White River Bancshares Co. Earns a Record $2.74 million, or $1.12 Per Diluted Share, in 3Q24; Highlighted by Net Interest Margin Expansion
White River Bancshares Company (OTCQX: WRIV) reported record financial results for the third quarter of 2024. Net income increased substantially to $2.74 million, or $1.12 per diluted share, compared to $639,000, or $0.32 per diluted share, in the third quarter of 2023. Key highlights include:
- Net interest income increased 30.1% to $9.4 million
- Net interest margin expanded 43 basis points to 3.32%
- Return on average assets was 0.91%
- Return on average equity was 11.33%
- Net loans increased 8.9% to $977.0 million
- Total deposits increased 12.1% to $1.036 billion
- Zero nonperforming loans at quarter-end
The Company's strong performance was attributed to robust net interest income generation, net interest margin expansion, and the impact of a recent $12.46 million private placement of common shares. Management expressed optimism about continued growth and operational optimization.
White River Bancshares Company (OTCQX: WRIV) ha riportato risultati finanziari record per il terzo trimestre del 2024. L'utile netto è aumentato notevolmente a 2,74 milioni di dollari, ovvero 1,12 dollari per azione diluita, rispetto a 639.000 dollari, ovvero 0,32 dollari per azione diluita, nel terzo trimestre del 2023. I principali punti salienti includono:
- L'utile netto da interessi è aumentato del 30,1% a 9,4 milioni di dollari
- Il margine di interesse netto è cresciuto di 43 punti base, raggiungendo il 3,32%
- Il ritorno sugli attivi medi è stato dello 0,91%
- Il ritorno sul patrimonio netto medio è stato dell'11,33%
- I prestiti netti sono aumentati dell'8,9%, raggiungendo 977,0 milioni di dollari
- I depositi totali sono aumentati del 12,1% a 1,036 miliardi di dollari
- Zero prestiti non performanti alla fine del trimestre
La solidità delle performance della Società è stata attribuita alla robusta generazione di reddito netto da interessi, all'espansione del margine di interesse netto e all'impatto di un recente collocamento privato di 12,46 milioni di dollari di azioni ordinarie. La direzione ha espresso ottimismo riguardo a una continua crescita e all'ottimizzazione operativa.
White River Bancshares Company (OTCQX: WRIV) reportó resultados financieros récord para el tercer trimestre de 2024. El ingreso neto aumentó sustancialmente a 2.74 millones de dólares, o 1.12 dólares por acción diluida, en comparación con 639,000 dólares, o 0.32 dólares por acción diluida, en el tercer trimestre de 2023. Los puntos clave incluyen:
- Los ingresos netos por intereses aumentaron un 30.1% a 9.4 millones de dólares
- El margen de interés neto se amplió en 43 puntos básicos, alcanzando el 3.32%
- El retorno sobre activos promedio fue del 0.91%
- El retorno sobre el patrimonio promedio fue del 11.33%
- Los préstamos netos aumentaron un 8.9% a 977.0 millones de dólares
- Los depósitos totales aumentaron un 12.1% a 1.036 mil millones de dólares
- Cero préstamos en mora al final del trimestre
El sólido desempeño de la Compañía se atribuyó a la fuerte generación de ingresos netos por intereses, la expansión del margen de interés neto y el impacto de una reciente colocación privada de 12.46 millones de dólares en acciones comunes. La dirección expresó optimismo sobre el crecimiento continuo y la optimización operativa.
