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Vol. 11 No. 30 Des Moines, Iowa November 15,1982 Farm Bankers Give 1983 Outlook URING the Am erican Bankers Association’s National A g Lend ing Conference in Chicago last week, four ag bankers took part in the “ A g Credit Outlook Seminar” presented at that m eeting each year to the media representatives. M oderator this year was Dr. W illiam Herr, head o f the agribusiness econom ics department at Southern Illinois Uni versity, Carbondale. The four ag bankers who gave brief comments first, then respond ed to questions, were: John E. Mar tin, vice president, Omaha National Bank, Omaha; Douglas L. Flory, ex ecutive vice president, Rockingham National Bank, Harrisonburg, Va.; Robert W. Ranger, senior vice presi dent, Oneida National Bank and Trust Co., Utica, N .Y., and Dean K. Johnson, senior vice president, H utchinson N ational Bank and Trust Co., Hutchinson, Kans. Results o f the A B A annual mid year 1982 A g Credit Survey were presented by Dr. Herr and the eightpage summary was distributed to all attending the A g Conference. Dr. Herr reviewed the results, noting that “ This is the third year-to-year decline in net cash income, and the second for declining equities in the farm sector.” He listed the follow ing as the significant findings o f the mid-1982 survey: •Farm credit conditions showed further substantial deterioration. D Indexes o f loan renewals, refinanc ings, delinquencies and losses were all at new highs. Repayment rates were at their lowest level. •Further declines in credit condi tions were expected by the ag bank ers during the current year, which will end in mid-1983. •A larger proportion o f bank bor rowers were discontinued in the past year than in the previous year, and a higher proportion o f those discontin ued did not receive financing from other sources. •Ample funds were available for making farm loans. The average loan-deposit ratio was 62%, or 5 points below the 1979 high o f 67%. Only 11% o f the bankers reported a shortage o f loan funds. •Interest rates declined m odestly between mid-1981 and mid-1982, but 2/3 o f the bankers expected fur ther declines during the second half o f 1982. •Demand for credit was weak— especially for loans to finance ma chinery, equipment and real estate investment. •Ag bank profitability about matches the 1981 level, although it has declined somewhat in the Corn Belt. The com plete survey is being mailed to all member banks. Brief highlights from remarks given by the two midwest panelists follow: Mr. Martin: In 1982, cattle feed ers averaged about $50 for finishing steer yearlings and $60 for finishing steer calves; they marketed about 5% more cattle, and overall pro fitability was positive. Ranchers suffered a loss that exceeded $100 per head if all expenses are consid ered and are liquidating, with cow slaughter up about 10%, and 25% fewer heifers actually entering cow herds. Profitability in the hog in dustry was very positive, with pro fits o f $25 per head for farrow-tofinish operators and $18 per head for feeder pig finishers. For 1983, net returns for cattle feeders will be positive, but less than in 1982. Ranchers will continue to experience severe financial pro blems; there is little doubt calves will continue to be priced substan tially below the cost o f production. H og enterprises will continue to be profitable. The rate o f increase in production expenses has slowed sig nificantly in 1982. A lower inflation rate in 1983 is expected. This is ex- CALL ON THE “PERFORMANCE TEAM” where common transactions are handled uncommonly well. IIIIH U H FIRSTNATIONAL LINCOLN 13th & M Street • Lincoln, Nebraska 68501 • Member, F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 H o w did w e g e t to b e first in Iow a? By putting B il Ü Iowa first. IOWA .