White River Bancshares Co. Earns a $1.83 million, or $0.75 Per Diluted Share, in 4Q24 and $6.93 Million, or $3.03 Per Diluted Share for the Year
White River Bancshares Company (OTCQX: WRIV) reported strong financial results for Q4 2024 and full-year performance. Net income increased to $1.83 million ($0.75 per diluted share) in Q4 2024, up from $788,000 in Q4 2023. Full-year 2024 net income reached $6.93 million ($3.03 per diluted share), compared to $2.55 million in 2023.
Key highlights include a 28.4% increase in net interest income to $10.0 million in Q4, net interest margin expansion to 3.35%, and 13% growth in net loans to $1.064 billion. Total deposits increased by 14% year-over-year to $1.093 billion. The company maintained strong asset quality with nonperforming loans at just 0.01% of total loans.
The Bank exceeded regulatory capital requirements with a Total risk-based capital ratio of 12.75%. A $12.46 million private placement of common shares earlier in the year supported loan growth and strategic initiatives.
White River Bancshares Company (OTCQX: WRIV) ha reportato risultati finanziari solidi per il quarto trimestre del 2024 e per l'intero anno. Il reddito netto è aumentato a $1.83 milioni ($0.75 per azione diluita) nel quarto trimestre del 2024, rispetto a $788,000 nel quarto trimestre del 2023. Il reddito netto dell'intero anno 2024 ha raggiunto $6.93 milioni ($3.03 per azione diluita), rispetto a $2.55 milioni nel 2023.
Tra i principali risultati, si segnala un aumento del 28.4% del reddito netto da interessi, che ha raggiunto $10.0 milioni nel quarto trimestre, un'espansione del margine d'interesse netto al 3.35%, e una crescita del 13% nei prestiti netti, arrivando a $1.064 miliardi. I depositi totali sono aumentati del 14% su base annua, raggiungendo $1.093 miliardi. L'azienda ha mantenuto una forte qualità degli attivi, con prestiti non performanti pari solo allo 0.01% del totale dei prestiti.
La Banca ha superato i requisiti di capitale normativi con un rapporto di capitale totale basato sul rischio del 12.75%. Un collocamento privato di azioni ordinarie del valore di $12.46 milioni effettuato all'inizio dell'anno ha supportato la crescita dei prestiti e le iniziative strategiche.
White River Bancshares Company (OTCQX: WRIV) reportó sólidos resultados financieros para el cuarto trimestre de 2024 y el desempeño anual completo. El ingreso neto aumentó a $1.83 millones ($0.75 por acción diluida) en el cuarto trimestre de 2024, un incremento desde $788,000 en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 alcanzó $6.93 millones ($3.03 por acción diluida), en comparación con $2.55 millones en 2023.
Los aspectos destacados incluyen un aumento del 28.4% en el ingreso neto por intereses a $10.0 millones en el cuarto trimestre, una expansión en el margen de intereses netos al 3.35%, y un crecimiento del 13% en los préstamos netos a $1.064 mil millones. Los depósitos totales aumentaron un 14% interanual a $1.093 mil millones. La compañía mantuvo una sólida calidad de activos, con préstamos no rentables que representan solo el 0.01% del total de préstamos.
El Banco superó los requisitos de capital regulatorio con un ratio de capital total basado en riesgo del 12.75%. Un colocación privada de acciones comunes por $12.46 millones a principios del año apoyó el crecimiento de préstamos y las iniciativas estratégicas.
화이트 리버 뱅크쉐어스 컴퍼니 (OTCQX: WRIV)가 2024년 4분기 및 연간 실적에 대한 강력한 재무 결과를 보고했습니다. 2024년 4분기 순이익은 $1.83 백만 ($0.75 희석 주당)으로 2023년 4분기의 $788,000에서 증가했습니다. 2024년 전체 순이익은 $6.93 백만 ($3.03 희석 주당)으로 2023년의 $2.55 백만과 비교되었습니다.
