White River Bancshares Co. Earns $340,000, or $0.34 Per Diluted Share, in First Quarter 2023; Total Assets Surpass $1.0 Billion

Rhea-AI Summary

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.

Positive

• Total deposits increased 14.7% year-over-year to $890.8 million.
• Net loans rose 23.3% to $838.9 million compared to the previous year.
• Nonperforming assets were only 0.01% of total assets, indicating strong asset quality.
• The company successfully expanded into new markets, contributing to revenue growth.

Negative

• Net income fell 68.3% year-over-year, showing significant profitability decline.
• Net interest margin contracted to 3.16% from 3.58%, affecting overall profitability.
• Total interest expense rose significantly due to increased deposit costs, impacting net income.

FAYETTEVILLE, Ark., April 17, 2023 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV), (the “Company”) the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income of $340,000, or $0.34 per dilute share, in the first quarter of 2023, compared to $1.07 million, or $1.08 per diluted share, in the first quarter of 2022. In the immediate prior quarter, the Company earned $1.42 million, or $1.42 per diluted share. All financial results are unaudited.

“Our Arkansas-based bank’s goal from our very first day has been to be the very best community bank for our customers that we can be,” said Gary Head, Chairman and Chief Executive Officer. “We focus on the communities in which we live and work, and allow our local leaders to drive decisions in their markets. Our style of banking allows us to maintain close personal relationships with our customers. We are a phone call away, night or day, and the past month has been a testament to this personalized approach to community banking.”

“We have a diverse deposit and loan portfolio and have stayed clear of the issues affecting the banks that were closed by federal regulators in March. Our expansions into Harrison, Jonesboro, and the addition of Banco Sí, our bilingual banking brand, have been strategic moves to continue diversifying our deposit and loan portfolios. These new markets have contributed to double digit loan and deposit growth, year over year, which fueled our bottom line and strengthened our balance sheet. The near-term costs of entering these new markets, combined with the unprecedented rise in funding costs that the banking industry is managing, significantly impacted our net income results this quarter,” said Head.

“A primary driver of entering these new markets was to build out our deposit base to fund new loan activity,” said Scott Sandlin, Chief Strategy Officer. “We continue to enhance our core funding mix and, as a result, total deposits increased 14.7% compared to a year ago, with demand and non-interest-bearing deposits representing 27.9% of total deposits and savings and interest-bearing transaction accounts representing 36.3% of total deposits at March 31, 2023. In addition, we remain focused on strengthening our loan to deposit ratio, which was 94% at March 31, 2023, compared to 102% three months earlier. New customer relationships are fueling deposit growth and we expect that to continue as we grow into our new market locations.”

“On January 1, 2023, we implemented the Current Expected Credit Losses (“CECL”) methodology and the day one CECL adjustment resulted in an addition of $2.52 million to the allowance for credit losses,” said Jeff Maland, Chief Risk Officer. “Of the $2.52 million adjustment, $962,000 related to funded loan balances and $1.58 million related to funding a reserve for unfunded commitments. Using the CECL methodology, we recorded a credit loss provision of $150,000 during the first quarter of 2023. This compared to a $350,000 loan loss provision during the fourth quarter of 2022, and no provision during the first quarter a year ago, under the incurred loan loss methodology. This implementation had no impact on earnings, as our asset quality remains strong, and our loan portfolio continues to perform well.”