__ _ [d H ■ - W J j Dorothea Wolfe An Affiliate o f N orthwest Bancorporation M em ber FDic pected to lead to stabilizing or li quidating o f cattle and cow inven tories, and expansion sometime dur ing the year in the hog industry. A record 1982 crop and record 1982/83 supplies will keep prices under pressure; however, some price strength from the harvest lows is an ticipated, as many farmer/feeders utilize the livestock sector to market corn. Slaughter cattle prices are ex pected to average about $65; feeder ca ttle shou ld average in the mid-$60s, and hog prices are ex pected to be in the upper $50s. Mr. Johnson: Corn and soybean yields have been average to above average and will be adequately stored. W heat planting is com pleted under alm ost ideal conditions. W e may have a storage problem for BANCO*' Call (515) 245-3131 or toll-free (800) 362-2514 1983 wheat crop with a lot o f stor age tied up for the three-year re serves for the 1982 wheat and milo. Credit availability is more than adequate. The serious problem for the next several months will be with custom ers who continue to deter iorate; their cashflows have not worked, they’re losing money and debt will be higher after ’82 than projected. More farmers are depen ding on off-farm income. These pro blem credits or custom ers represent probably 10-15% o f our ag paper in our notecases today. A m ajor por tion o f these people may be forced out o f farming this winter. If we decided to go with questionable ones another year we need to shore up those loans with what collateral is available. The future for the high plains is bright if we can survive 1983 and make it through 1984-85. E d N ote: A further report on the National A g Credit Conference will he published in the D ecem ber North □ western Banker. W.H. Rules on Interest, Dividends Set by IRS ASK STAN FARMER to make MNB work for you. Toll free 1-800-332-5991 Merchants National Bank 151 Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A BANKS OF IOWA BANK The Internal Revenue Service last week announced these initial rules governing withholding o f income tax on interest and dividends by banks and s&ls: •Each account o f a custom er is handled separately; they will not be lumped together for withholding purposes. Each account is exempt for up to $150 interest or dividends per account. •A custom er with less than $600 tax liability in the preceding year ($1,000 on a join t return) may file an exem ption certificate with the in stitution. •A custom er 65 years or older with less than $1,500 tax liability in the preceding year ($2,500 on a joint return) may file an exem ption cer tificate. •W ithholding must be done at the time the interest or dividend is credited to the account. •To reimburse the financial in stitutions, they may use the withholding money for 30 days. This applies to banks or s&ls with deposits o f over $1 billion for one year; two years for those with under $1 billion deposits, and three years for deposits under $100 million. ^ ^ ^ Iowa News ALLISO N : Russell Olson has been named president o f the State Bank o f Allison. He replaces Lyle Meyer, who resigned to purchase an interest in the Farmer’s State Bank at Dows. ^ “ DES M OINES: Hawkeye Bancorporation has received approval from the Federal Reserve for the acquisi tion o f First National Bank in Len ox, with assets o f $35 million. Terms o f the acquisition, which is anticipated to be com pleted in early De cember, were not announced. First National, follow ing com pletion of the acquisition, will becom e the 33rd member bank o f Hawkeye Bancorporation. • LE M ARS: A1 Maser, president and chairman of the First National Bank, has announced the election o f Ran dall Johnson as executive vice pres ident and Ray Harman as senior vice president. Mr. Johnson joined the bank in 1979 and has been serving as a vice president at the bank along with Mr. Harman. # ® ^ q Nebraska News LINCOLN: Dennis Stelzer has been appointed president and chief ex ecutive officer o f the National Bank o f Commerce Computer Services Corporation. Mr. Stelzer has been with NBC since 1971, serving as division head and vice president of operations since 1978. Larry Nelson has been named the new division head of operations for NBC. He has been with the bank since 1963. O M AH A: Lawrence Ziska, Jr., has been named executive vice president o f Douglas County Bank & Trust Co., reporting directly to the president, Dale Heimann. Mr. Ziska be gan his career with the bank in 1974. Minnesota News The Independent Bankers o f Min nesota Fall Conference will be held this week, Novem ber 17-18 at. the H oliday Inn Downtown, Minneap olis. Registration will