August 9, 2013 
admin New Highs for South Florida Banks
Well it seems like the financial crisis is well behind us. At least that is how our local banks made it feel like. Three of the largest South Florida banks’ stocks reached new highs. Brian Bandell reports that:
It was a record-setting day for South Florida bank stocks, with the three largest banks on the market hitting 52-week highs.
Miami Lakes-based BankUnited (NYSE: BKU), Coral Gables-based Capital Bank Financial Corp. (NASDAQ: CBF) and Boca Raton-based 1st United Bancorp (NASDAQ: FUBC) all announced their second quarter results before Wednesday’s surge at the market. The positive reaction by investors make it seem like hot times are here again for South Florida banking.
BankUnited boosted its net income to $54 million and impressed analysts with net growth of $910 million in its loan portfolio. The company’s shares hit a 52-week high of $29.99 before settling at $29.80 by the closing bell, still an increase of 90 cents, or 3.1 percent, on the day.
Capital Bank Financial nearly doubled its net income to $11.1 million. Its stock reached a 52-week high of $20.98 and ended up closing at $20.34, still a gain of 47 cents, or 2.4 percent, for the day.
After the market closed Tuesday, 1stUnited reported that its net income edged up to $1.8 million. Its stock hit a 52-week high of $7.72 on Wednesday before closing at $7.68, still up 3 cents on the day.
Although it’s no longer a bank, Fort Lauderdale-based BBX Capital Corp. (NYSE: BBX) reached a 52-week high of $15.18 before closing at $15.12, still up 43 cents on the day. It’s the former holding company for BankAtlantic and retains many of the bank’s old problem assets.
Meanwhile, Fort Lauderdale-based Stonegate Bank (OTCBB: SGBK) was also flying high by closing up 24 cents to $18.99. That’s only a cent below its 52-week high on Monday.
Keep in mind that all of this occurred on a day when the Dow Jones Industrial Average slipped 0.2 percent.
Slowly but surely, one metric at a time we seem to get an overall feeling that South Florida not only stabilized from the financial crisis but it is also growing and doing so at an expeditious pace. Keep your eyes open for opportunities as they abound during these times.
