FAYETTEVILLE, Ark., April 19, 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 of $509,000, or $0.51 per diluted share, in the first quarter of 2024, compared to $340,000, or $0.34 per diluted share, in the first quarter of 2023. In the preceding quarter, the Company earned $788,000, or $0.79 per diluted share. All financial results are unaudited.
“I’m very proud of the work our team has put into the first quarter of 2024. Not only have we grown both loans and deposits, but we have set a strong tone for the year in the improvement of our net interest margin,” said Gary Head, Chairman and Chief Executive Officer. “Our expansions to Harrison, Jonesboro, and the addition of Banco Sí, our bilingual banking brand, have been strategic moves to diversify our deposit and loan portfolios and provide our style of community banking to communities who need us. These new markets have responded favorably, strengthening our entire bank family in this first quarter. Overall, we operate in one of the most attractive markets in America, and we’re poised for success over the next several years, not just the rest of 2024, thanks to the infrastructure, leadership team, and technology in place to optimize our operations.”
“Our strategic focus remains centered on cultivating new customer relationships, and when entering new markets, our goal has always been 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 23.1% of total deposits, and savings and interest-bearing transaction accounts represented 33.6% of total deposits as of March 31, 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 robust in the first quarter of 2024, increasing $28.5 million, or 3.0% compared to the prior quarter end. We are encouraged by the strong loan demand in our markets and expect it to continue throughout the year.”
First Quarter 2024 Financial Highlights:
- Net income for the first quarter of 2024 increased 50.0% to $509,000, or $0.51 per diluted share, compared to $340,000, or $0.34 per diluted share, in the first quarter of 2023.
- Net interest income increased 7.4% to $8.0 million in the first quarter of 2024, compared to $7.5 million in the first quarter of 2023.
- First quarter net interest margin (“NIM”) was 2.97%, compared to 3.16% in the first quarter a year ago.
- The Company recorded a $648,000 provision for credit losses in the first quarter of 2024, compared to a $150,000 provision in the first quarter of 2023.
- Net loans increased $130.9 million, or 15.6%, to $969.7 million at March 31, 2024, compared to $838.9 million at March 31, 2023.
- Nonperforming assets totaled $2.36 million, or 0.20% of total assets at March 31, 2024, compared to $124,000, or 0.01% of total assets, at March 31, 2023.
- Total deposits increased $119.4 million, or 13.4%, to $1.010 billion at March 31, 2024, compared to $890.8 million a year ago.
- Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts, and CDs under $250,000) represent 68.3% of total deposits at March 31, 2024.
- The Bank’s uninsured/unpledged deposits totaled approximately 30.2% of total deposits at March 31, 2024.
- Available borrowing capacity totaled $353.8 million at March 31, 2024, compared to $344.8 million at December 31, 2023.
- Total risk-based capital ratio was 11.93% and the Tier 1 leverage ratio was 9.17% for the Bank at March 31, 2024.
- Tangible book value per common share was $78.09 at March 31, 2024, compared to $77.77 a year ago.
Income Statement
“As anticipated, our NIM began to stabilize during the first quarter of 2024, as higher asset yields nearly offset the increase in funding costs,” said Brant Ward, President. “While the first two months of 2024 showed NIM stabilization, we experienced meaningful NIM expansion during the month of March, and 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 2.97% in the first quarter of 2024, compared to 2.96% in the preceding quarter and 3.16% in the first quarter of 2023.
Net interest income increased 7.4% to $8.0 million in the first quarter of 2024, compared to $7.5 million in the first quarter of 2023. Total interest income increased 38.4% to $16.0 million in the first quarter of 2024, compared to $11.6 million in the first quarter of 2023. Largely due to the increase in deposit costs, total interest expense increased to $8.0 million in the first quarter of 2024, from $4.1 million in the first quarter of 2023.
Noninterest income increased 28.8% to $1.6 million in the first quarter of 2024, compared to $1.2 million in the first quarter a year ago. Wealth management fee income, the largest component of noninterest income, increased 63.4% to $846,000 during the first quarter of 2024, compared to $518,000 in the first 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.
Noninterest expense increased 1.7% to $8.3 million in the first quarter of 2024, compared to $8.2 million in the first 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.
Balance Sheet
Total assets increased 9.0% to $1.177 billion at March 31, 2024, from $1.080 billion at March 31, 2023, and increased 3.9% compared to $1.133 billion at December 31, 2023. Cash and cash equivalents totaled $33.1 million at March 31, 2024, compared to $87.2 million a year ago. Investment securities totaled $113.0 million at March 31, 2024, from $99.3 million a year ago.