be open at 9:30 # • w % ^ £ One Carriers Building Des Moines, Iowa 50309 Telephone: (515) 243-1203 We own and offer subject to prior sale and change in price the following Pledge Orders: TAXABLE EQUIVALENT AT 46% AMOUNT MUNICIPALITY # $325,000 BURLINGTON, IOWA Sewer Revenue Pledge Orders Interest: 3-1 and 9-1 1-01-1983 6.50% 12.04 • •$100,000 FREDERICKSBURG, IOWA Sewer Revenue Pledge Orders Interest: 6-1 and 12-1 9-01-1983 7.00% 12.96 • $675,000 GLENWOOD, IOWA General Obligation Construction Warrants Interest: 6-1 and 12-1 12-01-1983 6.50% 12.04 • $300,000 HARLAN, IOWA Electric Revenue Pledge Orders Interest: 6-1 and 12-1 6-01-1984 7.00% 12.96 • $ 75,000 IOWA GREAT LAKES SANITARY DISTRICT General Obligation Construction Warrants Interest: 6-1 and 12-1 12-01-1983 6.50% 12.04 • MATURITY YIELD IN THE OPINION OF COUNSEL INTEREST ON THESE PLEDGE ORDERS IS EXEMPT FROM ALL PRESENT FEDERAL INCOME TAXATION AND ALL PROPERTY TAXATION IN THE STATE OF IOWA. Pledge Orders are issued in accordance with the provisions of Chapter 384, Code of Iowa, 1981, as amended, to provide funds necessary for the construction of improvements to municipal utilities. In the opinion of counsel, Pledge Orders are subject to the first lien of outstanding debt, if any, and together with such outstanding debt are payable solely and only from the future net revenues of the respective municipal utilites. The information contained herein is not guaranteed, but is derived from sources we deem reliable and is that on which our purchase of these bonds are based. Bonds of particular m aturity may or may not still be available or may now be available at a price or yield different from that indicated above. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Supplement to Northwestern Banker Newsletter 11-15-82 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ ^ • ® a.m. on the 17th with the official opening seminar at 10:45 a.m. The conference will wrap up on the 18th follow ing the noon luncheon. The keynote address will be given by Ken Guenther, executive director of the IB A A . ALEXAN D RIA: The stockholders of Alexandria Bank & Trust Company recently voted to change the name of the bank to First American Bank & Trust o f Alexandria, effective November 1, 1982. Illinois News 0 # The Illinois Bankers Association will be conducting its bank directors seminars on two dates in December. December 8 the seminar will be held at the Hamilton in Itasca, and December 9 the seminar will be at the H oliday Inn, Decatur. South Dakota News • • ® a • The South Dakota Bankers Association will be sponsoring its Bank Management Conference November 18-19 at the Howard Johnson in Sioux Falls. (The November N o r t h w e s t e r n B a n k e r incorrectly has the location listed as the Downtown Holiday Inn.) The main focus o f the conference will be on the A B A ’s Community Bank Financial Perform ance Guide, as well as A B A ’s M icro-Com puter M odeling to Im prove Community Bank Financial Performance. The program schedule follows: P.M. Thursday, November 18 1:00 Personnel & Em ployee Man agem ent R elations & P ro d u c tiv ity —Joh n S ch m itz, Hum an R esource M anagement, Madison, W ise. 5:00 Adjournm ent. 6:00 Reception. 7:00 Banquet. A.M. Friday, November 19 9:00 A sset & L iability Manage ment—Alan R. Tubbs, presiIOWA NATIONAL BANK CURRENCY 3 Single System Banking With Availability Availability of funds. . . availability of people. . . responsive to your needs. National Bank of Waterloo Waterloo, Iowa 50704 Member FDIC I Phone Milt H ennick at 1-800-772-2411. dent, F irst C entral S tate Bank, DeW itt, Iowa. 11:00 Practical Approach to the M i c r o - C o m p u t e r —J o h n Thomson, president, Bank of Centerville, and Jack Lynass, a ssista n t v ice p residen t, BankW est, N .A., Pierre. Reiman, chairman. He succeeds Robert T. Noel, who left the organ ization to join another banking system. Mr. Jacques m ost recently served as president and chief ex ecutive officer o f First W yom ing Bank, N.A.,-Laramie. He entered the banking industry in 1967. P.M. JACKSON: Glenn Deming, former ly executive vice president and chief executive officer o f First W yom ing Bank, N .A., has been elected presi dent o f the bank. Mr. Deming, who came to Jackson last August from Casper, succeeds Mel Hutchings who resigned September 1 to pursue personal business interests. 