White River Bancshares Co. Earns a Record $2.74 million, or $1.12 Per Diluted Share, in 3Q24; Highlighted by Net Interest Margin Expansion

Rhea-AI Summary

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.

Positive

• 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

Negative

• 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 $2.74 million, or $1.12 per diluted share, in the third quarter of 2024, compared to $639,000, or $0.32 per diluted share, in the third quarter of 2023. In the preceding quarter, the Company earned $1.85 million, or $0.81 per diluted share. In the first nine months of 2024, net income increased to $5.10 million, or $2.28 per diluted share, compared to $1.76 million, or $0.88 per diluted share, in the first nine months of 2023. All financial results are unaudited. All per share data has been adjusted to reflect the two-for-one stock split issued September 4, 2024.

“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 $12.46 million private placement of common shares that we completed in the prior quarter. The additional capital is already helping support our strategic growth plans and contributing to our bottom line. We plan to build on this earnings momentum over the next several years, as we have the right leadership team, infrastructure and technology in place to continue to optimize our operations.”

“We continue to focus on building out our deposit franchise to fund new loan activity,” said Scott Sandlin, Chief Strategy Officer. “Total deposits increased 2.2% during the quarter and 12.1% year-over-year. While rising rates changed the deposit mix as customers pursued higher yielding accounts, demand and non-interest bearing accounts remained strong. They accounted for 21.2% of total deposits, and savings and interest-bearing transaction accounts represented 37.6% of total deposits as of September 30, 2024. We see significant opportunities for growing non-interest bearing deposits in the coming quarters as we continue to attract new customers to the Bank.”

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 to 2.89% in the third quarter of 2023.
• Annualized return on average assets was 0.91%, compared to 0.24% in the third quarter of 2023.
• Annualized return on average equity was 11.33%, compared to 3.25% 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, or 12.1%, to $1.036 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) represent 74.10% of total deposits at September 30, 2024.
• Total risk-based capital ratio estimate of 13.48%, Tier 1 ratio of 12.25%, and Leverage ratio of 10.11% 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 0.91% and a ROAE of 11.33%, compared to 0.63% and 8.26%, respectively, in the second quarter of 2024 and 0.24% and 3.25%, respectively, in the third quarter a year ago.

“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 3.32% in the third quarter of 2024, compared to 3.25% in the second quarter of 2024, and expanded 43 basis points compared to 2.89% in the third quarter of 2023. In the first nine months of 2024, the NIM expanded 18 basis points to 3.18%, compared to 3.00% in the first nine months 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. Total interest income increased 34.0% to $17.8 million in the third quarter of 2024, compared to $13.3 million in the third quarter of 2023. Largely due to the increase in deposit costs, total interest expense increased to $8.3 million in the third quarter of 2024, from $6.0 million in the third quarter of 2023. In the first nine months of 2024, net interest income increased 19.8% to $26.5 million, compared to $22.1 million in the first nine months of 2023.

Noninterest income increased 22.0% to $2.0 million in the third quarter of 2024, compared to $1.6 million in the third quarter a year ago. Wealth management fee income, the largest component of noninterest income, increased 11.0% to $996,000 during the third quarter of 2024, compared to $897,000 in the third quarter of 2023. The Company acquired a wealth management division in July 2023, which continues to generate noninterest income and fuel operating results. Secondary market fee income increased to $244,000 during the third quarter of 2024, compared to $71,000 in the third quarter a year ago. In the first nine months of the year, noninterest income increased 28.2% to $5.5 million, compared to $4.3 million in the first nine months of 2023.

Noninterest expense was $8.3 million in the third quarter of 2024, compared to $7.8 million in the third quarter of 2023, as expenses are starting to normalize following the market expansion over the past few years. The Company anticipates further expense stabilization over the next several quarters. In the first nine months of the year, noninterest expense increased 4.4% to $24.6 million, compared to $23.6 million in the first nine months of 2023.

Balance Sheet

Total assets increased 11.8% to $1.216 billion at September 30, 2024, from $1.087 billion at September 30, 2023, and increased modestly compared to $1.211 billion at June 30, 2024. Cash and cash equivalents totaled $41.7 million at September 30, 2024, compared to $32.3 million a year ago. Investment securities totaled $127.6 million at September 30, 2024, from $97.5 million a year ago.

