White River Bancshares Co. Earns $788,000, or $0.79 Per Diluted Share, in Fourth Quarter 2023 and Earns $2.55 Million, or $2.56 Per Diluted Share for the Year; Highlighted by Double Digit Loan and Deposit Growth Year-Over-year
- Solid growth in the loan portfolio
- Strengthened balance sheet with growth in deposits
- Expansion into new markets and new bilingual banking offering
- Decline in net interest margin
- Decrease in net income for the full year of 2023
FAYETTEVILLE, Ark., Jan. 18, 2024 (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
“Our results for the fourth quarter of 2023 reflect solid growth in our loan portfolio, especially as our newer markets are becoming more established fixtures in their respective communities,” said Gary Head, Chairman and Chief Executive Officer. “A year ago, we invested in an expansion of our brand with new locations in Harrison and Jonesboro, in addition to our new bilingual banking offering, Banco Sí! We're energized by the impact these new locations are having on new customer relationships. Coupled with the growth in Northwest Arkansas, the market where we got started, we're operating from a position of strength as we enter 2024. We are proud of our loan and deposit growth in 2023, which strengthened our balance sheet, and we will build upon this growth to add value for our shareholders, customers, and communities.”
“Our brand of community banking is being well received in all the markets we serve, and centers on fostering new customer relationships. Whether it’s a small business account or a household account, an operating account is an integral piece to a longstanding banking relationship,” said Scott Sandlin, Chief Strategy Officer. “When entering these new markets in 2022, our goal was to build our deposit base to fund new loan activity. While rising rates changed the deposit mix as customers pursued higher yielding accounts, demand and non-interest bearing accounts remained strong. They accounted for
For the full year of 2023, net income was
Fourth Quarter 2023 Financial Highlights:
- Fourth quarter net income was
$788,000 , or$0.79 per diluted share, compared to$1.42 million , or$1.42 per diluted share, in the fourth quarter of 2022. - Fourth quarter net interest margin (“NIM”) was
3.00% , compared to3.79% in the fourth quarter a year ago. - The Company recorded a
$575,000 provision for credit losses in the fourth quarter of 2023, which included a$700,000 provision for credit losses on loans and a$125,000 reversal of credit loss expense for off-balance sheet exposures. This compared to a$350,000 provision in the fourth quarter of 2022. - Net loans increased
$114.5 million , or13.9% , to$941.2 million at December 31, 2023, compared to$826.7 million at December 31, 2022. - Nonperforming assets totaled
$1.36 million , or0.10% of total assets at December 31, 2023, compared to$124,000 , or0.01% of total assets, at December 31, 2022. - Total deposits increased
$148.6 million , or18.3% , to$959.2 million at December 31, 2023, compared to$810.6 million a year ago. - Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts) represent
59.0% of total deposits at December 31, 2023. - The Bank’s uninsured/unpledged deposits totaled approximately
31.5% of total deposits at December 31, 2023. - Available borrowing capacity totaled
$344.8 million at December 31, 2023, compared to$360.0 million at September 30, 2023. - Total risk-based capital ratio was
12.02% and the Tier 1 leverage ratio was9.56% for the Bank at December 31, 2023. - Tangible book value per common share was
$78.17 at December 31, 2023, compared to$77.64 a year ago.
Income Statement
“While funding costs remain elevated, higher asset yields contributed to a 12 basis-point expansion in NIM during the fourth quarter, compared to the preceding quarter,” said Brant Ward, President. “We anticipate our NIM will continue to stabilize over the next few quarters if interest rates remain steady or start to decline.” The Company’s NIM was
Net interest income was
Noninterest income increased
Noninterest expense increased
Balance Sheet
Total assets increased
Loans, net of allowance for credit losses, increased
Total deposits increased
FHLB advances increased to
Credit Quality
Beginning January 1, 2023, the Company adopted the Current Expected Credit Losses (“CECL”) methodology, which replaced the former “incurred loss” model for recognizing credit losses with an “expected loss” model. Utilizing CECL may have an impact on the Company’s allowance for credit losses going forward and may result in a lack of comparability between 2023 and 2022 quarterly periods.
