White River Bancshares Co. Reports Net Income of $3.30 million, or $1.34 Per Diluted Share, in 2Q25; Results Driven by Loan Growth and Net Interest Margin Expansion
FAYETTEVILLE, Ark., July 15, 2025 (GLOBE NEWSWIRE) — White River Bancshares Company (OTCQX: WRIV) (the “Company”), the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased to $3.30 million, or $1.34 per diluted share, in the second quarter of 2025, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024. The Company reported net income of $2.63 million, or $1.07 per diluted share, for the prior quarter. In the first six months of 2025, net income increased to $5.93 million, or $2.42 per diluted share, compared to $2.36 million, or $1.11 per diluted share, in the first six months of 2024. All financial results are unaudited and all per share data has been adjusted to reflect the two-for-one stock split effected September 4, 2024.
“We had a strong second quarter—the most profitable quarter we’ve ever had,” said Gary Head, Chairman and CEO. “We have been blessed to have incredible loan growth throughout the history of our company, and we build on that momentum quarter after quarter. Our Signature Bank family is the best group of bankers I’ve been associated with in my 43-year banking career. Their teamwork and commitment to excellence consistently go above and beyond expectations.”
“As a community bank, expanding our deposit base to support new loan growth is critical,” said Scott Sandlin, Chief Strategy Officer. “Our Bank has made deposit gathering a primary focus, and our team has done an outstanding job—deepening relationships with existing clients while also bringing in new customers. As a result, total deposits increased 4.0% during the second quarter of 2025 and 23.2% year-over-year. At quarter end, demand and non-interest bearing accounts represented 18.7% of total deposits, and savings and interest-bearing transaction accounts represented 38.4% of total deposits. We will continue to actively seek more opportunities to grow deposits in the coming quarters to meet the increasing demand for loans.”
Second Quarter 2025 Financial Highlights:
- Net income for the second quarter of 2025 increased to $3.30 million, or $1.34 per diluted share, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024.
- Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024.
- Net interest margin (“NIM”) increased 31 basis points to 3.56% in the second quarter of 2025, compared to 3.25% in the second quarter of 2024.
- The Company recorded an $800,000 provision for credit losses in the second quarter of 2025, compared to a $432,000 provision for credit losses in the second quarter of 2024.
- Net loans increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024.
- Nonperforming loans represented 0.03% of total loans at June 30, 2025, compared to 0.00% a year ago.
- Total deposits increased $235.3 million, or 23.2%, year-over-year, to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024.
- Core deposits (demand and non-interest-bearing, savings and interest-bearing transaction accounts, CDs under $250,000 and CDARs reciprocal deposits) represented 70.10% of total deposits at June 30, 2025.
- Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 a year ago.
Income Statement
In the second quarter of 2025, the Company generated a return on average assets of 0.94% and a return on average equity of 12.62%, compared to 0.79% and 10.64%, respectively, in the first quarter of 2025 and 0.63% and 8.26%, respectively, in the second quarter of 2024.
“Our second quarter net interest margin expanded by 17 basis points from the previous quarter and 31 basis points year-over-year, driven by loan growth and increased yields on our interest-earning assets,” said Brant Ward, President. NIM was 3.56% in the second quarter of 2025, compared to 3.39% in the first quarter of 2025, and 3.25% in the second quarter of 2024. In the first six months of 2025, NIM expanded 37 basis points to 3.48%, compared to 3.11% in the first six months of 2024.
Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024. The increase was primarily due to year-over-year loan growth. Total interest income increased 24.8% to $21.2 million in the second quarter of 2025, compared to $17.0 million in the second quarter of 2024, primarily attributable to the increase in loans. Total interest expense increased to $9.3 million in the second quarter of 2025, from $8.0 million in the second quarter of 2024, primarily due to an increase in deposit costs. In the first six months of 2025, net interest income increased 31.9% to $22.5 million, compared to $17.1 million in the first six months of 2024.