화이트 리버 뱅크쉐어스 컴퍼니 (OTCQX: WRIV)는 2024년 3분기 동안 기록적인 재무 결과를 보고했습니다. 순이익은 274만 달러, 즉 희석 주당 1.12달러로 크게 증가했으며, 이는 2023년 3분기의 639,000달러, 즉 희석 주당 0.32달러에 비해 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 수익이 30.1% 증가하여 940만 달러에 도달했습니다
- 순이자 마진이 43 베이시스 포인트 확대되어 3.32%에 도달했습니다
- 평균 자산 수익률은 0.91%였습니다
- 평균 자기자본 수익률은 11.33%였습니다
- 순대출은 8.9% 증가하여 9억 7700만 달러에 도달했습니다
- 총 예금은 12.1% 증가하여 10억 3600만 달러에 도달했습니다
- 분기 말 기준으로 부실 대출 제로
회사의 강력한 성과는 탄탄한 순이자 수익 창출, 순이자 마진의 확대 및 최근 1246만 달러 규모의 공통 주식 사모 배치의 영향을 덧붙였습니다. 경영진은 지속적인 성장과 운영 최적화에 대한 긍정적인 전망을 밝혔습니다.
White River Bancshares Company (OTCQX: WRIV) a annoncé des résultats financiers records pour le troisième trimestre 2024. Le revenu net a considérablement augmenté pour atteindre 2,74 millions de dollars, soit 1,12 dollar par action diluée, contre 639 000 dollars, soit 0,32 dollar par action diluée, au troisième trimestre 2023. Les points clés incluent :
- Les revenus d'intérêts nets ont augmenté de 30,1 % pour atteindre 9,4 millions de dollars
- La marge d'intérêt net a été élargie de 43 points de base pour atteindre 3,32 %
- Le retour sur actifs moyens était de 0,91 %
- Le retour sur capitaux propres moyens était de 11,33 %
- Les prêts nets ont augmenté de 8,9 % pour atteindre 977,0 millions de dollars
- Les dépôts totaux ont augmenté de 12,1 % pour atteindre 1,036 milliard de dollars
- Aucun prêt non performant à la fin du trimestre
La solide performance de l'entreprise est attribuée à une génération robuste de revenus d'intérêts nets, à l'expansion de la marge d'intérêt net et à l'impact d'un placement privé récent de 12,46 millions de dollars d'actions ordinaires. La direction a exprimé de l'optimisme quant à la croissance continue et à l'optimisation opérationnelle.
White River Bancshares Company (OTCQX: WRIV) hat für das dritte Quartal 2024 Rekordfinanzresultate gemeldet. Der Nettogewinn stieg erheblich auf 2,74 Millionen Dollar, oder 1,12 Dollar pro verwässerter Aktie, im Vergleich zu 639.000 Dollar, oder 0,32 Dollar pro verwässerter Aktie, im dritten Quartal 2023. Wichtige Höhepunkte sind:
- Der Zinsertrag stieg um 30,1% auf 9,4 Millionen Dollar
- Die Zinsspanne erweiterte sich um 43 Basispunkte auf 3,32%
- Die Rendite auf das durchschnittliche Vermögen betrug 0,91%
- Die Rendite auf das durchschnittliche Eigenkapital betrug 11,33%
- Die Nettokredite stiegen um 8,9% auf 977,0 Millionen Dollar
- Die Gesamteinlagen stiegen um 12,1% auf 1,036 Milliarden Dollar
- Am Quartalsende gab es null notleidende Kredite
Die starke Leistung des Unternehmens wurde auf die robuste Generierung von Zinseinnahmen, die Erweiterung der Zinsspanne und die Auswirkungen einer kürzlichen Privatplatzierung von 12,46 Millionen Dollar von Stammaktien zurückgeführt. Das Management äußerte Optimismus hinsichtlich anhaltendem Wachstum und operativer Optimierung.