The Company recorded a
Nonperforming loans increased during the quarter to
“Credit quality continues to hold up, as we focus on maintaining a moderate risk profile. While nonperforming loans increased during the quarter, we believe these to be isolated credits and not reflective of the overall loan portfolio,” said Jeff Maland, Chief Risk Officer.
The allowance for credit losses was
Capital
The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of
Recent Developments
The Company launched a new initiative, Banco Sí, to focus on and serve the burgeoning Hispanic and Latino communities. This new market was formed as a division of Signature Bank of Arkansas during the third quarter of 2022, and its initial location opened in downtown Rogers in a historic building at 114 South 1st Street. Development is underway for a second location in downtown Springdale, with plans to open in the second quarter of 2024. Banco Sí was launched to create economic growth and access to banking services, capital, and funds for small and midsize businesses within these communities.
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. Ground was broken on the permanent facility at 502 East Washington on September 22, 2023, and construction is well underway.
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 was a new, but familiar market to the Company, as many of its shareholders reside in and around the Harrison area. 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 eastward, 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 that it would locate a new
The Company currently operates out of nine locations; two in Washington County; three in Benton County; two in Monroe County; one in Boone County; and one in Craighead County.
The housing market in Washington and Benton counties remains robust. According to the Northwest Arkansas Board of Realtors, the average home in Washington County sold for
Washington County’s population is projected to grow
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.
Contact:
Scott Sandlin, Chief Strategy Officer
479-684-3754
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (Unaudited) | ||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | ||||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents | $ | 17,624,468 | $ | 32,312,380 | $ | 11,835,438 | ||||||
| Investment securities | 114,550,592 | 97,523,688 | 94,429,007 | |||||||||
| Loans held for sale | 274,608 | 562,500 | 0 | |||||||||
| Loans, net of allowance for credit losses | 941,224,131 | 897,245,750 | 826,738,234 | |||||||||
| Premises and equipment, net | 29,347,939 | 29,425,104 | 28,555,250 | |||||||||
| Foreclosed assets held for sale | 201,850 | - | - | |||||||||
| Accrued interest receivable | 4,682,162 | 3,928,509 | 3,111,863 | |||||||||
| Bank owned life insurance | 9,454,492 | 9,374,336 | 9,134,324 | |||||||||
| Deferred income taxes | 4,388,415 | 5,628,076 | 4,282,651 | |||||||||
| Other investments | 7,417,533 | 7,151,204 | 3,251,098 | |||||||||
| Intangible assets, net | 2,015,386 | 2,068,423 | - | |||||||||
| Other assets | 1,874,165 | 2,170,842 | 1,413,549 | |||||||||
| TOTAL ASSETS | $ | 1,133,055,741 | $ | 1,087,390,812 | $ | 982,751,414 | ||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| Demand and non-interest-bearing | $ | 222,534,839 | $ | 233,500,987 | $ | 246,960,916 | ||||||