Noninterest income increased 7.9% to $2.1 million in the second quarter of 2025, compared to $1.9 million in the second quarter of 2024. The increase was primarily due to an increase in secondary market fee income, which more than offset the decrease in wealth management fee income during the second quarter of 2025. In the first six months of 2025, noninterest income increased 14.5% to $4.0 million, compared to $3.5 million in the first six months of 2024.
Noninterest expense was $8.9 million in the second quarter of 2025, compared to $8.1 million in the second quarter of 2024, as expenses have normalized following the investment in expanding the Company’s market presence over the past few years. In the first six months of the year, noninterest expense increased 6.0% to $17.4 million, compared to $16.4 million in the first six months of 2024.
Balance Sheet
Total assets increased 18.4% to $1.434 billion at June 30, 2025, from $1.211 billion at June 30, 2024, and increased 4.0% compared to $1.379 billion at March 31, 2025. Cash and cash equivalents totaled $25.6 million at June 30, 2025, compared to $49.5 million a year ago. Investment securities totaled $140.5 million at June 30, 2025, an increase from $115.5 million at June 30, 2024.
Loans, net of allowance for credit losses, increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024, and increased 5.9% compared to $1.128 billion at March 31, 2025.
Total deposits increased 23.2% to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024, and increased 4.0% compared to $1.201 billion at March 31, 2025. Demand and non-interest-bearing deposits decreased less than 1% compared to June 30, 2024, while savings and interest-bearing transaction accounts increased 37.6% compared to June 30, 2024.
FHLB advances were $21.5 million at June 30, 2025, compared to $54.3 million at June 30, 2024, and $21.6 million at March 31, 2025. Total stockholders’ equity increased to $102.5 million at June 30, 2025, compared to $92.0 million at June 30, 2024, and $100.5 million at March 31, 2025. Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 at June 30, 2024, and $40.33 at March 31, 2025.
Credit Quality
Due to strong quarterly loan growth, the Company recorded an $800,000 provision for credit losses in the second quarter of 2025. This is compared to a $670,000 provision for credit losses in the first quarter of 2025, and a $432,000 provision for credit losses in the second quarter of 2024.
There were $365,000 in nonperforming loans at June 30, 2025. This compared to $420,000 in nonperforming loans at March 31, 2025, and $32,000 in nonperforming loans at June 30, 2024. Nonperforming loans represented 0.03% of total loans on June 30, 2025, 0.04% of total loans on March 31, 2025, and 0.00% of total loans a year ago.
“We remain conservative in building our credit loss reserves, continually reviewing our loan mix, assessing growth trends, and factoring in both regional and national economic conditions to ensure our allowance remains appropriately calibrated,” said Jeff Maland, Chief Risk Officer. The allowance for credit losses was $14.0 million, or 1.16% of total loans, at June 30, 2025, compared to $13.3 million, or 1.17% of total loans, at March 31, 2025, and $12.4 million, or 1.25% of total loans, at June 30, 2024.
Net loan recoveries were $11,000 in the second quarter of 2025. This compared to net loan charge-offs of $137,000 in the first quarter of 2025, and net loan charge-offs of $111,000 in the second quarter of 2024.
Capital
The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 11.69%, a Tier 1 ratio of 10.44%, and a Leverage ratio of 9.12% for the Bank at June 30, 2025.
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.
In the second quarter of 2025, the Signature Bank celebrated its 20-year anniversary of service to its Arkansas communities. In tandem with the celebration, the organization updated its mission statement:
We are committed to being a trusted local bank for business owners, individuals, and families who seek personalized service from people they know. Our mission is to empower our customers to strengthen their connections through every interaction, ensuring that their dollars are reinvested locally to support the growth and prosperity of the community we share. We have a passion for preserving the traditions of community banking as we embrace the power of technology.
About the Region
White River Bancshares Company is headquartered in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas, and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions. In May 2024, Walmart issued a relocation mandate requiring most of its remote employees, as well as most of its office workers in Dallas, Atlanta and Toronto to move to, in most cases, Bentonville by November 1, 2024. While the company did not disclose a number, Bloomberg reported that the number of Walmart employees who would be moving to Bentonville would be in the thousands. Walmart is making a major investment in its hometown facilities, building a new, 350-acre headquarters campus, including walking and biking trails, a hotel, fitness facilities and a large childcare center.