주요 하이라이트로는 4분기 동안 순이자 수익이 28.4% 증가하여 $10.0 백만에 도달했으며, 순이자 마진이 3.35%로 확대되었고, 순대출은 13% 성장하여 $1.064 백억에 달했습니다. 총 예금은 전년 대비 14% 증가하여 $1.093 백억에 도달했습니다. 회사는 전체 대출의 단지 0.01%에 해당하는 부실 대출로 강력한 자산 품질을 유지했습니다.
은행은 12.75%의 총 위험 기반 자본 비율로 규제 자본 요건을 초과했습니다. 연초에 시행된 $12.46 백만의 일반주 사모 배치가 대출 성장 및 전략적 구상을 지원했습니다.
White River Bancshares Company (OTCQX: WRIV) a annoncé des résultats financiers solides pour le quatrième trimestre 2024 et la performance annuelle totale. Le revenu net a augmenté à $1.83 million ($0.75 par action diluée) au quatrième trimestre 2024, contre $788,000 au quatrième trimestre 2023. Le revenu net pour l'année 2024 a atteint $6.93 millions ($3.03 par action diluée), contre $2.55 millions en 2023.
Parmi les points saillants, on note une augmentation de 28.4% du revenu net d'intérêts, atteignant $10.0 millions au quatrième trimestre, une expansion de la marge d'intérêt net à 3.35%, et une croissance de 13% des prêts nets, s'élevant à $1.064 milliards. Les dépôts totaux ont augmenté de 14% par rapport à l'année précédente pour atteindre $1.093 milliards. L'entreprise a maintenu une forte qualité d'actifs, avec des prêts non performants représentant seulement 0.01% du total des prêts.
La banque a dépassé les exigences de capital réglementaire avec un ratio de capital total basé sur le risque de 12.75%. Un placement privé d'actions ordinaires d'une valeur de $12.46 millions au début de l'année a soutenu la croissance des prêts et les initiatives stratégiques.
White River Bancshares Company (OTCQX: WRIV) berichtete über starke finanzielle Ergebnisse für das vierte Quartal 2024 und die Gesamtjahresleistung. Der Nettogewinn stieg im vierten Quartal 2024 auf $1.83 Millionen ($0.75 pro verwässerter Aktie), nachdem er im vierten Quartal 2023 bei $788,000 lag. Der Nettogewinn für das Gesamtjahr 2024 erreichte $6.93 Millionen ($3.03 pro verwässerter Aktie), im Vergleich zu $2.55 Millionen im Jahr 2023.
Schlüsselpunkte sind ein Anstieg der Nettozins-Einnahmen um 28.4% auf $10.0 Millionen im vierten Quartal, eine Ausweitung der Nettozinsmarge auf 3.35% und ein Wachstum der Netto-Darlehen um 13% auf $1.064 Milliarden. Die Gesamteinlagen stiegen im Jahresvergleich um 14% auf $1.093 Milliarden. Das Unternehmen hielt eine hohe Vermögensqualität mit notleidenden Krediten, die nur 0.01% der Gesamtkredite ausmachten.
Die Bank übertraf die regulatorischen Kapitalanforderungen mit einer Gesamtkapitalquote von 12.75%. Eine private Platzierung von Stammaktien im Wert von $12.46 Millionen zu Beginn des Jahres unterstützte das Wachstum der Kredite und strategische Initiativen.
