Arkansas banking profits surge 14% in first 6 months

Bolstered by its three public banking giants, Arkansas’ 82 federally insured banks reported a net income of close to $1 billion through the first half of 2023.

According to the most recent data available from the Federal Deposit Insurance Corp. (FDIC), Arkansas banks had a profit of $990.4 million in the first six months. That’s up nearly 14% from $869 million compared with the first half of 2022.

The state’s three public banks each topped $100 million in income through June — Little Rock-based Bank OZK ($341.8 million), Conway-based Centennial Bank ($226.8 million) and Pine Bluff-based Simmons Bank ($120 million) combined for $688.7 million in profit. That’s up nearly 48% from their totals last year ($475.9 million) and accounts for nearly 70% of the state’s banking income at this year’s midway point.

First Security Bank of Searcy ($66.9 million) and First National Bank of Fort Smith ($15.8 million), both privately owned, round out the top five.

Three Arkansas banks lost money through June — Bank of England (-$3.8 million), Arvest Bank (-$1.3 million) and Bank of Little Rock (-$0.37 million).

Collectively, Arkansas banks’ total assets as of June 30 ($163.3 billion) grew 1.61% from the previous quarter ($160.7 billion) and 5% from the previous year ($155.4 billion).