- Record net income of $2.74 million, up 329% year-over-year
- Earnings per share increased to $1.12 from $0.32 year-over-year
- Net interest income grew 30.1% to $9.4 million
- Net interest margin expanded 43 basis points to 3.32%
- Return on average equity improved to 11.33% from 3.25% year-over-year
- Net loans increased 8.9% year-over-year to $977.0 million
- Total deposits grew 12.1% year-over-year to $1.036 billion
- Zero nonperforming loans at quarter-end
- $250,000 release from allowance for credit losses
- Noninterest expense increased to $8.3 million from $7.8 million year-over-year
FAYETTEVILLE, Ark., Oct. 15, 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 increased substantially to
“Our third quarter produced record financial results, with net income and earnings per share increasing significantly compared to the year ago quarter,” said Gary Head, Chairman and Chief Executive Officer. “Our bankers achieved these quarterly earnings through strong net interest income generation and net interest margin expansion, augmented with the
“We continue to focus on building out our deposit franchise to fund new loan activity,” said Scott Sandlin, Chief Strategy Officer. “Total deposits increased
Third Quarter 2024 Financial Highlights:
- Net income for the third quarter of 2024 increased substantially to
$2.74 million , or$1.12 per diluted share, compared to$639,000 , or$0.32 per diluted share, in the third quarter of 2023. - Net interest income increased
30.1% to$9.4 million in the third quarter of 2024, compared to$7.3 million in the third quarter of 2023. - Net interest margin (“NIM”) increased 43 basis points to
3.32% in the third quarter of 2024, compared to2.89% in the third quarter of 2023. - Annualized return on average assets was
0.91% , compared to0.24% in the third quarter of 2023. - Annualized return on average equity was
11.33% , compared to3.25% in the third quarter a year ago. - The Company recorded a
$250,000 release from the allowance for credit losses in the third quarter of 2024, compared to a$325,000 provision in the third quarter of 2023. - Net loans increased
8.9% to$977.0 million at September 30, 2024, compared to$897.2 million at September 30, 2023. - There were zero nonperforming loans at September 30, 2024.
- Total deposits increased
$111.8 million , or12.1% , to$1.03 6 billion at September 30, 2024, compared to$923.9 million a year ago. - Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts, and CDs under
$250,000) represent74.10% of total deposits at September 30, 2024. - Total risk-based capital ratio estimate of
13.48% , Tier 1 ratio of12.25% , and Leverage ratio of10.11% for the Bank at September 30, 2024. - Tangible book value per common share was
$39.15 at September 30, 2024, compared to$36.81 a year ago. - On August 30, 2024, the Company paid an annual cash dividend of
$0.50 per share to shareholders of record on July 31, 2024. The annual dividend was adjusted from$1.00 per share to$0.50 cents per share to reflect the two-for-one stock split issued September 4, 2024.
Income Statement
In the third quarter of 2024, the Company generated a ROAA of
“Our NIM expanded seven basis points during the third quarter of 2024, as higher asset yields more than offset the modest increase in funding costs,” said Brant Ward, President. “We anticipate our NIM will continue to expand for the remainder of 2024 if interest rates remain at current levels or continue to decline.” 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 decreased to
Credit Quality
Due to pristine credit quality, net loan recoveries, and muted loan growth, the Company recorded a
There were zero nonperforming loans at September 30, 2024. This compared to nonperforming loans of
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
James Baird, Senior Vice President & Controller, has been appointed interim Chief Financial Officer until such time a search for a permanent replacement has been completed. Edward P. Riendeau resigned from his position as Chief Financial Officer effective September 18, 2024.
During the second quarter of 2024, the Company opened its second Banco Sí, location in downtown Springdale, and celebrated a public launch and grand opening during the third quarter of 2024. The Company also moved the Jonesboro location to its permanent home in Downtown Jonesboro in September, with a grand opening celebration planned for October 24, 2024.
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 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
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.