- Net income more than doubled YoY in Q4 2024 to $1.83M
- Full-year net income increased significantly to $6.93M from $2.55M
- Net interest income grew 28.4% YoY to $10.0M in Q4
- Net interest margin expanded 39 basis points YoY to 3.35%
- Total deposits increased 14% YoY to $1.093B
- Net loans grew 13% YoY to $1.064B
- Excellent asset quality with only 0.01% nonperforming loans
- Tangible book value per share decreased to $38.74 from $39.09 YoY
- Increased provision for credit losses of $550,000 in Q4 2024
- Noninterest expense increased 5.9% YoY to $33.5M
FAYETTEVILLE, Ark., Jan. 22, 2025 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV), (the “Company”) the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased to
Results for the fourth quarter of 2024 included a
“We had a great year in 2024, driven by the hard work of our team and the trust our customers place in us,” said Gary Head, Chairman and CEO. “Growth in our loan portfolio and a high interest rate environment played a big role, significantly contributing to increased net interest income and profitability relative to the prior year. Fourth quarter results were especially solid, with net income more than doubling compared to the same quarter last year. These strong results were achieved through robust revenue generation, net interest margin expansion, and the
“We’ve continued to focus on growing our deposit balances over the last several years, which has allowed us to use these deposits as our primary source of funding new loan growth,” said Scott Sandlin, Chief Strategy Officer. “Total deposits increased
Fourth Quarter 2024 Financial Highlights:
- Net income for the fourth quarter of 2024 increased to
$1.83 million , or$0.75 per diluted share, compared to$788,000 , or$0.40 per diluted share, in the fourth quarter of 2023. - Net interest income increased
28.4% to$10.0 million in the fourth quarter of 2024, compared to$7.8 million in the fourth quarter of 2023. - Net interest margin (“NIM”) increased 39 basis points to
3.35% in the fourth quarter of 2024, compared to2.96% in the fourth quarter of 2023. - The Company recorded a
$550,000 provision for credit losses in the fourth quarter of 2024, compared to a$250,000 release from the allowance for credit losses in the third quarter of 2024, and a$575,000 provision in the fourth quarter of 2023. - Net loans increased
13.0% to$1.06 4 billion at December 31, 2024, compared to$941.2 million at December 31, 2023. - Nonperforming loans totaled
$55,000 , or0.01% of total loans at December 31, 2024. - Total deposits increased
$133.8 million , or14.0% , during the year to$1.09 3 billion at December 31, 2024, compared to$959.2 million a year ago. - Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts, and CDs under
$250,000) represent73.5% of total deposits at December 31, 2024. - Total risk-based capital ratio estimates of
12.75% , Tier 1 ratio of11.50% , and Leverage ratio of9.74% for the Bank on December 31, 2024. - Tangible book value per common share was
$38.74 at December 31, 2024, compared to$39.09 a year ago.
Income Statement
In the fourth quarter of 2024, the Company generated a ROAA of
“Our NIM expanded three basis points during the fourth quarter, compared to the prior quarter, and increased 39 basis points compared to the year ago quarter, as the contributions from robust loan growth and higher asset yields more than offset the modest increase in funding costs,” said Brant Ward, President. “We anticipate funding costs should start to stabilize or decrease in future quarters due to the recent interest rate declines.” The Company’s NIM was
Net interest income increased
Noninterest income increased
Noninterest expense was
Balance Sheet
Total assets increased
Loans, net of allowance for credit losses, increased
Total deposits increased
FHLB advances were
On August 30, 2024, the Company paid an annual cash dividend of
Credit Quality
Due to substantial quarterly loan growth, the Company recorded a
There were
The allowance for credit losses was
Net loan recoveries were
Capital
The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of
Recent Developments
In November 2024, James Baird was promoted to Chief Financial Officer. Baird joined the Company in 2021 as Senior Vice President & Controller.
During the third quarter of 2024 the Company relocated the Jonesboro location to its permanent location in downtown Jonesboro and during the second quarter the Company opened its second Banco Sí, location in downtown Springdale.
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. In May 2024, Walmart issued a relocation mandate requiring most of its remote employees, as well as most of its office workers in Dallas, Atlanta and Toronto to move to, in most cases, Bentonville by November 1, 2024. While the company did not disclose a number, Bloomberg reported that the number of Walmart employees who would be moving to Bentonville would be in the thousands. Walmart is making a major investment in its hometown facilities, building a new, 350-acre headquarters campus, including walking and biking trails, a hotel, fitness facilities and a large childcare center.
