Money Talk: Arkansas Among Top Five States In Percentage Of Mortgage Delinquencies

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ARKANSAS AMONG TOP FIVE STATES IN PERCENTAGE OF MORTGAGE DELINQUENCIES
Arkansas ranked among the top five states with the highest percentage of mortgage loans delinquent over 90 days at 2.66%, according to the data and analytics division of Black Knight Financial Services.

The Jacksonville, Fla.-based firm reported its “first look” at June 2015 month-end mortgage performance statistics derived from its loan-level database representing approximately two-thirds of the overall U.S. market. Currently, total U.S. loan delinquency rates (loans 30 or more days past due, but not in foreclosure) are at 4.82%, down 15.5% from a year ago.

In the 90 days delinquent category, Mississippi led the nation at 4.43%, followed by Rhode Island, Louisiana, Alabama and Arkansas. For a more detailed view of this month’s “first look” data, click here.

SOCIAL SECURITY TRUST FUND RESERVE GAINS ONE YEAR FOR PROJECTED DEPLETION DATE
The Social Security Board of Trustees released the 75th annual report to Congress on the financial status of the Social Security trust funds, which include the Old Age and Survivors Insurance (OASI) fund and the Disability Insurance (DI) fund. Benefits to retired workers and their families, and to families of deceased workers, are paid from the OASI trust fund. Benefits to disabled workers and their families are paid from the DI trust fund.

The report shows that, combined, the funds now have an additional year – from 2033 to 2034 – before their reserves are depleted. The Old Age and Survivors fund alone also gets an extra year from 2034 to 2035.

The DI fund is still projected to deplete its reserves late in 2016. After that, the income collected through taxes will be enough to pay only 81% of the scheduled benefits. So, an adjustment to maintain full disability benefits is needed soon.

The president has proposed temporarily reallocating more of the total Social Security payroll tax rate to the disability fund to give Congress more time to consider comprehensive changes to the Social Security program as a whole.

J.B. HUNT QUARTERLY INCOME UP 10.7%
J.B. Hunt Transport Services posted second quarter net income of $103.42 million, better than the $93.41 million in the second quarter of 2014, but below market expectations on a per share basis. The quarterly income gain continues the trend from a solid 2014 and a 34% net income boost in the first quarter of 2015. Total revenue during the quarter was $1.54 billion, just below the $1.55 billion in the second quarter of 2014.

DELTIC TIMBER PROFITS SLIDE ON WET WEATHER, WEAKER SALES
Deltic Timber Corp. reported lower second quarter financial results as weakened demand for wood and lumber products in the company’s primary markets eroded sales and operating income. The Arkansas timberland and real estate concern reported net income of $831,000, down from net income of $5.3 million a year ago. Net sales for the three month period fell to $45.6 million compared to $58.6 million in the same quarter of 2014.

The weakened demand for wood products was primarily caused by wet weather conditions in the company’s primary market areas that resulted in reduced demand for building products and thus, reduced sales volumes and lower average sales prices for lumber and MDF, company officials said.

SIMMONS, P.A.M. TRANSPORT SEE NEAR DOUBLE QUARTERLY EARNINGS
Simmons First National Corp. profits rose more than 100% in the second quarter as the Arkansas regional bank posted net income of $20 million, or 71 cents per share, up 102% when compared to net income of $9.9 million, or 61 cents per share, a year ago.

Tontitown-based P.A.M. Transport is off to the races through the first two quarters of 2015 with net profits of $12.408 million, up nearly 97% from the same period last year.