The Arkansas Banker March 2019

March 2019

The

Agriculture Issue

Volume CII, No. 3

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March 2019 COLUMNS

Volume CII, No. 3

President’s Message

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Lorrie Trogden

Chairman’s Column Washington Update

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Rob Nichols

Government Relations:

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Open Comment Periods

Emerging Leaders Update

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George Purvis

5 Minutes with Craig Manatt 11 Meet Your Lawmakers: Senator Jim Hendren

DEPARTMENTS

AGRICULTURE ISSUE

6

Cathy Owen

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Professional Development Live Events 5 Webinars 7 AmBA Training 13 Spotlight: Commercial Lending School 30 Spotlight: Loan Assistants Workshop 30

Banker News & Moves

28

Member News

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The Arkansas Banker Online

Join us at www.arkbankers.org to read and share statewide banking news!

The Arkansas Banker (ISSN 004-1726) is published monthly by the Arkansas Bankers Association, 1220 West Third Street, Little Rock, AR 72201. Phone: 501.376.3741. Periodical postage paid at Little Rock, AR. Postmaster: Send address changes to Arkansas Bankers Association, 1220 West Third Street, Little Rock, AR 72201. Subscription to The Arkansas Banker magazine is included in the membership fees to the Arkansas Bankers Association. Cover price is $5.95 each. Annual subscription rates are $40.00 for members and $60.00 for non-members.

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14

Industrial Hemp and the 2018 Farm Bill

In 2019, the Bottom Line Really is the Bottom Line

by Ed Elfmann, Rob Rowe, Sabrina Bergen & Andy Guggenheim

by Ryan McGeeney

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U.S. and Arkansas Farm Lending Trends

Wetlands Conservation Compliance

by Jackson Takach

by Seth Hampton

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Bank Partners with Gardener to Increase Pollinators

SURVEY SAYS What are you most likely to watch on TV?

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27

24

%

Sports

CLICK HERE

to take part in April’s Survey Says

America Saves Week 2019

24% Dramas

20%

Cartoons

Reality TV

from the American Bankers Association

Sammy Rabbit Promotes Saving

by Mary Hightower

4% 6%

7 Tips for a Strong Marketing Plan

26

Rural Profile: Rural Growth Lags Behind State Average

Random question.

Random bankers.

Interesting results.

22

% 14 10 %

True Crime

March 2019

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News

Sitcoms

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PRESIDENT’S MESSAGE Advocating for our Family of Arkansas Bankers St. Patrick’s Day is almost here, so I’ll start with a quote by Victoria Smurfit: “If you’re Irish it doesn’t matter where you go – you’ll find family.” In my travels for the Great Arkansas Road Tour of 2019, I find this holds true for bankers as well. Group Meetings have started, and it’s heartening to experience the fellowship and camaraderie at these meetings.

The legislature is still in session and we continue to monitor and advocate on behalf of the banking profession. A big thank you to our Government Relations Advisory Committee for the time spent reviewing bills, contacting legislators, providing feedback, and in some instances providing language for bill amendments. This committee has reviewed almost 40 bills related to the banking industry thus far, and as far as we know, the session still has about four weeks to go. If you see Cathy Owen, Larry Wilson, Rob Robinson, or Charlie Blanchard, please give them a heartfelt thank you. They have been to the Capitol on multiple occasions to testify against bad bills.

Update on Senator Kim Hammer’s bill SB257, which would allow credit unions to take public deposits. This bill ran in the Senate and Insurance and Commerce Committee for a second time. Senator Joyce Elliot made the motion for due pass and was given a second by Senator Linda Chesterfield. The bill failed for lack of any other yes votes. While the bill has been placed on the deferred list, procedure still allows Senator Hammer to run it one final time should he so choose. If you have not seen the Arkansas Business March 4-10 issue, give it a look and find two commentaries about credit unions. “How to Grow Your Tax Dollars II” (Larry Wilson) and “It’s Tax Time, but Not for Credit Unions” (Lorrie Trogden). Please feel free to share these with your local newspaper to help get this information out into your community.

Another very important issue is SB390, which is another bill filed by Senator Kim Hammer. In short, this bill creates a staterun bank under the state Treasurer. It allows certain cash funds to be deposited into the State Treasury Money Management Trust. The regulated Arkansas banking system has a long track record of meeting deposit needs, there is no evidence to the contrary. Outlined below are a few of key points about this bad bill.

I. The state has enough to worry about without growing government by adding banking to its responsibilities.

II. A public bank is risky business, funds will not be insured with the FDIC like banks. For deposits over the FDIC insurance levels, banks must pledge securities to insure them.

III. Will the state pay over market rate on deposits? Banks do. Why would agencies and schools want to take on market risk vs. a known rate of return?

IV. For some hometown banks, these deposits are their biggest form of liquidity. These deposits allow banks to make home loans, farm loans, small business loans and more, which in turn allows banks to invest funds into schools and the community.

V. Banks directly support school infrastructure. They build gyms, football fields, and contribute funds to many community infrastructure needs. I doubt the Treasurer’s office intends to start taking these requests.

VI. Without these deposits, the state also loses tax revenue paid by banks.

We have had bankers at the Capitol every Tuesday and Thursday ready to testify should the bill run that day and will continue to do so until this bill is presented to the Senate State Agencies and Governmental Affairs Committee. New bills are filed every day, and we will continue to be diligent on your behalf in our advocacy for the banking industry. I encourage you to back our PAC! It is essential that we support candidates who understand banker’s concerns. Visit the Advocacy page on our website to learn more about the PAC and our government relations program. There will be two PAC fundraisers connected to the Annual Convention: a golf tournament and special reception with Prince Lorenzo de’ Medici.

I’ll leave you with the good news that Punxsutawney Phil could not find his shadow and the Irish saying, “May your right hand always be stretched out in friendship and never in want.” I look forward to seeing all of you at the Annual Convention!

Lorrie Trogden | President & CEO Arkansas Bankers Association

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ABA PROFESSIONAL DEVELOPMENT

LIVE EVENTS Providing you with face-to-face interaction with expert instructors!

APRIL 2019 Advanced Cash Flow Analysis

2019 Annual Convention

April 3, 2019 | Arkansas Bankers Association Who should attend: Commercial Lenders, Credit Analysts, Credit Administrators

Advanced Tax Return Analysis April 4, 2019 | Arkansas Bankers Association Who should attend: Commercial Lenders, Credit Analysts, Credit Administrators

April 8-11, 2019 | Arkansas Bankers Association Who should attend: Compliance Officers, Internal Audit Staff, any Compliance Personnel

MAY

Call Report Prep

14-15 TRID Refresh 16 Key Ratio Analysis

AUGUST

21 Opening New Accounts:

Documentation & Compliance

Commercial Lending School April 22-26, 2019 | Arkansas Bankers Association Who should attend: Commercial Lenders, Credit Analysts, Credit Administrators

Loan Assistants and Processors Workshop

Compliance School

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April 16-18, 2019 | Little Rock Marriott Who should attend: Everyone

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6

April 25, 2019 | Arkansas Bankers Association Who should attend: Loan Assistants and Processors, Credit Administration Supervisors, Loan Support Staff

JUNE

Intro to Consumer Lending Advanced BSA Brush-Up

12-13 CBCM Certification

SEPTEMBER

25-26 Call Report Preparation

JULY

22 Business Development for

the Bank Officer 23 Hot Topics for Bank Boards 24 Cybersecurity

2-3 8-9

OCTOBER IRA School

Mega Conference

22-23 Supervisor Boot Camp

For more information about ABA Live Events, log on to www.arkbankers.org or call 501.376.3741.

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CHAIRMAN’S COLUMN Arkansas Agriculture Whether or not your bank specializes in agricultural financing, it is important for all of us to understand the significant impact agriculture has on our state, which in turn effects all of our communities and banks. Not only does agriculture generate a lot of dollars within our local economies, it also has a large “multiplier effect.” In 2016, according to the University of Arkansas Division of Agriculture, Arkansas generated around $8.2 billion in agricultural cash receipts, with the highest valued commodities being broilers, soybeans, and rice.

Did you know the average farm size in Arkansas is 322 acres and is valued at $3,250 per acre? Forty-one percent of our state’s land is in farms, and fifty-seven percent is in forest. Arkansas has 42,300 farms, that generated $8,214,004,000 in agricultural cash receipts, with $3,499,322,000 of that coming from crops and $4,714,671,000 coming from animals.

In 2016, the Poultry Federation reported the poultry industry provided $4 billion (49.6%) of the total agriculture cash receipts in Arkansas. Poultry is the largest agriculture commodity in the state, with over 6,000 farms producing some type of poultry. Arkansas ranks second in the nation for broiler production. In 2017 alone, one billion broilers were raised and processed for distribution across the nation. Arkansas ranks third in the nation in turkey production and forth in the nation in egg production value.

Arkansas produced 107 million bushels of corn and 172 million bushels of soybeans. Our poultry industry alone used 174.1 million bushels of corn and 62.3 million bushels of soybeans.

The Arkansas Farm Bureau’s website indicates soybeans and soybean products are Arkansas’ largest rural crop.

Soybeans are produced in forty-one of our seventy-five counties. Arkansas is the tenth largest soybean producer in the United States. Soybeans are the second most grown crop in the U.S. trailing only corn, according to the U. S. Department of Agriculture. Soybeans are primarily utilized in livestock feed and in other consumer products.