| WHITE RIVER BANCSHARES COMPANY | |||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||
| (Unaudited) | |||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||
| ASSETS | |||||||||||||
| Cash and cash equivalents | $ | 41,716,400 | $ | 49,495,763 | $ | 32,312,380 | |||||||
| Investment securities | 127,611,833 | 115,526,915 | 97,523,688 | ||||||||||
| Loans held for sale | 1,840,634 | 997,907 | 562,500 | ||||||||||
| Loans | 989,199,456 | 994,754,063 | 908,174,628 | ||||||||||
| Allowance for credit losses | (12,203,483 | ) | (12,434,130 | ) | (10,928,878 | ) | |||||||
| Net loans | 976,995,973 | 982,319,933 | 897,245,750 | ||||||||||
| Premises and equipment, net | 35,808,779 | 30,442,837 | 29,425,104 | ||||||||||
| Foreclosed assets held for sale | 807,497 | 777,606 | - | ||||||||||
| Accrued interest receivable | 5,273,311 | 5,433,391 | 3,928,509 | ||||||||||
| Bank owned life insurance | 9,697,136 | 9,614,851 | 9,374,336 | ||||||||||
| Deferred income taxes | 3,678,102 | 4,788,942 | 5,628,076 | ||||||||||
| Other investments | 8,442,859 | 8,094,125 | 7,151,204 | ||||||||||
| Intangible assets, net | 1,856,277 | 1,909,313 | 2,068,423 | ||||||||||
| Other assets | 2,025,863 | 1,733,790 | 2,170,842 | ||||||||||
| TOTAL ASSETS | $ | 1,215,754,664 | $ | 1,211,135,373 | $ | 1,087,390,812 | |||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | |||||||||||||
| Deposits: | |||||||||||||
| Demand and non-interest-bearing | $ | 219,590,080 | $ | 233,230,007 | $ | 233,500,987 | |||||||
| Savings and interest-bearing transaction accounts | 389,760,755 | 348,391,562 | 335,602,053 | ||||||||||
| Time deposits | 426,391,052 | 432,248,979 | 354,828,320 | ||||||||||
| Total deposits | 1,035,741,887 | 1,013,870,548 | 923,931,360 | ||||||||||
| Federal Home Loan Bank advances | 26,741,342 | 54,314,495 | 37,932,481 | ||||||||||
| Notes payable | 26,107,279 | 26,090,002 | 26,303,355 | ||||||||||
| Operating lease liability | 20,980,470 | 15,930,503 | 16,521,696 | ||||||||||
| Reserve for losses on unfunded commitments | 1,433,000 | 1,433,000 | 1,558,000 | ||||||||||
| Accrued interest payable | 2,676,428 | 2,714,687 | 2,062,419 | ||||||||||
| Other liabilities | 4,855,916 | 4,745,292 | 3,803,220 | ||||||||||
| TOTAL LIABILITIES | 1,118,536,322 | 1,119,098,527 | 1,012,112,531 | ||||||||||
| Stockholders' equity: | |||||||||||||
| Common stock (1) | 24,698 | 24,698 | 20,168 | ||||||||||
| Surplus (1) | 102,557,371 | 102,457,705 | 90,325,731 | ||||||||||
| Retained earnings (accumulated deficit) | 255,449 | (2,484,500 | ) | (4,412,565 | ) | ||||||||
| Treasury stock, at cost | (1,138,736 | ) | (1,132,905 | ) | (929,517 | ) | |||||||
| Accumulated other comprehensive loss | (4,480,440 | ) | (6,828,152 | ) | (9,725,536 | ) | |||||||
| TOTAL STOCKHOLDERS' EQUITY | 97,218,342 | 92,036,846 | 75,278,281 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,215,754,664 | $ | 1,211,135,373 | $ | 1,087,390,812 | |||||||
| (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 | |||||||||||||
| September 30, | June 30, | September 30, | |||||||||||
| 2024 | 2024 | 2023 | |||||||||||
| INTEREST INCOME | |||||||||||||
| Loans, including fees | $ | 16,329,569 | $ | 15,763,452 | $ | 12,381,749 | |||||||
