Gulf Coast banks break even

While banks statewide combined to make a decent profit, banks headquartered on the Gulf Coast essentially broke even in the first quarter of 2011, turning a profit of roughly $366,000.

However, those results are buoyed by the success of one institution in particular — St. Petersburg-based Raymond James Bank, which brought in nearly $27 million in quarterly profits. Excluding those results, Gulf Coast banks lost a combined $26 million to start the year.

That's about the same amount of money lost by banks not named Raymond James in last year's first quarter, according to data from the Federal Deposit Insurance Corp.

The region's biggest over-the-year gainers were the aforementioned Raymond James, which saw a 35% increase in profits, and Lakewood Ranch-based Community Bank and Co., which turned a $2.2 million loss in last year's first quarter into a $194,000 net gain this year.

Fort Myers-based Southern Commerce Bank reduced its first quarter losses by $5.4 million over the year, but still posted a negative net income, with $514,000 in losses.

Sarasota-based LandMark Bank of Florida and Tampa-based Florida Bank posted the region's largest first quarter losses, with each bank losing nearly $8 million to start the year.

The Business Review's next special issue on banking, which runs quarterly, is scheduled for June 10.