Arkansas holds the #1 spot in U.S. rice production, accounting for more than 50% of the U.S. rice production.

Arkansas farmers plant an average of 1.3 million acres of rice and harvest over 200 million bushels on 2,752 farms.

They produce more than 9 billion pounds of rice each year. Rice is our second-highest-value commodity and our top agricultural export. In 2016, Arkansas’s rice production contributed nearly $1.3 million and 200,000 jobs annually, with a $6 billion impact on our state’s economy. It is the state’s largest row crop. Rice is enjoyed throughout the world and is known for its versatility and use in a wide variety of cuisines. Rice is also the reason Stuttgart, Arkansas, has been designated as the “Rice and Duck Capital of the World.” Rice provides 11% of the energy needed by migrating ducks.

We are also blessed to have such a beautiful state, with lots of forests. Arkansas has a total land area of 33.3 million acres, with 19.0 million acres of forestland that contains 11.8 billion trees. Sixty-nine percent of the State’s forestland is privately held. An additional thirteen percent are in National Forests, six percent are public lands and twelve percent are Industry owned. Forestry has an economic impact from multiple venues, such as wood products, pulp, paper, sawmills, millwork, treating, manufacturing, and forestry management. Our forests also provide habitat to a host of various wildlife, which cater to the vast of amount of hunting and fishing found in our state.

No doubt Arkansas’s agriculture plays a very important role in supporting our state’s economy. Agriculture is a changing industry, constantly challenging farmers. Bankers have worked hard for many years to understand these challenges and to build relationships with those in the agriculture industry. Working together has proven to be a successful formula for both the farmer and the banker.

Since, this is my last article to submit as Chairman of our Association, I would like to close by thanking all of you for placing your trust and faith in me and for giving me the ability to represent you during this year. It has certainly been an honor and I am humbled by having had this opportunity.

Thank YOU!

Cathy Owen | Chairman

Chairman of Eagle Bank & Trust, Little Rock

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ABA PROFESSIONAL DEVELOPMENT

APRIL 2019

WEBINARS

Train multiple employees for one price, from the convenient location of your bank!

UCC 3&4 and Other Legal Check Issues 1:30 p.m. – 3:30 p.m.

Monday, April 1

Friday, April 5

Basic Cash Flow Analysis 1:30 p.m. – 3:30 p.m.

LinkedIn Value Strategies 9:30 a.m. – 10:30 a.m.

Tuesday, April 2

IRA Death Payments to Beneficiaries 10:00 a.m. – 12:00 p.m.

Thursday, April 11

Monday, April 8 Lending to Municipalities 1:30 p.m. – 3:30 p.m.

Reg E Compliance: Five Best Practices for Handling Disputes 10:00 a.m. – 12:00 p.m.

Tuesday, April 9

Preventing Violence in the Workplace 1:30 p.m. – 3:30 p.m.

Core Management Skills 10:00 a.m. – 12:00 p.m.

Advanced Financial Statement Analysis 10:00 a.m. – 11:30 a.m.

Workplace Violence Planning & Active Shooter Preparedness 1:30 p.m. – 3:30 p.m.

Wednesday, April 3 Robbery Prevention & Response 10:00 a.m. – 12:00 p.m.

Lie Detection 1:30 p.m. – 3:30 p.m.

Commercial Construction Loans: Administering and Monitoring (Part 1) 8:30 a.m. – 10:00 a.m.

C&I Business Cash Flow Basics and Global Cash Flow: Part 1 10:30 a.m. – 12:00 p.m.

Community Bank Mergers and Acquisitions Simplified 10:00 a.m. – 11:00 a.m.

Friday, April 12 Excel Explained: Creating Interactive Spreadsheets 10:00 a.m. – 12:00 p.m.

Evolution of Ransomware 10:00 a.m. – 11:30 a.m.

Thursday, April 4

Understanding C&I Loan Structuring, Loan Agreements and Covenants: Part 1 1:00 p.m. – 2:30 p.m.

Successful Workout Strategies for Problem Loans 10:00 a.m. – 12:00 p.m.

Business Writing for Financial Professionals 1:30 p.m. – 3:30 p.m.

Commercial & Business Lending Basics for Support Personnel 1:30 p.m. – 3:30 p.m.

Mapping Multi-Tiered Business Accounts with New CDD 1:30 p.m. – 3:30 p.m.

Wednesday, April 10

Tuesday, April 16

Marketing & Advertising Compliance 10:00 a.m. – 12:00 p.m.

Monday, April 15

Commercial Construction Loans: Administering and Monitoring (part 2) 8:30 a.m. – 10:00 a.m.

For more information about ABA Webinars, log on to www.arkbankers.org or call 501.376.3741.

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WASHINGTON UPDATE Diversifying Our Most Important Asset They say you can’t improve what you don’t measure. That is why ABA has established a dashboard that shows the gender, ethnic and generational breakdown of our workforce, from the customer service operators to the C-suite. This snapshot is a critical first step in a self-assessment of progress towards our goal to be the kind of diverse, equitable and inclusive workplace that attracts and retains the best talent. It shows where we are and where we have room to improve; for example, it shows our staff is 39 percent non-white, 37 percent Gen X and that 45 percent of SVPs and up are women.

We want top talent for the same reason banks—many of whom have landed on “great place to work” lists, as ABA did last year—do: Because it helps us succeed. And there’s no denying that success is boosted by a diverse workforce.

I appointed a staff task force in 2017 to explore how ABA can enhance our own approach to diversity and inclusion, and the group’s report made a strong business case for taking our efforts to the next level. Consider that 43 percent of millennials—now our largest generation—is nonwhite, and that the U.S. is projected to not have a single racial or ethnic majority by 2055. That alone tells you that if you don’t have a diverse workforce in the fairly near future, you won’t have a workforce. Studies have also shown that companies with greater gender and ethnic diversity are more likely to outperform those with less.

But the most important case for diversity is simple: Ensuring your institution’s employees and leaders reflect the communities they serve—and treating all employees equitably, making them feel included—is the right thing to do.

Banking leaders have told me they wholeheartedly agree, and some are further along in their DE&I efforts than others. Some, for example, have landed on Forbes’ Best Employers for Diversity list, while others, including those operating far from diversity-rich cities, are still grappling with attracting diverse talent. Remember, though, that workplace diversity isn’t just about color; it’s about ensuring you have a range of perspectives and experiences informing your decisions. That can come from anyone whose background is different from yours. Think gender, age, military service, disabilities, sexual orientation, religion, socioeconomic status, etc.

The good news is banks don’t have to figure all this out on their own. There also are a host of organizations that are eager to share their insights to help you get it right, and ABA offers training, conferences and resources in this space—all cataloged at aba.com/Diversity. In addition, the Offices of Minority and Women Inclusion at the eight financial regulatory agencies held a summit last fall where banks and others who are further down the path towards a model DE&I workplace shared best practices related to employment and procurement practices. The ideas exchanged ranged from participating on the boards of colleges, utilizing minority and women owned recruiting firms and offering internships and mentoring to students at local low-income, minority-majority high schools.

Similar suggestions were included in testimony during the first hearing, held in February, of the new House Financial Services Diversity & Inclusion subcommittee—a panel whose very existence is a testament to the social, commercial and economic importance of this issue.

Carla Harris, vice chair of wealth management at Morgan Stanley and a popular speaker on issues related to diversity and inclusion, offered her own advice at ABA’s 2018 Annual Convention in New York. Among her suggestions: Most fundamentally, check your unconscious bias; we all have it, and we can all benefit from training on how to spot it.

Make sure you lead in an inclusive way, soliciting views from all and making employees feel valued, seen and heard. If your staff is not feeling this way, you’ll likely be challenged in both retaining and attracting more diverse talent.

Be fair in your distribution of assignments so everyone has a chance to grow and no one is at a deficit when the next promotional opportunity arises.

Be intentional about making sure staff have the right sponsors, who have a far greater impact on advancement than mentors.

Finally, remember the pace at which our environment and competitive landscape is changing and take a step today—even if it’s pressing pause before you fill your next job opening—towards ensuring you’ll emerge as an employer of choice tomorrow. Nothing will influence your bank’s future success more than the women and men who run it day-to-day.

I would add my encouragement that you set up your own human capital dashboard. We all have a sense of where we’d like our institutions to be two, three, five years from now. But whether our goals are financial, business or diversity in nature, we won’t know how close we are to reaching them if we don’t measure our progress.

Rob Nichols

President & CEO, American Bankers Association

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© 2019 American Bankers Association. All rights reserved. Reprinted with permission.

GOVERNMENT RELATIONS Federal Feedback: You’re The Expert Engage in transforming what is to what should be. Your voice on federal regulation matters. There are proposed rules and regulations changes open for comment that close in the coming month. Take a few minutes and speak up about changes in our profession!

Log on to www.arkbankers.org to submit comments on these and other upcoming regulatory issues: Proposed Rule on New Requirements for Validating, Approving Credit Score Models Agency: FHFA Comments Close March 21, 2019 Federal Housing Finance Agency issued a proposed rule to establish new requirements for the validation and approval of credit score models by Fannie Mae and Freddie Mac. Proposed Rule to Increase the Assets Threshold under the Depository Institution Management Interlocks Act Agency: OCC, Fed, FDIC Comments Close April 1, 2019 Will increase the major assets prohibition threshold under the Depository Institution Management Interlocks Act (DIMIA) to $10 billion to account for changes in the United States banking market. The current threshold, set in 1996, prohibits management officials from depository institutions with total assets above $2.5 billion (or any affiliate of such an

organization) from serving at the same time as a management official of an unaffiliated depository organization with total assets exceeding $1.5 billion (or any affiliate of such an organization).