Loans, net of allowance for credit losses, increased 15.6% to $969.7 million at March 31, 2024, compared to $838.9 million a year ago, and increased 3.0% compared to $941.2 million three months earlier.
Total deposits increased 13.4% to $1.010 billion at March 31, 2024, compared to $890.8 million a year ago and increased 5.3% compared to $959.2 million at December 31, 2023. Due to the interest rate environment, the deposit mix is changing, and time deposits account for the majority of the deposit growth year-over-year.
FHLB advances decreased to $36.9 million at March 31, 2024, from $64.1 million at March 31, 2023, and $45.0 million at December 31, 2023. Total stockholders’ equity was $79.4 million at March 31, 2024, compared to $77.6 million at March 31, 2023, and $79.5 million at December 31, 2023. Tangible book value per common share was $78.09 at March 31, 2024, compared to $77.77 at March 31, 2023, and $78.17 at December 31, 2023. The increase in accumulated other comprehensive income (“AOCI”) during the first quarter of 2024 was $773,000. Excluding AOCI, tangible book value per share was $87.08 at March 31, 2024.
Credit Quality
The Company recorded a $648,000 provision for credit losses in the first quarter of 2024, compared to a $575,000 provision in the fourth quarter of 2023, and a $150,000 provision in the first quarter of 2023.
Nonperforming loans increased during the quarter to $1.72 million, and represented 0.18% of total loans at March 31, 2024, compared to $1.15 million, or 0.12% of total loans, at December 31, 2023, and $124,000, or 0.01% of total loans a year ago. “The increase in nonperforming loans during the first quarter was primarily due to the deterioration of one owner occupied residential property loan of approximately $1.0 million. The loan is well secured and we do not anticipate incurring any loss at this stage,” said Jeff Maland, Chief Risk Officer.
The allowance for credit losses was $12.1 million, or 1.23% of total loans, at March 31, 2024, compared to $11.4 million, or 1.20% of total loans, at December 31, 2023, and $10.4 million, or 1.22% of total loans, at March 31, 2023. “We continue to contribute to our allowance for credit losses based on CECL forecast modeling, as we focus on maintaining a moderate risk profile,” added Maland.
Net loan recoveries were $21,000 in the first quarter of 2024, compared to net loan charge-offs of $185,000 in the fourth quarter of 2023, and net loan recoveries of $66,000 in the first 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 11.93% and Tier 1 leverage ratio of 9.17%, at March 31, 2024.
Recent Developments
The Company launched a new initiative, Banco Sí, to focus on and serve the burgeoning Hispanic and Latino communities. This new market was formed as a division of Signature Bank of Arkansas during the third quarter of 2022, and its initial location opened in downtown Rogers in a historic building at 114 South 1st Street. Banco Sí was launched to create economic growth and access to banking services, capital, and funds for small and midsize businesses within these communities.
In addition, the Company plans to open its second location during the second quarter of 2024 in downtown Springdale, with plans to celebrate a public launch and grand opening in the third quarter of 2024. A permanent location in Downtown Jonesboro is expected to open in the fourth 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 $377,000, up 1.0% in February 2024, compared to a year ago, with an average of 109 days on the market. For Benton County, the average house sold for $432,000, up 9.3% from a year ago with an average of 103 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) | (Audited) | (Unaudited) | ||||||||||