| Savings and interest-bearing transaction accounts | 342,953,012 | 335,602,053 | 328,108,850 | |||||||||
| Time deposits | 393,705,434 | 354,828,320 | 235,513,697 | |||||||||
| Total deposits | 959,193,285 | 923,931,360 | 810,583,463 | |||||||||
| Federal funds purchased | - | - | 18,150,000 | |||||||||
| Federal Home Loan Bank advances | 44,958,945 | 37,932,481 | 31,686,052 | |||||||||
| Notes payable | 26,320,631 | 26,303,355 | 25,402,941 | |||||||||
| Lease right-of-use liability | 16,319,937 | 16,521,696 | 15,378,678 | |||||||||
| Reserve for losses on unfunded commitments | 1,433,000 | 1,558,000 | - | |||||||||
| Accrued interest payable | 2,444,462 | 2,062,419 | 912,615 | |||||||||
| Other liabilities | 2,836,658 | 3,803,220 | 3,168,527 | |||||||||
| TOTAL LIABILITIES | 1,053,506,918 | 1,012,112,531 | 905,282,276 | |||||||||
| Stockholders' equity: | ||||||||||||
| Common stock | 10,086 | 10,084 | 10,084 | |||||||||
| Surplus | 90,460,773 | 90,335,815 | 89,665,389 | |||||||||
| Accumulated deficit | (3,624,915 | ) | (4,412,565 | ) | (3,287,098 | ) | ||||||
| Treasury stock, at cost | (1,119,100 | ) | (929,517 | ) | (711,111 | ) | ||||||
| Accumulated other comprehensive loss | (6,178,021 | ) | (9,725,536 | ) | (8,208,126 | ) | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 79,548,823 | 75,278,281 | 77,469,138 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,133,055,741 | $ | 1,087,390,812 | $ | 982,751,414 | ||||||
| WHITE RIVER BANCSHARES COMPANY | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||
| (Unaudited) | |||||||||
| For the Three Months Ended | |||||||||
| December 31, | September 30, | December 31, | |||||||
| 2023 | 2023 | 2022 | |||||||
| INTEREST INCOME | |||||||||
| Loans, including fees | $ | 13,656,322 | $ | 12,381,749 | $ | 10,474,093 | |||
| Investment securities | 930,823 | 706,441 | 618,676 | ||||||
| Federal funds sold and other | 119,794 | 175,691 | 101,035 | ||||||
| Total interest income | 14,706,939 | 13,263,881 | 11,193,804 | ||||||
| INTEREST EXPENSE | |||||||||
| Deposits | 6,025,195 | 5,202,219 | 1,654,667 | ||||||
| Federal Home Loan Bank advances | 413,864 | 399,306 | 300,424 | ||||||
| Notes payable | 398,017 | 398,017 | 394,465 | ||||||
| Federal funds purchased and other | 68,756 | 14,302 | 56,193 | ||||||
| Total interest expense | 6,905,832 | 6,013,844 | 2,405,749 | ||||||
| NET INTEREST INCOME | 7,801,107 | 7,250,037 | 8,788,055 | ||||||
| Provision for credit losses | 575,000 | 325,000 | 350,000 | ||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 7,226,107 | 6,925,037 | 8,438,055 | ||||||
| NON-INTEREST INCOME | |||||||||
| Service charges and fees on deposits | 161,910 | 151,016 | 144,208 | ||||||
| Wealth management fee income | 997,887 | 896,768 | 559,674 | ||||||
| Secondary market fee income | 114,581 | 70,960 | 84,303 | ||||||
| Bank owned-life insurance income | 80,156 | 81,682 | 75,707 | ||||||
| Loss on sales and write-downs of foreclosed assets | - | - | - | ||||||
| Other non-interest income | 449,724 | 425,791 | 389,814 | ||||||
| TOTAL NON-INTEREST INCOME | 1,804,258 | 1,626,217 | 1,253,706 | ||||||
| NON-INTEREST EXPENSE | |||||||||
| Salaries and benefits | 4,427,071 | 4,507,559 | 4,877,480 | ||||||
| Occupancy and equipment | 956,731 | 968,060 | 901,551 | ||||||
| Data processing | 777,216 | 833,755 | 609,252 | ||||||