The Company has expanded eastward, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley’s Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced that it would locate a new $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 $429,000 in May 2025, with an average of 97 days on the market. For Benton County, the average house sold for $461,000, with an average of 92 days on the market.
Source:
http://www.nwarealtors.org/market-statistics/
Forward Looking Statements
This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain, and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
| Contact: | Scott Sandlin, Chief Strategy Officer |
| 479-684-3754 | |
| WHITE RIVER BANCSHARES COMPANY | |||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
| (Unaudited) | |||||||||||
| For the Three Months Ended | |||||||||||
| June 30, | March 31, | June 30, | |||||||||
| 2025 | 2025 | 2024 | |||||||||
| INTEREST INCOME | |||||||||||
| Loans, including fees | $ | 19,611,698 | $ | 18,315,006 | $ | 15,763,452 | |||||
| Investment securities | 1,431,773 | 1,258,571 | 1,083,415 | ||||||||
| Federal funds sold and other | 175,917 | 232,978 | 162,250 | ||||||||
| Total interest income | 21,219,388 | 19,806,555 | 17,009,117 | ||||||||
| INTEREST EXPENSE | |||||||||||
| Deposits | 8,538,199 | 8,312,455 | 7,106,512 | ||||||||
| Federal Home Loan Bank advances | 296,860 | 393,057 | 448,263 | ||||||||
| Notes payable | 477,735 | 475,425 | 398,017 | ||||||||
| Federal funds purchased and other | 7,113 | 13,022 | 21,787 | ||||||||
| Total interest expense | 9,319,907 | 9,193,959 | 7,974,579 | ||||||||
| NET INTEREST INCOME | 11,899,481 | 10,612,596 | 9,034,538 | ||||||||
| Provision for credit losses | 800,000 | 670,000 | 432,000 | ||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 11,099,481 | 9,942,596 | 8,602,538 | ||||||||
| NON-INTEREST INCOME | |||||||||||
| Service charges and fees on deposits | 162,185 | 171,186 | 154,816 | ||||||||
| Wealth management fee income | 994,100 | 1,017,829 | 1,065,553 | ||||||||
| Secondary market fee income | 223,956 | 128,824 | 113,926 | ||||||||
| Bank owned-life insurance income | 82,190 | 80,603 | 80,478 | ||||||||
| Gain on sales and write-downs of foreclosed assets | 15,475 | – | 326 | ||||||||
| Other | 616,667 | 544,141 | 527,064 | ||||||||
| TOTAL NON-INTEREST INCOME | 2,094,573 | 1,942,583 | 1,942,163 | ||||||||
| NON-INTEREST EXPENSE | |||||||||||
| Salaries and benefits | 5,185,716 | 4,931,692 | 4,784,556 | ||||||||
| Occupancy and equipment | 1,189,886 | 1,145,101 | 936,818 | ||||||||
| Data processing | 857,198 | 858,115 | 704,080 | ||||||||
| Marketing and business development | 609,549 | 397,137 | 473,618 | ||||||||
| Professional services | 699,968 | 650,708 | 617,890 | ||||||||
| Amortization of other intangible assets | 53,037 | 53,036 | 53,037 | ||||||||
| Other | 326,224 | 393,498 | 494,203 | ||||||||
| TOTAL NON-INTEREST EXPENSE | 8,921,578 | 8,429,287 | 8,064,202 | ||||||||
| Income before income taxes | 4,272,476 | 3,455,892 | 2,480,499 | ||||||||
| Income tax provision | 974,775 | 826,085 | 631,462 | ||||||||