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 ten locations; three 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
Source:
http://www.nwarealtors.org/market-statistics/
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) | |||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||
| ASSETS | |||||||||||||
| Cash and cash equivalents | $ | 22,149,012 | $ | 41,716,400 | $ | 17,624,468 | |||||||
| Investment securities | 133,228,210 | 127,611,833 | 114,550,592 | ||||||||||
| Loans held for sale | 1,117,750 | 1,840,634 | 274,608 | ||||||||||
| Loans | 1,076,674,377 | 989,199,456 | 952,668,035 | ||||||||||
| Allowance for credit losses | (12,814,824 | ) | (12,203,483 | ) | (11,443,904 | ) | |||||||
| Net loans | 1,063,859,553 | 976,995,973 | 941,224,131 | ||||||||||
| Premises and equipment, net | 36,335,828 | 35,808,779 | 29,347,939 | ||||||||||
| Foreclosed assets held for sale | 310,406 | 807,497 | 201,850 | ||||||||||
| Accrued interest receivable | 6,035,084 | 5,273,311 | 4,682,162 | ||||||||||
| Bank owned life insurance | 9,779,307 | 9,697,136 | 9,454,492 | ||||||||||
| Deferred income taxes | 4,390,227 | 3,678,102 | 4,388,415 | ||||||||||
| Other investments | 8,421,651 | 8,442,859 | 7,417,533 | ||||||||||
| Intangible assets, net | 1,803,240 | 1,856,277 | 2,015,386 | ||||||||||
| Other assets | 2,080,346 | 2,025,863 | 1,874,165 | ||||||||||
| TOTAL ASSETS | $ | 1,289,510,614 | $ | 1,215,754,664 | $ | 1,133,055,741 | |||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | |||||||||||||
| Deposits: | |||||||||||||
| Demand and non-interest-bearing | $ | 214,838,920 | $ | 219,590,080 | $ | 222,534,839 | |||||||
| Savings and interest-bearing transaction accounts | 429,293,348 | 389,760,755 | 342,953,012 | ||||||||||
| Time deposits | 448,909,115 | 426,391,052 | 393,705,434 | ||||||||||
| Total deposits | 1,093,041,383 | 1,035,741,887 | 959,193,285 | ||||||||||
| Federal Home Loan Bank advances | 43,667,559 | 26,741,342 | 44,958,945 | ||||||||||
| Notes payable | 26,124,556 | 26,107,279 | 26,320,631 | ||||||||||
| Operating lease liability | 20,851,721 | 20,980,470 | 16,319,937 | ||||||||||
| Reserve for losses on unfunded commitments | 1,478,000 | 1,433,000 | 1,433,000 | ||||||||||
| Accrued interest payable | 2,838,298 | 2,676,428 | 2,444,462 | ||||||||||
| Other liabilities | 4,919,715 | 4,855,916 | 2,836,658 | ||||||||||
| TOTAL LIABILITIES | 1,192,921,232 | 1,118,536,322 | 1,053,506,918 | ||||||||||
| Stockholders' equity: | |||||||||||||
| Common stock (1) | 24,854 | 24,698 | 20,172 | ||||||||||
| Surplus (1) | 102,679,096 | 102,557,371 | 90,450,687 | ||||||||||
| Retained earnings (accumulated deficit) | 2,084,568 | 255,449 | (3,624,915 | ) | |||||||||
| Treasury stock, at cost | (1,265,715 | ) | (1,138,736 | ) | (1,119,100 | ) | |||||||
| Income before income taxes | (6,933,421 | ) | (4,480,440 | ) | (6,178,021 | ) | |||||||
| TOTAL STOCKHOLDERS' EQUITY | 96,589,382 | 97,218,342 | 79,548,823 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,289,510,614 | $ | 1,215,754,664 | $ | 1,133,055,741 | |||||||
| (1) | Prior periods adjusted to give effect to stock split effected | ||||||||||||