| Marketing and business development | 429,642 | 444,957 | 380,481 | ||||||
| Professional services | 739,988 | 604,962 | 517,852 | ||||||
| Amortization of other intangible assets | 53,037 | 53,036 | - | ||||||
| Other non-interest expense | 639,174 | 414,613 | 552,265 | ||||||
| TOTAL NON-INTEREST EXPENSE | 8,022,859 | 7,826,942 | 7,838,881 | ||||||
| Income before income taxes | 1,007,506 | 724,312 | 1,852,880 | ||||||
| Income tax provision | 219,856 | 84,885 | 431,638 | ||||||
| NET INCOME | $ | 787,650 | $ | 639,427 | $ | 1,421,242 | |||
| EARNINGS PER SHARE | |||||||||
| Basic | $ | 0.79 | $ | 0.64 | $ | 1.42 | |||
| Diluted | $ | 0.79 | $ | 0.64 | $ | 1.42 | |||
| WHITE RIVER BANCSHARES COMPANY | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||
| (Unaudited) | |||||||||
| Twelve Months Ended | |||||||||
| December 31, | |||||||||
| 2023 | 2022 | ||||||||
| INTEREST INCOME | |||||||||
| Loans, including fees | $ | 48,013,431 | $ | 35,863,945 | |||||
| Investment securities | 3,046,163 | 2,018,974 | |||||||
| Federal funds sold and other | 1,003,831 | 378,268 | |||||||
| Total Interest Income | 52,063,425 | 38,261,187 | |||||||
| INTEREST EXPENSE | |||||||||
| Deposits | 18,458,941 | 3,739,902 | |||||||
| Federal Home Loan Bank advances | 1,970,352 | 496,148 | |||||||
| Notes payable | 1,586,758 | 1,092,467 | |||||||
| Federal funds purchased and other | 116,483 | 63,796 | |||||||
| Total interest expense | 22,132,534 | 5,392,313 | |||||||
| NET INTEREST INCOME | 29,930,891 | 32,868,874 | |||||||
| Provision for credit losses | 1,275,000 | 760,000 | |||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 28,655,891 | 32,108,874 | |||||||
| NON-INTEREST INCOME | |||||||||
| Service charges and fees on deposits | 610,403 | 533,910 | |||||||
| Wealth management fee income | 3,050,605 | 2,376,325 | |||||||
| Secondary market fee income | 393,275 | 1,114,915 | |||||||
| Bank owned life insurance income | 320,168 | 81,256 | |||||||
| Loss on sales and write-downs of foreclosed assets | - | (151,480 | ) | ||||||
| Other non-interest income | 1,729,015 | 1,584,852 | |||||||
| TOTAL NON-INTEREST INCOME | 6,103,466 | 5,539,778 | |||||||
| NON-INTEREST EXPENSE | |||||||||
| Salaries and benefits | 18,687,153 | 19,460,554 | |||||||
| Occupancy and equipment | 3,767,352 | 3,366,093 | |||||||
| Data processing | 3,014,412 | 2,444,067 | |||||||
| Marketing and business development | 1,871,768 | 1,373,196 | |||||||
| Professional services | 2,330,140 | 1,936,620 | |||||||
| Amortization of other intangible asset | 106,073 | - | |||||||
| Other non-interest expense | 1,836,893 | 1,541,468 | |||||||
| TOTAL NON-INTEREST EXPENSE | 31,613,791 | 30,121,998 | |||||||
| Income before income taxes | 3,145,566 | 7,526,654 | |||||||
| Income tax provision | 600,447 | 1,910,853 | |||||||
| NET INCOME | $ | 2,545,119 | $ | 5,615,801 | |||||
| EARNINGS PER SHARE | |||||||||
| Basic | $ | 2.56 | $ | 5.64 | |||||
| Diluted | $ | 2.56 | $ | 5.63 | |||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| 2023 | 2023 | 2022 | ||||||||||
| FOR THE PERIOD | ||||||||||||
| Net income | $ | 787,650 | $ | 639,427 | $ | 1,421,242 | ||||||
| Net income before taxes | 1,007,506 | 724,312 | 1,852,880 | |||||||||
| Dividends declared per share | - | - | - | |||||||||
| PERIOD END BALANCE | ||||||||||||
| Total assets | $ | 1,133,055,741 | $ | 1,087,390,812 | $ | 982,751,414 | ||||||