| NET INCOME | $ | 3,297,701 | $ | 2,629,807 | $ | 1,849,037 | |||||
| EARNINGS PER SHARE | |||||||||||
| Basic (1) | $ | 1.35 | $ | 1.07 | $ | 0.81 | |||||
| Diluted (1) | $ | 1.34 | $ | 1.07 | $ | 0.81 | |||||
| (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) | |||||||||
| Six Months Ended | |||||||||
| June 30, | |||||||||
| 2025 | 2024 | ||||||||
| INTEREST INCOME | |||||||||
| Loans, including fees | $ | 37,926,704 | $ | 30,758,374 | |||||
| Investment securities | 2,690,344 | 2,012,455 | |||||||
| Federal funds sold and other | 408,895 | 258,404 | |||||||
| Total Interest Income | 41,025,943 | 33,029,233 | |||||||
| INTEREST EXPENSE | |||||||||
| Deposits | 16,850,654 | 14,091,305 | |||||||
| Federal Home Loan Bank advances | 689,917 | 968,582 | |||||||
| Notes payable | 953,160 | 796,034 | |||||||
| Federal funds purchased and other | 20,135 | 100,047 | |||||||
| Total interest expense | 18,513,866 | 15,955,968 | |||||||
| NET INTEREST INCOME | 22,512,077 | 17,073,265 | |||||||
| Provision for credit losses | 1,470,000 | 1,080,000 | |||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 21,042,077 | 15,993,265 | |||||||
| NON-INTEREST INCOME | |||||||||
| Service charges and fees on deposits | 333,371 | 305,165 | |||||||
| Wealth management fee income | 2,011,929 | 1,911,059 | |||||||
| Secondary market fee income | 352,780 | 170,990 | |||||||
| Bank owned life insurance income | 162,793 | 160,359 | |||||||
| Gain on sales and write-downs of foreclosed assets | 15,475 | 1,376 | |||||||
| Other | 1,160,808 | 976,319 | |||||||
| TOTAL NON-INTEREST INCOME | 4,037,156 | 3,525,268 | |||||||
| NON-INTEREST EXPENSE | |||||||||
| Salaries and benefits | 10,117,408 | 9,784,089 | |||||||
| Occupancy and equipment | 2,334,987 | 1,864,942 | |||||||
| Data processing | 1,715,313 | 1,494,649 | |||||||
| Marketing and business development | 1,006,686 | 937,315 | |||||||
| Professional services | 1,350,676 | 1,287,757 | |||||||
| Amortization of intangible asset | 106,073 | 106,073 | |||||||
| Other | 719,722 | 898,039 | |||||||
| TOTAL NON-INTEREST EXPENSE | 17,350,865 | 16,372,864 | |||||||
| Income before income taxes | 7,728,368 | 3,145,669 | |||||||
| Income tax provision | 1,800,860 | 787,404 | |||||||
| NET INCOME | $ | 5,927,508 | $ | 2,358,265 | |||||
| EARNINGS PER SHARE | |||||||||
| Basic (1) | $ | 2.42 | $ | 1.11 | |||||
| Diluted (1) | $ | 2.42 | $ | 1.11 | |||||
| (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 BALANCE SHEETS | ||||||||||||||
| (Unaudited) | ||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||||||
| ASSETS | ||||||||||||||
| Cash and cash equivalents | $ | 25,604,276 | $ | 48,360,156 | $ | 49,495,763 | ||||||||
| Investment securities | 140,544,711 | 134,968,153 | 115,526,915 | |||||||||||
| Loans held for sale | 2,442,642 | 874,009 | 997,907 | |||||||||||
| Loans | 1,208,102,220 | 1,141,369,199 | 994,754,063 | |||||||||||
| Allowance for credit losses | (14,033,740 | ) | (13,347,855 | ) | (12,434,130 | ) | ||||||||
| Net loans | 1,194,068,480 | 1,128,021,344 | 982,319,933 | |||||||||||
| Premises and equipment, net | 37,411,490 | 35,647,835 | 30,442,837 | |||||||||||
