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First State Bank (Key West, FL)

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Key West, FL $1B to $10B in assets Est. October 29, 1955 FDIC #17509 RSSD #191935 Routing #067000438 FDIC

Data as of · sourced from FFIEC call reports. How we update

First State Bank is an FDIC-insured commercial bank headquartered in Key West, FL, established in 1955 (FDIC certificate 17509), and it is supervised by the FDIC. At Q2 2026 it reported total assets of $1.18B, up 2.1% from Q2 2025, the 29th largest of 81 banks headquartered in Florida. Its CET1 capital ratio was 16.00% at Q2 2026, comfortably above the 7% level required once the capital conservation buffer is included.

Charter
Commercial bank
Regulator
FDIC
Deposit insurance
FDIC
FDIC certificate
17509
Headquarters
Key West, FL
Established
1955
Total assets, Q2 2026
$1.18B
Assets vs Q2 2025
+2.1%
CET1 ratio, Q2 2026
16.00%
Domestic offices
9 FDIC institution directory, current count
Routing number
067000438
Asset rank in state
29th of 81 in Florida
Assets
$1.18B
Deposits
$1.06B
Loans
$797.3M
Equity
$104.9M

First State Bank spends more to run itself than most banks of its size. Based in Key West, Florida, it had $1.2 billion in assets at June 30, 2026, up 2.1% from a year earlier. It earns about $0.51 a year on every $100 of assets, about a third the median of $1.29 for the 895 banks with $1 billion to $10 billion in assets. It also spends about 82 cents to bring in each dollar of revenue, higher than about 9 in 10 banks its size (median 58 cents).

Net income for the quarter slipped 13% from a year earlier, to $1.5 million. Over the same year, loans shrank 2.9% and deposits grew 2.3%. Concentration is the risk to watch: it holds commercial real estate loans worth 3.0 times its capital, higher than about three-quarters of banks its size (median 2.2 times).

As of June 30, 2026, First State Bank reported a CET1 capital ratio of 16.00%, a return on assets of 0.51%, a nonperforming-loan ratio of 0.15% and a Texas ratio of 1.06%. The figures come from its call report filed with the FFIEC.

Of the 81 banks headquartered in Florida, First State Bank is the 29th largest by total assets at Q2 2026. Between Q1 2026 and Q2 2026, its total assets fell 0.3% to $1.18B, loans fell 2.5% and deposits rose 0.1%. The largest part of its loan book on June 30, 2026 was non-owner-occupied commercial real estate loans, at 43.9% of total loans, ahead of 1-4 family residential loans at 19.1%. Its 9 offices in the FDIC Summary of Deposits are in 7 cities in FL; its Key West 2 offices book 61% of its branch deposits. By the capital ratios in its Q2 2026 call report, First State Bank meets every capital ratio test for well capitalized.

Headquarters Profile

Address
1201 Simonton St, Key West, FL 33040
County
Monroe
Metro Area
Key West-Key Largo, FL
Charter
Commercial bank, state charter, Fed non-member, FDIC-supervised
Primary Regulator
FDIC
FDIC Region
Atlanta (Region 5)
Federal Reserve member
No
Federal Reserve district
District 6, Atlanta
Fiduciary (trust) powers
—
Call Report form
FFIEC 051
Established
October 29, 1955
Former names
First State Bank of the Florida Keys (1988-2026); Florida Keys First State Bank (1978-1988); Key West State Bank (1977-1978)
Domestic offices
9 FDIC institution directory, current count
Employees (FTE)
188
Domestic deposits
$1.06B
Allowance for credit losses
$9.3M
Net charge-offs (YTD)
-$245K
Average total assets
$1.18B
Average total loans
$787.7M
Average interest-bearing deposits
$788.2M
Tax status
C corporation
Ownership
Stock
Community bank
Yes
FDIC-insured since
October 29, 1955
FDIC Cert
17509
Fed RSSD
191935
SEC CIK
1495011 → filed by FIRST STATE BANK HOLDING COMPANY

Profitability

Q2 annualized
Return on Assets0.51%YTD 0.52%
Return on Equity5.72%YTD 5.83%
Net Interest Margin3.39%YTD 3.37%

Balance Sheet

Total liabilities$1.08B
Cash & balances due$124.3M
Securities, available-for-sale$173.7M
Securities, held-to-maturity$71.9M
Goodwill & intangibles$0

Income Statement

Net income Q2$1.5M
Net interest income YTD$19.5M
Total interest income YTD$29.4M
Total interest expense YTD$9.8M
Provision for credit losses YTD$0

Operating & Funding

Total noninterest income YTD$2.1M
Total noninterest expense YTD$17.7M

Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. How we compute these figures

Quarterly trends

From Q3 2023 to Q2 2026, First State Bank's total assets ranged from $1.14B (Q4 2025) to $1.24B (Q1 2024), and it earned a profit in all 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built

Total assets and total liabilities

$1.18B total assets against $1.16B; $1.08B total liabilities against $1.06B.

