White River Bancshares Co. Doubles Annual Cash Dividend to $1.00 Per Share

Rhea-AI Summary

White River Bancshares Company (OTCQX: WRIV) declared an annual cash dividend of $1.00 per share, payable on August 31, 2022, to shareholders of record on July 20, 2022. This represents a 100% increase compared to last year’s dividend of $0.50 per share. In Q2 2022, the Company reported net income of $1.79 million or $1.79 per diluted share, a decline from $2.08 million or $2.14 per diluted share in the same quarter of 2021. However, the Company experienced record net interest income and growth in loans and deposits.

Positive

• Dividend increase of 100% to $1.00 per share.
• Record net interest income generation.
• Double-digit year-over-year growth in loans and core deposits.

Negative

• Net income decreased to $1.79 million from $2.08 million year-over-year.
• Earnings per diluted share dropped from $2.14 to $1.79.

FAYETTEVILLE, Ark., July 19, 2022 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV), (the “Company”), the holding company for Signature Bank of Arkansas (the “Bank”), today announced its Board of Directors declared an annual cash dividend of $1.00 per share. The dividend is payable on August 31, 2022 to shareholders of record at the close of business on July 20, 2022, and represents a 100% increase over the $0.50 per share annual cash dividend paid on August 31, 2021.

“2021 was the best year yet at White River Bancshares,” said Gary Head, President and Chief Executive Officer. “We are really pleased to be able to return some of our success to the shareholders who have believed in us since the beginning. This year’s cash dividend will be $1.00 per share, which is double what we paid last year.”

On July 18, 2022, the Company reported net income of $1.79 million, or $1.79 per diluted share, in the second quarter of 2022, compared to $2.08 million, or $2.14 per diluted share, in the second quarter of 2021. In the immediate prior quarter, the Company earned $1.07 million, or $1.08 per diluted share. Second quarter results were highlighted by record net interest income generation and net interest margin expansion, fueled by double digit year-over-year growth in both loans and core deposits.

About White River Bancshares Company

White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX^® Best Market.  

Forward Looking Statements

This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact:	Scott Sandlin, Chief Strategy Officer
	479-684-3754

FAQ

What is the dividend amount declared by WRIV?

White River Bancshares Company declared a dividend of $1.00 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on August 31, 2022.

What was the net income for WRIV in Q2 2022?

In Q2 2022, WRIV reported a net income of $1.79 million.

How does the current dividend compare to last year?

The current dividend of $1.00 per share represents a 100% increase over last year's dividend of $0.50.

What was the earnings per share for WRIV in Q2 2022?

The earnings per diluted share for Q2 2022 was $1.79.