| Foreclosed assets held for sale | – | 310,406 | 777,606 | |||||||||||
| Accrued interest receivable | 7,024,823 | 6,629,881 | 5,433,391 | |||||||||||
| Bank owned life insurance | 9,942,100 | 9,859,911 | 9,614,851 | |||||||||||
| Deferred income taxes | 4,522,795 | 4,220,559 | 4,788,942 | |||||||||||
| Other investments | 7,925,019 | 6,782,614 | 8,094,125 | |||||||||||
| Intangible assets, net | 1,697,167 | 1,750,204 | 1,909,313 | |||||||||||
| Other assets | 2,783,012 | 1,825,830 | 1,733,790 | |||||||||||
| TOTAL ASSETS | $ | 1,433,966,515 | $ | 1,379,250,902 | $ | 1,211,135,373 | ||||||||
| LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||||
| Deposits: | ||||||||||||||
| Demand and non-interest-bearing | $ | 233,078,431 | $ | 231,331,391 | $ | 233,230,007 | ||||||||
| Savings and interest-bearing transaction accounts | 479,532,136 | 456,733,576 | 348,391,562 | |||||||||||
| Time deposits | 536,591,123 | 512,882,444 | 432,248,979 | |||||||||||
| Total deposits | 1,249,201,690 | 1,200,947,411 | 1,013,870,548 | |||||||||||
| Federal Home Loan Bank advances | 21,518,084 | 21,593,143 | 54,314,495 | |||||||||||
| Notes payable | 26,159,110 | 26,141,832 | 26,090,002 | |||||||||||
| Operating lease liability | 21,918,414 | 20,029,714 | 15,930,503 | |||||||||||
| Reserve for losses on unfunded commitments | 1,603,000 | 1,478,000 | 1,433,000 | |||||||||||
| Accrued interest payable | 2,636,403 | 2,731,699 | 2,714,687 | |||||||||||
| Other liabilities | 8,433,777 | 5,798,159 | 4,745,292 | |||||||||||
| TOTAL LIABILITIES | 1,331,470,478 | 1,278,719,958 | 1,119,098,527 | |||||||||||
| Stockholders’ equity: | ||||||||||||||
| Common stock (1) | 24,876 | 24,882 | 24,698 | |||||||||||
| Surplus (1) | 102,893,483 | 102,784,831 | 102,457,705 | |||||||||||
| Retained earnings (accumulated deficit) | 6,787,654 | 4,714,375 | (2,484,500 | ) | ||||||||||
| Treasury stock, at cost | (1,284,359 | ) | (1,265,731 | ) | (1,132,905 | ) | ||||||||
| Accumulated other comprehensive loss | (5,925,617 | ) | (5,727,413 | ) | (6,828,152 | ) | ||||||||
| TOTAL STOCKHOLDERS’ EQUITY | 102,496,037 | 100,530,944 | 92,036,846 | |||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,433,966,515 | $ | 1,379,250,902 | $ | 1,211,135,373 | ||||||||
| (1 | ) | Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024. | ||||||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| June 30, | March 31, | June 30, | ||||||||||||
| FOR THE PERIOD | ||||||||||||||
| Net income | $ | 3,297,701 | $ | 2,629,807 | $ | 1,849,037 | ||||||||
| Net income before taxes | 4,272,476 | 3,455,892 | 2,480,499 | |||||||||||
| Dividends declared per share (1) | 0.50 | – | 0.50 | |||||||||||
| PERIOD END BALANCE | ||||||||||||||
| Total assets | $ | 1,433,966,515 | $ | 1,379,250,902 | $ | 1,211,135,373 | ||||||||
| Total investments | 140,544,711 | 134,968,153 | 115,526,915 | |||||||||||
| Total loans, net | 1,194,068,480 | 1,128,021,344 | 982,319,933 | |||||||||||
| Allowance for credit losses | (14,033,740 | ) | (13,347,855 | ) | (12,434,131 | ) | ||||||||
