Community Banks? ROA UP
by January 16, 2006 12:00 am 85 views
Arvest’s bill pay move may remind loyal Whispers followers of a new checking product The Bank of Fayetteville has said it will introduce this year. The product pays interest with no minimum balance and tends to lead customers to use the bank’s online and electronic services.
Last year was BOF’s first full year under the leadership of Mary Beth Brooks, president and CEO. Brooks had stated a goal of return on investment of 0.85 percent for 2005, up from 0.65 percent in 2004.
To her and the shareholders’ delight, Brooks’s team actually beat the goal and closed the year with a 0.96 percent ROA — a 46 percent increase.
The bank’s net income grew substantially too, from about $2 million in 2004 to $3.6 million.
Brooks said the goal for 2006 is to eclipse a 1 percent ROA, which will be an admittedly tougher feat than what she faced in 2005.