| March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||
| ASSETS | ||||||||||||
| Cash and cash equivalents | $ | 33,147,221 | $ | 17,624,468 | $ | 87,179,713 | ||||||
| Investment securities | 113,033,028 | 114,550,592 | 99,326,990 | |||||||||
| Loans held for sale | 696,271 | 274,608 | 442,306 | |||||||||
| Loans | 981,829,042 | 952,668,035 | 849,235,933 | |||||||||
| Allowance for credit losses | (12,113,099 | ) | (11,443,904 | ) | (10,371,551 | ) | ||||||
| Net loans | 969,715,943 | 941,224,131 | 838,864,382 | |||||||||
| Premises and equipment, net | 29,442,303 | 29,347,939 | 28,563,926 | |||||||||
| Foreclosed assets held for sale | 640,574 | 201,850 | - | |||||||||
| Accrued interest receivable | 4,966,665 | 4,682,162 | 2,796,623 | |||||||||
| Bank owned life insurance | 9,534,373 | 9,454,492 | 9,212,698 | |||||||||
| Deferred income taxes | 4,888,369 | 4,388,415 | 4,560,952 | |||||||||
| Other investments | 7,548,338 | 7,417,533 | 7,071,458 | |||||||||
| Intangible assets, net | 1,962,350 | 2,015,386 | - | |||||||||
| Other assets | 1,323,255 | 1,874,165 | 1,584,678 | |||||||||
| TOTAL ASSETS | $ | 1,176,898,690 | $ | 1,133,055,741 | $ | 1,079,603,726 | ||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| Demand and non-interest-bearing | $ | 233,082,292 | $ | 222,534,839 | $ | 248,670,240 | ||||||
| Savings and interest-bearing transaction accounts | 339,042,365 | 342,953,012 | 323,723,058 | |||||||||
| Time deposits | 438,110,170 | 393,705,434 | 318,408,077 | |||||||||
| Total deposits | 1,010,234,827 | 959,193,285 | 890,801,375 | |||||||||
| Federal funds purchased | - | - | - | |||||||||
| Federal Home Loan Bank advances | 36,887,028 | 44,958,945 | 64,102,204 | |||||||||
| Notes payable | 26,337,909 | 26,320,631 | 25,420,217 | |||||||||
| Operating lease liability | 16,128,536 | 16,319,937 | 15,196,424 | |||||||||
| Reserve for losses on unfunded commitments | 1,433,000 | 1,433,000 | 1,558,000 | |||||||||
| Accrued interest payable | 2,635,771 | 2,444,462 | 1,605,248 | |||||||||
| Other liabilities | 3,868,383 | 2,836,658 | 3,333,968 | |||||||||
| TOTAL LIABILITIES | 1,097,525,454 | 1,053,506,918 | 1,002,017,436 | |||||||||
| Stockholders' equity: | ||||||||||||
| Common stock | 10,081 | 10,086 | 10,084 | |||||||||
| Surplus | 90,548,540 | 90,460,773 | 89,901,337 | |||||||||
| Accumulated deficit | (3,115,687 | ) | (3,624,915 | ) | (4,832,876 | ) | ||||||
| Treasury stock, at cost | (1,119,100 | ) | (1,119,100 | ) | (711,145 | ) | ||||||
| Accumulated other comprehensive loss | (6,950,598 | ) | (6,178,021 | ) | (6,781,110 | ) | ||||||
| TOTAL STOCKHOLDERS' EQUITY | 79,373,236 | 79,548,823 | 77,586,290 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,176,898,690 | $ | 1,133,055,741 | $ | 1,079,603,726 | ||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
| (Unaudited) | ||||||||||
| For the Three Months Ended | ||||||||||
| March 31, | December 31, | March 31, | ||||||||
| 2024 | 2023 | 2023 | ||||||||
| INTEREST INCOME | ||||||||||
| Loans, including fees | $ | 14,994,922 | $ | 13,656,322 | $ | 10,672,578 | ||||
| Investment securities | 929,040 | 930,823 | 628,537 | |||||||
| Federal funds sold and other | 96,154 | 119,794 | 276,739 | |||||||
| Total interest income | 16,020,116 | 14,706,939 | 11,577,854 | |||||||
| INTEREST EXPENSE | ||||||||||
| Deposits | 6,984,793 | 6,025,195 | 2,966,252 | |||||||
| Federal Home Loan Bank advances | 520,319 | 413,864 | 697,577 | |||||||
| Notes payable | 398,017 | 398,017 | 396,260 | |||||||
| Federal funds purchased and other | 78,260 | 68,756 | 33,425 | |||||||
