Posted 3/11/2014 11:10 am
Updated 6 months ago
Six of the 120 lenders based in Arkansas lost money during 2013, according to call reports compiled by BauerFinancial Inc. of Coral Gables, Fla.
The short roster of red ink performances was turned in by:
- One Bank & Trust of Little Rock, -$6.6 million.
- Allied Bank of Mulberry (Crawford County), -$3.1 million.
- River Town Bank of Dardanelle, -$2.5 million.
- First Community Bank of Crawford County, Van Buren -$2.4 million.
- Forrest City Bank, -$313,000.
- Little River Bank of Lepanto (Poinsett County), -$62,000.
Those half-dozen banks lost a combined $15 million for the year. That count is down from nine lenders that lost a combined $19.9 million during 2012.
Four of the Arkansas banks that ended 2013 in the red also reported a loss during 2012: One Bank, Allied Bank, First Community Bank and Forrest City Bank.
One Bank is a participant in the TARP program, with $13.5 million outstanding. The disclosed financial condition of the $378 million-asset bank changed significantly after the Office of the Comptroller of the Currency ousted its CEO and 99.9 percent owner, Layton "Scooter" Stuart, in 2012.
Allied Bank has recorded three successive annual losses and is operating under supervisory agreement with regulators. The $138 million-asset bank lost nearly $3.5 million during 2012 according to its restated year-end call report.
The $156 million-asset River Town Bank, which changed its name from Bank of Dardanelle in 2006, recorded a $245,000 profit in 2012.
The $61.4 million-asset First Community Bank of Crawford County was purchased earlier this year by First Bank of Hampton (Calhoun County). First Community, which lost nearly $1.5 million during 2012, was operating under a supervisory agreement with regulators.
The $54.5 million-asset Forrest City Bank, sanctioned twice by the OCC in 2010 and 2011, recorded a loss of $167,000 during 2012. Little River Bank, with $41.8 million in total assets, generated a profit of $92,000 in 2012.
Below is a chart of the 10 Arkansas banks that produced net income in excess of $10 million during 2013. (All dollars in thousands.)
|Total Assets||Net Income|
|First Security Bank||$4,308,792||$100,619|
|Bank of the Ozarks||$4,780,399||$92,539|
|First Financial Bank||$855,988||$23,873|
|First National Bank||$1,071,152||$16,786|
|Farmers Bank and Trust||$812,406||$16,466|
|Simmons First National Bank||$3,167,950||$15,349|
|First Arkansas Bank & Trust||$664,660||$13,089|
*Summit Bank is in the process of selling to Bank of the Ozarks.