185 banks currently operate in the state of Florida. These are banks that are also insured by the federal deposit insurance corporation. Of the banks operating within the state, 99 are also headquartered in the state. Therefore, these 99 banks can be considered Florida-based banks though they might operate nationally or internationally. Banks operating within the state had in total $260 billion of assets, $215 billion of deposits and $168 billion of loans outstanding as of this writing. Looking at the asset composition of banks in Florida, residential mortgages made up 19% of the assets managed by these banks. In addition to this, these banks in total employ 21,075 people within the state. This represents 0.1% of the population.

Density of Banks in Florida

Banks in Florida currently have a total of 4,544 branches located within the state. This equates to 2.1 branches per 10,000 people in Florida.  If we take the data on the banks in Florida and compare it with the banks operating in other states, we find that on this metric, banks in Florida rank 40th out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Another way to view this is by looking at the physical accessibility. On this basis, banks in Florida had on average 8.5 branches per 100 square miles. As a result, Florida ranks 9th out of 52 states and territories in terms of most branches per square mile.

Performance of Banks in Florida

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  • Net Interest Margin – banks in the state of Florida are on average above the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in Florida is ranked 43rd out of the 52 states and main territories in the United States.
  • Return on Assets – in terms of this important return metric, banks in this state are on average lower than the national average. Altogether the Return on Assets for the banks in Florida is ranked 42nd out of the 52 states and main territories in the country.
  • Return on Equity – banks in the state of Florida are on average generating a lower return on equity than the average bank in the United States. In total, the return on equity for banks in Florida is ranked 38th out of the 52 states and main territories in the United States.
  • Loan to Deposit – this is an important metric to gauge the liquidity of a bank. Banks in this state are on average below the national average when it comes to loan to deposit. A lower loan to deposit ratio means the bank is more comfortably funding its loan activities using its deposit base. Overall, banks in Florida are ranked 10th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average worse than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in Florida are ranked 49th out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in Florida

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Based on the latest available data, Bank of America is the largest bank operating in Florida based on its deposit share. Bank of America currently has a 20% share of deposits within the state. Below is summary information on the top 5 largest banks in Florida.

Bank of America

Bank of America currently has the largest share of deposits within the state and has $164.9 billion of deposits. In addition to this the bank also has 506 offices within the state, which represents 12% of its total domestic offices.

Main Office Address: 100 N Tryon St Charlotte, NC 28202

Website: www.bankofamerica.com

Wells Fargo Bank

Wells Fargo Bank currently has the second largest share of deposits within the state and has $104.4 billion of deposits. The bank also has 533 offices within the state, which represents 11% of its total domestic offices.

Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104

Website: www.wellsfargo.com

Truist Bank

Truist Bank currently has the third largest share of deposits within the state and has $83.8 billion of deposits. The bank also has 572 offices within the state, which represents 23% of its total domestic offices.

Main Office Address: 214 N Tryon St Charlotte, NC 28202

Website: www.BBT.com

JPMorgan Chase Bank

JPMorgan Chase Bank currently has the fourth largest share of deposits within the state and has $62.2 billion of deposits. Further, the bank also has 422 offices within the state, which represents 9% of its total domestic offices.

Main Office Address: 1111 Polaris Pkwy. Columbus, OH 43240

Website: www.jpmorganchase.com

Raymond James Bank

Raymond James Bank currently has the fifth largest share of deposits within the state and has $30.5 billion of deposits. In addition, the bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 710 Carillon Pkwy. Saint Petersburg, FL 33716

Website: www.raymondjamesbank.com