| Total interest expense | 7,981,389 | 6,905,832 | 4,093,514 | |||||||
| NET INTEREST INCOME | 8,038,727 | 7,801,107 | 7,484,340 | |||||||
| Provision for credit losses | 648,000 | 575,000 | 150,000 | |||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 7,390,727 | 7,226,107 | 7,334,340 | |||||||
| NON-INTEREST INCOME | ||||||||||
| Service charges and fees on deposits | 150,349 | 161,910 | 151,043 | |||||||
| Wealth management fee income | 845,506 | 997,887 | 517,514 | |||||||
| Secondary market fee income | 57,064 | 114,581 | 66,773 | |||||||
| Bank owned-life insurance income | 79,881 | 80,156 | 78,374 | |||||||
| Gain on sales of foreclosed assets, net | 1,050 | - | - | |||||||
| Other non-interest income | 449,255 | 449,724 | 415,366 | |||||||
| TOTAL NON-INTEREST INCOME | 1,583,105 | 1,804,258 | 1,229,070 | |||||||
| NON-INTEREST EXPENSE | ||||||||||
| Salaries and benefits | 4,999,533 | 4,427,071 | 5,258,496 | |||||||
| Occupancy and equipment | 928,124 | 956,731 | 891,980 | |||||||
| Data processing | 790,569 | 777,216 | 658,111 | |||||||
| Marketing and business development | 463,697 | 429,642 | 473,709 | |||||||
| Professional services | 669,867 | 739,988 | 505,899 | |||||||
| Amortization of other intangible assets | 53,036 | 53,037 | - | |||||||
| Other non-interest expense | 403,836 | 639,174 | 382,016 | |||||||
| TOTAL NON-INTEREST EXPENSE | 8,308,662 | 8,022,859 | 8,170,211 | |||||||
| Income before income taxes | 665,170 | 1,007,506 | 393,199 | |||||||
| Income tax provision | 155,942 | 219,856 | 53,687 | |||||||
| NET INCOME | $ | 509,228 | $ | 787,650 | $ | 339,512 | ||||
| EARNINGS PER SHARE | ||||||||||
| Basic | $ | 0.51 | $ | 0.79 | $ | 0.34 | ||||
| Diluted | $ | 0.51 | $ | 0.79 | $ | 0.34 | ||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||||||
| (Unaudited) | (Audited) | |||||||||||||||
| Three Months Ended | Year ended | |||||||||||||||
| March 31, | December 31, | March 31, | December 31, | |||||||||||||
| 2024 | 2023 | 2023 | 2023 | |||||||||||||
| FOR THE PERIOD | ||||||||||||||||
| Net income | $ | 509,228 | $ | 787,650 | $ | 339,512 | $ | 2,545,119 | ||||||||
| Net income before taxes | 665,170 | 1,007,506 | 393,199 | 3,145,566 | ||||||||||||
| Dividends declared per share | - | - | - | 1.00 | ||||||||||||
| PERIOD END BALANCE | ||||||||||||||||
| Total assets | $ | 1,176,898,690 | $ | 1,133,055,741 | $ | 1,079,603,726 | $ | 1,133,055,741 | ||||||||
| Total investments | 113,033,028 | 114,550,592 | 99,326,990 | 114,550,592 | ||||||||||||
| Total loans, net | 969,715,943 | 941,224,131 | 838,864,382 | 941,224,131 | ||||||||||||
| Allowance for credit losses | (12,113,099 | ) | (11,443,905 | ) | (10,371,551 | ) | (11,443,904 | ) | ||||||||
| Total deposits | 1,010,234,827 | 959,193,285 | 890,801,375 | 959,193,285 | ||||||||||||
| Stockholders' equity | 79,373,236 | 79,548,823 | 77,586,290 | 79,548,823 | ||||||||||||
| RATIO ANALYSIS | ||||||||||||||||
| Return on average assets (annualized) | 0.18 | % | 0.28 | % | 0.13 | % | 0.24 | % | ||||||||
| Return on average equity (annualized) | 2.52 | % | 4.03 | % | 1.79 | % | 3.24 | % | ||||||||
| Net loans/Deposits | 95.99 | % | 98.13 | % | 94.17 | % | 98.13 | % | ||||||||
| Total Shareholders' Equity/Total assets | 6.74 | % | 7.02 | % | 7.19 | % | 7.02 | % | ||||||||
| Net loan losses/Total loans | -0.00 | % | 0.02 | % | -0.01 | % | 0.01 | % | ||||||||
| Uninsured & unpledged deposits | 30.22 | % | 31.47 | % | 30.80 | % | 31.47 | % | ||||||||
| PER SHARE DATA | ||||||||||||||||
| Shares outstanding | 991,315 | 991,815 | 997,646 | 999,815 | ||||||||||||
| Weighted average shares outstanding | 991,689 | 991,645 | 997,784 | 995,651 | ||||||||||||