| Total deposits | 1,249,201,690 | 1,200,947,411 | 1,013,870,548 | |||||||||||
| Stockholders’ equity | 102,496,037 | 100,530,944 | 92,036,846 | |||||||||||
| RATIO ANALYSIS | ||||||||||||||
| Return on average assets (annualized) | 0.94 | % | 0.79 | % | 0.63 | % | ||||||||
| Return on average equity (annualized) | 12.62 | % | 10.64 | % | 8.26 | % | ||||||||
| Net loans/Deposits | 95.59 | % | 93.93 | % | 96.89 | % | ||||||||
| Total Stockholders’ Equity/Total assets | 7.15 | % | 7.29 | % | 7.60 | % | ||||||||
| Net loan losses/Total loans | -0.00 | % | 0.01 | % | 0.01 | % | ||||||||
| Uninsured & unpledged deposits | 32.37 | % | 31.00 | % | 31.21 | % | ||||||||
| PER SHARE DATA | ||||||||||||||
| Shares outstanding (1) | 2,448,246 | 2,449,317 | 2,435,700 | |||||||||||
| Weighted average shares outstanding (1) | 2,448,734 | 2,446,747 | 2,291,316 | |||||||||||
| Diluted weighted average shares outstanding (1) | 2,454,485 | 2,451,161 | 2,291,316 | |||||||||||
| Basic earnings (1) | $ | 1.35 | $ | 1.07 | $ | 0.81 | ||||||||
| Diluted earnings (1) | 1.34 | 1.07 | 0.81 | |||||||||||
| Book value (1) | 41.87 | 41.04 | 37.79 | |||||||||||
| Tangible book value (1) | 41.17 | 40.33 | 37.00 | |||||||||||
| ASSET QUALITY | ||||||||||||||
| Net (recoveries) charge-offs | $ | (10,889 | ) | $ | 136,970 | $ | 110,968 | |||||||
| Classified assets | 402,406 | 853,745 | 1,090,758 | |||||||||||
| Nonperforming loans | 364,853 | 419,985 | 32,054 | |||||||||||
| Nonperforming assets | 364,853 | 730,391 | 809,660 | |||||||||||
| Total nonperforming loans/Total loans | 0.03 | % | 0.04 | % | 0.00 | % | ||||||||
| Total nonperforming loans/Total assets | 0.03 | % | 0.03 | % | 0.00 | % | ||||||||
| Total nonperforming assets/Total assets | 0.03 | % | 0.05 | % | 0.07 | % | ||||||||
| Allowance for credit losses/Total loans | 1.16 | % | 1.17 | % | 1.25 | % | ||||||||
| (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 | |||||||||||||||||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | |||||||||||||||||||||||||||
| 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 | $ | 15,102,485 | $ | 175,917 | 4.67 | % | $ | 23,287,989 | $ | 232,978 | 4.06 | % | $ | 11,798,448 | $ | 162,250 | 5.53 | % | |||||||||||
| Investment securities available-for-sale (1) | 138,229,178 | 1,289,470 | 3.74 | % | 133,405,472 | 1,208,821 | 3.67 | % | 114,427,481 | 941,900 | 3.31 | % | |||||||||||||||||
| Loans receivable | 1,169,591,045 | 19,611,698 | 6.73 | % | 1,106,648,533 | 18,315,006 | 6.71 | % | 973,396,880 | 15,763,452 | 6.51 | % | |||||||||||||||||
| Total interest-earning assets | 1,322,922,708 | $ | 21,077,085 | 6.39 | % | 1,263,341,994 | $ | 19,756,805 | 6.34 | % | 1,099,622,809 | $ | 16,867,602 | 6.17 | % | ||||||||||||||
| Noninterest-earning assets | 81,927,528 | 81,821,189 | 74,503,352 | ||||||||||||||||||||||||||
| Total assets | $ | 1,404,850,236 | $ | 1,345,163,183 | $ | 1,174,126,161 | |||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 985,435,006 | $ | 8,538,199 | 3.48 | % | $ | 937,669,969 | $ | 8,312,455 | 3.60 | % | $ | 770,303,642 | $ | 7,106,512 | 3.71 | % | |||||||||||
| FHLB advances and federal funds purchased | 26,552,308 | 303,973 | 4.59 | % | 36,654,930 | 406,079 | 4.49 | % | 40,440,625 | 470,050 | 4.67 | % | |||||||||||||||||
| Notes payable | 26,150,819 | 477,735 | 7.33 | % | 26,131,761 | 475,425 | 7.38 | % | 25,506,601 | 398,017 | 6.28 | % | |||||||||||||||||
| Total interest-bearing liabilities | 1,038,138,133 | $ | 9,319,907 | 3.60 | % | 1,000,456,660 | $ | 9,193,959 | 3.73 | % | 836,250,868 | $ | 7,974,579 | 3.84 | % | ||||||||||||||
| Noninterest-bearing liabilities | 261,876,451 | 244,466,979 | 247,820,333 | ||||||||||||||||||||||||||
| Total liabilities | 1,300,014,584 | 1,244,923,639 | 1,084,071,201 | ||||||||||||||||||||||||||
| Stockholders’ equity | 104,835,652 | 100,239,544 | 90,054,960 | ||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,404,850,236 | $ | 1,345,163,183 | $ | 1,174,126,161 | |||||||||||||||||||||||
| Net interest-earning assets | $ | 284,784,575 | $ | 262,885,334 | $ | 263,371,941 | |||||||||||||||||||||||
| Net interest spread | $ | 11,757,178 | 2.79 | % | $ | 10,562,846 | 2.61 | % | $ | 8,893,023 | 2.33 | % | |||||||||||||||||
| Net interest margin | 3.56 | % | 3.39 | % | 3.25 | % | |||||||||||||||||||||||
| (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, | ||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Federal funds sold and other | $ | 19,172,625 | $ | 408,895 | 4.30 | % | $ | 10,071,062 | $ | 258,404 | 5.16 | % | ||||||||
| Investment securities available-for-sale (1) | 135,830,651 | 2,498,291 | 3.71 | % | 114,434,010 | 1,842,786 | 3.24 | % | ||||||||||||
| Loans receivable | 1,138,293,665 | 37,926,704 | 6.72 | % | 967,102,566 | 30,758,374 | 6.40 | % | ||||||||||||
| Total interest-earning assets | 1,293,296,941 | $ | 40,833,890 | 6.37 | % | 1,091,607,638 | $ | 32,859,564 | 6.05 | % | ||||||||||
| Noninterest-earning assets | 81,874,656 | 72,612,145 | ||||||||||||||||||
| Total assets | $ | 1,375,171,597 | $ | 1,164,219,783 | ||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||
| Interest-bearing deposits | $ | 961,684,434 | $ | 16,850,654 | 3.53 | % | $ | 766,601,621 | $ | 14,091,305 | 3.70 | % | ||||||||
| FHLB advances and federal funds purchased | 31,575,711 | 710,052 | 4.53 | % | 45,594,923 | 1,068,629 | 4.71 | % | ||||||||||||
| Notes payable | 26,141,343 | 953,160 | 7.35 | % | 25,500,463 | 796,034 | 6.28 | % | ||||||||||||
| Total interest-bearing liabilities | 1,019,401,488 | $ | 18,513,866 | 3.66 | % | 837,697,007 | $ | 15,955,968 | 3.83 | % | ||||||||||
| Noninterest-bearing liabilities | 253,207,317 | 240,831,655 | ||||||||||||||||||
| Total liabilities | 1,272,608,805 | 1,078,528,662 | ||||||||||||||||||
| Stockholders’ equity | 102,562,792 | 85,691,121 | ||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,375,171,597 | $ | 1,164,219,783 | ||||||||||||||||
| Net interest-earning assets | $ | 273,895,453 | $ | 253,910,631 | ||||||||||||||||
| Net interest spread | $ | 22,320,024 | 2.70 | % | $ | 16,903,596 | 2.22 | % | ||||||||||||
| Net interest margin | 3.48 | % | 3.11 | % | ||||||||||||||||
| (1 | ) | Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares). | ||||||||||||||||||
