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Our List of Problem Banks – Next week the list will be updated with the Q4 FDIC Quarterly Banking Profile.

Problem banks are publicly traded FDIC insured financial institutions which are overexposed to Construction & Development Loans and/or Non-farm nonresidential real estate loans. We also include all other banks in violation of FDIC guidelines vis-a-vis loan exposures.

Those that we don't cover due to poor fundamentals or because there is no available EPS estimate but are still in violation of FDIC guidelines are also listed in our FDIC Report.

There are 755 publicly traded FDIC insured financial institutions overexposed to C&D Loans or Nonfarm Non-Residential Real Estate loans as per the FDIC's own guidelines. This means that there are currently 149 banks rated Sell or Strong Sell that are also overexposed to C&D and/or CRE loans. There are 186 overexposed institutions with only partial coverage from us and thus those banks have no rating--these are included in the problem bank list. There are 341 additional institutions carrying C&D and/or CRE loans in excess of the FDIC guidelines that do not appear in the our database.

Below is a list of the 38 banks that failed in 2009 / 2010 which were tracked by our List of Problem Banks and FDIC loan exposure data.

Ticker
Company Name
ASSET
C&D Loans
C&D Ratio
CRE Ratio
Pipeline
AFNL.PK
AmTrust Financial Corporation
11,428,318
1,205,801
334.8%
335.9%
100.0%
BHBC.PK
Beverly Hills Bancorp
1,260,354
127,805
238.1%
1447.4%
84.7%
CAPB.PK
CAPITALSOUTH BANCORP
586,586
87731
723.2%
2188.2%
89.2%
CAPE
Cape Fear Bank Corp.
492,418
136,084
448.6%
870.5%
95.9%
CBBO
Columbia Bancorp
1,062,110
181,553
487.6%
1127.1%
97.6%
Community Bancorp
1,556,315
661578
4318.1%
6930.9%
89.7%
CNB
Colonial Bancgroup
25,455,112
4262980
276.8%
595.0%
86.8%
COOP
Cooperative Bankshares
966,778
390,743
868.6%
1105.3%
85.6%
Corus Bankshares, Inc.
7,003,321
3249387
2066.0%
2315.9%
81.0%
EBDC.OB
Ebank Financial Services
144,688
13086
330.1%
577.8%
100.0%
EVGG.OB
Evergreenbancorp, Inc.
488,516
81,916
435.6%
1502.9%
87.6%
FAFL.PK
First Americano Financial Corp
163,372
21871
726.1%
2698.9%
76.6%
FCWT.OB
First Coweta Bank
163,755
46337
922.1%
1503.9%
97.7%
FFED.PK
FirstFed Financial Corp.
6,143,903
4,169
1.4%
640.6%
100.0%
FFSX
First Federal Bankshares Inc.
503,462
31332
112.6%
531.0%
100.0%
FLRB.OB
Florida Community Banks Inc.
875,473
305,342
1034.3%
1470.1%
96.5%
FRGB
First Regional Bancorp
2,184,100
690,160
508.9%
1137.1%
89.9%
FSTF
First State Financial Corporation
447,667
61841
602.0%
2395.8%
95.7%
GAFC.PK
Greater Atlantic Financial Corp.
203,262
6,200
141.5%
936.5%
100.0%
GBFL.OB
Great Basin Financial Corp
238,940
14,265
163.0%
743.0%
88.5%
GFG
Guaranty Financial Group
13,464,352
2774913
301.6%
555.2%
100.0%
HRZB
Horizon Financial Corp.
1,299,986
291,412
1395.9%
3003.2%
90.4%
IFC
Irwin Financial Corporation
3,357,898
371480
141.2%
623.6%
92.0%
IMPC.PK
Imperial Capital Bancorp, Inc
4,046,888
333,338
166.4%
1259.7%
90.7%
MHBC.OB
Michigan Heritage Bancorp
167,710
16,855
406.8%
917.6%
93.0%
MPBK.OB
MetroPacific Bank CA
75,316
10,494
301.0%
804.9%
98.6%
MRAB.OB
Mirae Bancorp
480,619
1,119
22.9%
1270.6%
46.3%
NWCB.PK
Newnan Coweta Bancshares
212,616
65,908
902.1%
1426.0%
96.6%
PCBI
Peoples Community Bancorp
606,153
71711
1621.7%
3724.1%
100.0%
PCST.OB
Pacific Coast National Bancorp
153,446
22018
345.0%
1239.1%
95.2%
PNVL.OB
Prineville Bancorporation
199,508
28062
2553.4%
8154.7%
92.0%
SJQU.OB
San Joaquin Bancorp
832,807
160514
320.2%
1021.9%
81.7%
SBKC
Security Bank Corporation
2,382,010
852704
1902.0%
2782.9%
93.8%
SNCB.PK
Southern Community Bancs
371,695
97,131
588.0%
1050.8%
98.4%
TMCV
Temecula Valley Bancorp Inc.
1,396,622
387240
1021.7%
2752.3%
83.4%
UCBH
Ucbh Holdings, Inc.
12,789,793
1582803
211.0%
678.4%
72.3%
VNBC.PK
Vineyard National Bancorp
1,638,378
495573
2638.3%
5902.0%
94.2%
WGNB
WGNB Corp.
832,580
141,973
1025.7%
2071.4%
97.6%

Builder Confidence Inches Higher - Touting an increase to 17 from 15 for the NAHB Housing Market Index is like finding a pulse. The NAHB cited signs of healing in the jobs market, continued low mortgage rates and the tax credits for this sober bounce in an index where 50 is neutral. Based upon this reading to be optimistic doesn’t this index need to be above 50? A reading of 17 by definition has to imply that confidence is “very poor.”

Housing Starts Rise in January - An annual rate of 591,000 units is just a bounce due to the tax credits. The tax credit window, which ends on April 30th for contracts, is small. Proving this point, building permits declined 4.9%. Getting a home financed and built by June 30th is becoming a stretch.

Higher Q4 2009 Mortgage Delinquencies Is not Helping Housing - The percentage of quarterly delinquencies reached another record in the fourth quarter, as 8.9% of mortgage payments were 60 days or more past due, up from 6.25% in the third quarter of 2009. Keep in mind that there remains that wave of adjustable rate mortgages that were set in 2006 and into 2007 that are in the window of the three to five year resets.

Disclosure: No Positions

Source: 38 Banks That Failed in 2009-10