WHITE RIVER BANCSHARES CO - WRIV STOCK NEWS

White River Bancshares Company (OTCQX: WRIV), the holding company for Signature Bank of Arkansas, has announced two significant decisions. Firstly, the Board of Directors declared an annual cash dividend of $1.00 per share, payable on August 30, 2024, to shareholders of record as of July 31, 2024. Secondly, the company announced a 2-for-1 stock split through a stock dividend. Shareholders of record on August 7, 2024, will receive one additional share for each share held, payable on September 4, 2024. The company's outstanding shares will increase from approximately 1,217,850 to 2,435,700 following the split. Cash will be paid for fractional shares based on the average closing price for the five trading days ending on the record date.

White River Bancshares Company (OTCQX: WRIV), the holding company for Signature Bank of Arkansas, reported a record net income of $1.85 million or $1.61 per diluted share in Q2 2024, marking a 137.5% increase from Q2 2023. This growth was driven by strong net interest income and margin expansion, alongside a successful $12.46 million capital raise.

Net interest income rose 22.2% to $9.0 million, while net interest margin increased to 3.25%. The company also noted significant loan and deposit growth, with loans up 13.8% and deposits up 14.2% year-over-year. Despite increased provisions for credit losses, nonperforming loans decreased, indicating improved credit quality.

Additionally, noninterest income surged 34.5%, primarily due to an acquisition in wealth management. Operating expenses increased slightly, but the company expects stabilization. Asset growth was notable, with total assets reaching $1.211 billion. The firm's capital ratios remained strong, exceeding regulatory requirements.

White River Bancshares Company completed a private placement of $12.46 million of common shares to accredited investors at $55.00 per share. The capital raise will support organic and strategic growth opportunities, aiding the expansion of the bank throughout Arkansas. The offering was managed by Performance Trust Capital Partners and legal counsel was provided by Holland & Knight LLP and Troutman Pepper Hamilton Sanders LLP.

White River Bancshares Co. reported net income of $509,000, or $0.51 per diluted share, in the first quarter of 2024, up from $340,000 in the same period last year. The company's net interest income increased, along with double-digit loan and deposit growth year-over-year. Strategic moves to diversify deposit and loan portfolios have paid off, with successful expansions into new markets and strong loan demand. The Company's NIM is stable, with robust loan growth and a focus on new customer relationships. Non-interest bearing deposits are expected to grow further, with a healthy balance sheet showing increased assets and equity. The Company remains well-capitalized, exceeding regulatory requirements, and continues to focus on credit quality while expanding into new markets, like the Hispanic and Latino communities through Banco Sí.

White River Bancshares Company (WRIV) reported net income of $788,000 in Q4 2023, down from $1.42 million in Q4 2022. The company experienced growth in its loan portfolio but saw a decline in net interest margin. Total assets increased to $1.133 billion, with a 15.3% increase in deposits. However, the company's net income for the full year of 2023 was $2.55 million, compared to $5.62 million in 2022.

White River Bancshares Company (OTCQX: WRIV) has reinstated its Stock Repurchase Program, allowing the repurchase of up to 5% of outstanding shares. The program has no time limit and may be modified, suspended or terminated at any time by the Board of Directors.

White River Bancshares Company (OTCQX: WRIV) reported a net income of $340,000, or $0.34 per diluted share, in Q1 2023, a decline from $1.07 million, or $1.08 per share, in Q1 2022. Compared to the previous quarter, net income fell from $1.42 million. The net interest margin shrank to 3.16% from 3.58% year-over-year, primarily due to rising funding costs. However, total deposits increased by 14.7% year-over-year to $890.8 million, and net loans rose 23.3% to $838.9 million. A $150,000 provision for credit losses was recorded, contrasting with no provision in Q1 2022. The company continues to expand its market presence, including the launch of its bilingual banking initiative, Banco Sí. Despite challenges, asset quality remains strong with nonperforming assets at only 0.01% of total assets.