| Investment securities | 1,079,376 | 1,083,415 | 706,441 | ||||||||||
| Federal funds sold and other | 365,012 | 162,250 | 175,691 | ||||||||||
| Total interest income | 17,773,957 | 17,009,117 | 13,263,881 | ||||||||||
| INTEREST EXPENSE | |||||||||||||
| Deposits | 7,580,319 | 7,106,512 | 5,202,219 | ||||||||||
| Federal Home Loan Bank advances | 354,480 | 448,263 | 399,306 | ||||||||||
| Notes payable | 396,900 | 398,017 | 398,017 | ||||||||||
| Federal funds purchased and other | 12,152 | 21,787 | 14,302 | ||||||||||
| Total interest expense | 8,343,851 | 7,974,579 | 6,013,844 | ||||||||||
| NET INTEREST INCOME | 9,430,106 | 9,034,538 | 7,250,037 | ||||||||||
| Provision for credit losses | (250,000 | ) | 432,000 | 325,000 | |||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 9,680,106 | 8,602,538 | 6,925,037 | ||||||||||
| NON-INTEREST INCOME | |||||||||||||
| Service charges and fees on deposits | 164,982 | 154,816 | 151,016 | ||||||||||
| Wealth management fee income | 995,784 | 1,065,553 | 896,768 | ||||||||||
| Secondary market fee income | 244,063 | 113,926 | 70,960 | ||||||||||
| Bank owned-life insurance income | 82,285 | 80,478 | 81,682 | ||||||||||
| Gain (loss) on sales and write-downs of foreclosed assets | 70 | 326 | - | ||||||||||
| Other | 497,002 | 527,064 | 425,791 | ||||||||||
| TOTAL NON-INTEREST INCOME | 1,984,186 | 1,942,163 | 1,626,217 | ||||||||||
| NON-INTEREST EXPENSE | |||||||||||||
| Salaries and benefits | 4,950,030 | 4,784,556 | 4,507,559 | ||||||||||
| Occupancy and equipment | 1,005,927 | 936,818 | 968,060 | ||||||||||
| Data processing | 718,976 | 704,080 | 833,755 | ||||||||||
| Marketing and business development | 445,286 | 473,618 | 444,957 | ||||||||||
| Professional services | 687,679 | 617,890 | 604,962 | ||||||||||
| Amortization of other intangible assets | 53,036 | 53,037 | 53,036 | ||||||||||
| Other | 400,942 | 494,203 | 414,613 | ||||||||||
| TOTAL NON-INTEREST EXPENSE | 8,261,876 | 8,064,202 | 7,826,942 | ||||||||||
| Income before income taxes | 3,402,416 | 2,480,499 | 724,312 | ||||||||||
| Income tax provision | 662,467 | 631,462 | 84,885 | ||||||||||
| NET INCOME | $ | 2,739,949 | $ | 1,849,037 | $ | 639,427 | |||||||
| EARNINGS PER SHARE | |||||||||||||
| Basic (1) | $ | 1.12 | $ | 0.81 | $ | 0.32 | |||||||
| Diluted (1) | $ | 1.12 | $ | 0.81 | $ | 0.32 | |||||||
| (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) | ||||||||||
| Nine Months Ended | ||||||||||
| September 30, | ||||||||||
| 2024 | 2023 | |||||||||
| INTEREST INCOME | ||||||||||
| Loans, including fees | $ | 47,087,943 | $ | 34,357,109 | ||||||
| Investment securities | 3,091,831 | 2,115,340 | ||||||||
| Federal funds sold and other | 623,416 | 884,037 | ||||||||
| Total Interest Income | 50,803,190 | 37,356,486 | ||||||||
| INTEREST EXPENSE | ||||||||||
| Deposits | 21,671,624 | 12,433,746 | ||||||||
| Federal Home Loan Bank advances | 1,323,062 | 1,556,488 | ||||||||
| Notes payable | 1,192,934 | 1,188,741 | ||||||||
| Federal funds purchased and other | 112,199 | 47,727 | ||||||||
| Total interest expense | 24,299,819 | 15,226,702 | ||||||||
