White River Bancshares Co. Earns a Record $1.85 million, or $1.61 Per Diluted Share, in 2Q24; Highlighted by Successful Capital Raise and Net Interest Margin Expansion

FAYETTEVILLE, Ark., July 12, 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 137.5% to $1.85 million, or $1.61 per diluted share, in the second quarter of 2024, compared to $779,000, or $0.78 per diluted share, in the second quarter of 2023. In the preceding quarter, the Company earned $509,000, or $0.51 per diluted share. In the first six months of 2024, net income increased 110.9% to $2.36 million, or $2.21 per diluted share, compared to $1.12 million, or $1.12 per diluted share, in the first six months of 2023. All financial results are unaudited.

“We reported record operating results for the second quarter of 2024, fueled by strong net interest income generation, net interest margin expansion and the successful capital raise that we completed during the quarter,” said Gary Head, Chairman and Chief Executive Officer. “Overall, we operate in one of the most attractive markets in America, and we’re poised for success over the next several years, with the right leadership team, infrastructure and technology in place to optimize our operations.”

“A highlight of the second quarter was the completion of our $12.46 million private placement of common shares,” Head continued. “The success of the capital raise is a direct reflection of the strength of our bank and the dedication of our Board of Directors, management and team members as we expand our community banks, providing our style of community banking to communities who need us. The additional capital is already helping support our strategy and growth plans as we continue to focus on supporting the customers and communities we serve and on building long-term value for our shareholders.”

“We are pleased to report another quarter of double digit loan and deposit growth year-over-year, as we continue to build our deposit base to fund new loan activity,” said Scott Sandlin, Chief Strategy Officer. “While rising rates changed the deposit mix as customers pursued higher yielding accounts, demand and non-interest bearing accounts remained strong. They accounted for 23.0% of total deposits, and savings and interest-bearing transaction accounts represented 34.4% of total deposits as of June 30, 2024. We see significant opportunities for growing non-interest bearing deposits in the coming quarters as we continue to attract new customer accounts. Loan growth was strong in the second quarter of 2024, increasing $12.9 million, or 1.4% compared to the prior quarter end. We are encouraged by the loan demand in our markets and expect it to continue through the remainder of 2024.”

Second Quarter 2024 Financial Highlights:

  • Net income for the second quarter of 2024 increased 137.5% to $1.85 million, or $1.61 per diluted share, compared to $779,000, or $0.78 per diluted share, in the second quarter of 2023.
  • Net interest income increased 22.2% to $9.0 million in the second quarter of 2024, compared to $7.4 million in the second quarter of 2023.
  • Net interest margin (“NIM”) increased 28 basis points to 3.25% in the second quarter of 2024, compared to 2.97% in the second quarter of 2023.
  • The Company recorded a $432,000 provision for credit losses in the second quarter of 2024, compared to a $225,000 provision in the second quarter of 2023.
  • Net loans increased $118.8 million, or 13.8%, to $982.3 million at June 30, 2024, compared to $863.5 million at June 30, 2023.
  • Nonperforming loans totaled $32,000, or 0.00% of total loans at June 30, 2024, compared to $93,000, or 0.01% of total loans, at June 30, 2023.
  • Total deposits increased $125.7 million, or 14.2%, to $1.014 billion at June 30, 2024, compared to $888.2 million a year ago.
  • Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts, and CDs under $250,000) represent 72.1% of total deposits at June 30, 2024.
  • The Bank’s uninsured/unpledged deposits totaled approximately 31.2% of total deposits at June 30, 2024.
  • Available borrowing capacity totaled $335.1 million at June 30, 2024, compared to $353.8 million at March 31, 2024.
  • Total risk-based capital ratio estimate of 13.10%, Tier 1 ratio of 11.85%, and Leverage ratio of 10.07% for the Bank at June 30, 2024.
  • Tangible book value per common share was $74.01 at June 30, 2024, compared to $74.36 a year ago.

Income Statement

“Our NIM expanded 28 basis points during the second quarter of 2024, as higher asset yields more than offset the slight 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 steady or start to decline.” The Company’s NIM was 3.25% in the second quarter of 2024, compared to 2.97% in both the preceding quarter and in the second quarter of 2023. In the first six months of 2024, the NIM expanded 8 basis points to 3.13%, compared to 3.05% in the first six months of 2023.