Prepaid Rule Goes into Effect Agency: Bureau The Consumer Financial Protection Bureau proposed several changes to its final rule on prepaid products, whose implementation has been delayed until April 1, 2019. The Bureau also invited comments about whether to delay the rule’s implementation date further based on time needed to comply with the latest round of proposed changes.

Specifically, the Bureau is proposing to revise the error resolution and limited liability provisions of the prepaid rule to clarify that “financial institutions would not be required to resolve errors or limit consumers’ liability on unverified prepaid accounts.”

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EMERGING LEADERS UPDATE Youth of Today‌ Customer of Tomorrow

Most every group, club, and organization make references to our youth and how they are the leaders, hope, and futures of tomorrow. Like everyone else, banks should be looking to youth as our future, rather our future customers of tomorrow.

According to the Centers for Disease Control and Prevention, on average there are just under 4 million children born in the U.S. each year with about 1% of those being born in Arkansas. If they were split evenly into new customers, it works out to around 400 newborns per Arkansas bank per year. This is assuming that we were not fighting any outside competition‌ Especially competition that does not face the degree of regulatory oversight of banks, and are able to make changes almost instantly to meet the demands of this new customer base.

One of the greatest challenges that comes with Generation Y & Z for Arkansas bankers is and will be their need for instant service at their fingertips. Quickly fading personal interactions in banks are being replaced by new fintech and techfin companies, and internet banks that cater to these instant service needs.

The desire to walk into a brick and mortar financial institution and develop a lasting personal relationship is being traded for pulling out a phone, a quick thumb print, or voice command, and a completed transaction without ever leaving the house.

Between fintech and techfin providers and online banks, Arkansas bankers have their hands full fighting for the business of Gen Y and Gen Z. To succeed we must keep open minds to change, explore partnerships with the fintech and techfin companies, do our part keep up with advancing technology, and we must also demonstrate to these generations the benefits of relationship banking. It can be hard to show, much less sell, the value of a loan decision made by a real live person over a computer-generated response. What we can show is the value of community banks that have compassion and personal touch by knowing our customers and staying involved in our communities.

A great opportunity for Arkansas bankers to get involved is Teach Children to Save Day on April 15. This is a great opportunity to help our young people understand the benefits of saving and the importance of local banks. For more information on how your institution can get involved, log on to www.ABA.com.

ELS OFFICERS George Purvis, President

Cornerstone Bank, Eureka Springs

Evelyn Morris, Vice President First Financial Bank, El Dorado

Brandon Gentry, Secretary/Treasurer Cross County Bank, Wynne

ELS COUNCIL Brent Atkins, Hot Springs Ralph Bradbury, Little Rock Shawn Dunham, Rogers Derek Eckelhoff, Rogers Brock Ferguson, Jonesboro David Johnson, Trumann Bryce Larry, Rogers Lance Nutt, Fordyce Christopher Pledger, Little Rock Kyle Schlenker, Cherry Valley Sandy Starnes, Batesville

What is the Emerging Leaders Section?

ELS Councilmembers at their February meeting, Brandon Gentry, David Johnson, Kyle Schlenker, Lance Nutt, Evelyn Morris, George Purvis, Sandy Starnes, Bryce Larry, Derek Eckelhoff, Brent Atkins, Shawn Dunham, and Brock Ferguson.

George Purvis | ELS President Cornerstone Bank, Eureka Springs

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The Emerging Leaders Section (ELS) was organized by the Arkansas Bankers Association Board of Directors to provide information concerning educational opportunities available for its members. The ELS was established to provide leadership training for young bankers, to enhance banking careers, offer its members the opportunity to learn, network, and be productive members of the banking profession.

Call Kami at 501.978.3614 to get involved!

5 MINUTES WITH

CRAIG MANATT

President & CEO of Peoples Bank, Sheridan What helps you stay objective?

This is a constant struggle for me. I have found that I can justify most anything in my mind, especially if I have to make a decision quickly. A mentor of mine taught me when I am faced with an issue to do my homework and write it down on paper. He said more often than not the answer will be right in front of you. I have found this to be true.

What is the best part of being a hometown banker?

The best part is getting to build relationships with so many people…and coming to work and not knowing what may walk through my door on any given day. I have been able to learn so much – banking related and not – from customers that came to the bank just looking for help in trying to solve a problem.

Give us a little background on yourself: I was born and raised in Sheridan, Arkansas. Upon graduation, I attended the University of Arkansas, where I received an accounting degree at the Sam M. Walton College of Business. I was very fortunate to get a job right out of college working for DD&F Consulting Group in Little Rock. After a few years, I got the opportunity to work for Peoples Bank where my Dad was the President & CEO back in my hometown of Sheridan. My wife, who is also from Sheridan, is an attorney for Rainwater, Holt, and Sexton and we have two children: Miller, 3, and Collins, 2.

What is the worst pet you have ever had?

The truth is I haven’t had a bad pet, but I have been a bad pet owner! After we had our second child, we shipped off one of our two dogs to the in-laws. At least it was my wife’s dog and not mine!

You come from a banking family… what’s it like carrying on that legacy?

It is great…I never admitted it growing up, but I always knew I wanted to be a banker. I was able to see firsthand from my Dad how the profession intertwined him into the community. I was fortunate to be able to work for him for eleven years before he retired. I am really proud to call myself a banker and look forward to a long career in this industry.

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MEET YOUR LAWMAKERS...

SENATOR JIM HENDREN Arkansas Senate President Pro Tempore

Republican // Arkansas Senate District 2 A native of Gravette and the owner of Hendren Plastics, Inc., Senator Hendren has been active in the Gravette School Board, Kiwanis Club, American Legion, and Veteran’s Airlift Command. He joined the United States Air Force in 1984, where he served eight years as an F-15 fighter pilot. Following the tragedies on September 11, 2001, Hendren returned to military service through the Missouri Air National Guard and is currently a Senior Offensive Duty Officer (SODO), 157 Air Operations Group in St. Louis. Senator Hendren and his wife of over 25 years, Tammy, have three sons and one daughter.

What concerns do you hear most expressed from Arkansans?

Being from Northwest Arkansas where we’re experiencing tremendous population growth, I continue to hear concerns that we must do more on highways to keep up.

What qualities make Arkansas a good place to do business?

Arkansas has a state government that partners with business and tries to minimize regulatory restrictions relative to many states. We have the second to lowest property taxes in the country and are working to lower our state income taxes. We have continued to invest in education and workforce development which has made us very attractive to businesses looking for places to expand.

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What role does the banking industry play in the overall economic success of Arkansas?

Banking is the life blood of any economy and Arkansas’s banks continue to be aggressive in supporting economic growth in Arkansas. They have always been some of the best partners with schools and cities as they work to improve the quality of life for all Arkansans.

From an economic standpoint, what is the major focus of the session? And what can we expect to see result from this focus?

Tax reform and relief efforts will be incredibly important in making Arkansas more competitive. We currently have the highest top income tax rate in our region which makes recruitment of new

businesses a challenge. We are working very hard for responsible tax relief that does not put the state budget at risk, but makes Arkansas more competitive.

What is the best way for individual bankers to let you know their views on legislation that affects your constituents?

Phone calls, texts or emails are all good ways to communicate with legislators.

The Arkansas Bankers Association also does a great job of representing the views of the banking industry.

What are you most proud of regarding your leadership in the state of Arkansas?

As the chair of the Healthcare Reform Task force, we were able to reduce MEDICAID spending by over $835 million over the next five years while still maintaining necessary services. This has allowed Arkansas to continue our expanded Medicaid program without putting our budget in distress which has resulted in keeping all of our local hospitals open. Most of our surrounding states have lost many of their small local hospitals which has been a tremendous blow to the communities.

What are the last two books you’ve read?

“The Life of Pappy Boyington” “Conversations with Major Dick Winters” ...and the last two movies you’ve seen?

The Green Book Aquaman

ABA PROFESSIONAL DEVELOPMENT

AmBA TRAINING

AmBA Training includes extensive learning opportunities suited to specific job roles, in both facilitated and self-paced online formats, as well as in person.

Flexible and cost-effective, AmBA’s online training opportunities are continually updated to provide a superior learning experience that can be accessed from anywhere, at any time.