First Quarter 2023 Financial Highlights:

• First quarter net income was $340,000, or $0.34 per diluted share, compared to $1.07 million, or $1.08 per diluted share, in the first quarter of 2022.
• First quarter net interest margin (“NIM”) was 3.16%, compared to 3.58% in the first quarter a year ago.
• The Company recorded a $150,000 provision for credit losses in the first quarter of 2023, compared to no provision in the first quarter of 2022.
• Net loans increased 23.3% to $838.9 million at March 31, 2023, compared to $680.3 million at March 31, 2022.  
• Nonperforming assets totaled $124,000, or 0.01% of total assets at March 31, 2023, compared to $664,000, or 0.07% of total assets, at March 31, 2022.
• Total deposits increased 14.7% to $890.8 million at March 31, 2023, compared to $776.7 million a year ago.
• Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts) represent 64.3% of total deposits at March 31, 2023.
• The Bank’s uninsured deposits totaled approximately 30.4% of total deposits at March 31, 2023, compared to 28.1% at December 31, 2022.
• Available borrowing capacity totaled $325.1 million at March 31, 2023, compared to $295.4 million at December 31, 2022.
• Total risk-based capital ratio was 12.99% and the Tier 1 leverage ratio was 10.35% for the Bank at March 31,  2023.
• Book value per common share was $77.76 at March 31, 2023, compared to $78.61 a year ago.
  
  

Income Statement

“Funding costs increased during the quarter due to the rapid rise in Fed rate increases, resulting in net interest margin contraction during the first quarter compared to the first quarter a year ago,” said Brant Ward, President. “We anticipate our NIM will stabilize as loan yields catch up to funding costs.” The Company’s NIM was 3.16% in the first quarter of 2023, compared to 3.58% in the first quarter of 2022. In the fourth quarter of 2022, the Company’s NIM was 3.79%.

Net interest income increased 2.6% to $7.5 million, compared to $7.3 million in the first quarter of 2022. Total interest income increased 41.4% to $11.6 million in the first quarter of 2023, compared to $8.2 million in the first quarter of 2022. Largely due to the increase in deposit costs, total interest expense increased to $4.1 million in the first quarter of 2023, from $896,000 in the first quarter of 2022.

Noninterest income decreased 8.3% to $1.2 million in the first quarter of 2023, compared to $1.3 million in the first quarter a year ago. Substantially lower secondary market fee income, and to a lesser extent lower wealth management fee income due to volatility in the stock market contributed to the decline during the first quarter of 2023.

Noninterest expense increased 13.4% to $8.2 million in the first quarter of 2023, compared to $7.2 million in the first quarter of 2022. Costs associated with the three new markets, higher commissions due to increased revenues in business lines, and an increase in salaries and employee benefits due to wage competition contributed to the increase during the first quarter of 2023, compared to the first quarter a year ago. Full time equivalent employees increased to 198 at March 31, 2023, from 197 at December 31, 2022, and 179 at March 31, 2022.

Balance Sheet

Total assets increased 20.5% to a record $1.080 billion at March 31, 2023, from $895.6 million at March 31, 2022, and increased 9.9% compared to $982.8 million at December 31, 2022. Cash and cash equivalents totaled $87.2 million at March 31, 2023, compared $90.3 million a year ago and increased substantially when compared to $11.8 million at December 31, 2022. Investment securities totaled $99.3 million at March 31, 2023, from $85.5 million a year ago.

Loans, net of allowance for credit losses, increased 23.3% to $838.9 million at March 31, 2023, compared to $680.3 million a year ago, and increased 1.5% compared to $826.7 million three months earlier.

Total deposits increased 14.7% to $890.8 million at March 31, 2023, compared to $776.7 million a year ago and increased 9.9% compared to $810.6 million at December 31, 2022. Time deposits account for a majority of the deposit growth year-over-year.

FHLB advances increased to $64.1 million at March 31, 2023, from $10.9 million at March 31, 2022. Total stockholders’ equity was $77.6 million at March 31, 2023, compared to $78.0 million at March 31, 2022, and $77.5 million at December 31, 2022. Tangible book value per common share was $77.76 at March 31, 2023, from $78.61 at March 31, 2022, and $77.64 at December 31, 2022. The decrease in total stockholders’ equity and tangible book value per share at March 31, 2023 compared to a year ago was primarily due to a $3.4 million decrease in accumulated other comprehensive income (“AOCI”) related primarily to an increase in the unrealized loss on available for sale securities reflecting the increase in interest rates during the current quarter. Excluding AOCI, tangible book value per share was $82.93 at March 31, 2023.