Net interest income increased 22.2% to $9.0 million in the second quarter of 2024, compared to $7.4 million in the second quarter of 2023. Total interest income increased 35.9% to $17.0 million in the second quarter of 2024, compared to $12.5 million in the second quarter of 2023. Largely due to the increase in deposit costs, total interest expense increased to $8.0 million in the second quarter of 2024, from $5.1 million in the second quarter of 2023. In the first six months of 2024, net interest income increased 14.7% to $17.1 million, compared to $14.9 million in the first six months of 2023.

Noninterest income increased 34.5% to $1.9 million in the second quarter of 2024, compared to $1.4 million in the second quarter a year ago. Wealth management fee income, the largest component of noninterest income, increased 66.9% to $1.1 million during the second quarter of 2024, compared to $638,000 in the second quarter of 2023. The increase was largely due to the acquisition of a wealth management division in July, 2023, which has improved the Company’s noninterest income generation and is fueling operating results. In the first six months of the year, noninterest income increased 31.9% to $3.5 million, compared to $2.7 million in the first six months of 2023.

Noninterest expense was $8.1 million in the second quarter of 2024, compared to $7.6 million in the second 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 six months of the year, noninterest expense increased 3.9% to $16.4 million, compared to $15.8 million in the first six months of 2023.

Balance Sheet

Total assets increased 14.9% to $1.211 billion at June 30, 2024, from $1.054 billion at June 30, 2023, and increased 2.9% compared to $1.177 billion at March 31, 2024. Cash and cash equivalents totaled $49.5 million at June 30, 2024, compared to $32.3 million a year ago. Investment securities totaled $115.5 million at June 30, 2024, from $98.5 million a year ago.

Loans, net of allowance for credit losses, increased 13.8% to $982.3 million at June 30, 2024, compared to $863.5 million a year ago, and increased 1.3% compared to $969.7 million three months earlier.

Total deposits increased 14.2% to $1.014 billion at June 30, 2024, compared to $888.2 million a year ago and increased modestly compared to $1.010 billion at March 31, 2024. Demand and non-interest-bearing deposits decreased 4.2% compared to a year ago while savings and interest-bearing transaction accounts increased 10.9% compared to a year ago.

FHLB advances increased to $54.3 million at June 30, 2024, from $38.0 million at June 30, 2023, and $36.9 million at March 31, 2024. Largely due to the capital raise, total stockholders’ equity increased to $92.0 million at June 30, 2024, compared to $76.2 million at June 30, 2023, and $79.4 million at March 31, 2024. Tangible book value per common share was $74.01 at June 30, 2024, compared to $74.36 at June 30, 2023, and $78.09 at March 31, 2024. The increase in accumulated other comprehensive income (“AOCI”) during the second quarter of 2024 was $6.8 million. Excluding AOCI, tangible book value per share was $79.61 at June 30, 2024.

Credit Quality

The Company recorded a $432,000 provision for credit losses in the second quarter of 2024, compared to a $648,000 provision in the first quarter of 2024, and a $225,000 provision in the second quarter of 2023.

Nonperforming loans decreased during the quarter to $32,000, and represented 0.00% of total loans at June 30, 2024, compared to $1.72 million, or 0.18% of total loans, at March 31, 2024, and $93,000, or 0.01% of total loans a year ago.

The allowance for credit losses was $12.4 million, or 1.25% of total loans, at June 30, 2024, compared to $12.1 million, or 1.23% of total loans, at March 31, 2024, and $10.6 million, or 1.21% of total loans, at June 30, 2023. “We continue to contribute to our allowance for credit losses based on loan growth and CECL forecast modeling,” said Jeff Maland, Chief Risk Officer.

Net loan charge-offs were $111,000 in the second quarter of 2024, compared to net loan recoveries of $21,000 in the first quarter of 2024, and net loan recoveries of $12,000 in the second 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 13.10%, a Tier 1 ratio of 11.85%, and a Leverage ratio of 10.07% for the Bank at June 30, 2024.

Recent Developments

During the second quarter of 2024, the Company opened its second Banco Sí, location in downtown Springdale, with plans to celebrate a public launch and grand opening in the third quarter of 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 $397,000 in May 2024, with an average of 183 days on the market. For Benton County, the average house sold for $460,000, with an average of 90 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)
       