| in the form of a dividend on September 4, 2024. | |||||||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
| (Unaudited) | ||||||||||||
| For the Three Months Ended | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| 2024 | 2024 | 2023 | ||||||||||
| INTEREST INCOME | ||||||||||||
| Loans, including fees | $ | 17,118,955 | $ | 16,329,569 | $ | 13,656,322 | ||||||
| Investment securities | 1,300,977 | 1,079,376 | 930,823 | |||||||||
| Federal funds sold and other | 262,856 | 365,012 | 119,794 | |||||||||
| Total interest income | 18,682,788 | 17,773,957 | 14,706,939 | |||||||||
| INTEREST EXPENSE | ||||||||||||
| Deposits | 7,963,925 | 7,580,319 | 6,025,195 | |||||||||
| Federal Home Loan Bank advances | 300,137 | 354,480 | 413,864 | |||||||||
| Notes payable | 396,899 | 396,900 | 398,017 | |||||||||
| Federal funds purchased and other | 4,101 | 12,152 | 68,756 | |||||||||
| Total interest expense | 8,665,062 | 8,343,851 | 6,905,832 | |||||||||
| NET INTEREST INCOME | 10,017,726 | 9,430,106 | 7,801,107 | |||||||||
| Provision for credit losses | 550,000 | (250,000 | ) | 575,000 | ||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 9,467,726 | 9,680,106 | 7,226,107 | |||||||||
| NON-INTEREST INCOME | ||||||||||||
| Service charges and fees on deposits | 182,870 | 164,982 | 161,910 | |||||||||
| Wealth management fee income | 1,035,160 | 995,784 | 997,887 | |||||||||
| Secondary market fee income | 196,277 | 244,063 | 114,581 | |||||||||
| Bank owned-life insurance income | 82,171 | 82,285 | 80,156 | |||||||||
| Gain (loss) on sales and write-downs of foreclosed assets | 11,085 | 70 | - | |||||||||
| Other | 535,284 | 497,002 | 449,724 | |||||||||
| TOTAL NON-INTEREST INCOME | 2,042,847 | 1,984,186 | 1,804,258 | |||||||||
| NON-INTEREST EXPENSE | ||||||||||||
| Salaries and benefits | 5,226,075 | 4,950,030 | 4,427,071 | |||||||||
| Occupancy and equipment | 1,130,174 | 1,005,927 | 956,731 | |||||||||
| Data processing | 806,411 | 718,976 | 777,216 | |||||||||
| Marketing and business development | 518,628 | 445,286 | 429,642 | |||||||||
| Professional services | 660,860 | 687,679 | 739,988 | |||||||||
| Amortization of other intangible assets | 53,032 | 53,036 | 53,037 | |||||||||
| Other | 445,998 | 400,942 | 639,174 | |||||||||
| TOTAL NON-INTEREST EXPENSE | 8,841,178 | 8,261,876 | 8,022,859 | |||||||||
| Income before income taxes | 2,669,395 | 3,402,416 | 1,007,506 | |||||||||
| Income tax provision | 834,444 | 662,467 | 219,856 | |||||||||
| NET INCOME | $ | 1,834,951 | $ | 2,739,949 | $ | 787,650 | ||||||
| EARNINGS PER SHARE | ||||||||||||
| Basic (1) | $ | 0.75 | $ | 1.12 | $ | 0.40 | ||||||
| Diluted (1) | $ | 0.75 | $ | 1.12 | $ | 0.40 | ||||||
| (1) | Prior periods adjusted to give effect to stock split effected | |||||||||||
| in the form of a dividend on September 4, 2024. | ||||||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| (Unaudited) | ||||||||
| Twelve Months Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| INTEREST INCOME | ||||||||
| Loans, including fees | $ | 64,206,898 | $ | 48,013,431 | ||||
| Investment securities | 4,392,808 | 3,046,163 | ||||||