UPCOMING COURSES Building Customer Relationships 4/1/2019 - 4/26/2019 Consumer Lending 4/8/2019 - 7/26/2019 Managing Interest Rate Risk 4/8/2019 - 5/31/2019 The Mortgage Lending Business 4/8/2019 - 5/17/2019 Basic Administrative Duties of a Trustee 4/15/2019 - 5/17/2019

Introduction to Trust Products & Services 6/17/2019 - 7/19/2019 The Banking Industry 6/24/2019 - 7/19/2019 Consumer Lending 6/24/2019 - 10/11/2019 Money and Banking 6/24/2019 - 10/11/2019 Intro to Agricultural Lending 7/15/2019 - 9/6/2019

The Banking Industry 5/6/2019 - 5/31/2019

Legal Foundations in Banking 7/15/2019 - 9/20/2019

Analyzing Bank Performance 5/13/2019 - 6/28/2019

Marketing Planning 7/15/2019 - 8/9/2019

Bank Lines of Business 5/20/2019 - 6/14/2019

Bank Lines of Business 7/22/2019 - 8/16/2019

Building Customer Relationships 6/3/2019 - 6/28/2019

General Accounting 7/22/2019 - 11/8/2019

Marketing in Banking 6/3/2019 - 6/28/2019

Analyzing Financial Statements 7/29/2019 - 11/22/2019

Managing Funding, Liquidity, and Capital 6/10/2019 - 7/12/2019

Building Customer Relationships 8/5/2019 - 8/30/2019

Fundamentals of Mortgage Lending 6/17/2019 - 7/26/2019

Basic Administrative Duties of a Trustee 8/5/2019 - 9/6/2019

For more information about AmBA Training, log on to www.arkbankers.org or call 501.376.3741.

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In 2019,

the Bottom Line really is the Bottom Line

by Ryan McGeeney U of A System Division of Agriculture

Informal surveys of Arkansas growers’ top concerns at the beginning of each planting season typically yield a variety of answers, from the best use of available acreage to marketing strategies for every crop. But for 2019, the consensus among growers attending one of the year’s first row crop production meetings in northeast Arkansas boiled down to one word: Money.

It was literally the first word from the mouth of William Rasberry, a cotton farmer who works about 900 acres just across the Arkansas-Missouri line, in Dunklin County.

“Money,” he said, followed by a long pause. “Mainly money. Is the price going to be there?”

Row crop production in the Mid-South, and agriculture in general, is always a struggle for profitability. But in 2019, growers are looking at a particularly uphill sort of battle, as the cumulative effects of long-depressed commodity prices and an ongoing trade dispute with China are met with the current state of winter fieldwork as yet undone.

The same intermittent wet weather conditions that caused the 2018 harvest to drag on interminably bled from fall into winter, and prevented most growers from completing (or often, even starting) field preparation in January, including fertilization, tillage and leveling. Scott Stiles, extension economist for the University of Arkansas System Division of Agriculture, said that in and of itself will add to growers’ expenses.

“Growers are thinking about everything they have to do, that they couldn’t do last fall,” Stiles said. “There will be a much narrower window to get fields in shape this year, and it’s going to be costly. It’s going to mean more trips across the field, more diesel burned. We didn’t apply fall fertilizer, we didn’t do fall tillage. We really need an opportunity to do some fieldwork this month.”

The “China question” also looms large in the minds of growers and other industry professionals.

Terry Pollard, who grows about 2,200 acres of cotton, corn and soybean east of Piggott, Arkansas, said his top concerns boiled down to “tariffs and prices.”

“We’re just trying to get a good return on our crop,” Pollard said. “We’ll probably do about the same thing in 2019 that we did in 2018.”

“There’s a lot of uncertainty right now around the trade discussions with China,” Stiles said. “That’s on the top of

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growers’ minds at every meeting I’ve been to this month. They’re closely watching those talks. There’s a lot riding on that for soybeans, as well as cotton, corn, wheat — all crops.”

Due to the partial shutdown of the federal government in December and January, the U.S. agricultural industry was without government data from the U.S. Department of Agriculture and other agencies for more than a month.

“The state of the trade dispute is for 35 days. Growers will be closely keeping growers’ plans in a state of watching flux.” He the release There’s a lot of uncertainty said. “People of a major aren’t able to right now around the trade crop report decide how discussions with China. The from the U.S. they want to state of the trade dispute Department shift acres, of is keeping growers’ plans in a because Agriculture so much is state of flux. People aren’t today, which riding on able to decide how they want to has “huge the China shift acres, because so much potential talks. The to move is riding on the China goal was to markets,” have at least talks.

Stiles said. some of the Scott Stiles

levels. That may keep soybean prices at depressed levels, and ultimately affect growers’ acreage decisions regarding the state’s No. 1 crop.

“The heavy ending stocks in soybeans are a limiting factor on price, and given that, growers will look at all options,” Stiles said. “A heavy supply such as we have today in the United States, and the world, means prices are going to be fairly subdued until some other fundamental change comes along — a major weather event, or something else that shakes the markets up, the ‘upside’ looks really limited on soybeans.”

For more information on row crop agriculture in Arkansas, contact your local Cooperative Extension Service agent or visit www.uaex.edu.

Ryan McGeeney is an Ag Writer and Content Specialist for the UA System Division of Agriculture.

trade issues One effect U of A System Division of Agriculture with China of the resolved by March 2. It appears now that ongoing trade dispute with China is the the talks will need to extend past that accumulation of soybean stocks, which time.” are now projected to reach record high

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Industrial Hemp and the 2018 Farm Bill On Dec. 20, 2018, after years of hearings and agricultural policy debates, President Trump signed the 2018 Farm Bill into law. This long-anticipated piece of legislation provided many changes to agricultural policy, but one of the most talked about changes was legalization of industrial hemp.

What does that mean for you as bankers and for farmers? To explain that, we’ll have to start by explaining the difference between hemp and marijuana.

How is hemp different than marijuana?

Hemp and marijuana come from the same plant: cannabis sativa L. They are separated in the amount of tetrahydrocannabinol (THC) in the particular growth strain. To qualify as hemp, the threshold for allowable THC is 0.3 percent. But what is THC? In nonscientific terms, THC gets you “high” while the main ingredients in hemp do not.

Despite this distinction in the strands of the plant, both hemp and marijuana were classified under the Federal Controlled Substances Act as a schedule one drug. Schedule one is reserved for drugs with no accepted medical use and a high potential for abuse, including Heroin and LSD. The 2018 Farm Bill took this issue head-on, amending the Controlled Substances Act to remove hemp from the definition of marijuana. As a result, plants with a THC concentration of 0.3 percent or less can now be legally grown, financed and insured, while plants with a THC concentration north of the hemp definition threshold will remain illegal under federal law.

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What did the 2018 Farm Bill do for hemp production?

By removing hemp from the Controlled Substances Act, Congress has allowed for the commercial farming of hemp.

This is a change from the pilot programs authorized under the 2014 Farm Bill, which were limited to little more than studies related to farming hemp. In addition to farming hemp, the 2018 Farm Bill allows for the transfer of hemp-derived products across state lines for commercial or other purposes.

As a result, there will now be limited restrictions on the sale, transport, or possession of hemp-derived products, as long as those products are produced

in a manner consistent with the law.

Additionally, the 2018 Farm Bill allows for various research and pilot programs run by USDA and establishes regulatory and licensing requirements for hemp producers. Finally, the 2018 Farm Bill amends the Federal Crop Insurance Act to allow crop insurance for hemp production.

What’s next for hemp?

It all starts at USDA. USDA will need to issue regulations and guidance on the definitions of legal hemp strains, USDA licensing structure and treatment of state applications. States will be allowed to submit their own plans to serve as the

the guidelines for pilot programs under the 2014 Farm Bill.

As the rulemaking process continues along, bankers should expect the Food and Drug Administration (FDA), Drug Enforcement Agency, FinCEN and potentially other agencies to weigh in throughout the process or even have their own rules put in place. This is especially true for any hemp derivative products, such as CBD oils, which were exempted by the 2018 Farm Bill.

What does this mean for banks?

With the changes in the 2018 Farm Bill, banks will be able to lend to hemp farmers and producers of hempderived products, including CBD oils, supplements, etc. Those borrowers, however, must be operating under an approved state plan or license from USDA and possibly the FDA. Hemp grown without a state or USDA license will be unlawful, and products derived from hemp must be sourced from lawful grow operations. Bankers will need to do their due diligence to ensure that their producers are following the correct procedures and protocols.

primary regulator for hemp production in their state, however, if a state does not submit a plan, USDA will act as the primary regulator. When a state does submit a plan, it will have to be approved by the USDA and designed in accordance with USDA requirements.

Once USDA finalizes its own hemp regulations, it will have 60 days to approve or reject submitted state plans. As of this writing, Kentucky and Pennsylvania have already submitted their plans to USDA and several other states are developing regulatory plans for USDA approval.

This makes the USDA rulemaking even more important, because no commercial hemp farming can begin until the USDA has promulgated its regulations.

Unfortunately, it will be the fall before USDA finalizes its rulemaking around hemp due to other issues at USDA and a delay due to the government shut down. It should be noted that hemp falls within a few departments at USDA, so that is contributing to a longer rule making timeline. USDA fully intends to have its guidance in place for the 2020 planting season. For the 2019 planting season, the 2018 Farm Bill only allows States, Tribes and institutions of higher education to continue operating under

Hemp provides a unique opportunity for bankers to get involved in new lines of business in rural America.

But with unique opportunities come unique risks. If a bank wants to lend to hemp producers, they should be in communication with their regulators to ensure that all the proper steps are being followed. By working with their regulators, state departments of agriculture and USDA, bankers will be able to get involved in this new line of business with their customers in the near future.

For more information on the production of hemp and USDA guidelines, please go to https://www.ams.usda.gov/rulesregulations/farmbill-hemp.

This article is jointly written by staff at the American Bankers Association, including Ed Elfmann, Sabrina Bergen, Andy Guggenheim and Rob Rowe.