  June 30, 2024 March 31, 2024 June 30, 2023
       
ASSETS  
Cash and cash equivalents $49,495,763  $33,147,221  $32,325,899 
Investment securities  115,526,915   113,033,028   98,506,257 
Loans held for sale  997,907   696,271   1,590,000 
Loans  994,754,063   981,829,042   874,118,760 
Allowance for credit losses  (12,434,130)  (12,113,099)  (10,608,962)
Net loans  982,319,933   969,715,943   863,509,798 
Premises and equipment, net  30,442,837   29,442,303   29,790,308 
Foreclosed assets held for sale  777,606   640,574   - 
Accrued interest receivable  5,433,391   4,966,665   3,099,653 
Bank owned life insurance  9,614,851   9,534,373   9,292,654 
Deferred income taxes  4,788,942   4,888,369   4,987,791 
Other investments  8,094,125   7,548,338   7,066,522 
Intangible assets, net  1,909,313   1,962,350   2,121,458 
Other assets  1,733,790   1,323,255   2,000,439 
TOTAL ASSETS $1,211,135,373  $1,176,898,690  $1,054,290,779 
       
LIABILITIES & STOCKHOLDERS' EQUITY  
Deposits:      
Demand and non-interest-bearing $233,230,007  $233,082,292  $243,548,686 
Savings and interest-bearing transaction accounts  348,391,562   339,042,365   314,057,615 
Time deposits  432,248,979   438,110,170   330,591,356 
Total deposits  1,013,870,548   1,010,234,827   888,197,657 
Federal Home Loan Bank advances  54,314,495   36,887,028   38,017,682 
Notes payable  26,090,002   26,337,909   26,286,079 
Operating lease liability  15,930,503   16,128,536   16,707,291 
Reserve for losses on unfunded commitments  1,433,000   1,433,000   1,558,000 
Accrued interest payable  2,714,687   2,635,771   1,936,295 
Other liabilities  4,745,292   3,868,383   5,384,308 
TOTAL LIABILITIES  1,119,098,527   1,097,525,454   978,087,312 
       
Stockholders' equity:      
Common stock  12,349   10,081   10,084 
Surplus  102,470,054   90,548,540   90,118,719 
Accumulated deficit  (2,484,500)  (3,115,687)  (5,051,992)
Treasury stock, at cost  (1,132,905)  (1,119,100)  (820,717)
Accumulated other comprehensive loss  (6,828,152)  (6,950,598)  (8,052,627)
TOTAL STOCKHOLDERS' EQUITY  92,036,846   79,373,236   76,203,467 
       
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,211,135,373  $1,176,898,690  $1,054,290,779 
       


WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
        
  For the Three Months Ended 
  June 30, March 31, June 30, 
   2024   2024   2023 
        
INTEREST INCOME       
Loans, including fees $15,763,452  $14,994,922  $11,302,782 
Investment securities  1,083,415   929,040   780,362 
Federal funds sold and other  162,250   96,154   431,607 
Total interest income  17,009,117   16,020,116   12,514,751 
        
INTEREST EXPENSE       
Deposits  7,106,512   6,984,793   4,265,275 
Federal Home Loan Bank advances  448,263   520,319   459,605 
Notes payable  398,017   398,017   394,464 
Federal funds purchased and other  21,787   78,260   - 
Total interest expense  7,974,579   7,981,389   5,119,344 
NET INTEREST INCOME  9,034,538   8,038,727   7,395,407 
Provision for credit losses  432,000   648,000   225,000 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 8,602,538   7,390,727   7,170,407 
        
NON-INTEREST INCOME       
Service charges and fees on deposits  154,816   150,349   146,434 
Wealth management fee income  1,065,553   845,506   638,436 
Secondary market fee income  113,926   57,064   140,961 
Bank owned-life insurance income  80,478   79,881   79,956 
Loss on sales and write-downs of foreclosed assets  326   1,050   - 
Other  527,064   449,255   438,134 
TOTAL NON-INTEREST INCOME  1,942,163   1,583,105   1,443,921 
        
NON-INTEREST EXPENSE       
Salaries and benefits  4,784,556   4,999,533   4,494,027 
Occupancy and equipment  936,818   928,124   950,581 
Data processing  704,080   790,569   745,330 
Marketing and business development  473,618   463,697   523,460 
Professional services  617,890   669,867   479,291 
Amortization of other intangible assets  53,037   53,036    
Other  494,203   403,836   401,090 
TOTAL NON-INTEREST EXPENSE  8,064,202   8,308,662   7,593,779 
        
Income before income taxes  2,480,499   665,170   1,020,549 
Income tax provision  631,462   155,942   242,019 
NET INCOME $1,849,037  $509,228  $778,530 
        