Credit Quality

“Asset quality remains pristine, and we are focused on staying conservative with our underwriting practices,” said Maland. “Additionally, we are being proactive by working with our customers to solve credit issues in advance of a credit becoming a problem, which is helping to keep our asset quality ratios stable.”

The Company recorded a $150,000 provision for credit losses under the CECL methodology. This compared to a $350,000 provision in the fourth quarter of 2022, and no provision in the first quarter of 2022.

Nonperforming assets totaled $124,000, and represented only 0.01% of total assets at March 31, 2023, which was unchanged compared to December 31, 2022. Nonperforming assets totaled $664,000, or 0.07% of total assets a year ago.

The allowance for credit losses was $11.9 million, or 1.40% of total loans, at March 31, 2023, compared to $9.2 million, or 1.10% of total loans, at December 31, 2022, and $8.2 million, or 1.19% of total loans, at March 31, 2022. Net loan recoveries were $66,000 in the first quarter of 2023, compared to net loan recoveries of $105,000 in the fourth quarter of 2022, and net loan recoveries of $11,000 in the first quarter of 2022.

Capital

The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 12.99%, Common equity Tier 1 capital ratio of 11.83%, Tier 1 risk-based capital ratio of 11.83% and Tier 1 leverage ratio of 10.35%, at March 31, 2023.

Management Promotions

In April 2023, the Company announced the following promotions:

Brant Ward was promoted to President of the Bank. Mr. Ward was formerly Chief Operating Officer and has built his career with the Company, starting as a trainee and serving in a variety of roles, both customer-facing and in the back office. Gary Head remains Chairman and CEO of the Company.

Crandall Streett was promoted to Chief Administrative Officer after most recently serving as EVP Loan Manager in Fayetteville. Ms. Streett joined the Bank in an entry-level position in 2007, and has since served in Loan Operations, Risk Management, as a Commercial Lender and Loan Manager. In her new role, Ms. Streett will oversee Loan Operations, Secondary Market Lending and Marketing.

Alexandria Gladden was promoted to Chief Operating Officer from President of the Springdale market, and has also built her career with the Bank. Ms. Gladden joined the Bank in 2004 as a retail banker and has served as a Private Banker/Lender, Loan Manager, and President. As COO, Ms. Gladden will oversee Deposit Operations, Retail Banking, and Treasury Services.

Ryan Dagley was promoted to President of the Rogers Market. Mr. Dagley was formerly EVP Loan Manager in Bentonville. Mr. Dagley has been a lender with the Company since 2008. As the Bank expanded to new markets in 2022, Mr. Dagley took on additional duties as Director of New Market Development, under which he traveled to the Bank’s new markets with regularity to provide one-on-one support.

Russ Greenlee was promoted to SVP Loan Manager in Springdale, where he previously served as a lender. Mr. Greenlee joined the Bank in 2008 in an entry-level role and has been a lender in the Springdale Bank for the last 12 years.

Clinton Ryan has been promoted to EVP Loan Manager in Rogers. He previously served as SVP Loan Manager and has been with the Bank since 2016.

Knight Weis has returned to Springdale to serve as President. He was previously serving as President in Rogers, and has also served as President of the Fayetteville market. Mr. Weis joined the Bank in 2004.

Jason Orlicek has returned to Bentonville to serve as SVP Loan Manager. He previously served as SVP Loan Manager in Springdale, but spent six years lending in Bentonville previously. Mr. Orlicek has been with the Bank since 2013.

Recent Developments

The Company launched a new market, Banco Sí, to focus on and serve the Hispanic and Latino community, which is a growing segment of the population. This new market was formed as a division of Signature Bank of Arkansas during the third quarter of 2022, and its initial market location opened in downtown Rogers in a historic building at 114 S. 1st St.