| NET INTEREST INCOME | 26,503,371 | 22,129,784 | ||||||||
| Provision for credit losses | 830,000 | 700,000 | ||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 25,673,371 | 21,429,784 | ||||||||
| NON-INTEREST INCOME | ||||||||||
| Service charges and fees on deposits | 470,147 | 448,493 | ||||||||
| Wealth management fee income | 2,906,843 | 2,052,718 | ||||||||
| Secondary market fee income | 415,053 | 278,694 | ||||||||
| Bank owned life insurance income | 242,644 | 240,012 | ||||||||
| Gain (loss) on sales and write-downs of foreclosed assets | 1,446 | - | ||||||||
| Other | 1,473,321 | 1,279,291 | ||||||||
| TOTAL NON-INTEREST INCOME | 5,509,454 | 4,299,208 | ||||||||
| NON-INTEREST EXPENSE | ||||||||||
| Salaries and benefits | 14,734,119 | 14,260,082 | ||||||||
| Occupancy and equipment | 2,870,869 | 2,810,621 | ||||||||
| Data processing | 2,213,625 | 2,237,196 | ||||||||
| Marketing and business development | 1,382,601 | 1,442,126 | ||||||||
| Professional services | 1,975,436 | 1,590,152 | ||||||||
| Amortization of intangible asset | 159,109 | 53,036 | ||||||||
| Other | 1,298,981 | 1,197,719 | ||||||||
| TOTAL NON-INTEREST EXPENSE | 24,634,740 | 23,590,932 | ||||||||
| Income before income taxes | 6,548,085 | 2,138,060 | ||||||||
| Income tax provision | 1,449,871 | 380,591 | ||||||||
| NET INCOME | $ | 5,098,214 | $ | 1,757,469 | ||||||
| EARNINGS PER SHARE | ||||||||||
| Basic (1) | $ | 2.28 | $ | 0.88 | ||||||
| Diluted (1) | $ | 2.28 | $ | 0.88 | ||||||
| (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) | (Audited) | ||||||||||||||||
| Three Months Ended | Year ended | ||||||||||||||||
| September 30, | June 30, | September 30, | December 31, | ||||||||||||||
| 2024 | 2024 | 2023 | 2023 | ||||||||||||||
| FOR THE PERIOD | |||||||||||||||||
| Net income | $ | 2,739,949 | $ | 1,849,037 | $ | 639,427 | $ | 2,545,119 | |||||||||
| Net income before taxes | 3,402,416 | 2,480,499 | 724,312 | 3,145,566 | |||||||||||||
| Dividends declared per share (1) | - | 0.50 | - | 0.50 | |||||||||||||
| PERIOD END BALANCE | |||||||||||||||||
| Total assets | $ | 1,215,754,664 | $ | 1,211,135,373 | $ | 1,087,390,812 | $ | 1,133,055,741 | |||||||||
| Total investments | 127,611,833 | 115,526,915 | 97,523,688 | 114,550,592 | |||||||||||||
| Total loans, net | 976,995,973 | 982,319,933 | 897,245,750 | 941,224,131 | |||||||||||||
| Allowance for credit losses | (12,203,483 | ) | (12,434,131 | ) | (10,928,875 | ) | (11,443,904 | ) | |||||||||
| Total deposits | 1,035,741,887 | 1,013,870,548 | 923,931,360 | 959,193,285 | |||||||||||||
| Stockholders' equity | 97,218,342 | 92,036,846 | 75,278,281 | 79,548,823 | |||||||||||||
| RATIO ANALYSIS | |||||||||||||||||
| Return on average assets (annualized) | 0.91 | % | 0.63 | % | 0.24 | % | 0.24 | % | |||||||||
| Return on average equity (annualized) | 11.33 | % | 8.26 | % | 3.25 | % | 3.24 | % | |||||||||
| Net loans/Deposits | 94.33 | % | 96.89 | % | 97.11 | % | 98.13 | % | |||||||||
| Total Stockholders' Equity/Total assets | 8.00 | % | 7.60 | % | 6.92 | % | 7.02 | % | |||||||||
| Net loan losses/Total loans | -0.00 | % | 0.01 | % | -0.00 | % | 0.01 | % | |||||||||
| Uninsured & unpledged deposits | 29.71 | % | 31.21 | % | 32.92 | % | 31.47 | % | |||||||||