Loans and leases against deposits

$787.9M net loans and leases against $811.4M; $1.06B total deposits against $1.03B.

Securities and cash

$245.6M securities against $280.6M; $124.3M cash and balances due against $40.3M.

Interest income against interest expense

$14.9M total interest income against $14.4M; $5.0M total interest expense against $5.1M.

Net interest income

$9.9M net interest income against $9.4M.

Noninterest income against noninterest expense

$1.0M total noninterest income against $1.0M; $9.0M total noninterest expense against $8.1M.

Provision for credit losses

$0 provision for credit losses against $0.

Net income

$1.5M net income against $1.7M.

Return on assets and net interest margin

0.51% return on assets against 0.57%; 3.39% net interest margin against 3.17%.

CET1 and Tier 1 leverage ratios

16.00% CET1 capital ratio against 15.47%; 10.32% tier 1 leverage ratio against 10.17%.

Inside the full First State Bank terminal

21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts

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Watch flags

Automated conditions triggered on this bank's latest filing. Advisory only; see the source metric pages for full context. Each flag is tagged Regulatory when it cites an official supervisory threshold, or BRR analysis when it's our own band, informed by our data and models.

CRE concentration at 298% of capital, approaching guidance BRR analysis What does this mean? →

Commercial real estate loans are between 200% and 300% of total capital, approaching the 2006 interagency guidance threshold of 300% that triggers heightened supervisory attention. BankRegReports early-warning band below the 300% guidance.

Quarterly trend: last 8 quarters

From Q3 2024 to Q2 2026, its return on assets ran from 0.20% (Q4 2024) to 0.69% (Q1 2025) and its net interest margin ran from 2.88% (Q3 2024) to 3.41% (Q4 2025).

Quarter CET1 ROA NPL Texas NIM
Q2 2026 16.00% 0.51% 0.15% 1.06% 3.39%
Q1 2026 15.49% 0.53% 0.15% 1.07% 3.34%
Q4 2025 15.30% 0.47% 0.20% 0.93% 3.41%
Q3 2025 15.87% 0.63% 0.22% 1.16% 3.25%
Q2 2025 15.47% 0.57% 0.21% 1.07% 3.17%
Q1 2025 16.94% 0.69% 0.30% 1.03% 2.95%
Q4 2024 16.75% 0.20% 0.17% 1.21% 2.97%
Q3 2024 16.89% 0.43% 0.17% 1.17% 2.88%

Swipe the table sideways to see every column.

Branch Network

View all 9 branches → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.

1–9 of 9
Branch Location ZIP Deposits
First State Bank (main office) Key West , FL 33040 $487.1M
Boulevard Branch Key West , FL 33040 $156.6M
Big Pine Branch Big Pine Key , FL 33043 $111.2M
Key Largo Branch Key Largo , FL 33037 $99.8M
Marathon Branch Marathon , FL 33050 $91.6M
Islamorada Branch Islamorada , FL 33036 $40.2M
Tradewinds Branch Key Largo , FL 33037 $37.7M
Stock Island Branch Stock Island , FL 33040 $33.7M
Miramar Branch Miramar , FL 33025 $0

Regulatory record

Facts as filed or published, not a rating.

Deposit market share
0.1% of deposits in FL, rank 64 of 186 institutions
Period: June 30, 2026. Source: FDIC Summary of Deposits.
SBA 7(a) lending
1 loans, $604K approved, $604K average. 0.00% of that year's loans have since been charged off
Period: Federal fiscal year 2022 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
Not on file
Enforcement actions, Mortgage lending (HMDA), Consumer complaints, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources

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First State Bank: regulatory capital profile · BankRegReports

Frequently asked about First State Bank

What are First State Bank's total assets?

As of the Q2 2026 filing, First State Bank reported total assets of $1.18 billion in its FFIEC call report.

Where is First State Bank headquartered?

It is headquartered in Key West, FL, United States.

When was First State Bank founded?

It was established in 1955, per the FDIC institution directory.

Is First State Bank FDIC-insured?

Yes. It is an FDIC-insured commercial bank (FDIC Certificate #17509). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.

Who regulates First State Bank?

First State Bank's primary federal regulator is the FDIC.

What is First State Bank's CET1 capital ratio?

It reported a Common Equity Tier 1 (CET1) capital ratio of 16.00% in its Q2 2026 call report, comfortably above the 7% level required once the capital conservation buffer is included.

How many branches does First State Bank operate?

It operates 9 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.

What is First State Bank's Texas Ratio?

Its Texas Ratio is 1.06% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.

What was First State Bank previously called?

The charter now named First State Bank has also operated as First State Bank of the Florida Keys (1988-2026), Florida Keys First State Bank (1978-1988), Key West State Bank (1977-1978), per FDIC structure-change records.

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