| Total investments | 114,550,592 | 97,523,688 | 94,429,007 | |||||||||
| Total loans, net | 941,224,131 | 897,245,750 | 826,738,234 | |||||||||
| Allowance for credit losses | (11,443,905 | ) | (10,928,875 | ) | (9,193,625 | ) | ||||||
| Total deposits | 959,193,285 | 923,931,360 | 810,583,463 | |||||||||
| Stockholders' equity | 79,548,823 | 75,278,281 | 77,469,138 | |||||||||
| RATIO ANALYSIS | ||||||||||||
| Return on average assets (annualized) | 0.28 | % | 0.24 | % | 0.58 | % | ||||||
| Return on average equity (annualized) | 4.03 | % | 3.25 | % | 7.49 | % | ||||||
| Net loans/Deposits | 98.13 | % | 97.11 | % | 101.99 | % | ||||||
| Total Shareholders' Equity/Total assets | 7.02 | % | 6.92 | % | 7.88 | % | ||||||
| Net loan losses/Total loans | 0.02 | % | -0.00 | % | -0.01 | % | ||||||
| Uninsured & unpledged deposits | 31.47 | % | 32.92 | % | 25.68 | % | ||||||
| PER SHARE DATA | ||||||||||||
| Shares oustanding | 991,815 | 994,596 | 997,785 | |||||||||
| Weighted average shares outstanding | 991,645 | 995,674 | 997,686 | |||||||||
| Diluted weighted average shares outstanding | 991,645 | 995,723 | 998,737 | |||||||||
| Basic earnings | $ | 0.79 | $ | 0.64 | $ | 1.42 | ||||||
| Diluted earnings | 0.79 | 0.64 | 1.42 | |||||||||
| Book value | 80.21 | 75.69 | 77.64 | |||||||||
| Tangible book value | 78.17 | 73.61 | 77.64 | |||||||||
| ASSET QUALITY | ||||||||||||
| Net (recoveries) charge-offs | $ | 184,970 | $ | (5,087 | ) | $ | (105,153 | ) | ||||
| Classified assets | 1,623,558 | 910,428 | 393,189 | |||||||||
| Nonperforming loans | 1,153,852 | 124,672 | 123,922 | |||||||||
| Nonperforming assets | 1,355,702 | 124,672 | 123,922 | |||||||||
| Total nonperforming loans/Total loans | 0.12 | % | 0.01 | % | 0.01 | % | ||||||
| Total nonperforming loans/Total assets | 0.10 | % | 0.01 | % | 0.01 | % | ||||||
| Total nonperforming assets/Total assets | 0.12 | % | 0.01 | % | 0.01 | % | ||||||
| Allowance for credit losses/Total loans | 1.20 | % | 1.20 | % | 1.10 | % | ||||||
| WHITE RIVER BANCSHARES COMPANY | |||||||||||||||||||||||||||
| INTEREST INCOME AND EXPENSE | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | |||||||||||||||||||||||||
| 2023 | 2023 | 2022 | |||||||||||||||||||||||||
| Average | Average | Average | Average | Average | Average | ||||||||||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||
| Federal funds sold and other | $ | 7,843,513 | $ | 119,794 | 6.06 | % | $ | 13,590,719 | $ | 175,691 | 5.13 | % | $ | 9,543,812 | $ | 101,035 | 4.20 | % | |||||||||
| Investment securities | 110,600,506 | 930,823 | 3.34 | % | 104,185,411 | 706,441 | 2.69 | % | 96,613,992 | 618,676 | 2.54 | % | |||||||||||||||
| Loans receivable | 913,603,571 | 13,656,322 | 5.93 | % | 879,512,966 | 12,381,749 | 5.59 | % | 814,261,408 | 10,474,093 | 5.10 | % | |||||||||||||||
| Total interest-earning assets | 1,032,047,590 | $ | 14,706,939 | 5.65 | % | 997,289,096 | $ | 13,263,881 | 5.28 | % | 920,419,212 | $ | 11,193,804 | 4.82 | % | ||||||||||||
| Noninterest-earning assets | 64,692,826 | 63,042,922 | 59,692,700 | ||||||||||||||||||||||||
| Total assets | $ | 1,096,740,416 | $ | 1,060,332,018 | $ | 980,111,912 | |||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 704,867,459 | $ | 6,025,195 | 3.39 | % | $ | 666,059,040 | $ | 5,202,219 | 3.10 | % | $ | 558,052,737 | $ | 1,654,667 | 1.18 | % | |||||||||