“Our mission when launching Banco Sí was to create economic growth and access to banking services, capital, and funds for small and midsize businesses in the Latino community,” said Ward. “To help us accelerate our outreach and engagement of this growing community, we employed bilingual staff and invested in multicultural inclusion training for our leadership and staff.”

During the first quarter of 2022, the Company opened its seventh market, located at 111 East Jackson Avenue in Jonesboro. This facility will serve as a temporary location for the market and marks the Company’s entry into Craighead County. According to the 2020 Census, Jonesboro had a population of 78,576 and is the fifth-largest city in Arkansas.

In the second quarter of 2022, the Company held its grand opening of the sixth market, Harrison, which had been operating in a temporary space for several months while the permanent space was under construction. The entry to Boone County is a new, but familiar market to the Company, as many of its shareholders reside in and around Harrison. According to the 2020 Census, Harrison had a population of 13,124.

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.  

About the Region

White River Bancshares Company is headquartered in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally-based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions.

The Company has expanded into Northeast Arkansas, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley's Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced in January 2022 that it would locate a new $3 billion steel factory in Northeast Arkansas in Osceola, a move expected to create 900 jobs with an average pay over $100,000 annually, making it the largest capital investment project in Arkansas history. Dubbed “Project Blueprint,” the steel mill will begin construction in early 2022. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

The Company currently operates two markets in Washington County, two markets in Benton County, two markets in Monroe County, one market in Boone County and one market in Craighead County.

The housing market in Washington and Benton counties remains robust. According to the Northwest Multiple Listing Service, the average home in Washington County sold for $375,000, up 7.7% in February 2023, compared to a year ago, with an average of 79 days on the market. For Benton County, the average house sold for $395,000, up 8.8% from a year ago with an average of 93 days on the market.

Washington County’s population is projected to grow 5.96% from 2023 through 2028, and median household income is projected to increase by 11.12% during the same time frame. Benton County’s population is projected to grow 8.05% from 2023 through 2028, and median household income is projected to increase by 11.31%. Monroe County’s population is projected to decrease by 6.07% from 2023 through 2028 and median household income is projected to increase by 15.34%. Boone County’s population is projected to grow 1.66% from 2023 through 2028 and median household income is projected to increase by 13.62%. Craighead County’s population is projected to grow 4.40% from 2023 through 2028, and the median household income is projected to increase by 17.69%.

Sources:

http://www.nwarealtors.org/market-statistics/
https://www.capitaliq.spglobal.com/

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.

		WHITE RIVER BANCSHARES COMPANY
		CONSOLIDATED BALANCE SHEETS
		(Unaudited)
		March 31, 2023				December 31, 2022				March 31, 2022
ASSETS
Cash and cash equivalents		$	87,179,713			$	11,835,438			$	90,266,129
Investment securities			99,326,990				94,429,007				85,467,563
Loans held for sale			442,306				-				1,071,950
Loans, net of allowance for credit losses			838,864,382				826,738,234				680,309,888
Premises and equipment, net			28,563,926				28,555,250				27,647,249
Foreclosed assets held for sale			-				-				550,100
Accrued interest receivable			2,796,623				3,111,863				2,122,175
Bank owned life insurance			9,212,698				9,134,324				1,054,971
Deferred income taxes			4,560,952				4,282,651				2,907,803
Other investments			7,071,458				3,251,098				3,201,021
Other assets			1,584,678				1,413,549				1,030,743
Total Assets		$	1,079,603,726			$	982,751,414			$	895,629,592
LIABILITIES & STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing		$	248,670,240			$	246,960,916			$	264,274,031
Savings and interest-bearing transaction accounts			323,723,058				328,108,850				327,938,288
Time deposits			318,408,077				235,513,697				184,455,754
Total deposits			890,801,375				810,583,463				776,668,073
Federal funds purchased			-				18,150,000				-
Federal Home Loan Bank advances			64,102,204				31,686,052				10,933,627
Notes payable			25,420,217				25,402,941				10,804,347
Lease right-of-use liability			15,196,424				15,378,678				15,626,213
Reserve for losses on unfunded commitments			1,558,000				-				-
Accrued interest payable			1,605,248				912,615				305,509
Other liabilities			3,333,968				3,168,527				3,290,870
Total Liabilities			1,002,017,436				905,282,276				817,628,639
Stockholders' equity:
Common stock			10,084				10,084				10,012
Surplus			89,901,337				89,665,389				88,767,186
Accumulated deficit			(4,832,876	)			(3,287,098	)			(6,833,041	)
Treasury stock, at cost			(711,145	)			(711,111	)			(563,441	)
Accumulated other comprehensive (loss)			(6,781,110	)			(8,208,126	)			(3,379,763	)
Total stockholders' equity			77,586,290				77,469,138				78,000,953
Total Liabilities and Stockholders' Equity		$	1,079,603,726			$	982,751,414			$	895,629,592