Loans, net of allowance for credit losses, increased 8.9% to $977.0 million at September 30, 2024, compared to $897.2 million a year ago, and decreased slightly compared to $982.3 million three months earlier.

Total deposits increased 12.1% to $1.036 billion at September 30, 2024, compared to $923.9 million a year ago and increased 2.2% compared to $1.014 billion at June 30, 2024. Demand and non-interest-bearing deposits decreased 6.0% compared to a year ago while savings and interest-bearing transaction accounts increased 16.1% compared to a year ago.

FHLB advances decreased to $26.7 million at September 30, 2024, from $37.9 million at September 30, 2023, and $54.3 million at June 30, 2024. Largely due to the capital raise, total stockholders’ equity increased to $97.2 million at September 30, 2024, compared to $75.3 million at September 30, 2023, and $92.0 million at June 30, 2024. Tangible book value per common share was $39.15 at September 30, 2024, compared to $36.81 at September 30, 2023, and $37.01 at June 30, 2024.

Credit Quality

Due to pristine credit quality, net loan recoveries, and muted loan growth, the Company recorded a $250,000 release from the allowance for credit losses in the third quarter of 2024. This compared to a $432,000 provision in the second quarter of 2024, and a $325,000 provision in the third quarter of 2023.

There were zero nonperforming loans at September 30, 2024. This compared to nonperforming loans of $32,000 at June 30, 2024, and $125,000 at September 30, 2023. Nonperforming loans represented 0.00% of total loans at September 30, 2024, and June 30, 2024, and 0.01% of total loans a year ago.

The allowance for credit losses was $12.2 million, or 1.23% of total loans, at September 30, 2024, compared to $12.4 million, or 1.25% of total loans, at June 30, 2024, and $10.9 million, or 1.20% of total loans, at September 30, 2023. “We continue to closely monitor our portfolio mix, growth, and local and national conditions to maintain the appropriate allowance for credit losses,” said Jeff Maland, Chief Risk Officer.

Net loan recoveries were $19,000 in the third quarter of 2024, compared to net loan charge-offs of $111,000 in the second quarter of 2024, and net loan recoveries of $5,000 in the third quarter of 2023.

Capital

The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 13.48%, a Tier 1 ratio of 12.25%, and a Leverage ratio of 10.11% for the Bank at September 30, 2024.

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 $3 billion steel factory in Northeast Arkansas in Osceola, a move expected to create 900 jobs with an average pay over $100,000 annually, making it the largest capital investment project in Arkansas history. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

The Company currently operates 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 $412,000 in August 2024, with an average of 83 days on the market. For Benton County, the average house sold for $464,000, with an average of 96 days on the market.

Washington County’s population is projected to grow 7.18% from 2024 through 2029, and median household income is projected to increase by 12.63% during the same time frame. Benton County’s population is projected to grow 9.34% from 2024 through 2029, and median household income is projected to increase by 3.75%. Monroe County’s population is projected to decrease by 5.23% from 2024 through 2029 and median household income is projected to increase by 9.82%. Boone County’s population is projected to grow 3.61% from 2024 through 2029 and median household income is projected to increase by 8.83%. Craighead County’s population is projected to grow 4.99% from 2024 through 2029, and the median household income is projected to increase by 9.57%.

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?

White River Bancshares (WRIV) reported a net income of $2.74 million, or $1.12 per diluted share, for the third quarter of 2024.

How did WRIV's net interest margin change in Q3 2024?

WRIV's net interest margin increased 43 basis points to 3.32% in the third quarter of 2024, compared to 2.89% in the third quarter of 2023.

What was the total deposit growth for WRIV in Q3 2024?

Total deposits for WRIV increased 12.1% to $1.036 billion at September 30, 2024, compared to $923.9 million a year ago.

Did WRIV have any nonperforming loans at the end of Q3 2024?

WRIV reported zero nonperforming loans at September 30, 2024.

What was WRIV's return on average equity for Q3 2024?

WRIV's return on average equity was 11.33% in the third quarter of 2024, compared to 3.25% in the third quarter a year ago.