First State Bank (Key West, FL)
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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
- Holding company
- FIRST STATE BANK HOLDING COMPANY
- Asset rank in state
- 29th of 81 in Florida
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
- Website
- keysbank.com →
- Parent Holding Company
- FIRST STATE BANK HOLDING COMPANY (RSSD 3897519)
Profitability
Q2 annualizedCapital & Liquidity
Balance Sheet
Income Statement
Operating & Funding
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
$1.18B total assets against $1.16B; $1.08B total liabilities against $1.06B.
$787.9M net loans and leases against $811.4M; $1.06B total deposits against $1.03B.
$245.6M securities against $280.6M; $124.3M cash and balances due against $40.3M.
$14.9M total interest income against $14.4M; $5.0M total interest expense against $5.1M.
$9.9M net interest income against $9.4M.
$1.0M total noninterest income against $1.0M; $9.0M total noninterest expense against $8.1M.
$0 provision for credit losses against $0.
$1.5M net income against $1.7M.
0.51% return on assets against 0.57%; 3.39% net interest margin against 3.17%.
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
Unlock this bank, freeWatch 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.
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.
First State Bank rankings
Its closest position to the top of a national ranking is 894 of 4,196, for total assets; its furthest is 3,301 of 3,606, for efficiency ratio.
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.
| 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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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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