		WHITE RIVER BANCSHARES COMPANY
		CONSOLIDATED STATEMENTS OF INCOME
		(Unaudited)
		For the Three Months Ended
		March 31,			December 31,			March 31,
		2023			2022			2022
Interest income:
Loans, including fees		$	10,672,578		$	10,474,093		$	7,782,702
Investment securities			628,537			618,676			381,916
Federal funds sold and other			276,739			101,035			26,019
Total interest income			11,577,854			11,193,804			8,190,637
Interest expense:
Deposits			2,966,252			1,654,667			660,966
Federal Home Loan Bank advances			697,577			300,424			66,905
Notes payable			396,260			394,465			167,874
Federal funds purchased and other			33,425			56,193			-
Total interest expense			4,093,514			2,405,749			895,745
Net interest income			7,484,340			8,788,055			7,294,892
Provision for credit losses			150,000			350,000			-
Net interest income after provision for credit losses			7,334,340			8,438,055			7,294,892
Non-interest income:
Service charges and fees on deposits			151,043			144,208			130,114
Wealth management fee income			517,514			559,674			624,926
Secondary market fee income			66,773			84,303			402,249
Bank owned life insurance income			78,374			75,707			1,902
Loss on sales and write-downs of foreclosed assets			-			-			(161,000	)
Other non-interest income			415,366			389,814			342,248
Total non-interest income			1,229,070			1,253,706			1,340,439
Non-interest expense:
Salaries and benefits			5,258,496			4,877,480			4,639,448
Occupancy and equipment			891,980			901,551			762,869
Data processing			658,111			609,252			740,013
Marketing and business development			473,709			380,481			289,693
Professional services			505,899			517,852			465,147
Other non-interest expense			382,016			552,265			311,094
Total non-interest expense			8,170,211			7,838,881			7,208,264
Income before income taxes			393,199			1,852,880			1,427,067
Income tax provision			53,687			431,638			352,206
Net income		$	339,512		$	1,421,242		$	1,074,861
Earnings per share:
Basic		$	0.34		$	1.42		$	1.08
Diluted		$	0.34		$	1.42		$	1.08

