Most area banks see net income declines in 2008
by March 27, 2009 3:17 pm 63 views
Although many banks based in the Fort Smith area saw declines in 2008 net income, the financial health of regional banks continues to be stable relative to their counterparts in other parts of the state and nation.
First National Bank of Fort Smith posted 2008 net income of $8.9 million, down 39% from the $14.61 million in 2007 net income, according to information from federal uniform bank reports.
First National, the largest bank based in the area, also reduced its cash dividend from $13 million in 2007 to $7 million in 2008.
The bank’s records are indicative of 2008 loan-loss activity with many regionally-based banks. First National saw its non-current loan provision decline from $17.89 million in 2007 to $7.59 million in 2008. Some of the 57.5% decline in the loan-loss provision accounting returns in the jump in real-estate owned by First National Bank. At the end of 2008, the bank owned $23.25 million in property, up more than 836% over 2007.
“We have had real estate loans in Northwest Arkansas that were past due in 2008. Several properties have now been foreclosed on and are now owned by us,” explained Sam. T. Sicard, a vice president of the bank. “We also merged Bank of Rogers into First National Bank of Fort Smith in November of last year. Any properties they owned prior to the merger are now owned by First National.”
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Farmers Bank of Greenwood was one of the larger banks based in the area to post a net income increase ($2.47 million, up 7.1%) in 2008.
Booneville-based First Western Bank posted a 2008 net income loss of $1.43 million. It posted 2007 net income of just $122,000. First Western, once active in the troubled Northwest Arkansas housing market, saw its 2008 real-estate owned jump to $14.19 million. The bank had $2.73 million in real-estate owned in 2007.
The smallest bank in the region — based on assets — continues to do well. Scranton-based Logan County Bank had net income of $606,000, compared to $607,000 in 2007. The bank’s non-current loan loss provision increased slightly to $382,000 in 2008 from$264,000 in 2007.
Deposits with banks based and operating in the Fort Smith region totaled $4.03 billion in 2008, up 4.8% over the $3.84 billion in 2007, and up 30.6% over the $3.09 billion in deposits in 2000. According to federal figures, there were 23 banks and 128 bank facilities operating in the Fort Smith metropolitan statistical area in 2008. In 2000, there were 24 banks and 113 bank facilities in the area.
Following are some financial details of banks based in the Fort Smith area. (Banks listed in order of asset size. All figures in $000.)
The First National Bank of Fort Smith
Average Assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$845,687 $800,737 $764,806
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$8,901 $14,617 $14,682
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$54,996 $54,977 $51,572
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$7,000 $13,000 $10,400
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$7,597 $17,899 $612
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$23,254 $2,482 $960
First Western Bank, Booneville
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$297,090 $307,621 $305,594
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
-$1,437 $122 $1,773
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$17,055 $20,708 $21,172
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$0 $600 $800
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$5,101 $11,927 $1,426
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$14,196 $2,731 $39
First National Bank of Sallisaw
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$200,183 $191,609 $190,119
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$2,609 $4,316 $2,956
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$11,395 $12,389 $9,020
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$3,240 $4,275 $2,898
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$46 $1,462 $870
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$325 $0 $7
Farmers Bank of Greenwood
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$193,386 $191,170 $186,808
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$2,478 $2,312 $2,372
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$12,097 $12,689 $12,206
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$2,000 $2,000 $4,550
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$280 $202 $61
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,157 $717 $693
The Central National Bank of Poteau
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$177,899 $165,068 $161,621
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$4,100 $4,432 $4,228
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$10,701 $11,907 $10,995
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$3,378 $3,311 $3,308
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$3,790 $1,036 $895
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,196 $289 $226
The Community State Bank (Poteau)
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$137,095 $124,078 $120,745
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,014 $926 $1,063
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$9,016 $8,835 $8,363
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$180 $437 $171
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,409 $1,146 $680
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$184 $424 $325
Allied Bank (Mulberry)
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$134,619 $127,801 $118,025
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,864 $1,880 $1,426
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$8,573 $9,141 $7,855
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,187 $1,192 $1,148
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$118 $0 $561
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$2,264 $521 $510
The First National Bank at Paris
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$105,956 $104,057 $101,535
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,399 $1,301 $1,093
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$6,405 $6,432 $5,953
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,036 $1,208 $1,036
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,317 $1,606 $206
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$268 $3 $46
National Bank of Sallisaw
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$96,154 $94,516 $91,437
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$951 $1,297 $1,412
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$5,138 $6,034 $5,696
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$900 $1,000 $1,000
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$2,060 $247 $185
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,620 $794 $82
First Community Bank of Crawford County
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$73,101 $62,133 $51,903
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$431 $364 $234
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$4,472 $4,150 $3,363
Cash dividends declared
(no dividends paid in any period)
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$1,343 $1,664 $11
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$0 $0 $278
Spiro State Bank
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$51,960 $50,598 $49,057
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$421 $470 $437
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$2,536 $2,916 $2,622
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$240 $240 $240
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$71 $49 $38
All other real estate owned
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$0 $51 $51
Logan County Bank (Scranton)
Average assets
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$64,599 $62,468 $58,281
Net income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$606 $607 $628
Total interest income
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$3,605 $3,586 $3,266
Cash dividends declared
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$220 $240 $240
Total non-current loans and leases
Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006
$382 $264 $162
All other real estate owned
(no real estate owned for any period)