| Diluted weighted average shares outstanding | 991,689 | 991,645 | 999,211 | 995,703 | ||||||||||||
| Basic earnings | $ | 0.51 | $ | 0.79 | $ | 0.34 | $ | 2.56 | ||||||||
| Diluted earnings | 0.51 | 0.79 | 0.34 | 2.56 | ||||||||||||
| Book value | 80.07 | 80.21 | 77.77 | 80.21 | ||||||||||||
| Tangible book value | 78.09 | 78.17 | 77.77 | 78.17 | ||||||||||||
| ASSET QUALITY | ||||||||||||||||
| Net (recoveries) charge-offs | $ | (21,195 | ) | $ | 184,970 | $ | (65,926 | ) | $ | 111,721 | ||||||
| Classified assets | 2,657,273 | 1,623,558 | 1,196,170 | 1,623,558 | ||||||||||||
| Nonperforming loans | 1,718,805 | 1,153,852 | 123,922 | 1,153,852 | ||||||||||||
| Nonperforming assets | 2,359,378 | 1,355,702 | 123,922 | 1,355,702 | ||||||||||||
| Total nonperforming loans/Total loans | 0.18 | % | 0.12 | % | 0.01 | % | 0.12 | % | ||||||||
| Total nonperforming loans/Total assets | 0.15 | % | 0.10 | % | 0.01 | % | 0.10 | % | ||||||||
| Total nonperforming assets/Total assets | 0.20 | % | 0.12 | % | 0.01 | % | 0.12 | % | ||||||||
| Allowance for credit losses/Total loans | 1.23 | % | 1.20 | % | 1.22 | % | 1.20 | % | ||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||||||||||||||||||
| INTEREST INCOME AND EXPENSE | ||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||
| March 31, | December 31, | March 31, | ||||||||||||||||||||||||||
| 2024 | 2023 | 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 | $ | 8,343,674 | $ | 96,154 | 4.63 | % | $ | 7,843,513 | $ | 119,794 | 6.06 | % | $ | 25,318,303 | $ | 276,739 | 4.43 | % | ||||||||||
| Investment securities available-for-sale (1) | 114,440,538 | 900,886 | 3.17 | % | 103,892,365 | 791,834 | 3.02 | % | 95,018,152 | 598,135 | 2.55 | % | ||||||||||||||||
| Loans receivable | 960,808,253 | 14,994,922 | 6.28 | % | 913,603,571 | 13,656,322 | 5.93 | % | 835,070,756 | 10,672,578 | 5.18 | % | ||||||||||||||||
| Total interest-earning assets | 1,083,592,465 | $ | 15,991,962 | 5.94 | % | 1,025,339,449 | $ | 14,567,950 | 5.64 | % | 955,407,211 | $ | 11,547,452 | 4.90 | % | |||||||||||||
| Noninterest-earning assets | 70,720,928 | 71,400,967 | 64,599,596 | |||||||||||||||||||||||||
| Total assets | $ | 1,154,313,393 | $ | 1,096,740,416 | $ | 1,020,006,807 | ||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 762,899,599 | $ | 6,984,793 | 3.68 | % | $ | 704,867,459 | $ | 6,025,195 | 3.39 | % | $ | 594,897,383 | $ | 2,966,252 | 2.02 | % | ||||||||||
| FHLB advances and federal funds purchased | 50,749,219 | 598,579 | 4.74 | % | 43,218,876 | 482,620 | 4.43 | % | 65,884,599 | 731,002 | 4.50 | % | ||||||||||||||||
| Notes payable | 25,489,325 | 398,017 | 6.28 | % | 25,472,047 | 398,017 | 6.20 | % | 25,414,074 | 396,260 | 6.32 | % | ||||||||||||||||
| Total interest-bearing liabilities | 839,138,143 | $ | 7,981,389 | 3.83 | % | 773,558,382 | $ | 6,905,832 | 3.54 | % | 686,196,056 | $ | 4,093,514 | 2.42 | % | |||||||||||||
| Noninterest-bearing liabilities | 233,847,965 | 245,689,756 | 256,966,055 | |||||||||||||||||||||||||
| Total liabilities | 1,072,986,108 | 1,019,248,138 | 943,162,111 | |||||||||||||||||||||||||
| Stockholders' equity | 81,327,285 | 77,492,278 | 76,844,696 | |||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,154,313,393 | $ | 1,096,740,416 | $ | 1,020,006,807 | ||||||||||||||||||||||
| Net interest-earning assets | $ | 244,454,322 | $ | 251,781,067 | $ | 269,211,155 | ||||||||||||||||||||||
| Net interest spread | $ | 8,010,573 | 2.11 | % | $ | 7,662,118 | 2.10 | % | $ | 7,453,938 | 2.48 | % | ||||||||||||||||
| Net interest margin | 2.97 | % | 2.96 | % | 3.16 | % | ||||||||||||||||||||||
| (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 |
