Two regional banks with a significant presence in the Tampa Bay market reported drops in third quarter earnings.

BB&T Corp. and Whitney Holding Corp. cited challenges in real estate in Florida as among the reasons for the profit declines in separate earnings releases.

However, Republic Bancorp Inc., with a smaller presence in the Bay area, said its third quarter profit was up and it is looking for expansion opportunities in Tampa.

Republic (NASDAQ: RBCAA), the holding company for Republic Bank & Trust Co. and Republic Bank, posted net income for $4.5 million, or 22 cents a share, for the three months ended Sept. 30, a 6 percent increase over net income of $4.2 million, or 21 cents a share, in the same period a year earlier. Improved earnings were driven by an increase in interest income, as Republic cut its cost of funds, and a decrease in its provision for loan losses, a release from the Louisville, Ky.-based company said.

Republic, with five offices and about $52.7 million in deposits in the Bay area, said it has hired Ted Parker as chief executive of acquisitions and corporate strategy. Parker will lead the acquisition and expansion effort in Tampa and in Cincinnati, Ohio.

BB&T (NYSE: BBT) said net income for the third quarter of 2008 was $358 million, or 65 cents a share, compared with $444 million, or 80 cents a share, earned during the third quarter of 2007. Third quarter 2008 results included a $364 million provision for credit losses, an increase of $259 million compared to the same quarter last year. The increase in the provision was largely driven by continued challenges in residential real estate markets with the largest concentration of credit issues occurring in Georgia, Florida and metro Washington, the release said.

BB&T, based in Winston-Salem, N.C., has 50 offices and $1.8 billion in deposits in the Bay area.

Whitney (NASDAQ: WTNY) said it earned $7 million, or 11 cents a share, for the quarter ended Sept. 30, compared with net income of $48.8 million, or 71 cents a share, in the year-ago period. Earnings were impacted by the fragile economy and real estate valuation issues, particularly in Florida, John Hope III, chairman and chief executive, said in the release.

Continuing weaknesses in the residential real estate markets, primarily in Florida and coastal Alabama, accounted for about $25 million of the quarter’s $40 million provision for loan losses and about $11 million of the $24.5 million in charge-offs for the third quarter of 2008.

Whitney, based in New Orleans, has 18 offices and $354.9 million in deposits in the Bay area.

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