| FHLB advances and federal funds purchased | 43,218,876 | 482,620 | 4.43 | % | 38,935,770 | 413,608 | 4.21 | % | 43,158,724 | 356,617 | 3.28 | % | |||||||||||||||
| Notes payable | 25,472,047 | 398,017 | 6.20 | % | 26,297,283 | 398,017 | 6.00 | % | 25,395,116 | 394,465 | 6.16 | % | |||||||||||||||
| Total interest-bearing liabilities | 773,558,382 | $ | 6,905,832 | 3.54 | % | 731,292,093 | $ | 6,013,844 | 3.26 | % | 626,606,577 | $ | 2,405,749 | 1.52 | % | ||||||||||||
| Noninterest-bearing liabilities | 245,689,756 | 250,898,403 | 278,184,515 | ||||||||||||||||||||||||
| Total liabilities | 1,019,248,138 | 982,190,496 | 904,791,092 | ||||||||||||||||||||||||
| Stockholders' equity | 77,492,278 | 78,141,522 | 75,320,820 | ||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,096,740,416 | $ | 1,060,332,018 | $ | 980,111,912 | |||||||||||||||||||||
| Net interest-earning assets | $ | 258,489,208 | $ | 265,997,003 | $ | 293,812,635 | |||||||||||||||||||||
| Net interest spread | $ | 7,801,107 | 2.11 | % | $ | 7,250,037 | 2.01 | % | $ | 8,788,055 | 3.30 | % | |||||||||||||||
| Net interest margin | 3.00 | % | 2.88 | % | 3.79 | % | |||||||||||||||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||||||||
| INTEREST INCOME AND EXPENSE | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Twelve Months Ended December 31, | ||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Federal funds sold and other | $ | 20,039,416 | $ | 1,003,831 | 5.01 | % | $ | 36,557,767 | $ | 378,268 | 1.03 | % | ||||||
| Investment securities | 104,978,850 | 3,046,163 | 2.90 | % | 92,326,033 | 2,018,974 | 2.19 | % | ||||||||||
| Loans receivable | 869,975,590 | 48,013,431 | 5.52 | % | 732,179,484 | 35,863,945 | 4.90 | % | ||||||||||
| Total interest-earning assets | 994,993,856 | $ | 52,063,425 | 5.23 | % | 861,063,284 | $ | 38,261,187 | 4.44 | % | ||||||||
| Noninterest-earning assets | 61,681,863 | 50,087,853 | ||||||||||||||||
| Total assets | $ | 1,056,675,719 | $ | 911,151,137 | ||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing deposits | $ | 653,647,145 | $ | 18,458,941 | 2.82 | % | $ | 522,249,813 | $ | 3,739,902 | 0.72 | % | ||||||
| FHLB advances and federal funds purchased | 47,087,877 | 2,086,835 | 4.43 | % | 19,943,714 | 559,944 | 2.81 | % | ||||||||||
| Notes payable | 25,466,038 | 1,586,758 | 6.23 | % | 17,199,936 | 1,092,467 | 6.35 | % | ||||||||||
| Total interest-bearing liabilities | 726,201,060 | $ | 22,132,534 | 3.05 | % | 559,393,463 | $ | 5,392,313 | 0.96 | % | ||||||||
| Noninterest-bearing liabilities | 252,120,124 | 274,438,527 | ||||||||||||||||
| Total liabilities | 978,321,184 | 833,831,990 | ||||||||||||||||
| Stockholders' equity | 78,354,535 | 77,319,147 | ||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,056,675,719 | $ | 911,151,137 | ||||||||||||||
| Net interest-earning assets | $ | 268,792,796 | $ | 301,669,821 | ||||||||||||||
| Net interest spread | $ | 29,930,891 | 2.18 | % | $ | 32,868,874 | 3.48 | % | ||||||||||
| Net interest margin | 3.01 | % | 3.82 | % | ||||||||||||||
FAQ
What was White River Bancshares Company's net income in Q4 2023?
What was the net interest margin in Q4 2023?
How much did the total assets increase to at the end of 2023?
What was the increase in deposits for White River Bancshares Company?
What was the net income for the full year of 2023?