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Wetlands Conservation Compliance

What Every Ag Lender Should Know About Swampbusters

by Seth Hampton Quattlebaum, Grooms & Tull PLLC

In addition to commonly known environmental laws, regulations and compliance requirements concerning wetlands, such as the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) or Clean Water Act, there exists another body of federal laws and regulations that apply to the use and development of wetlands in connection with production agriculture—the conservation compliance provisions of the Food Security Act of 1985, as amended (the “Act”).1 The conservation compliance provisions of the Act can be divided into two components: the Wetland Conservation provisions, commonly referred to as “Swampbusters,” and the Highly Erodible Land Conservation provisions, also known as “Sodbusters.”

This article will only discuss the former and not the latter, but it is noted that many of the regulations implementing Sodbusters are similar to, and in some instances mirror, those applicable to Swampbusters.

Swampbusters became law on December 23, 1985. However, because

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the applicability of Swampbusters is limited to agricultural operations, many lenders have little knowledge of Swampbusters or the extent to which its provisions can adversely affect collateral. Many lenders may be shocked to learn that non-compliance with Swampbusters can result in a borrower losing all or a significant portion of collateral typically pledged to secure agricultural operating loans, rendering the loan either wholly or partially unsecured. Accordingly, any lender extending credit to finance an agricultural operation should, at the very least, have a limited understanding of Swampbusters and the consequences that can stem from failure to comply with its mandates.

The purpose of Swampbusters is twofold: (1) discourage the conversion of wetlands to croplands; and (2) protect those croplands (and the owners and producers thereof ) that were converted from wetlands before December 23, 1985. Today, the current version of Swampbusters provides that any person who, after December 23, 1985, produces an agricultural commodity on a converted wetland or, after November 29, 1990, converts a wetland for the

purpose of making the production of an agricultural commodity possible thereon shall be ineligible to receive certain farm program payments and benefits under certain programs administered by agencies of the United States Department of Agriculture (“USDA”). 2 The term “converted wetland” is defined as a “wetland that has been drained, dredged, filled, leveled, or otherwise manipulated (including any activity that results in impairing or reducing the flow, circulation, or reach of water) for the purpose or to have the effect of making the production of an agricultural commodity possible if...such production would not have been possible but for such action...”3 From this definition came the “prior converted cropland” designation, which refers to a wetland converted prior to Swampbusters’ effective date. Converted wetlands are subject to use restrictions imposed by Swampbusters, while lands designated as “prior converted croplands” or “PCCs” are not. Thus, use of PCCs for agricultural production is not prohibited

by Swampbusters and does not trigger farm-program ineligibility.

Compliance with Swampbusters is

jointly administered and enforced by USDA’s Farm Service Agency (“FSA”) and Natural Resources Conservation Service (“NRCS”) through collection and periodic reviews of agricultural production data, including crops planted, tillable acreage, tract/field boundaries, land designations, aerial imagery and wetland delineations/determinations.

Additionally, compliance is monitored through mandatory self-certifications, which must be made by required persons via a Wetland Conservation Compliance Certification (Form AD1026) filed with FSA.

Compliance with all aspects of Swampbusters is critical, as even failure to file a Certification constitutes noncompliance, triggering the ineligibility provisions. If a person is determined

by FSA to be out of compliance with Swampbusters, the farm program payments and benefits for which the person will be ineligible to receive include (i) any disaster payments and payments made under any pricesupport program administered by FSA, including Price Loss Coverage (PLC) and Agricultural Risk Coverage (ARC) payments; (ii) conservation program payments made under the Conservation Security Program (CSP), Conservation Stewardship Program (CStP), Environmental Quality Incentive Program (EQUIP) and Wildlife Habitat Incentive Program (WHIP); (iii) contract payments under a production flexibility contract, marketing assistance loans and any type of price support or payment available under Agricultural Market Transition Act; (iv) farm storage facility loans available from the Commodity Credit Corporation; (v) farm operating loans under the Consolidated Farm and Rural Development Act (including FSA direct and guaranteed loans); and (vi) as of 2014, crop insurance benefits and premium subsidies paid under the Federal Crop Insurance Act.4

Certifications are generally made annually and must be made by any person receiving farm program payments or benefits, including “affiliates” of such persons (such as cropshare landlords). Once a Certification is filed, it remains valid and constitutes a continuing certification of compliance until a new Certification is filed. While a Certification must be filed by any person planning to receive farm program payments or benefits, the regulations also require a new Certification to be filed by any person who plans to bring new land into production or make landuse changes, combine established fields or tract, remove fence rows or perform maintenance or improvements to an existing drainage system, or perform clearing, land-leveling, filling, dredging, drainage or other activities that may alter or affect a wetland area.

Because the program payments and insurance proceeds typically account for a significant portion of the collateral given to secure agricultural loans— particularly row-crop production loans—non-compliance with Swampbusters can have a substantial effect not only on agricultural producers but also the lenders who finance their operations. For instance, consider a common scenario where a lender extends credit to an agricultural producer to finance the cost of producing a rice and soybean crop, and in exchange, the producer-borrower grants the lender a security interest covering all crops and proceeds, as well as an assignment of indemnity covering all crop insurance proceeds and an assignment of all farm program payments attributable to the crops and farming operations of the producer-

borrower. If the producer-borrower is subsequently determined to be ineligible to receive crop insurance and farm program payments and benefits due to non-compliance with Swampbusters, the lender’s collateral and security for the loan will have been essentially reduced to only the crops harvested by the producer-borrower.

Considering the adverse impacts that can result from violation of Swampbusters, lenders should consider proactive steps that can be implemented to limit the risks associated with agricultural production loans, such as requiring additional collateral that is not subject to divestment under Swampbusters or inclusion of additional loan covenants specifically requiring compliance with Swampbusters, timely filings of compliance certifications and prior notice to the lender of planned activities involving changes in the use or physical characteristics of farmlands that may require submission of additional compliance certifications. In addition, lenders should also consider requiring producer-borrowers to annually provide updated FSA Form 156EZs and FSA Farm/Tract maps for all lands farmed by the producer-borrowers as a condition to the loan. These documents may prove particularly useful in assessing loan risks, because each of these documents generally include references indicating whether a wetland determination has been completed with respect to the particular lands, and if so, whether a violation was discovered.

Sources

1. See 16 U.S.C. §§ 3801 et seq.

2. See 16 U.S.C. §§ 3821.

3. 16 U.S.C. § 3801(a)(7)(A).

4. See 16 U.S.C. § 3821(b); see also USDA NRCCS, National Food Security Act Manual, Part 510, § 510.1 (5th ed. Dec. 2015).

R. Seth Hampton is an attorney at Quattlebaum, Grooms & Tull PLLC where he focuses his practice primarily on real estate, agriculture, commercial finance, and environmental compliance.

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U.S. and Arkansas Farm Lending Trends

by Jackson Takach, CFA Farmer Mac

Over changing economic conditions, farmer preferences and the availability of credit have led to changes in the farm debt landscape. Analyzing these changes can provide farmers, industry participants, and policymakers with a better understanding of current farm financial conditions and lending dynamics.

The USDA, Economic Research Service’s balance sheet estimates are oft-cited sources of data on the farm debt market.

However, their figures only include annual data even when input data is available more frequently and excludes the debt and asset amounts associated with farmhouses. To provide a timelier look at farm debt market trends, Farmer Mac has compiled quarterly debt market estimates.

National Overview

Debt that is secured by farm real estate and buildings reached $274 billion in December 2018, a 4.7 percent increase over 2017 levels and has been rising steadily (Figure 1). After adjusting for inflation, farm real estate debt has only declined in one quarter out of the last five years (first quarter 2013). Real estate debt tends to rise in conjunction with

rising land values, but land debt can also rise during periods of lower farm profitability when producers need additional sources of capital to offset weaker earnings.

Non-real estate debt, typically used for annual agricultural production and secured by other farm assets such as equipment or crop or livestock inventories, has not risen as quickly (Figure 1). Non-real estate debt is up 2.1 percent from 2017 levels, a slower annual percentage change compared to real estate debt. Overall non-real estate borrowing has been relatively flat after adjusting for inflation. Since 2010, farmers have elected to take on real estate debt at a much faster rate (55 percent increase) than non-real estate debt (29 percent increase).

Figure 1: National Real and Non-real Estate Debt by Quarter

The needs of farmland borrowers are met by a diverse collection of agricultural lender types, including the Farm Credit System (FCS), commercial banks, life insurers, Farmer Mac, and the USDA’s Farm Service Agency, as well a variety of other non-bank financial companies and individuals. For real estate lending, the FCS institutions maintained a 44 percent market share in December 2018, up from 43 percent in 2010. Commercial banks are the other large group of farm real estate lenders, taking a 37 percent market share through December 2018. For non-real estate lending, commercial banks are the largest capital provider with a market share of nearly 50 percent. FCS institutions provide roughly 32 percent of production credit, and the balance comes from other sources. Commercial bank market share of non-real estate financing peaked in the early 2000s at nearly 60 percent, and the FCS gained considerable ground in the late 2000s, peaking at 33 percent in 2012.