| Federal funds sold and other | 886,272 | 1,003,831 | ||||||
| Total Interest Income | 69,485,978 | 52,063,425 | ||||||
| INTEREST EXPENSE | ||||||||
| Deposits | 29,635,549 | 18,458,941 | ||||||
| Federal Home Loan Bank advances | 1,623,199 | 1,970,352 | ||||||
| Notes payable | 1,589,833 | 1,586,758 | ||||||
| Federal funds purchased and other | 116,300 | 116,483 | ||||||
| Total interest expense | 32,964,881 | 22,132,534 | ||||||
| NET INTEREST INCOME | 36,521,097 | 29,930,891 | ||||||
| Provision for credit losses | 1,380,000 | 1,275,000 | ||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 35,141,097 | 28,655,891 | ||||||
| NON-INTEREST INCOME | ||||||||
| Service charges and fees on deposits | 653,017 | 610,403 | ||||||
| Wealth management fee income | 3,942,003 | 3,050,605 | ||||||
| Secondary market fee income | 611,330 | 393,275 | ||||||
| Bank owned life insurance income | 324,815 | 320,168 | ||||||
| Gain (loss) on sales and write-downs of foreclosed assets | 12,531 | - | ||||||
| Other | 2,008,605 | 1,729,015 | ||||||
| TOTAL NON-INTEREST INCOME | 7,552,301 | 6,103,466 | ||||||
| NON-INTEREST EXPENSE | ||||||||
| Salaries and benefits | 19,960,194 | 18,687,153 | ||||||
| Occupancy and equipment | 4,001,043 | 3,767,352 | ||||||
| Data processing | 3,020,036 | 3,014,412 | ||||||
| Marketing and business development | 1,901,229 | 1,871,768 | ||||||
| Professional services | 2,636,296 | 2,330,140 | ||||||
| Amortization of intangible asset | 212,141 | 106,073 | ||||||
| Other | 1,744,979 | 1,836,893 | ||||||
| TOTAL NON-INTEREST EXPENSE | 33,475,918 | 31,613,791 | ||||||
| Income before income taxes | 9,217,480 | 3,145,566 | ||||||
| Income tax provision | 2,284,315 | 600,447 | ||||||
| NET INCOME | $ | 6,933,165 | $ | 2,545,119 | ||||
| EARNINGS PER SHARE | ||||||||
| Basic (1) | $ | 3.03 | $ | 1.28 | ||||
| Diluted (1) | $ | 3.03 | $ | 1.28 | ||||
| (1) | Prior periods adjusted to give effect to stock split effected | |||||||
| in the form of a dividend on September 4, 2024. | ||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| December 31, | September 30, | December 31, | ||||||||||
| 2024 | 2024 | 2023 | ||||||||||
| FOR THE PERIOD | ||||||||||||
| Net income | $ | 1,834,951 | $ | 2,739,949 | $ | 787,650 | ||||||
| Net income before taxes | 2,669,395 | 3,402,416 | 1,007,506 | |||||||||
| Dividends declared per share (1) | - | - | - | |||||||||
| PERIOD END BALANCE | ||||||||||||
| Total assets | $ | 1,289,510,614 | $ | 1,215,754,664 | $ | 1,133,055,741 | ||||||
| Total investments | 133,228,210 | 127,611,833 | 114,550,592 | |||||||||
| Total loans, net | 1,063,859,553 | 976,995,973 | 941,224,131 | |||||||||
| Allowance for credit losses | (12,814,824 | ) | (12,203,483 | ) | (11,443,904 | ) | ||||||
| Total deposits | 1,093,041,383 | 1,035,741,887 | 959,193,285 | |||||||||
| Stockholders' equity | 96,589,382 | 97,218,342 | 79,548,823 | |||||||||
| RATIO ANALYSIS | ||||||||||||
| Return on average assets (annualized) | 0.58 | % | 0.91 | % | 0.28 | % | ||||||
| Return on average equity (annualized) | 7.34 | % | 11.33 | % | 4.03 | % | ||||||