| PER SHARE DATA | |||||||||||||||||
| Shares outstanding (1) | 2,435,597 | 2,435,700 | 1,989,192 | 1,999,630 | |||||||||||||
| Weighted average shares outstanding (1) | 2,435,637 | 2,291,316 | 1,991,348 | 1,991,302 | |||||||||||||
| Diluted weighted average shares outstanding (1) | 2,435,637 | 2,291,316 | 1,991,446 | 1,991,406 | |||||||||||||
| Basic earnings (1) | $ | 1.12 | $ | 0.81 | $ | 0.32 | $ | 1.28 | |||||||||
| Diluted earnings (1) | 1.12 | 0.81 | 0.32 | 1.28 | |||||||||||||
| Book value (1) | 39.92 | 37.79 | 37.84 | 40.11 | |||||||||||||
| Tangible book value (1) | 39.15 | 37.01 | 36.81 | 39.09 | |||||||||||||
| ASSET QUALITY | |||||||||||||||||
| Net (recoveries) charge-offs | $ | (19,353 | ) | $ | 110,968 | $ | (5,087 | ) | $ | 111,721 | |||||||
| Classified assets | 1,048,301 | 1,090,758 | 910,428 | 1,623,558 | |||||||||||||
| Nonperforming loans | - | 32,054 | 124,672 | 1,153,852 | |||||||||||||
| Nonperforming assets | 807,497 | 809,660 | 124,672 | 1,355,702 | |||||||||||||
| Total nonperforming loans/Total loans | 0.00 | % | 0.00 | % | 0.01 | % | 0.12 | % | |||||||||
| Total nonperforming loans/Total assets | 0.00 | % | 0.00 | % | 0.01 | % | 0.10 | % | |||||||||
| Total nonperforming assets/Total assets | 0.07 | % | 0.07 | % | 0.01 | % | 0.12 | % | |||||||||
| Allowance for credit losses/Total loans | 1.23 | % | 1.25 | % | 1.20 | % | 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 | |||||||||||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | |||||||||||||||||||||||||||||||||||
| 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 | $ | 27,017,413 | $ | 365,012 | 5.37 | % | $ | 11,798,448 | $ | 162,250 | 5.53 | % | $ | 13,590,719 | $ | 175,691 | 5.13 | % | |||||||||||||||||||
| Investment securities available-for-sale (1) | 121,374,599 | 1,023,136 | 3.35 | % | 114,427,481 | 941,900 | 3.31 | % | 97,533,797 | 655,527 | 2.67 | % | |||||||||||||||||||||||||
| Loans receivable | 974,934,024 | 16,329,569 | 6.66 | % | 973,396,880 | 15,763,452 | 6.51 | % | 879,512,966 | 12,381,749 | 5.59 | % | |||||||||||||||||||||||||
| Total interest-earning assets | 1,123,326,036 | $ | 17,717,717 | 6.27 | % | 1,099,622,809 | $ | 16,867,602 | 6.17 | % | 990,637,482 | $ | 13,212,967 | 5.29 | % | ||||||||||||||||||||||
| Noninterest-earning assets | 75,357,245 | 74,503,352 | 69,694,536 | ||||||||||||||||||||||||||||||||||
| Total assets | $ | 1,198,683,281 | $ | 1,174,126,161 | $ | 1,060,332,018 | |||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 800,328,274 | $ | 7,580,319 | 3.77 | % | $ | 770,303,642 | $ | 7,106,512 | 3.71 | % | $ | 666,059,040 | $ | 5,202,219 | 3.10 | % | |||||||||||||||||||
| FHLB advances and federal funds purchased | 32,559,233 | 366,632 | 4.48 | % | 40,440,625 | 470,050 | 4.67 | % | 38,935,770 | 413,608 | 4.21 | % | |||||||||||||||||||||||||
| Notes payable | 26,101,145 | 396,900 | 6.05 | % | 26,340,304 | 398,017 | 6.08 | % | 26,297,283 | 398,017 | 6.00 | % | |||||||||||||||||||||||||
| Total interest-bearing liabilities | 858,988,652 | $ | 8,343,851 | 3.86 | % | 837,084,571 | $ | 7,974,579 | 3.83 | % | 731,292,093 | $ | 6,013,844 | 3.26 | % | ||||||||||||||||||||||