Debt Trends by Region and in Arkansas

U.S. agriculture covers a diverse range of commodities that are grown in different geographic areas of the country, leading farm debt usage patterns to vary by region. Given the scope of Midwestern agriculture – states in the Midnorth region accounted for 35 percent of the

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Figure 2: National Farm Real and Non-real Estate Debt Market Share by Lender Group

Figure 3: Farm Real and Non-real Estate Debt Outstanding in Arkansas

2018, FCS lending increased at a faster pace than for banks, but they ended the year well behind the Arkansas banking system in terms of total debt outstanding.

Looking forward to 2019, the USDA anticipates that farmers to continue to increase debt financing. The USDA estimates the total value of Arkansas farmland assets at $43.9 billion in 2017.

With roughly $5.0 billion in Arkansas farm real estate debt outstanding in 2017, there appears to be additional farm equity in the state into which borrowers can tap to offset any income stress from the recent multi-year downturn in the agricultural economy.

However, competition for high-quality credit will continue to be elevated, so lenders should look for differentiators like long-term fixed-rate financing options, open prepayment loans, and secured revolving lines of credit to bring competitive and diverse loan product structures to meet their short and longterm capital financing needs.

Sources

Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (https://www.fdic.gov/bank/statistical/) Farm Credit Administration, Uniform Call Report Data (https://www.fca.gov/bank-oversight/fcscall-reports) USDA, ERS, Agricultural Resource Management Survey Data (https://www.ers.usda.gov/ data-products/arms-farm-financial-and-cropproduction-practices/arms-data.aspx)

sector’s commodity revenues over the last five years – it is unsurprising that farm debt is concentrated in the center of the country. States in this region account for 42 percent of total farm debt outstanding in the fourth quarter of 2018. However, other regions are also significant debt markets. The Northeast, Midsouth, and Southwest all account for at least 12 percent of the overall farm debt market and only the Northwest accounts for less than 10 percent of the overall agricultural debt.

Each of these regions has experienced somewhat different farm debt volume trends, but the dynamics of ag lending in Arkansas are slightly different than at the national and regional level. Figure 3 shows the relative change in farm real

and non-real estate debt outstanding in Arkansas by quarter for the last two years. Banks are the leading provider of farm debt finance for Arkansas agricultural producers, with a greater share of both real estate and non-real estate farm debt. Farm real estate debt has trended higher in each of the last eight quarters, while non-real estate debt has shown the typical seasonal pattern of payoffs in the first quarter and rebuilding for each of the following quarters. While growth rates have been higher for non-real estate debt, the total dollar increase in farm real estate debt is nearly double, with farmers taking on an additional $435 million in real estate-backed debt from banks and FCS institutions in the last two years. In

Federal Reserve Board of Governors, Mortgage Debt Outstanding (https://www.federalreserve. gov/data/mortoutstand/current.htm) USDA, ERS, Farm Income and Wealth Statistics (https://www.ers.usda.gov/data-products/farmincome-and-wealth-statistics/)

Jackson Takach, Farmer Mac’s Director – Economic Research & Business Innovation, has dedicated his career to agricultural finance where he can combine his passion for rural America with his natural curiosity of the world and his strong desire to explain how we interact within it. His focus at Farmer Mac includes quantitative analysis of credit, interest rate, and other marketbased risks, as well as monitoring conditions of the agricultural economy, operational information systems analysis, and statistical programming.

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7 Tips for a Strong

Marketing Plan

There is no one-size-fits-all approach to marketing and for many producers it can be the worst part of the job, but having a plan in place will take some of the risk off the table. American Bankers Association’s Agricultural and Rural Bankers Committee recommends the following to help producers tackle the complicated task of marketing:

1

Know your break-even costs. Factor in all of your costs including input, debt service and family living expenses. To get a better idea of what your yield might be, take your 3-year, 5-year or Olympic average (eliminate the high and low of the last five years and average the rest). You can also find ballpark figures from university agricultural extension services or an advisory firm. Use an excel spreadsheet to add up and track your costs.

2

When there’s an opportunity to profit, act on it.

Once you understand your production costs, you’ll have a better idea of when you can sell for a profit.

You’re not always going to hit the high, but selling at a profit—even a small one—takes some of the risk off the table. One of the biggest mistakes can be inaction because you think prices are going to go up or you’re going to miss a rally.

3

Set a goal and stick to it. You could set a date to have all of your marketing completed, plan to market 10 percent each month, or set a goal to market 1, 2 or even 3 years out. Creating a plan will help you stay on track. With so much volatility in agriculture, no one can be totally sure what’s going to happen, but having an organized plan can help.

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4

Take the emotions out of it. Finding the right person or company to work with can go a long way to remove your emotions from the mix. Talk to your banker for recommendations and understand your options.

Whether it’s a marketing advisory firm, programs offered by your local co-ops and elevators, or your inhouse financial manager—find someone you trust and are comfortable with.

5

Keep things simple. You don’t have to do a lot of fancy footwork to make a profit. You may not always hit a homerun but sticking to your marketing plan can help you stay in business.

6

Avoid spot markets. Don’t wait until you need to make a loan payment or you need cash. That will leave you vulnerable to what the market can give you at that time. Keep track of your local basis and understand the benefits of forward pricing.

7

Understand the tools available. Hedge to Arrive contracts, forward pricing, marketing loans to cover hedging expenses, hedging lines of credit, the role of crop insurance—it’s complicated, but your banker is there to help you make sense of the options. Don’t be afraid to ask questions and find the best solution for you and your operation.

First Community Bank Partners with Renowned Gardener to Increase Pollinators In recent years, the importance of pollinators and their impact on our communities has garnered more focus and increased public awareness. People, often unknowingly, may pose one of the biggest threats to pollinators and other beneficials because of the ways we have disturbed their natural habitats with our everyday practices and the use of pesticides in our gardens. The good news is we can also be the ones to help rebuild the habitats by planting gardens with flowers that attract and are hospitable to bees, butterflies, ladybugs, and hummingbirds.

In February, P. Allen Smith announced the “Bloom with Us” program, a statewide initiative with First Community Bank to design and install pollinator gardens at over 20 bank locations throughout Arkansas with one extending into Pineville, Mo. “Bloom With Us,” will beautify the community while raising awareness of the benefits of pollinators and hopefully encourage others to do the same.

“We are very excited to bring P. Allen Smith’s knowledge of landscape design and gardening to our bank locations to create something unique in each of our communities,” stated Dale E. Cole, Chairman & CEO of First Community Bank. “A pollinator garden seemed like the perfect thing to give back to our communities. It will offer a place for learning, fellowship and interaction. I hope the gardens will be a breath of fresh air and everyone will be inspired by what P. Allen Smith brings to life.”

As a conservationist, author, and television host P. Allen Smith is a trusted resource for tried-and-true methods as well as cutting-edge knowledge in the small farm and garden communities.

“Creating a habitat that encourages pollinators like butterflies and bees to do their work is a critical piece of landscape design,” stated P. Allen Smith. “The first garden, at the corner of Kavanaugh and Cantrell will soon delight the eye while benefiting nature,” Smith concluded.

In addition to the pollinator gardens, a series of “Bloom with Us” videos has been released to YouTube, offering DYI advice on creating habitats for pollinating and beneficial insects.

To visit a garden near you, or for more information on the “Bloom with Us” program, please visit www.firstcommunity.net.

Six Striking Plants for Your Pollinator Garden

Daylily

Salvia

Russian Sage

Coneflower

Foxglove

Lantana

hemerocallis

salvia divinorum

lamiales

echinacea

plantaginaceae

lantana

This flower’s cup-like shape makes it easy for pollinators to gather nectar.

This droughttolerant plant has nectar rich flowers.

This lowmaintenance late season bloomer is a favorite of honeybees!

Bees, butterflies, and hummingbirds are all fans of this flower’s wealth of nectar and pollen.

These bright, uniquely shaped flowers offer a “landing strip” for bees.

Bees and butterflies enjoy this sturdy plant with clumps of tiny flowers.

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Rural Profile:

Arkansas Economy Grows, Rural Growth Lags Behind State Average

By Mary Hightower U of A System Division of Agriculture

Since the end of the Great Recession in 2010, both Arkansas’ and the national economy have grown; however, the state’s rural areas have “grown only slightly since 2010 and have not even come back to pre-recession levels,” according to Wayne Miller, an author of the “2019 Rural Profile of Arkansas.”

The Rural Profile of Arkansas has been published every two years by the University of Arkansas System Division of Agriculture since 1993. The 2019 Rural Profile was compiled

by Miller, professor and extension community and economic development specialist for the Division of Agriculture and extension program associate Tyler Knapp. Download the profile here: http://bit.ly/ArkRuralProfile19.

“The Rural Profile of Arkansas highlights our role in analyzing and finding solutions in economic and community development for our state,” said Mark Cochran, vice presidentagriculture, for the University of Arkansas System Division of Agriculture. “This work is at the very core of our mission to strengthen agriculture, communities, and families by connecting trusted research to workable, practical answers.”

Arkansas economy grew 5.8 percent from 2010-2016, a rate about half the nation’s growth rate of 11.9 percent.

Employment in Arkansas’ rural regions grew less than 1 percent during this period and was 3.2 percent less in 2016 than it was in 2007. It’s a decline that has many outward ripples.

The continuing “outmigration from rural areas of the state to urban areas … is the result of rural economies declining or stagnant,” he said. “Many businesses in rural areas are closing or downsizing.”

That in turn, means a shrinking tax base for local governments and makes it difficult to generate enough revenue to maintain services and infrastructure.

