# FIRST STATE BANK
KEY WEST, FL · FDIC certificate 17509 · asset band $1-10B · latest filing 2026-06 · live

**Verdict on the desk:** this could be *ordinary*. Composite score 2 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $1.18B | |
| Deposits | $1.06B | |
| Loans and leases | $797.3M | |
| Total equity | $104.9M | |
| Loans / deposits | 74.47% (p24 of band) | 87.10% |
| Liquid assets / assets | 31.18% (p77 of band) | |
| Uninsured deposits / deposits | 37.99% (p68 of band) | 30.76% |
| Brokered deposits | 0.00% | |
| Wholesale funding | 1.07% (p23 of band) | |
| FHLB advances / assets | 0.00% | |
| Tier 1 leverage | 10.32% (p46 of band) | 10.50% |
| Unrealized securities loss / equity | -13.02% (p33 of band) | -7.75% |
| AOCI / equity | 0.07% (p82 of band) | |
| ROA (annualized) | 0.52% (p9 of band) | 1.26% |
| Net interest margin | 3.44% (p34 of band) | 3.70% |
| Efficiency ratio | 81.59% (p94 of band) | |
| Noncurrent loans | 0.15% (p19 of band) | 0.51% |
| Net charge-offs (annualized) | -0.04% (p2 of band) | |
| Reserve coverage of noncurrent | 773.28% | |
| Real estate % of loans | 89% | |
| Construction % of loans | 12.96% (p12 of band) | |
| Auto loans | $403,000 (0.05% of loans; DQ 0.00%, NCO 0.00%) | |
| Loans to nondepository financials | $0 (0% of equity) (p35 of band) | |
| Deposits YoY | 2.3% | |
| Employees | 188 | |

