FDIC Chairwoman Jelena McWilliams. | https://www.facebook.com/FDICgov/photos/fdic-chairman-jelena-mcwilliams-knows-firsthand-what-it-means-to-be-unbanked-lea/10156026590077252/
FDIC Chairwoman Jelena McWilliams. | https://www.facebook.com/FDICgov/photos/fdic-chairman-jelena-mcwilliams-knows-firsthand-what-it-means-to-be-unbanked-lea/10156026590077252/
A recent WalletHub report reveals that Arkansas is ranked among the states with the lowest remaining COVID-19-related restrictions and most-effective vaccine distribution figures. The data indicates that the U.S. has progressed with vaccine distributions and has seen an increasing amount of business re-openings.
“The banking industry reported positive results for the first quarter of 2021, reflecting optimism about the pace of the economic recovery,” Federal Deposit Insurance Corp. Chairman Jelena McWilliams said in a statement. “However, a record low net interest margin and slow loan growth could challenge banks going forward.”
However, the Delta variant has become the most dominant COVID-19 strain in Arkansas due to a large number of unvaccinated residents, according to state health officials.
WalletHub gathered the data through a comparison between all states and the District of Columbia across 13 key metrics. It stated the information “ranges from whether restaurants are open to whether the state has required face masks in public and workplace temperature screenings." The study, conducted by academics from major research institutions, found that Arkansas currently ranks third in terms of the highest economic recovery and overall recovery, with some of the fewest restrictions of any state.
According to Talk Business, 86 FDIC-insured banks in Arkansas saw a net income of $567 million between January and March, representing a 237% increase from the $168 million reported shortly after the pandemic was declared during the first quarter of 2020.
OZK Bank in Little Rock led Arkansas banks with the highest profit in the first quarter at $148.4 million, an $11.8 million increase in the first quarter of 2020) followed by Centennial Bank of Conway at $92.5 million (up from $11.6 million), Talk Business reported. In total, Arkansas banks’ assets amounted to $139.3 billion as of March 31, growing 3.8% from the previous quarter ($134.1 billion) and 17% from the previous year ($119.1 billion). The report also reveals that deposits increased by $5.05 billion, or 4.7%, from a quarter prior to $113.6 billion.
“We still have months to go before we can achieve a full reopening across the U.S., but certain states are removing restrictions faster than others,” WalletHub wrote.
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