6 Arkansas Banks Lost Money in 2013

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
Arvest Bank $14,085,923 $125,666
Fayetteville    
     
First Security Bank $4,308,792 $100,619
Searcy    
     
Bank of the Ozarks $4,780,399 $92,539
Little Rock    
     
Centennial Bank $6,825,080 $69,518
Conway    
     
First Financial Bank $855,988 $23,873
El Dorado    
     
First National Bank $1,071,152 $16,786
Fort Smith    
     
Farmers Bank and Trust $812,406 $16,466
Magnolia    
     
Simmons First National Bank $3,167,950 $15,349
Pine Bluff    
     
Summit Bank* $1,185,868 $14,523
Arkadelphia    
     
First Arkansas Bank & Trust $664,660 $13,089
Jacksonville  


*Summit Bank is in the process of selling to Bank of the Ozarks.