TAMPA - More Florida banks are falling into problem territory as bank losses and problem loans mount, according to an analysis by bank rating firm BauerFinancial.

In a ranking released this week, Coral Gables-based BauerFinancial listed 44 banks and one credit union in Florida that received less than "adequate" ratings for the quarter ended June 30. That is up from 31 banks and one credit union that rated below-adequate during the March 31 quarter.

The majority of banks and credit unions in Florida continue to receive ratings of adequate or better.

BauerFinancial rates banks on such factors as level of capital, earnings and "nonperforming assets," which refers to delinquent loans and repossessed properties. Generally, banks try to limit nonperforming assets to 2 percent of total assets, although many banks have exceeded that level recently, said Karen Dorway, president of BauerFinancial.

The rating firm assigns banks and credit unions a star rating, ranging from five stars (superior) to zero stars, after assessing their financial strength.

Three stars is considered "adequate."

Florida is faring worse than the nation as a whole, with about 12 percent of state banks receiving below "adequate" ratings. Less than 5 percent of banks nationwide get below adequate marks.

That shouldn't be surprising because of the state's troubled housing market, Dorway said. In general, Tampa-area banks are faring better than banks based in South Florida and Southwest Florida, where the housing market was more overheated.

Four financial institutions based in Hillsborough and Pinellas counties received two stars, or "problematic" ratings, based on their financial strength: Bay Gulf Credit Union and First Commercial Bank of Tampa Bay, both in Tampa; Synovus Bank of St. Petersburg; and Old Harbor Bank of Clearwater.

No local banks received a single star or zero stars.

Old Harbor Bank and Bay Gulf Credit Union also were on BauerFinancial's problematic list in March's rating. Synovus Bank and First Commercial Bank each slipped into the problematic zone in the most recent ranking.

A First Commercial Bank representative did not return calls this week.

David Dunbar, chairman and chief executive officer of Synovus, said his bank's rating was hurt by a recent acquisition of a smaller Southwest Florida bank.

Several months ago, Synovus' parent company, Synovus Financial Corp. of Columbus, Ga., acquired First Florida Bank of Naples and merged it into his bank's operations. Because First Florida had a significant amount of problem loans, the merger has hurt Synovus' financial results, Dunbar said.

However, he said his bank continues to have a high level of capital, which will allow it to weather some losses until it can "clean up" its newly acquired Southwest Florida operations.

"Capital is king," Dunbar said.

Reporter Michael Sasso can be reached at msasso@tampatrib.com or (813) 259-7865.