| Net loans/Deposits | 97.33 | % | 94.33 | % | 98.13 | % | ||||||
| Total Stockholders' Equity/Total assets | 7.49 | % | 8.00 | % | 7.02 | % | ||||||
| Net loan losses/Total loans | -0.01 | % | -0.00 | % | 0.02 | % | ||||||
| Uninsured & unpledged deposits | 31.78 | % | 29.71 | % | 31.47 | % | ||||||
| PER SHARE DATA | ||||||||||||
| Shares oustanding (1) | 2,446,563 | 2,435,597 | 1,983,630 | |||||||||
| Weighted average shares outstanding (1) | 2,446,241 | 2,435,637 | 1,983,290 | |||||||||
| Diluted weighted average shares outstanding (1) | 2,446,471 | 2,534,637 | 1,983,290 | |||||||||
| Basic earnings (1) | $ | 0.75 | $ | 1.12 | $ | 0.40 | ||||||
| Diluted earnings (1) | 0.75 | 1.12 | 0.40 | |||||||||
| Book value (1) | 39.48 | 39.92 | 40.10 | |||||||||
| Tangible book value (1) | 38.74 | 39.15 | 39.09 | |||||||||
| ASSET QUALITY | ||||||||||||
| Income before income taxes | $ | (106,340 | ) | $ | (19,353 | ) | $ | 184,970 | ||||
| Classified assets | 184,422 | 1,048,301 | 1,623,558 | |||||||||
| Nonperforming loans | 55,132 | - | 1,153,852 | |||||||||
| Nonperforming assets | 494,828 | 807,497 | 1,355,702 | |||||||||
| Total nonperforming loans/Total loans | 0.01 | % | 0.00 | % | 0.12 | % | ||||||
| Total nonperforming loans/Total assets | 0.00 | % | 0.00 | % | 0.10 | % | ||||||
| Total nonperforming assets/Total assets | 0.04 | % | 0.07 | % | 0.12 | % | ||||||
| Allowance for credit losses/Total loans | 1.19 | % | 1.23 | % | 1.20 | % | ||||||
| (1) | Prior periods adjusted to give effect to stock split effected | |||||||||||
| in the form of a dividend on September 4, 2024. | ||||||||||||
| WHITE RIVER BANCSHARES COMPANY | |||||||||||||||||||||||||||
| INTEREST INCOME AND EXPENSE | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | |||||||||||||||||||||||||
| 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 | $ | 20,998,114 | $ | 262,856 | 4.98 | % | $ | 27,017,413 | $ | 365,012 | 5.37 | % | $ | 7,843,513 | $ | 119,794 | 6.06 | % | |||||||||
| Investment securities available-for-sale (1) | 132,386,055 | 1,150,282 | 3.46 | % | 121,374,599 | 1,023,136 | 3.35 | % | 103,892,365 | 791,835 | 3.02 | % | |||||||||||||||
| Loans receivable | 1,018,919,798 | 17,118,955 | 6.68 | % | 974,934,024 | 16,329,569 | 6.66 | % | 913,603,571 | 13,656,322 | 5.93 | % | |||||||||||||||
| Total interest-earning assets | 1,172,303,967 | $ | 18,532,093 | 6.29 | % | 1,123,326,036 | $ | 17,717,717 | 6.27 | % | 1,025,339,449 | $ | 14,567,951 | 5.64 | % | ||||||||||||
| Noninterest-earning assets | 81,203,717 | 75,357,245 | 71,400,967 | ||||||||||||||||||||||||
| Total assets | $ | 1,253,507,684 | $ | 1,198,683,281 | $ | 1,096,740,416 | |||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 847,808,178 | $ | 7,963,925 | 3.74 | % | $ | 800,328,274 | $ | 7,580,319 | 3.77 | % | $ | 704,867,459 | $ | 6,025,195 | 3.39 | % | |||||||||
| FHLB advances and federal funds purchased | 28,097,088 | 304,238 | 4.31 | % | 32,559,233 | 366,632 | 4.48 | % | 43,218,876 | 482,620 | 4.43 | % | |||||||||||||||
| Notes payable | 26,118,547 | 396,899 | 6.05 | % | 26,101,145 | 396,900 | 6.05 | % | 25,472,047 | 398,017 | 6.20 | % | |||||||||||||||