12:00 Luncheon. 1:00 Reconvene. The Im pact o f Personal Com puters on Community Bank ing—Dave Waldren, Financial Systems, Inc., Kearney, Nebr., will be demonstrating micro computer programs for bank usage. 3:30 Adjournm ent. North Dakota News FARGO: J.D. Mund has been named vice president and manager o f the commercial lending department at Dakota Bank & Trust Co. and Har old W. Simpson was named vice president and manager o f the agri culture department, according to Raymond A. Lamb, president. Montana News G REAT FALLS: John M. Seeberger has been appointed vice president/manager, commercial loan de partment, o f First Interstate Bank. He joins the bank from First Bank W estern Montana, Missoula, where he was an assistant vice president, commercial loans. Wyoming News AGRICULTURE LENDING CHEYENNE: Paul J. Jacques has been appointed president and chief executive officer o f First W yom ing Bank, N .A., announced W . Robert Located in North/West Nebraska this bank is seeking an experienced Agriculture Lender to join its staff. (Number three position) Estate Appraisals The primary responsibilities of this officer level opening include the full range of Agriculture Lending. The ideal candidate will have a strong credit background. Purchase o f Collections Sale o f Rare Coins Reliable and respected service for over 20 years Used by bankers throughout the midwest WANTED FOR PERSONAL COLLECTION Also paying top prices for other “types” of U.S. currency and finan cial paper. DON MARK Box 1, Adel, IA 50003 • 515/270-8170 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis m Ben E . Marlenee Coins 913 Locust Des Moines, Iowa 50309 515-243-8064 To attract qualified candidates this bank offers a compensation pack age to include salary, profit sharing, bonus, hospitalization and one other incentive that will be explained per your response. -w I _ Please call or write: Tom Adair or Clark Rudeen INTERSCOPE, INC. 10407 Devonshire Circle, Suite 100 Omaha, Nebraska 68114 Phone (402) 397-4645 4 POSITION AVAILABLE MANAGING OFFICER— Position open immediately for manager o f a $9 million south central Minnesota bank. Phone Dale Harberts, 507/368-4261 or LA . Omundson, (PA) 605/335-1508. Aggressive, sales oriented person with some agricultural lending experience to be manager of branch office. R esponsibilities to include calling on prospective customers, supervision of branch staff and to be part of management team of a rural eastern Iowa community bank. Must be self-starter and interested in community ac tivities. Salary determined by experience and education. Send resume to file RBE, c/o Northwestern Banker. (PA) Aggressive NW Illinois bank has an immediate opening for an AGRICULTURAL LENDER. Must have experience in agricultural lending, farm management, and have an agri cultural degree. Will have some exposure to commercial lending also. Excellent benefits. Salary commensurate to experience. EOE. Send resume to file RBF, c/o North western Banker. (PA) AG MAN - LOAN OFFICER—$23 million bank in northwest Iowa. Would like experience. Write file RBJ, c/o North western Banker. (PA) DES MOINES BANK seeks operations and control officer. Applicant will immediately assume supervision of book keeping and teller functions responsible to Cashier. Can didate should have a minimum of 3 years experience. Technical and people skills important. Write file RBK, c/o Northwestern Banker. (PA) Major correspondent bank seeks two persons for travel in upper midwest states; three-four years banking exper ience essential; credit background preferred. Also need one person with bond sales experience to work with cor respondent banks. Write file RBL, c/o Northwestern Banker. (PA) What does your employees’ appear ance tell your customers about your bank? “We want to please you” or “We don’t really care?” Call us for the look of “Service” and “ Success.” Æe/Jyioekk-^ CAREER APPAREL 523 N. Main St., Carroll, la., 51401 712-792-2748 | POSITION WANTED EXPERIENCED accountant/bookkeeper, with proven track record in all phases of office bookkeeping and accountan cy, seeks position with responsibility for all