## Flags firing in the latest filing

- **capital falling** (`cap_falling`)
- **expense ratio p90** (`earn_efficiency`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 3 | wholesale funding >15%, losing money, reserve under noncurrent |  |
| 2011-06 | 4 | charge-offs p90 |  |
| 2011-09 | 4 |  |  |
| 2011-12 | 3 |  | charge-offs p90 |
| 2012-03 | 2 |  | losing money |
| 2012-06 | 2 |  |  |
| 2012-09 | 2 |  |  |
| 2012-12 | 2 |  |  |
| 2013-03 | 2 |  |  |
| 2013-06 | 2 |  |  |
| 2013-09 | 3 | charge-offs p90 |  |
| 2013-12 | 3 | noncurrent p90 | charge-offs p90 |
| 2014-03 | 4 | capital falling |  |
| 2014-06 | 2 |  | noncurrent p90, capital falling |
| 2014-09 | 1 |  | reserve under noncurrent |
| 2014-12 | 2 | deposits shrinking |  |
| 2015-03 | 2 | capital falling | deposits shrinking |
| 2015-06 | 2 |  |  |
| 2015-09 | 1 |  | capital falling |
| 2015-12 | 1 |  |  |
| 2016-03 | 2 | capital falling |  |
| 2016-06 | 1 |  | capital falling |
| 2016-09 | 1 |  |  |
| 2016-12 | 1 |  |  |
| 2017-03 | 2 | capital falling |  |
| 2017-06 | 2 |  |  |
| 2017-09 | 1 |  | capital falling |
| 2017-12 | 1 |  |  |
| 2018-03 | 0 |  | wholesale funding >15% |
| 2018-06 | 0 |  |  |
| 2018-09 | 0 |  |  |
| 2018-12 | 1 | wholesale funding >15% |  |
| 2019-03 | 0 |  | wholesale funding >15% |
| 2019-06 | 0 |  |  |
| 2019-09 | 0 |  |  |
| 2019-12 | 1 | capital falling |  |
| 2020-03 | 0 |  | capital falling |
| 2020-06 | 0 |  |  |
| 2020-09 | 1 | capital falling |  |
| 2020-12 | 0 |  | capital falling |
| 2021-03 | 0 |  |  |
| 2021-06 | 1 | capital falling |  |
| 2021-09 | 0 |  | capital falling |
| 2021-12 | 0 |  |  |
| 2022-03 | 1 | uninsured deposits leaving |  |
| 2022-06 | 2 | AOCI drag >20% of equity |  |
| 2022-09 | 3 | securities losses >30% of equity |  |
| 2022-12 | 3 | assets shrinking | uninsured deposits leaving |
| 2023-03 | 3 | deposits shrinking | AOCI drag >20% of equity |
| 2023-06 | 3 |  |  |
| 2023-09 | 3 |  |  |
| 2023-12 | 1 |  | securities losses >30% of equity, assets shrinking |
| 2024-03 | 0 |  | deposits shrinking |
| 2024-06 | 0 |  |  |
| 2024-09 | 0 |  |  |
| 2024-12 | 0 |  |  |
| 2025-03 | 0 |  |  |
| 2025-06 | 0 |  |  |
| 2025-09 | 0 |  |  |
| 2025-12 | 0 |  |  |
| 2026-03 | 1 | expense ratio p90 |  |
| 2026-06 | 2 | capital falling |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2026-02-18 [List Of Failed Banks: 2009-2026 - Bankrate](https://news.google.com/rss/articles/CBMiZEFVX3lxTFAtbi1TaWMteGEyOHdQbnlXd0tPRzM2WFJQZjdPdzViQTZFLVVHODJRTEdqRWhnMkxIOG5xMUVSWU5iNHZSbVpnQ2Z4TWdiMDVwN2NTdUNGd3dXZ2tGcGZ2VWVJRnM?oc=5) · Bankrate
- 2026-08-24 [Failed Banks In The US: An Analysis By Year, Size And More - Forbes](https://news.google.com/rss/articles/CBMibEFVX3lxTE9SRkVrQmdfS2FWVWlBdzNCcy1OTlAyNlVSUEpoMG5WVllXR0V1dW5NSFBRSW91OUFjZ055S3dyS3RaaVg3dVc3UU12XzhENE5nanJFeEExR016RTR4Y1BERHVJSHlzSDNqS3pUWQ?oc=5) · Forbes
- 2025-12-18 [Locals post well in bridge run - keysnews.com](https://news.google.com/rss/articles/CBMixwFBVV95cUxQRmdZNktVdWtlM2NBWV9hZ3FxQTdLS2dBbUhWTG81T3ptaWlfQlVsUDczaDdBUDNEZ1RJVWZFcU1fbDVYUjBkU3JNcTYzVjNqX3BydVhIV0UtdmFaZzRHcktmczZJT01ZcTd0ZVVqT0RpVElPcjdhaG1ady0yQXJBZlVmQTdUeFZQS3poUEhfcE5vclYxa3owRjJHejdSMUhkWW9wU1d3RXhMaVd5cGVFdlhYdVBxblpubEx6R2M0aXFxaWh0aXhN?oc=5) · keysnews.com
- 2020-06-21 [First State Bank opens Monday in Harlem - The Augusta Chronicle](https://news.google.com/rss/articles/CBMirAFBVV95cUxOZVlKRmF2am15T2lGUnYyOUV6dXpOeGk4LUdzdmZGUG5fVkdwWnNfNUNaOTJaTzk1R0xNUkpzQWRXaVNVaWRUY3BqQTNGNW0tQ202TDZfQS1HV0FRNV94SENfRUljN3NoUl9vb0tkME8weGg2SmhvNlRGZFFkdFROTkxJYk16ejlUcUhQZEdJdXBTQ1dfZVNtR1RWMXQ3Yzl3Ykdkak5Ra2pDbDRv?oc=5) · The Augusta Chronicle
- 2025-06-10 [GARY CARNEY PROMOTED TO CEO OF FIRST STATE BANK - Keys Weekly Newspapers](https://news.google.com/rss/articles/CBMif0FVX3lxTE9nVFJKNHVYWWVUSzdFS2hhV21wUm93b0twbWpNeFl6X09wc01QRi1nQWVyVzVhOEdXLV9DSU83NlpHWE4xMWNyV2NGMXFQVEVmUEtBZDNzTUFyWVAyd001OTBsYkNrYmNyQkZwUnVqMlVZM2VWTTFUeTVBT2hVcDQ?oc=5) · Keys Weekly Newspapers
- 2026-02-05 [Philip Vallandingham Obituary (2026) - St. Augustine, FL - St. John's Family Funeral Home & Crematory - legacy.com](https://news.google.com/rss/articles/CBMiiwFBVV95cUxPZDMwMW1Vb2pacEwwNEFxYVNTNzEyQVRnX2VfS0dISE1Bb2F6SW11QnpfQ2FEUEF0YTk0SVBhZkotYzRGRVl2NHNGZHpZX196eDRuV2lRNnUzSXcwdl80bVFfM3NLUXU5ZVh1WjlaOThiQlBKYUNtRUFZbklCY1d3dXVCRDBMM0R0LU9j?oc=5) · legacy.com
- 2018-04-03 [First State Bank and Trust begins transition to Synovus branding - Valdosta Today](https://news.google.com/rss/articles/CBMirwFBVV95cUxPSU5BSVdBdXJVWTM1aFp1LXFkUDd0REg1bVN3eHNWVDZGV2k5eHNkZll4UkZqNGx4bWlzYXdXN3hvbGNTbERVeXlYbGtES0xwcW9hVm9XaDJTNnFTVFNYaExXdzlKeFhqNFVpbzMzdnByNVVCN2ZGa29NTG1zMGUxUFBmNjBIZ0pXb3JEQTl6TUFjTTFqdk1XLW5yNW9uc1RoaUNtVnNfY0JSbnh0YklN?oc=5) · Valdosta Today
- 2020-10-26 [Kansas regulators close Almena State Bank in year’s 4th bank failure - Banking Dive](https://news.google.com/rss/articles/CBMif0FVX3lxTFBadmlXNzRrQkpBaW02NElnQno2ODFJM3lZQkd4eXFPSTVfTnMtb2xyMTA4UVo1dzNlRjN4aUpfNTJ3TC1Pa2NWelNSV3VmaS1mQWEtaW9HNzZCbGcyMnlWbnZ6UXd3TTJ3SXFlUHpnS1I3VmRWMDRsWWVvMWZWSVE?oc=5) · Banking Dive

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=17509 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/37.json (key "17509", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide