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White River Bancshares Co (WRIV)

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78.200.00 (0.00%)
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Previous Close78.20
Open78.20
Bid0.00 x 0
Ask0.00 x 0
Day's Range78.20 - 78.20
52 Week Range47.55 - 80.26
Volume100
Avg. Volume186
Market Cap75.781M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GlobeNewswire

    White River Bancshares Co. Announces Annual Cash Dividend of $0.50 Per Share

    FAYETTEVILLE, Ark., July 20, 2021 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV), (the “Company”) the holding company for Signature Bank of Arkansas (the “Bank”), today announced its Board of Directors declared an annual cash dividend of $0.50 per share. The dividend is payable on August 31, 2021 to shareholders of record at the close of business on August 13, 2021. “With the improved operating performance of the Company, the Board of Directors has decided to initiate an annual

  • GlobeNewswire

    White River Bancshares Co. Earns Record $2.08 Million, or $2.14 Per Diluted Share, for Second Quarter 2021

    FAYETTEVILLE, Ark., July 19, 2021 (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 33.8% to a record $2.08 million, or $2.14 per diluted share, in the second quarter of 2021, compared to $1.55 million, or $1.60 per diluted share, in the first quarter of 2021 and increased 210.7% compared to $669,000, or $0.69 per diluted share, in the second quarter of 2020. In th

  • GlobeNewswire

    White River Bancshares Co. Earns Record $1.55 Million, or $1.60 Per Diluted Share, for First Quarter 2021

    FAYETTEVILLE, Ark., April 19, 2021 (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 23.0% to $1.55 million, or $1.60 per diluted share, in the first quarter of 2021, compared to $1.26 million, or $1.30 per diluted share, in the fourth quarter of 2020 and increased 109.1% compared to $742,000, or $0.77 per diluted share, in the first quarter of 2020. All financial results are unaudited. “We produced record results for the first quarter of 2021, with strong top and bottom-line revenue growth, double digit loan and deposit growth and an improving net interest margin, compared to the first quarter a year ago,” said Gary Head, President and Chief Executive Officer. “Despite the ongoing challenges created by the COVID-19 pandemic, and the related economic conditions, we made progress in several areas of the business, as we continued to support our customers, communities and employees. We are proud of our team and their accomplishments, as it is the investment in our people that drives our success.” “Deposit balances ended the quarter at record levels, with a second round of Paycheck Protection Program (“PPP”) loans and two additional federal stimulus payments contributing to strong quarterly deposit growth,” said Scott Sandlin, Chief Strategy Officer. “The investment we have made in our digital platform is helping us grow new client relationships and gather low-cost deposits. Additionally, we continue to lower the cost of deposits by bringing in more business and personal checking accounts and reducing our reliance on higher-cost CDs.” “From the beginning of the pandemic, we were active with our customers in the PPP offered through the Small Business Administration (“SBA”),” said Brant Ward, Chief Operating Officer. “After the SBA’s first round of the PPP concluded on August 8, 2020, we originated $20.7 million in PPP loans, helping 274 local businesses in our markets in Arkansas. The first round of PPP generated total PPP loan fees receivable of approximately $680,000. As of March 31, 2021, we have received payment from the SBA for 166 borrowers totaling $7.8 million.” “On December 27, 2020, additional COVID-19 stimulus relief was signed into law that allowed for a further round of PPP lending,” Ward continued. “The program offered new PPP loans for companies that did not receive PPP funds in 2020 in addition to a second draw loan targeted at hard-hit businesses that had already used their initial PPP proceeds. We immediately began helping our customers with this second round of PPP lending during the first quarter of 2021, and, at March 31, 2021, we had originated $7.7 million in new PPP loans during this second round of funding. Approximately $402,000 of the income recognized during the first quarter of 2021 was related to origination fees from these second round PPP loans. We will continue to help our customers until the program concludes at the end of May.” “In addition to PPP loans, we added additional programs to support our customers experiencing financial hardship as a result of the pandemic. These assistances included payment forbearance agreements with some customers for periods of up to six months. At the peak of our assistance, at June 30, 2020, we had deferred payment on 120 loans totaling $79.7 million. As of March 31, 2021, only 9 loans totaling $1.8 million were still in deferral,” said Jeff Maland, Chief Risk Officer. “We are optimistic about the underlying quality of deferred loans, as most are longtime customer relationships who carry a strong guarantor support. Additionally, we feel the loan portfolio is well positioned to handle any future economic impact from the pandemic, with less than 1% of the total portfolio in hotels, restaurants, and energy loans as of the end of the first quarter.” The table below presents selected information on loans that remained on COVID-19 deferrals at the periods indicated. % of Total Loan Portfolio Deferred Loan Balance Number of Loans (In thousands) June 30, 202014.25% $79,691 120September 30, 20202.05 12,003 28December 31, 20200.31 1,915 12March 31, 20210.28 1,836 9 First Quarter 2021 Financial Highlights: First quarter net income increased 109.1% to $1.55 million, or $1.60 per diluted share, compared to $742,000, or $0.77 per diluted share, in the first quarter of 2020.There was no provision for loan losses in the first quarter. This compares to a $458,000 provision in the preceding quarter and $677,000 provision in the first quarter of 2020.First quarter net interest margin (“NIM”) improved to 3.82%, compared to 3.50% in the preceding quarter and 3.64% in the first quarter a year ago.Net loans increased 13.8% to $635.0 million at March 31, 2021, compared to $558.2 million at March 31, 2020.Total deposits increased 15.3% to $682.6 million at March 31, 2021, compared to $592.1 million a year ago.Non-interest-bearing deposits increased 58.3% to $189.0 million at March 31, 2021, compared to $119.4 million a year ago.Nonperforming assets were almost nil, or 0.00% of total assets, at March 31, 2021, and at December 31, 2020. This compares to nonperforming assets of $1.5 million, or 0.21% of total assets, at March 31, 2020.Book value per common share increased to $77.63 at March 31, 2021, from $72.25 a year ago.Total risk-based capital ratio was 12.95% and Tier 1 leverage ratio was 10.90% for the Bank at March 31, 2021. Income Statement The Company’s net interest margin was 3.82% in the first quarter of 2021, an 18-basis point improvement compared to 3.64% in the first quarter of 2020, and a 32 basis point improvement compared to 3.50% in the prior quarter. First quarter net interest income was $7.0 million, compared to $6.0 million in the first quarter of 2020. Total interest income remained relatively unchanged at $8.2 million in the first quarter of 2021, from the first quarter of 2020. Total interest expense decreased by 41.4% to $1.3 million in the first quarter of 2021, from $2.2 million during the first quarter of 2020. Non-interest income increased 62.3% to $1.7 million in the first quarter of 2021, compared to $1.1 million in the first quarter a year ago. The Company benefitted from higher wealth management fee income and substantially higher secondary market fee income compared to the first quarter in the prior year. Non-interest expense increased to $6.6 million in the first quarter of 2021, compared to $5.4 million in the first quarter of 2020. Higher professional services related to a one-time expense associated with a conversion fee for digital, core and EFT platforms contributed to the increase during the first quarter of 2021. Higher salaries and benefits also contributed to the increase compared to a year ago. Balance Sheet Review Total assets increased by 13.3% to $806.0 million at March 31, 2021, from $711.6 million at March 31, 2020, and increased 7.5% compared to $749.9 million at December 31, 2020. Cash and cash equivalents increased to $60.8 million at March 31, 2021 from $53.3 million a year ago. Investment securities increased to $68.9 million at March 31, 2021 from $64.2 million a year ago. Loans, net of allowance for loan losses, increased 13.8% to $635.0 million at March 31, 2021, compared to $558.2 million a year ago, and increased 4.4% compared to $608.4 million three months earlier. Through the close of the first round of the program on August 8, 2020, the Bank had funded approximately 274 PPP loans totaling $20.7 million to both existing and new customers. As of March 31, 2021, $11.0 million in PPP loans from round one, and $7.7 million in new PPP loans from round two, remained on the books. Deposit balances remained at record levels, with a second round of PPP and two additional federal stimulus payments contributing to strong quarterly deposit growth. Total deposits increased 15.3% to $682.6 million at March 31, 2021, compared to $592.1 million a year ago and increased 8.7% compared to $627.8 million at December 31, 2020, with non-interest bearing deposits increasing 58.3% to $189.0 million at March 31, 2021, compared to $119.4 million a year ago. FHLB advances totaled $17.0 million at March 31, 2021 from $19.9 million at March 31, 2020. Total stockholders’ equity increased 7.3% to $75.2 million at March 31, 2021 from $70.1 million at March 31, 2020 and increased 1.4% when compared to $74.2 million at December 31, 2020. Book value per common share increased to $77.63 at March 31, 2021 from $72.25 at March 31, 2020, and $76.58 at December 31, 2020. Credit Quality Due to excellent credit quality and a strong allowance for loan losses, the Company reported no provision for loan losses in the first quarter of 2021. This compares to a $458,000 provision for loan losses during the fourth quarter of 2020, and $677,000 in the first quarter of 2020. “Our credit quality remains exemplary, and we believe our current reserve level is adequate to cover potential loan losses,” said Head. There were no nonperforming loans at March 31, 2021, or at December 31, 2020. This compared to $1.5 million in nonperforming loans at March 31, 2020. Additionally, there were no nonperforming assets at March 31, 2021, or at December 31, 2020, compared with $1.5 million in nonperforming assets at March 31, 2020. Total non-performing assets were 0.00% of total assets at March 31, 2021, 0.00% at December 31, 2020, and 0.21% at March 31, 2020. The allowance for loan losses was $8.7 million, or 1.37% of total loans, at March 31, 2021, when excluding the $18.7 million of PPP loans, which are 100% guaranteed by the SBA. This compared to $7.4 million, or 1.33% of total loans, at March 31, 2020. Net loan recoveries were $10,000 in the first quarter of 2021, compared to net charge-offs of $194,000 in the fourth quarter of 2020, and net loan recoveries of $15,000 in the first quarter of 2020. As of March 31, 2021, the Bank had 9 loans totaling $1.8 million within the deferral process. Capital The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Tier 1 leverage ratio of 10.90%, Common equity tier 1 capital ratio of 11.73%, Tier 1 risk-based capital ratio of 11.73% and Total capital ratio of 12.95%, at March 31, 2021. About White River Bancshares Company White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas. Both are headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers and Brinkley, 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 located 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. 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 COMPANYCONSOLIDATED BALANCE SHEETSMarch 31, 2021, December 31, 2020 and March 31, 2020 UNAUDITED March 31, 2021 December 31, 2020 March 31, 2020 ASSETS Cash and due from banks$60,216,957 $22,904,291 $52,796,917 Federal funds sold 573,134 100,089 489,448 Total cash and cash equivalents 60,790,091 23,004,380 53,286,365 Investment securities 68,937,591 73,100,506 64,231,594 Loans held for sale 7,782,522 10,871,270 2,641,614 Loans, net of allowance for loan losses 634,992,334 608,391,471 558,187,421 Premises and equipment, net 24,669,345 25,140,669 24,530,411 Foreclosed assets held for sale 100 100 100 Accrued interest receivable 1,883,499 2,705,354 2,072,301 Deferred income taxes 1,848,883 1,518,115 1,575,948 Other investments 2,894,085 2,891,285 2,873,285 Other assets 2,161,705 2,320,711 2,228,236 $805,960,155 $749,943,861 $711,627,275 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand deposits- non-interest bearing$188,958,889 $172,016,886 $119,398,336 - interest bearing 253,269,377 203,407,688 166,153,663 Savings deposits 22,126,159 21,051,019 14,027,963 Time deposits- under $250M 116,989,664 125,998,519 166,663,942 - $250M and over 101,253,092 105,309,981 125,835,712 Total deposits 682,597,181 627,784,093 592,079,616 Federal Home Loan Bank advances 16,950,930 17,056,909 19,869,137 Notes payable 10,779,101 10,772,790 10,753,991 Accrued interest payable 425,731 382,474 876,692 Other liabilities 19,982,625 19,733,128 17,963,323 Total liabilities 730,735,568 675,729,394 641,542,759 Stockholders' equity: Common stock 9,763 9,763 9,763 Surplus 88,082,809 88,010,761 87,752,461 Accumulated deficit (12,921,378) (14,474,203) (17,555,735)Treasury stock, at cost (431,865) (431,865) (387,022)Accumulated other comprehensive income 485,258 1,100,011 265,049 Total stockholders' equity 75,224,587 74,214,467 70,084,516 $805,960,155 $749,943,861 $711,627,275 WHITE RIVER BANCSHARES COMPANYCONSOLIDATED STATEMENTS OF INCOMEFor the three months ended March 31, 2021, December 31, 2020 and March 31, 2020 For the Three Months Ended UNAUDITEDMarch 31, 2021 December 31, 2020 March 31, 2020 Interest income: Loans, including fees$7,858,931 $7,463,396 $7,735,747 Investment securities 365,802 331,474 359,413 Federal funds sold and other 5,383 3,392 83,925 Total interest income 8,230,116 7,798,262 8,179,085 Interest expense: Deposits 1,002,824 1,326,327 1,891,372 Federal Home Loan Bank advances 103,749 103,809 117,248 Notes payable 167,874 167,745 167,870 Federal funds purchased and other 2,109 1,309 32 Total interest expense 1,276,556 1,599,190 2,176,522 Net interest income 6,953,560 6,199,072 6,002,563 Provision for loan losses - 458,000 677,000 Net interest income after provision for loan losses 6,953,560 5,741,072 5,325,563 Non-interest income: Service charges and fees on deposits 126,264 130,374 174,174 Wealth management fee income 506,039 474,031 468,305 Secondary market fee income 921,857 894,411 288,749 Loss on sales and write-downs of foreclosed assets - (185,550) (1,917)Other 181,328 192,133 140,020 Total non-interest income 1,735,488 1,505,399 1,069,331 Non-interest expense: Salaries and benefits 4,032,581 3,641,192 3,670,178 Occupancy and equipment 644,033 684,502 649,038 Data processing 586,399 367,253 315,592 Marketing and business development 69,808 209,519 126,936 Professional services 936,803 433,752 392,376 Other 343,918 140,323 250,563 Total non-interest expense 6,613,542 5,476,541 5,404,683 Income before income taxes 2,075,506 1,769,930 990,211 Income tax provision 522,681 507,097 247,736 Net income$1,552,825 $1,262,833 $742,475 Basic earnings per common share$1.60 $1.30 $0.77 Diluted earnings per common share$1.60 $1.30 $0.77 White River Bancshares Company Selected Financial Data Three Months Ended UNAUDITEDMarch 31, 2021 December 31, 2020 March 31, 2020 Selected Financial Condition Data: End of Period Balances Assets$805,960,155 $749,943,861 $711,627,275 Investment Securities 68,937,591 73,100,506 64,231,594 Loans, gross 651,470,670 627,948,824 568,217,563 Allowance for Loan Losses 8,695,814 8,686,083 7,388,528 Deposits 682,597,181 627,784,093 592,079,616 FHLB Advances 16,950,930 17,056,909 19,869,137 Notes Payable 10,779,101 10,772,790 10,753,991 Common Shareholders' Equity 75,224,587 74,214,467 70,084,516 Selected Financial Condition Data: Average Balances Assets$768,712,888 $735,449,136 $696,324,277 Earning Assets 738,370,954 705,226,210 663,389,661 Investment Securities 70,606,315 71,221,639 58,681,569 Loans, gross 639,404,515 616,463,713 572,011,997 Deposits 639,422,194 612,098,458 577,553,407 FHLB Advances & Other Borrowings 22,992,223 18,780,682 18,510,101 Notes Payable 10,775,151 10,769,161 10,750,063 Common Shareholders' Equity 74,657,832 73,485,866 69,760,807 Selected Operating Results: Interest Income$8,230,116 $7,798,262 $8,179,085 Interest Expense 1,276,556 1,599,190 2,176,522 Net Interest Income 6,953,560 6,199,072 6,002,563 Provision for Loan Losses - 458,000 677,000 Net Interest Income After Provision for Loan Losses 6,953,560 5,741,072 5,325,563 Noninterest Income 1,735,488 1,505,399 1,069,331 Noninterest Expense 6,613,542 5,476,541 5,404,683 Income Before Income Taxes 2,075,506 1,769,930 990,211 Income Tax Provision 522,681 507,097 247,736 Net Income$1,552,825 $1,262,833 $742,475 Basic Net Income per Common Share$1.60 $1.30 $0.77 Diluted Net Income per Common Share 1.60 1.30 0.77 Dividends Paid per Common Share - - - Book Value Per Common Share 77.63 76.58 72.25 Common Shares Outstanding 969,065 969,065 969,998 Diluted Common Shares Outstanding 969,065 969,065 969,998 Basic Weighted Average Common Shares Outstanding 969,065 969,069 969,998 Diluted Weighted Average Common Shares Outstanding 969,065 969,069 969,998 Selected Ratios: Return on Average Assets 0.82% 0.68% 0.43%Return on Average Common Shareholders' Equity 8.44% 6.84% 4.28%Average Common Shareholders' Equity to Average Assets 9.71% 9.99% 10.02%Net Interest Margin 3.82% 3.50% 3.64%Efficiency 76.11% 71.08% 76.42% Selected Asset Quality: Net (Recoveries) Charge-offs$(9,731) $194,071 $(15,031)Classified Assets 4,538,064 4,439,839 1,769,453 Nonperforming Loans - - 1,509,590 Nonperforming Assets 100 100 1,509,690 Total Nonperforming Loans to Total Loans 0.00% 0.00% 0.27%Total Nonperforming Loans to Total Assets 0.00% 0.00% 0.21%Total Nonperforming Assets to Total Assets 0.00% 0.00% 0.21% Contact: Scott Sandlin, Chief Strategy Officer479-684-3754