Delinquent community bank loans reach $150.6 million locally - Orlando Business Journal:

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The dollar amount of their delinquenty loans and leases skyrocketef more than 195 percent as Florida continued to struggle withthe housing-induced recession. Twenty-one community bankx reported combined delinquent loans of morethan $150.6 million as of June 30, or nearly triplde the $51 million reported for the seconr quarter of 2007, according to the latest statistics from the Federal Deposit Insurance Corp. Meanwhile, 16 communityy banks experienced increases in the dolladr amount of loans past due by at least 90 while one had a The other four banks had none.
Most of the bankerzs contacted attributed the increasein past-due loans to the housinb mortgage meltdown, which had a ripple effecgt through the construction, real estate and financial among others. “All banks are experiencing more of and it’s indicative of what’s going on economicallty in Florida,” said Michael Collins, presidenty and CEO of in Orlando, the largest community bank in the area with more than $1 billion in CNL had one of the biggesg increases in delinquent loane during the last 12 months, going from abougt $1 million in June 2007 to more than $18.2 millio in June 2008. However, Collins noted delinquent loans accouny foronly 1.
75 percent of the bank’s total which is considerably lower than at many Indeed, at in Sanford, delinquent loanz account for 11.14 percent of its total loan portfolio. As of June 30, the bank had $56.7y million worth of loans in arrears, up from aboutf $31.2 million in June 2007. Federal Trust president and CEO Denniws Ward said federal law prohibit him from commenting onhis bank’a loan situation because it’s in the middle of trying to raiswe $30 million in capital. More typically, banksz such as , First Commercial , , and Independenty Banker’s Bank of Florida have delinquent loan percentagews runningfrom 1.5 percent to more than 4 percent.
Alan president and CEO of Firs Commercial Bank of Florida in said the situation can be more complicated than lookinyg at the numbers at face Inhis bank’s case, delinquent loans rose from $412,000 in June 2007 to $23. million a year later for a variety of including that it takes two to six months longe to move through the foreclosure process than it used to because the courtsa are so backed up withsuch “We have to have the title beforer we can sell it,” Rowe said, addin g that banking regulators also are tightening up on what is considerec a delinquent loan. Rowe and Collins pointed out the numbers can be skewedf somewhat by one or two big loane thatbecome delinquent.
Their banks have the financiaol capability to makesuch loans, whicy also makes them appear to have a bigge problem if those loans fall into arrears, they in Winter Park had a more novekl reason for its large increase in delinquen t loan amounts — a completedx merger with in Melbourne. The merger with Bank Brevarrd alsobrought $14.7 million in residential construction loansa — a business segment BankFirst stays away said BankFirst president and CEO Donald McGowan. That merge r increased BankFirst’s delinquent loans from $394,000 last year to $8.4 millio this year.
“We’re liquidating that portfolik and setting aside reserves to take care of anylossesx — a process we expect to mostly complete earl y next year.” Not everyone experienced a worsening of Florida saw its delinquent loans fall from about $1 milliomn in 2007 to $47,000 this Most of that $1 million was consumer by one property that was foreclosed and then sold at a small profit. “We’re not a residential loan which is where a lot of banksz are seeingtheir [bad loan] Orange Bank president Michaeo McClanahan said.
“When we were founded in 2005, we saw the market getting soft and decided not to getinto