Independent Banker - July 2017 - 47

Lender Life
CREDIT TRENDS OPPORTUNITIES EXPERT IDEAS
AUTO LENDING
Gears in motion
Despite a dip in new-car sales, auto lending can be a fertile area for
many community banks.
By Ed Avis
T
wo years ago, the leaders of Farmers State Bank in Waterloo, Iowa, decided that auto lending should
become a larger part of the bank's portfolio. Their timing was good: Because of the strengthening
economy, demographic changes and other factors, car sales jumped 4.8 percent in 2016 to a record
88 million vehicles worldwide. And when more cars are sold, more cars are financed.
" We made a conscious effort to increase that part of our bank's lending, and all the stars lined up, "
says Todd Rohlfsen, president of the $850 million-asset community bank, which has 10 branches in northeast
Iowa. Farmers State Bank carried about $34 million in auto loans in 2016, up from about $20 million in 2015.
" We've been very happy, " Rohlfsen says.
Farmers State Bank is not alone among community banks. According to data from Sageworks, banks with less
than $1 billion in assets carried $13 billion in auto loans in 2016, up .07 percent from 2015. That doesn't mean
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Independent Banker - July 2017

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Independent Banker - July 2017 - Table of Contents
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