EARNINGS PER SHARE       
Basic $1.61  $0.51  $0.78 
Diluted $1.61  $0.51  $0.78 
        


WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
      
   Six Months Ended
   June 30,
    2024   2023 
      
INTEREST INCOME     
Loans, including fees  $30,758,374  $21,975,360 
Investment securities   2,012,455   1,408,899 
Federal funds sold and other   258,404   708,346 
Total Interest Income   33,029,233   24,092,605 
      
INTEREST EXPENSE     
Deposits   14,091,305   7,231,527 
Federal Home Loan Bank advances   968,582   1,157,182 
Notes payable   796,034   790,724 
Federal funds purchased and other   100,047   33,425 
Total interest expense   15,955,968   9,212,858 
NET INTEREST INCOME   17,073,265   14,879,747 
Provision for credit losses   1,080,000   375,000 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   15,993,265   14,504,747 
      
NON-INTEREST INCOME     
Service charges and fees on deposits   305,165   297,477 
Wealth management fee income   1,911,059   1,155,950 
Secondary market fee income   170,990   207,734 
Bank owned life insurance income   160,359   158,330 
Loss on sales and write-downs of foreclosed assets   1,376   - 
Other   976,319   853,500 
TOTAL NON-INTEREST INCOME   3,525,268   2,672,991 
      
NON-INTEREST EXPENSE     
Salaries and benefits   9,784,089   9,752,523 
Occupancy and equipment   1,864,942   1,842,561 
Data processing   1,494,649   1,403,441 
Marketing and business development   937,315   997,169 
Professional services   1,287,757   985,190 
Amortization of intangible asset   106,073   - 
Other   898,039   783,106 
TOTAL NON-INTEREST EXPENSE   16,372,864   15,763,990 
      
Income before income taxes   3,145,669   1,413,748 
Income tax provision   787,404   295,706 
NET INCOME  $2,358,265  $1,118,042 
      
EARNINGS PER SHARE     
Basic  $2.21  $1.12 
Diluted  $2.21  $1.12 
      


WHITE RIVER BANCSHARES COMPANY
SUPPLEMENTAL INFORMATION
         
  (Unaudited) (Audited)
  Three Months Ended Year ended
  June 30, March 31, June 30, December 31,
   2024   2024   2023   2023 
         
FOR THE PERIOD        
Net income $1,849,037  $509,228  $778,530  $2,545,119 
Net income before taxes  2,480,499   665,170   1,020,549   3,145,566 
Dividends declared per share  1.00   -   1.00   1.00 
         
         
PERIOD END BALANCE        
Total assets $1,211,135,373  $1,176,898,690  $1,054,290,779  $1,133,055,741 
Total investments  115,526,915   113,033,028   98,506,257   114,550,592 
Total loans, net  982,319,933   969,715,943   863,509,798   941,224,131 
Allowance for credit losses  (12,434,131)  (12,113,099)  (10,608,962)  (11,443,904)
Total deposits  1,013,870,548   1,010,234,827   888,197,657   959,193,285 
Stockholders' equity  92,036,846   79,373,236   76,203,467   79,548,823 
         
         
RATIO ANALYSIS        
Return on average assets (annualized)  0.63%  0.18%  0.30%  0.24%
Return on average equity (annualized)  8.26%  2.52%  3.94%  3.24%
Net loans/Deposits  96.89%  95.99%  97.22%  98.13%
Total Stockholders' Equity/Total assets  7.60%  6.74%  7.23%  7.02%
Net loan losses/Total loans  0.01%  -0.00%  -0.00%  0.01%
Uninsured & unpledged deposits  31.21%  30.22%  30.35%  31.47%
         
         
PER SHARE DATA        
Shares outstanding  1,217,850   991,315   996,196   999,815 
Weighted average shares outstanding  1,145,658   991,689   997,567   995,651 
Diluted weighted average shares outstanding 1,145,658   991,689   997,585   995,703 
Basic earnings $1.61  $0.51  $0.78  $2.56 
Diluted earnings  1.61   0.51   0.78   2.56 
Book value  75.57   80.07   76.49   80.21 
Tangible book value  74.01   78.09   74.36   78.17 
         
         
ASSET QUALITY        
Net (recoveries) charge-offs $110,968  $(21,195) $(12,410) $111,721 
Classified assets  1,090,758   2,657,273   1,687,091   1,623,558 
Nonperforming loans  32,054   1,718,805   92,618   1,153,852 
Nonperforming assets  809,660   2,359,378   92,618   1,355,702 
Total nonperforming loans/Total loans  0.00%  0.18%  0.01%  0.12%
Total nonperforming loans/Total assets  0.00%  0.15%  0.01%  0.10%
Total nonperforming assets/Total assets  0.07%  0.20%  0.01%  0.12%
Allowance for credit losses/Total loans  1.25%  1.23%  1.21%  1.20%
         


WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)
                   
  Three Months Ended
  June 30, March 31, June 30,
  2024 2024 2023
  Average   Average Average   Average Average   Average
  Balance Interest Yield/RateBalance Interest Yield/Rate Balance Interest Yield/Rate
                   
Interest-earning assets:                  
Federal funds sold and other $ 11,798,448 $ 162,250 5.53% $ 8,343,674 $ 96,154 4.63% $ 33,668,022 $ 431,607 5.14%
Investment securities available-for-sale (1) 114,427,481 941,900 3.31% 114,440,538 900,886 3.17% 98,944,070 650,490 2.64%
Loans receivable 973,396,880 15,763,452 6.51% 960,808,253 14,994,922 6.28% 850,747,374 11,302,782 5.33%
Total interest-earning assets 1,099,622,809 $ 16,867,602 6.17% 1,083,592,465 $ 15,991,962 5.94% 983,359,466 $ 12,384,879 5.05%
Noninterest-earning assets 74,503,352     70,720,928     67,618,865    
Total assets $ 1,174,126,161     $ 1,154,313,393    $ 1,050,978,331   
Interest-bearing liabilities:                  
Interest-bearing deposits $ 770,303,642 $ 7,106,5123.71% $ 762,899,599 $ 6,984,7933.68% $ 648,067,147 $ 4,265,2752.64%
FHLB advances and federal funds purchased 40,440,625 470,050 4.67% 50,749,219 598,579 4.74% 40,650,920 459,605 4.53%
Notes payable 25,506,601 398,017 6.28% 25,489,325 398,017 6.28% 25,459,394 394,464 6.21%
Total interest-bearing liabilities 836,250,868 $ 7,974,5793.84% 839,138,143 $ 7,981,3893.83% 714,177,461 $ 5,119,3442.88%
Noninterest-bearing liabilities 247,820,333     233,847,965     257,452,327    
Total liabilities 1,084,071,201     1,072,986,108     971,629,788    
Stockholders' equity 90,054,960     81,327,285     79,348,543    
Total liabilities and stockholders' equity $ 1,174,126,161     $ 1,154,313,393    $ 1,050,978,331   
Net interest-earning assets $ 263,371,941     $ 244,454,322     $ 269,182,005    
Net interest spread   $ 8,893,0232.33%   $ 8,010,5732.11%   $ 7,265,5352.18%
Net interest margin     3.25%     2.97%     2.97%
                   
(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)
             
  Six Months Ended June 30,
  2024 2023
  Average   Average Average   Average
  Balance Interest Yield/Rate Balance Interest Yield/Rate
             
Interest-earning assets:            
Federal funds sold and other $ 10,071,062 $ 258,404 5.16% $ 29,516,229 $ 708,346 4.84%
Investment securities available-for-sale (1) 114,434,010 1,842,786 3.24% 96,991,956 1,248,626 2.60%
Loans receivable 967,102,566 30,758,374 6.40% 842,952,320 21,975,360 5.26%
Total interest-earning assets 1,091,607,638 $ 32,859,564 6.05% 969,460,505 $ 23,932,332 4.98%
Noninterest-earning assets 72,612,145     65,221,029    
Total assets $ 1,164,219,783     $ 1,034,681,534    
Interest-bearing liabilities:            
Interest-bearing deposits $ 766,601,621 $ 14,091,305 3.70% $ 621,531,238 $ 7,231,527 2.35%
FHLB advances and federal funds purchased 45,594,923 968,582 4.27% 52,059,517 1,190,607 4.61%
Notes payable 25,500,463 796,034 6.28% 25,436,859 790,724 6.27%
Total interest-bearing liabilities 837,697,007 $ 15,855,921 3.81% 699,027,614 $ 9,212,858 2.66%
Noninterest-bearing liabilities 240,831,655     256,505,906    
Total liabilities 1,078,528,662     955,533,520    
Stockholders' equity 85,691,121     79,148,014    
Total liabilities and stockholders' equity $ 1,164,219,783     $ 1,034,681,534    
Net interest-earning assets $ 253,910,631     $ 270,432,891    
Net interest spread   $ 17,003,643 2.25%   $ 14,719,474 2.32%
Net interest margin     3.13%     3.05%
             
(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

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07/12/2024 13:00 -0400

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