He said one bright spot is pre-K education for children ages 3-5.

“The rural areas have about the same percentage of children in the age group enrolled as urban areas,” Miller said.

Other trends noted in the Rural Profile of Arkansas:

Infrastructure

Access to high-speed internet access remains low, especially in rural areas of the state.

Ninety percent of counties had wastewater treatment facilities requiring upgrades to meet health and safety standards in 2012.

Social and Economic Stress

Poverty levels did not change greatly from 2010 to 2016.

Poverty rates substantially higher in rural areas of the state Elderly poverty rates declined.

The number of people receiving food stamps - through the Supplement Nutrition Assistance Program, or SNAP, substantially higher in rural areas of the state.

Food insecurity higher in rural areas of the state.

Health

Arkansas’ infant mortality rate is the third highest in the country – steady, but not improving.

Adult obesity remains high in both urban and rural areas of the state – 36 percent –greater than one in three people.

Child obesity remains high in both urban and rural areas of the state – 24 percent – nearly one in four children is obese.

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QUICK FACTS

Education

Pre-K enrollment declining, with less than half of children aged 3-5 enrolled in pre-K programs.

Educational attainment remains low, especially in rural areas of the state. In 2016, 6.4 percent of Arkansans aged 25 years and older had an associate’s degree; 21.5 percent had a bachelor’s degree and above. Nationally, 8.2 percent had associate’s degrees and 30.3 percent had a bachelor’s degree or above.

College going rates increased from 2005 to 2016, but remain far below the national average. However, the college going rates in rural Arkansas outpaced the urban rate 53 percent to 50 percent.

Opportunities for increased numbers obtaining degrees in science, technology, engineer or mathematics, or STEM. In Arkansas, one in four degrees awarded were STEM-related compared to the national average of nearly one in three.

Arkansas consistently ranks in the top

one-third of the nation for

agricultural cash receipts

Local government

Many rural county governments struggling to generate enough revenue to pay for needed infrastructure and services.

$21.4 billion

Many rural counties have seen their property and/or sales tax base declining.

in value is contributed to the state of Arkansas through agriculture, making up approximately 17.1% of the state’s value added

Therefore, many counties have increased their sales and property tax rates in an attempt to generate more revenue.

“That’s the point to have this publication though, is to show that the what’s needed are investments in our primary resource, which is the people of the state,” Miller said. “Investments are needed in education, healthcare, and also investments in infrastructure, to compete in the world economy.”

“A lot has changed in the world economy and how we do business since the first Rural Profile in 1993,” he said. “It’s a much smaller world. It’s a much more connected world and I think the difficulty is we haven’t helped the rural communities keep up with the changes that have occurred within the global economy. It makes it harder for them to compete and leaves them more vulnerable to changes like the Great Recession.”

Miller said Community and Economic Development programs such as Breakthrough Solutions and Stronger Economies Together, presented by the Cooperative Extension Service, and CREATEBridges, a multi-state effort funded in part by private partners, are at work to help rural communities grow and improve the lot of their residents.

41%

of Arkansas land is comprised of farms

These programs help communities better use local resources and they bring with them needed knowledge about the international economy to enable rural Arkansas to generate jobs and income,” he said. “They’re bringing in new ideas on how to compete.”

For example, “we are trying to encourage rural areas to make products instead of commodities. You have a unique product, it’s value-added and can be sold to niche markets,” Miller said. “That way, you can be the price-setter instead of a price taker. This includes all enterprises from farmers and manufacturers to tourism and professional services.”

43,000

farms on 13.7 million acres with an average farm size of 319 acres

For more information on community development resources, contact your county extension office, or visit https://www.uaex.edu/business-communities/.

Mary Hightower serves as Director of Communications Services for the University of Arkansas System Division of Agriculture. She’s served as an Extension Communications Specialist and Assistant Director of Communications. Before joining the Cooperative Extension Service, Hightower worked for The Associated Press.

57%

of the state is comprised of forests March 2019

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Sammy’s Big Dream!

Becomes a Reality in Arkansas Claudia Utley Economics Arkansas

For the second-graders at Crestwood Elementary in North Little Rock School, the morning of Wednesday, February 27, started out like any other morning.

Assembly, announcements, whispered discussions about the upcoming Book Character Day. Nothing out of the ordinary.

But just before morning recess, the schedule shifted. The students were directed to go to the Commons Area and take a seat on the floor mats.

And then, Officer Tommy Norman walked in. In full police uniform.

What was going on?

“Who here likes to read?” Officer Tommy asked and the excitement mounted.

Most hands went up.

“And who likes to buy things?” Officer Tommy asked. Yet more hands went up.

“And who would like to hear the story of Sammy Rabbit who wants to buy a trip on the world’s first outer space roller coaster?” Officer Tommy asked. Now the hands went flailing.

So began the Celebrity Read-Aloud at Crestwood Elementary School, thanks

Economics Arkansas Executive Director Kathleen Lawson asks about students’ saving habits.

to a collaboration between the Arkansas Bankers Association, Economics Arkansas, Sammy Rabbit, and the Garrett Financial Planning Network.

During America Saves Week, February 25 through March 2, Economics Arkansas hosted four Celebrity ReadAlouds of the children’s book Sammy’s Big Dream! in schools in Central Arkansas, Jonesboro, and Springdale.

Sammy Rabbit desperately wants to ride the world’s first outer space roller coaster but doesn’t have the money. Yet determined saving and working extra jobs allow him to fulfill his big dream.

After the exhilarating ride, he concludes, “Saving is a great habit.”

Titled “Arkansas Dream Big Read Financial Literacy,” the initiative was designed to inspire elementary school students to read and save. Copies of

ABA President & CEO Lorrie Trogden and Officer Tommy Norman before the Sammy’s Big Dream! reading event on February 27.

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March 2019

Sammy’s Big Dream! were distributed to the libraries of every public elementary school across the state, along with links to free lesson plans and instructor guides and discounts toward purchases of additional resources for teachers.

According to studies, adult money habits and attitudes are set by age 7.

Sadly, nearly two-thirds of all adult Americans cannot pass a basic financial literacy test, and forty percent do not have enough savings to cover a $400 emergency expense. Campaigns such as “Arkansas Dream Big” seek to help change these statistics.

Bankers Shine a Spotlight On Saving

In addition to Officer Tommy Norman of the North Little Rock Police Department, other celebrity readers included: A-State Chancellor Dr. Kelly Damphousse at Valley View Elementary School, Jonesboro Craig O’Neill of THV11 at David O’Dodd Elementary School, Little Rock Chuck Barrett, Voice of the Razorbacks, and Chelsea Helms of Fox 24 at Jones Elementary School, Springdale The Crestwood Elementary students showed some money savvy already.

When asked about the best place to store cash, the overwhelming majority shouted, “In a bank!” What about the $300 Sammy Rabbit needed to go on the outer space roller coaster—was that lot of money? “No,” was the consensus.

As Arkansas’s premier educator of economics and personal finance, Economics Arkansas engages in active collaborations with many diverse partners year round to teach Arkansas students how to develop the sound decision-making, money management and marketable job skills they will need to thrive as adults. To discuss how to bring Read-Alouds, saving campaigns and similar activities to your schools and communities, please contact us at 501-682-4230 or kathleen@economicsarkansas.org.

Southern Bancorp bankers Monte Hodges, Nathan Pittman, Janie Ginocchio, Darrin Williams, and John Olaimey flank Governor Asa Hutchinson as he proclaimed February 25-March 2 “Arkansas Saves Week.”

Banks across the country were actively spreading a message of savings as part of America Saves Week 2019, February 25 – March 2. Arkansas banks participating in the event include First Arkansas Bank & Trust, Centennial Bank, Southern Bancorp, Today’s Bank, and BancorpSouth.

“At Southern it is our mission to be wealth builders for everyone, and we believe that saving is the foundation to building wealth,” said Darrin Williams, Southern Bancorp, Inc. CEO. “America Saves Week is a great opportunity to encourage everyone in our communities to invest in their financial future.”

Arkansas Governor Asa Hutchinson recently proclaimed February 25 – March 2 to be Arkansas Saves Week and Military Saves Week.

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Typically thousands of organizations participate in the Week, reaching millions of people.

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BANKER NEWS & MOVES Guiltner Promoted to Sr. Vice President FNBC President & CEO Marty Sellars has announced the promotion of Rebekah Guiltner to Senior Vice President & Internal Auditor. In her role, she will continue to be responsible for the bank’s audit and compliance functions, and provide counsel in the implementation of regulatory requirements.

“Rebekah is a trusted and valuable member of FNBC’s Senior Management Team, and we rely heavily on her to help us navigate the increasingly difficult bank regulatory waters,” said Sellars. “She was instrumental in our 2014 charter conversion, and has helped lead our audit department and organization through several successful regulatory examinations. Additionally, she is highly respected within our bank and is role model for our strong employee culture.”

Guiltner began her career with FNBC in September 2000 as a Clerk/Scanner in the Note Department. She was quickly promoted to Audit Assistant in 2001 and then to Internal Auditor/ Compliance Officer in 2007.

She was promoted to Vice President & Internal Auditor in 2013.

Osment, Northeast Arkansas Division President.

She has completed coursework at the University of Central Arkansas and holds certifications in Internal Auditing (CCBIA) and Community Bank Compliance (CCBCO).

