Arkansas banks report 21% higher profits in first quarter
by June 8, 2017 2:21 pm 396 views
Arkansas’ federally insured banks reported $300 million in profits in the first quarter, up nearly 21% from $248 million in the first quarter of 2016, according to the latest Quarterly Banking Profile from the Federal Deposit Insurance Corp.
The number of Arkansas institutions reporting to the FDIC declined to 100, down from 104 in the same period last year. The reporting banks had 21,068 employees, up from 10,226 in the first quarter of 2016.
The institutions had $90.696 billion in total assets, up from $78.372 billion in the first quarter of 2016.
Total deposits reached $73.511 billion, up from $63.630 in the first quarter last year.
Lending is also up this year, from $51.537 billion in the first quarter last year to $60.908 billion this year.
Individually, Little Rock-based Bank of the Ozarks had the highest quarterly profit in Arkansas, with $93.92 million. The bank has $19.139 billion in total assets.
Conway-based Centennial Bank had the second-highest profit in the first quarter, at $48.4 million. The bank has $10.703 billion in assets.
In third place was Fayetteville-chartered Arvest Bank, with $32.2 million in quarterly profit. The institution has $17.049 billion in assets.
Simmons Bank of Pine Bluff had the fourth-highest quarterly profits in the state, with $24.8 million. And Searcy-based First Security Bank rounded out the top five with $23.85 million in quarterly profits.