miami Gardens-based BankUnited[4] generated the most loan growth in the first quarter, which is not surprising given their status as the largest South Florida-based bank. But Pompano Beach-based Stonegate Bank[5], ranked number nine in terms of assets, generated the second most new loans and leases in the first quarter, beating banks with more than twice their amount of assets.
The vast majority of South Florida’s biggest banks were also profitable in the first quarter, reporting a collective $83.65 million in profits. Only two of the 11 reported losses.
The 11 institutions are the largest among the existing 55 South Florida-based banks, a number which may soon shrink with the pending acquisitions of Miami-based Espirito Santo Bank and Palm Beach Gardens-based SouthBank, neither of which are billion-plus banks.
Community banks faced stricter requirements when reporting earnings in the first quarter. The banks have to adhere to Basel III rules, a set of reform measures that are intended to better protect against financial and economic stress. Basel III increases capital requirements for banks, which in theory increases stability.
The first quarter 2015 results of the biggest among South Florida-based banks, in order of asset size:
BankUnited
BankUnited’s first quarter of the year was slower than previous quarters, but that was expected, said John Kanas[6], Chairman, President and CEO during a conference call. The bank increased assets to $19.82 billion in the first quarter, up from $19.06 billion in the previous quarter. BankUnited generated almost $919 million in loan growth in the first quarter to $13.24 billion in total loans, the most among any South Florida-based bank.
Nina Lincoff covers banking, finance, and insurance. Get the latest banking news with our free daily newsletter. Click here to subscribe.[7]
References
- ^ Nina Lincoff (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Twitter (twitter.com)
- ^ BankUnited (feeds.bizjournals.com)
- ^ Stonegate Bank (feeds.bizjournals.com)
- ^ John Kanas (feeds.bizjournals.com)
- ^ Click here to subscribe. (www.bizjournals.com)