“Teresa’s knowledge and skills make her a perfect fit for this important position within our Northeast Arkansas division. Her extensive banking experience will aid her in the operation of one of the busiest locations in Centennial Bank’s footprint,” stated Osment.

She has also passed the Certified Regulatory Compliance Manager exam offered by the American Bankers Association and was inducted into the Institute of Certified Bankers. According to the ABA, the CRCM was established to recognize a standard of knowledge and competence for regulatory compliance managers in the financial industry. In order to take the exam, Guiltner had to work a minimum of three years as a compliance professional and complete a minimum of 80-hours of compliance-related training within five years. In Arkansas, those holding the CRCM credentials are considered to be an elite group of compliance officers, one reason being that there are so few. In 2014, there were only 45.

Guiltner lives in Salem with her husband, Wayne, and their two sons, Hank and Gavin. n

Centennial Bank Promotes Morgan, Stidman

“Rebekah has played a tremendous role in our bank’s recent success,” said FNBC Chief Risk Officer Dana Batterton. “Her audit and compliance leadership has

28 The Arkansas Banker

been important for us as we continue to grow and expand our footprint. Risk management is a vital part of the banking industry and FNBC, and she brings a high level of knowledge, professionalism and integrity to her role.”

Teresa Morgan and Jonathan Stidman were recently promoted at Centennial Bank, according to Deana n

March 2019

Morgan was named branch manager of the 2901 East Highland Drive location in Jonesboro while Stidman was promoted to treasury management advisor for Northeast Arkansas.

Teresa Morgan has been employed by Centennial Bank for 17 years, and has worked in teller services, as teller supervisor and most recently as assistant branch manager. In her new role as manager, she will be responsible for overseeing all aspects of retail service for the branch.

Morgan has completed numerous banking and finance courses and seminars.

She has organized several community events for Centennial Bank including Law Enforcement Torch Run celebrations and March of Dimes walk teams. She is a resident of Jonesboro and a member of Jonesboro Elks Lodge and Central Baptist Church.

“Jonathan Stidman has been a valued part of our bank for nearly 10 years.

We are fortunate to have such a knowledgeable team member and are very excited to offer him

this excellent opportunity for advancement. We are confident Jonathan will continue to excel in this new position of management and service for our customers,” stated Osment.

Jonathan Stidman is a graduate of Arkansas State University where he earned a bachelors’ degree in finance with a banking emphasis.

After college, he served as English instructor in Madrid, Spain before beginning his banking career.

Stidman has consistently been a top performer at Centennial Bank and serves on the bank’s deposit growth committee. His expertise in customer relationships and account knowledge will aid him greatly in his new position helping business customers streamline processes and mitigate risk.

Morgan and Stidman will maintain offices Jonesboro’s main banking center located on East Highland Drive. n

Stone Bank Adds to Lending Team in Mountain View and Cave City Stone Bank has added Kyle Davis and Susan Ross to its loan team in Mountain View.

Alisa Smart has joined the Cave City office.

Kyle Davis, of Mountain View, is serving the bank as a loan officer in Mountain View and was most recently in the construction business

MEMBER NEWS and was a loan officer with First Security Bank.

He is a graduate of Arkansas Tech University with a degree in agri business.

Susan Ross, also of Mountain View, was most recently a cosmetologist and is a loan assistant in the Mountain View office.

Armor Bank Expands to Central Arkansas

Alisa Smart, of Evening Shade, was most recently affiliated with Bank of Cave City and is serving as an agri loan officer in its Cave City location. n

Arkansas Bank Department

Applications & Approvals Branch Bank Application An application filed by Chambers Bank, Danville, Yell County, to establish a branch banking facility at 2622 Fayetteville Road, Van Buren, Crawford County, has been approved. January 2, 2019.

An application filed by First Community Bank, Batesville, Independence County, to establish a branch banking facility at 8201 Ranch Boulevard, Suite B4, Little Rock, Pulaski County, has been approved.

January 28, 2019.

An application filed by Anstaff Bank, Green Forest, Carroll County, to establish a branch banking facility to be located at 777 Highway 62 East, Mountain Home, Baxter County, has been approved. January 28, 2019.

An application filed by Arvest Bank, Fayetteville, Washington County, to establish a branch banking facility at 860 South Constitution Avenue, Ashdown, Little River County, has been approved.

February 7, 2019.

An application filed by First NaturalState Bank, McGehee, Desha County, to establish a branch banking facility at 703 Meador Drive, Dumas, Desha County, has been approved. February 8, 2019.

An application filed by First Security Bank, Searcy, White County, to establish a branch banking facility at 209 West Main Street, Russellville, Pope County, has been approved. February 15, 2019.

Photo by Nelson Chenault

Pictured at the Little Rock ribbon cutting on February 27 are Armor Bank CEO Chad May, Governor Asa Hutchinson, Chairman Mark Waldrip, Mayor Frank Scott, Jr. and Jay Chesshir, president & CEO of the Little Rock Chamber.

Forrest City-based Armor Bank has expanded into Central Arkansas with a new Little Rock location. The facility, located at 7401 Cantrell Road, is the first of Armor’s planned branches for the region. In 2018, the bank opened a loan production office in the Windriver Building on Cottondale Lane.

“Armor Bank has taken pride in serving eastern Arkansas customers for more than a century,” said Mark Waldrip, chairman of the board. “As we begin our statewide expansion, we look forward to providing this same high-quality service to Central Arkansas.”

Armor Bank’s new Cantrell Road location features state-of-the-art technology, including a 24-hour DepositSmart ATM. It houses four staff members: a branch manager, assistant branch manager, and two personal banking specialists. Its drive-thru will be open 8 a.m.-5 p.m., and its lobby will be open 8:30 a.m.-4:30 p.m. Monday through Friday.

“As a locally-owned bank, our customers have come to see us as a trusted partner,” said Chad May, Armor Bank CEO. “We are excited about the opportunity to bring this same community focus to our Little Rock locations.”

To celebrate its expansion, Armor Bank hosted a grand opening at its Cantrell Road location on Wednesday, February 27, with special guests Governor Asa Hutchinson and Little Rock Mayor Frank Scott, Jr. Since January 1919, Armor Bank has been steadfast in its commitment to always meet the financial needs of its customers and remain an active supporter of the community.

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PROFESSIONAL DEVELOPMENT Check out these upcoming lending events:

SPOTLIGHT

Commercial Lending School Get the tools you need to help grow local businesses with the 2019 ABA Commercial Lending School. This event provides a foundation for your lending career with an overview of the basics, credit, and loan evaluation.

Concepts will be reinforced through a small group case study that requires active participation, knowledge sharing, and decision-making.

In addition to the coursework, ABA Schools allow you to establish a network of peer lenders for continued support outside the classroom.

Speakers for this five-day school are longtime banker-favorites Ron Rushing and John Cochran.

On the Agenda

Foundation concepts in lending Understanding and evaluating the borrower’s business Loan structure and support Responsible commercial real estate lending Relationship Management Managing problem loans For more information, or to register for the 2019 Commercial Lending School, log on to www.arkbankers.org or call (501) 376-3741. n

Who Should Attend: Bank Directors CEOs & CFOs Bank Officers

When:

Monday-Friday, April 22-26, 2019

Where:

Arkansas Bankers Association 1220 West Third Street, Little Rock

Loan Assistant’s Workshop The Loan Assistant and Loan Processor positions are among the key players in a bank’s lending department; this one-day workshop is tailored to building the lending knowledge and administrative effectiveness of these individuals.

Longtime lending instructor John Cochran will cover the two main questions following an applicant’s loan request: what specific loan documentation is required (depending on the type of loan), and what compliance requirements must be considered.

Attendees will also receive a number of handouts, including sample loan policy narratives, closing checklists, and post-closing review formats.

On the Agenda

The Loan Assistant’s role within the bank’s lending department Review of the primary loan documentation for consumer, residential, and small business loans Maintaining compliance with federal lending regulations Updated HMDA reporting information For more information, or to register for the Loan Assistants & Processors Workshop, log on to www.arkbankers.org or call ( 501) 376-3741. n

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Who Should Attend: Loan Assistants & Processors Credit Administration Supervisors Loan Support Staff

When:

Thursday, April 25, 2019 9:00 a.m. – 4:30 p.m.

Where:

Arkansas Bankers Association 1220 West Third Street, Little Rock

There’s a reason strawberries are our favorite fruit.

Please join us for the 61st Annual Simmons Bank Strawberry Breakfast. Enjoy a homecooked breakfast with plenty of fresh strawberries.

Simmons Bank Strawberry Breakfast Little Rock Marriott Thursday, April 18 7:30 – 8:30 a.m.

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YourBank ARK @YourBankARK

Thanks to all who participated in this year’s fall clothing drive... glad to be getting the school year off on the right foot for so many local kids! #BankersGiveBack

arkansasbanker

because #BankersGiveBack!

HometownBank AR

Yesterday at 3:27 PM Joining with Rotary and the Boy Scouts to give Mitchell Park a facelift... can’t wait to see the finished product! #BankersGiveBack

527 likes arkansasbanker going pink to support our sisters fighting breast cancer #bankersgiveback #womeninbanking

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Email photos + stories of your bank giving back to be highlighted in The Arkansas Banker and through ABA Social Media channels to jessica.sahene@arkbankers.org.