Posted 2/18/2013 12:00 am
$98 Million x 2
Arkansas’ largest publicly traded banks have announced their profits for 2012, and they were impressive:
Bank of the Ozarks Inc. of Little Rock earned $77 million on assets of $4.04 billion;
Home Bancshares Inc. of Conway, holding company of Centennial Bank, earned $63 million on year-end assets of $4.24 billion;
Simmons First National Corp. of Pine Bluff earned $27.7 million on assets of $3.53 billion.
Publicly traded First Federal Bancshares of Harrison hadn’t issued an earnings statement as of Thursday, but its bank earned $1.28 million, according to a call report filed with the Federal Financial Institutions Examination Council.
Meanwhile, the two biggest privately owned banks chartered in Arkansas combined for more profit than all four publicly traded banks put together:
Arvest Bank of Fayetteville earned $98.1 million on assets of $13.2 billion; and
The earnings champion, First Security Bank of Searcy, reported net income of almost $98.4 million on assets of $4.03 billion — almost identical to Bank of the Ozarks’. And that doesn’t include any profit from First Security Bancorp’s Little Rock bond house, Crews & Associates, so it’s entirely plausible that Reynie Rutledge and family cleared $100 million last year.
Now, other bankers will be fast to note that most of First Security’s income — $88.6 million — came not from loans or fees but from “tax-exempt securities issued by states and political subdivisions in the U.S.”
While we’re digging around in the FFIEC call reports, we’ll throw in Wallace Fowler’s Liberty Bank of Arkansas. It had 2012 net income of $23.4 million on assets of $2.83 billion.