| Total interest-bearing liabilities | 902,023,813 | $ | 8,665,062 | 3.82 | % | 858,988,652 | $ | 8,343,851 | 3.86 | % | 773,558,382 | $ | 6,905,832 | 3.54 | % | ||||||||||||
| Noninterest-bearing liabilities | 252,089,008 | 243,528,526 | 245,689,756 | ||||||||||||||||||||||||
| Total liabilities | 1,154,112,821 | 1,102,517,178 | 1,019,248,138 | ||||||||||||||||||||||||
| Stockholders' equity | 99,394,863 | 96,166,103 | 77,492,278 | ||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,253,507,684 | $ | 1,198,683,281 | $ | 1,096,740,416 | |||||||||||||||||||||
| Net interest-earning assets | $ | 270,280,154 | $ | 264,337,384 | $ | 251,781,067 | |||||||||||||||||||||
| Net interest spread | $ | 9,867,031 | 2.47 | % | $ | 9,373,866 | 2.41 | % | $ | 7,662,119 | 2.10 | % | |||||||||||||||
| Net interest margin | 3.35 | % | 3.32 | % | 2.96 | % | |||||||||||||||||||||
| (1) | Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares). | ||||||||||||||||||||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||||||||
| INTEREST INCOME AND EXPENSE | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Twelve Months Ended December 31, | ||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Federal funds sold and other | $ | 17,077,491 | $ | 886,272 | 5.19 | % | $ | 20,039,416 | $ | 1,003,831 | 5.01 | % | ||||||
| Investment securities available-for-sale (1) | 120,691,174 | 4,016,203 | 3.33 | % | 98,867,811 | 2,695,987 | 2.73 | % | ||||||||||
| Loans receivable | 982,096,223 | 64,206,898 | 6.54 | % | 869,975,590 | 48,013,431 | 5.52 | % | ||||||||||
| Total interest-earning assets | 1,119,864,888 | $ | 69,109,373 | 6.17 | % | 988,882,817 | $ | 51,713,249 | 5.23 | % | ||||||||
| Noninterest-earning assets | 75,461,801 | 67,792,902 | ||||||||||||||||
| Total assets | $ | 1,195,326,689 | $ | 1,056,675,719 | ||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing deposits | $ | 795,491,935 | $ | 29,635,549 | 3.73 | % | $ | 653,647,145 | $ | 18,458,941 | 2.82 | % | ||||||
| FHLB advances and federal funds purchased | 37,919,829 | 1,739,499 | 4.59 | % | 47,087,877 | 2,086,835 | 4.43 | % | ||||||||||
| Notes payable | 26,222,370 | 1,589,833 | 6.06 | % | 25,466,038 | 1,586,758 | 6.23 | % | ||||||||||
| Total interest-bearing liabilities | 859,634,134 | $ | 32,964,881 | 3.83 | % | 726,201,060 | $ | 22,132,534 | 3.05 | % | ||||||||
| Noninterest-bearing liabilities | 243,964,641 | 252,120,124 | ||||||||||||||||
| Total liabilities | 1,103,598,775 | 978,321,184 | ||||||||||||||||
| Stockholders' equity | 91,727,914 | 78,354,535 | ||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,195,326,689 | $ | 1,056,675,719 | ||||||||||||||
| Net interest-earning assets | $ | 260,230,754 | $ | 262,681,757 | ||||||||||||||
| Net interest spread | $ | 36,144,492 | 2.34 | % | $ | 29,580,715 | 2.18 | % | ||||||||||
| Net interest margin | 3.23 | % | 2.99 | % | ||||||||||||||
| (1) | Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares). | |||||||||||||||||
| Contact: | Scott Sandlin, Chief Strategy Officer |
| 479-684-3754 |
FAQ
What was WRIV's net income for Q4 2024?
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