		WHITE RIVER BANCSHARES COMPANY
		SUPPLEMENTAL INFORMATION
		(Unaudited)
		Three Months Ended
		March 31,				December 31,				March 31,
		2023				2022				2022
Earnings per share:
Numerator:
Net income available to common shareholders'		$	339,512			$	1,421,242			$	1,074,861
Denominator:
Weighted average common shares outstanding			997,784				997,686				992,299
Effect of dilutive securities:
Stock options			1,427				1,051				1,928
Weighted average common shares
outstanding - assuming dilution		$	999,211			$	998,737			$	994,227
Basic earnings per common share		$	0.34			$	1.42			$	1.08
Diluted earnings per common share		$	0.34			$	1.42			$	1.08
Profitability:
Numerator:
Net income		$	339,512			$	1,421,242			$	1,074,861
Denominator:
Average total assets for period			1,020,006,807				980,111,912				861,905,507
Average total equity for period			76,844,696				75,320,820				79,758,478
Return on average assets			0.13	%			0.58	%			0.51	%
Return on average equity			1.79	%			7.49	%			5.47	%
Efficiency Ratio:
Numerator:
Net interest income		$	7,484,340			$	8,788,055			$	7,294,892
Non-interest income			1,229,070				1,253,706				1,340,439
Total Income		$	8,713,410			$	10,041,761			$	8,635,331
Denominator:
Non-interest expense		$	8,170,211			$	7,838,881			$	7,208,264
Efficiency ratio			93.77	%			78.06	%			83.47	%
		March 31,				December 31,				March 31,
		2023				2022				2022
Asset Quality:
Net (recoveries) charge-offs		$	(65,926	)		$	(105,153	)		$	(10,567	)
Classified assets			1,196,170				393,189				1,080,354
Nonperforming loans			123,922				123,922				113,616
Nonperforming assets			123,922				123,922				663,716
Total nonperforming loans to total loans			0.01	%			0.01	%			0.02	%
Total nonperforming loans to total assets			0.01	%			0.01	%			0.01	%
Total nonperforming assets to total assets			0.01	%			0.01	%			0.07	%

		WHITE RIVER BANCSHARES COMPANY
		INTEREST INCOME AND EXPENSE
		(Unaudited)
		Three Months Ended March 31,
		2023									2022
		Average						Average			Average						Average
		Balance			Interest			Yield/Rate			Balance			Interest			Yield/Rate
Interest-earning assets:
Federal funds sold and other		$	25,318,303		$	276,739		4.43	%		$	50,804,467		$	26,019		0.21	%
Investment securities			99,471,281			628,537		2.56	%			85,807,584			381,916		1.81	%
Loans receivable (1)			835,070,756			10,672,578		5.18	%			689,976,579			7,782,702		4.57	%
Total interest-earning assets			959,860,340		$	11,577,854		4.89	%			826,588,630		$	8,190,637		4.02	%
Noninterest-earning assets			60,146,467									35,316,877
Total assets		$	1,020,006,807								$	861,905,507
Interest-bearing liabilities:
Interest-bearing deposits		$	594,897,383		$	2,966,252		2.02	%		$	503,763,615		$	660,966		0.53	%
FHLB advances and federal funds purchased			65,884,599			731,002		4.50	%			12,183,570			66,905		2.23	%
Notes payable			25,414,074			396,260		6.32	%			10,801,238			167,874		6.30	%
Total interest-bearing liabilities			686,196,056		$	4,093,514		2.42	%			526,748,423		$	895,745		0.69	%
Noninterest-bearing liabilities			256,966,055									255,398,606
Total liabilities			943,162,111									782,147,029
Stockholders' equity			76,844,696									79,758,478
Total liabilities and stockholders' equity		$	1,020,006,807								$	861,905,507
Net interest-earning assets		$	273,664,284								$	299,840,207
Net interest spread					$	7,484,340		2.47	%					$	7,294,892		3.33	%
Net interest margin								3.16	%								3.58	%

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

 

FAQ

What was the net income for White River Bancshares Company in Q1 2023?

White River Bancshares Company reported a net income of $340,000, or $0.34 per diluted share, in Q1 2023.

How did total deposits change for WRIV in Q1 2023?

Total deposits increased by 14.7% year-over-year to $890.8 million as of March 31, 2023.

What was the nonperforming assets ratio for WRIV in Q1 2023?

Nonperforming assets amounted to 0.01% of total assets at March 31, 2023.

What impact did rising funding costs have on WRIV's net interest margin?

Rising funding costs caused WRIV's net interest margin to contract to 3.16% in Q1 2023 from 3.58% in Q1 2022.

How much did net loans increase for WRIV in the last year?

Net loans increased by 23.3% year-over-year to $838.9 million at March 31, 2023.