aspects of a business office. Fully experienced in completing and filing on time all federal and state government reports; prepara tion and reports of payroll; handling all aspects of billing and collection of accounts receivable; preparation of P&L statements; compiling and updating year-end inventory and depreciation schedule; maintaining stocks and CDs; converted from NCR 400 to IBM 1130 computer. Planned and reorganized bookkeeping procedures that eliminated all over-time needs. Successful record as accountant and office manager and in supervising business personnel. Husband has moved to Des Moines area for new position. If you want an experienced, happy person to bring ac curacy, neatness and promptness to your accounting and bookkeeping functions, contact file RBH, c/o Northwest ern Banker. (PW) POSITIONS AVAILABLE Cashier for $60 million midwestern bank. Requires minimum of 5 years experience in larger community bank. Lending knowledge h e lp fu l.............................. Salary open Number Two Person for Nebraska com munity bank. Re quires knowledge of operations/ag le n d in g ...................... .....................................................................Salary to $28,000 Commercial Lender for major Iowa bank . Salary to $38,000 Strong Ag Lender for $40 m illion bank in eastern Iowa . . . . ......................................................................Salary to $27,000 Executive V.P. with solid lending experience for $40 m illion b a n k .......................................................Salary open. Correspondent Officer for $2 billion city b a n k .................... ......................................................................Salary to $40,000 W rite or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 1032 Carriers Building, Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. AG LENDING OFFICERS If you would like to use your current expertise in ag lending to develop a career in commodities, please contact: John Kingston R.G. Dickinson & Co. 910 Grand Ave. Des Moines, IA 50308 Phone: (515) 247-8143 (Offices in Iowa, Nebr., Kansas & Colo.) President, $4mm bank, under 10,000 population Open Commercial Lender, #2 Position, $40mm bank, 45,000 population suburb Open Commercial Lender, Vice President, Billion Dollar bank, over 300,000 population Open Positions available change as more openings become avail- ^ able or as positions are filled. If you are interested in making ™ an advancement or change in your present situation, as a candidate registered with me, you w ill be informed as posi tions come available that would appeal to you based on what YOU want in a bank, in salary, in location, and in size of town or city. I do not reveal your name to a client bank until you are interested in interviewing. Eighteen years of banking service as President of both rural ^ and metropolitan banks enables me to find the right banking environment for you. Phone or send resume to: Don W. Schooler, 901 A. West Jackson, Ozark, Missouri 65721. Phone (417) 485-6020. 0 AND- I p j jj i P A SSO C IA T E S FOR SALE One Three-M Secretary II Photo Copy Machine. Factory re conditioned. Two years old. Model 360 AG. Under m aintenance agreem ent to 8-1-82. $800.000. Call 402/374-2020. (FS) Recordak-Reliant 600-K Microfiimer plus extra camera. Also have several full key board adding machines. Several which do not work. ALBERT CITY SAVINGS BANK ALBERT CITY, IA 50510 (712)843-2211 AVAILABLE NOW NCR 775-2100 with MCR unit (cassette capture) 12 pockets. Eligible for NCR Maintenance. We Deliver Results. Bankers Electronic Equipment, Inc. Phone 308/384-5995 Grand Island, NE 68801 Office Manager for major western Iowa b a n k ...... ............. ...........................................................................Salary $25,000 Operations person for $35 m illion bank in major Iowa city . ......................................................................Salary to $25,000 Commercial Dept. Head, Senior Vice President, $250mm bank, 300,000 population to $75,000 President, $60mm bank, 45,000 population suburb to $55,000 0 "Successful Banking is Quality Personnel" Three-Bedroom and Two-Bedroom, tw o bath townhomes available for sale or rent. Most have covered hot tubs on the deck. Prices range from $114,000.00 to $119,000.00. Financing available. Contact: Ag Lenders needed by four northern Iowa community banks. Prefer college degree and minimum of 3 years banking e xp e rie n ce ............ .............................To $28,000 Vice President, #3 man, Chief Lender, $60mm bank, 10,000 population to $35,000 Agricultural/Commercial Lender, $40mm bank, under A 10.000 population to $27,000 Agriculture Lender, $30mm bank, under 10,000 population to $28,000 don - S chooler T SKI THE SUMMIT!!! DWAYNE SMITH Paradise Properties, P.O. Box S Dillon, Colorado 80435 Phone toll free 800/922-2590 POSITIONS AVAILABLE All positions are in Missouri, Kansas, Arkansas or Oklahoma Executive Vice President, $60mm bank, over 100,000 ^ population Open W Cashier, $30mm bank, 10,000 population $25,000 Executive Vice President, Loans, $25mm bank, under 10.000 population to $30,000 BANKERS AVAILABLE Commercial Lender w ith eight years of experience in $100 million b a n k ...............................................................$35,000 CPA/Chief Financial Officer o f Thrift In s titu tio n ................ ................................................................... Salary negotiable. Real Estate Executive with 16 years experience in all p ha se s.......................................................Salary negotiable. Insurance Agent with excellent production and manage ment re c o rd .........................................................Salary open czdfoidzx and Bank Consultants Specializing in Bank Acquisitions P.O. Box 450 515-232-0814 405 Main Ames, Iowa 50010 D o n a l d E . H o l d e r , Principal POSITIONS AVAILABLE AGRI-LOAN INSURANCE— investment opportunity for ex perienced insurance agent w ith some Ag-lending background. $25,000 + COMMERCIAL LOAN— urban bank w ith lots of room for advancement. Position in secured lending division and re quires good business development skills. $28,000 SECOND OFFICER—requires Agri-loan background and some knowledge of operations. $25MM bank $27,000 CORRESPONDENT OFFICER—a ffilia te of major midwestern holding company. Requires degree and “ calling” Bank Examiner with eight years of experience. Strong in experience. $30,000 loan analysis...................................................................Salary $30,000 CASHIER—variety of duties including insurance and AgMarketing Executive with operations background............... lending. $20MM rural bank $25,000 ..................................................................... Salary negotiable COMMERCIAL LOAN—$60MM com m unity bank. Super Strong Second Man in community bank seeks new oppor vise Commercial and Ag Departments. $35,000 tunity ................................................................Salary $32,000 Ag Lender with ag degree and lim ited experience .............. ............................................................................Salary $16,000 AGRI-LOAN— head $10MM department in medium size com m unity bank. Degree desired. $30,000 Cashier w ith college degree and four years experience . . . ............................................................................Salary $23,000 A ll inquiries confidential. quirements requested. Senior Ag Lender w ith college d e g re e ........ Salary $32,000 Number Two banker w ith extensive lending and opera tions expe rie nce .........................................................$35,000 W rite or call Malcolm Freeland, Freeland Financial Ser vice, Inc., 1032 Carriers Building, Des Moines, Iowa 50309. Phone 515/282-6462. Employer pays fee. Resume' and salary ® ^ re TOM HAGAN & ASSOCIATES of Kansas City 2024 Sw ift • Box 12346 North Kansas City, MO 64116 816/474-6874 “ Serving the Banking Industry Since 1970” Voi. 11 No. 30 Northwestern Banker Newsletter (USPS 873-300) is published weekly by the Northwestern Banker Company, 306 Fifteenth Street, Des Moines, Iowa 50309, (515) 244-8163. Subscriptions $1.00 per copy, $18.00 per year. Second class postage paid at Des Moines, Iowa. Address all mail subscriptions, changes of address (Form 3579), manuscripts, mail items to above address. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ^ A
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