| Noninterest-bearing liabilities | 243,528,526 | 246,986,630 | 250,898,403 | ||||||||||||||||||||||||||||||||||
| Total liabilities | 1,102,517,178 | 1,084,071,201 | 982,190,496 | ||||||||||||||||||||||||||||||||||
| Stockholders' equity | 96,166,103 | 90,054,960 | 78,141,522 | ||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,198,683,281 | $ | 1,174,126,161 | $ | 1,060,332,018 | |||||||||||||||||||||||||||||||
| Net interest-earning assets | $ | 264,337,384 | $ | 262,538,238 | $ | 259,345,389 | |||||||||||||||||||||||||||||||
| Net interest spread | $ | 9,373,866 | 2.41 | % | $ | 8,893,023 | 2.34 | % | $ | 7,199,123 | 2.03 | % | |||||||||||||||||||||||||
| Net interest margin | 3.32 | % | 3.25 | % | 2.89 | % | |||||||||||||||||||||||||||||||
| (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) | |||||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||||
| Average | Average | Average | Average | ||||||||||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | ||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||
| Federal funds sold and other | $ | 15,761,077 | $ | 623,416 | 5.28 | % | $ | 24,149,380 | $ | 884,037 | 4.89 | % | |||||||||||||
| Investment securities available-for-sale (1) | 116,764,427 | 2,865,922 | 3.28 | % | 97,174,554 | 1,904,152 | 2.62 | % | |||||||||||||||||
| Loans receivable | 969,732,106 | 47,087,943 | 6.49 | % | 855,273,124 | 34,357,109 | 5.37 | % | |||||||||||||||||
| Total interest-earning assets | 1,102,257,610 | $ | 50,577,281 | 6.13 | % | 976,597,058 | $ | 37,145,298 | 5.09 | % | |||||||||||||||
| Noninterest-earning assets | 73,533,851 | 66,728,595 | |||||||||||||||||||||||
| Total assets | $ | 1,175,791,461 | $ | 1,043,325,653 | |||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Interest-bearing deposits | $ | 777,925,899 | $ | 21,671,624 | 3.72 | % | $ | 636,537,671 | $ | 12,433,746 | 2.61 | % | |||||||||||||
| FHLB advances and federal funds purchased | 41,217,976 | 1,435,261 | 4.65 | % | 48,391,715 | 1,604,215 | 4.43 | % | |||||||||||||||||
| Notes payable | 26,257,231 | 1,192,934 | 6.07 | % | 25,726,819 | 1,188,741 | 6.18 | % | |||||||||||||||||
| Total interest-bearing liabilities | 845,401,106 | $ | 24,299,819 | 3.84 | % | 710,656,205 | $ | 15,226,702 | 2.86 | % | |||||||||||||||
| Noninterest-bearing liabilities | 241,236,752 | 253,860,618 | |||||||||||||||||||||||
| Total liabilities | 1,086,637,858 | 964,516,823 | |||||||||||||||||||||||
| Stockholders' equity | 89,153,603 | 78,808,830 | |||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,175,791,461 | $ | 1,043,325,653 | |||||||||||||||||||||
| Net interest-earning assets | $ | 256,856,504 | $ | 265,940,853 | |||||||||||||||||||||
| Net interest spread | $ | 26,277,462 | 2.29 | % | $ | 21,918,596 | 2.22 | % | |||||||||||||||||
| Net interest margin | 3.18 | % | 3.00 | % | |||||||||||||||||||||
| (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 White River Bancshares' (WRIV) net income for Q3 2024?
How did WRIV's net interest margin change in Q3 2024?
What was the total deposit growth for WRIV in Q3 2024?
Did WRIV have any nonperforming loans at the end of Q3 2024?
What was WRIV's return on average equity for Q3 2024?
