Financial stability has become the world focus. Considering the imbalance of regional economic development and the unique economic features of the central region, this paper analyzes the assessment of financial stability in central region. Taking financial sector in Hubei as an example, we measure the regional financial stability condition after removing asset bubbles by introducing the concept of asset bubble, contingent balance sheet. The empirical result turns out to be greater market value fluctuations of the financial sector, and in general, the actual risk of asset structure in Hubei financial sector is relatively low. However, in terms of trend, the obvious increase of asset liability ratio is coherent to the stability assessment of financial department, during the financial crisis in 2008.