Real Estate Loans Booming at 15 Largest South Florida Banks
Jun 12, 2014 June 12, 2014
The 15 largest commercial banks based out of South Florida increased their collective portfolio to over $27 billion at the end of the first quarter of 2014. This number is up 23% since 2013. Only two of these 15 banks reduced their outstanding real estate loans over the year.
Out of these 15 banks, BankUnited stood out particularly well, accounting for almost half of the $5.1 billion increase in real estate loans.
11 out of the 15 South Florida banks decreased their repossessed holdings, while only nine lowered their allotment for money to cover defaulted loans.
BankUnited, based out of Miami Lakes, is the largest South Florida bank based on assets. They added a whopping $2.4 billion since March 2013, to its already astounding portfolio. BankUnited currently has a $6.6 billion portfolio.
Nine of these 15 banks increased their construction loans. The top three increases were $65 million at BankUnited, $57 million from City National Bank of Florida, and $39 million at Ocean Bank.
Commercial real estate loans rose for 12 of the 15 largest banks in South Florida as well. The largest three were $888 million from BankUnited, $375 million from Florida Community Bank, and $211 million from Stonegate Bank.
Lastly, Multifamily real estate loans increased from 12 of the 15 banks also. The top three being $874 million at BankUnited, the largest by far, then $188 million at Florida Community Bank, and $39 million at Mercantil Commercebank.