Welcome to our dedicated page for White Riv Bancshares news (Ticker: WRIV), a resource for investors and traders seeking the latest updates and insights on White Riv Bancshares stock.
White River Bancshares Company reports news as the OTCQX-traded holding company for Signature Bank of Arkansas, a community bank serving small businesses, families and farms in Arkansas. Recurring updates cover bank earnings, loan growth, net interest income, net interest margin, credit quality, noninterest income and regulatory capital ratios.
Company announcements also include capital actions such as annual cash dividends, common-stock split activity and subordinated debt issuance. Coverage centers on the bank's Arkansas market footprint, balance-sheet growth, shareholder distributions and the capital measures used by a bank holding company.
White River Bancshares Company (OTCQX: WRIV), the holding company for Signature Bank of Arkansas, reported a record net income of $1.85 million or $1.61 per diluted share in Q2 2024, marking a 137.5% increase from Q2 2023. This growth was driven by strong net interest income and margin expansion, alongside a successful $12.46 million capital raise.
Net interest income rose 22.2% to $9.0 million, while net interest margin increased to 3.25%. The company also noted significant loan and deposit growth, with loans up 13.8% and deposits up 14.2% year-over-year. Despite increased provisions for credit losses, nonperforming loans decreased, indicating improved credit quality.
Additionally, noninterest income surged 34.5%, primarily due to an acquisition in wealth management. Operating expenses increased slightly, but the company expects stabilization. Asset growth was notable, with total assets reaching $1.211 billion. The firm's capital ratios remained strong, exceeding regulatory requirements.
White River Bancshares Company completed a private placement of $12.46 million of common shares to accredited investors at $55.00 per share. The capital raise will support organic and strategic growth opportunities, aiding the expansion of the bank throughout Arkansas. The offering was managed by Performance Trust Capital Partners and legal counsel was provided by Holland & Knight LLP and Troutman Pepper Hamilton Sanders LLP.
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White River Bancshares Company (OTCQX: WRIV) reported a net income of $340,000, or $0.34 per diluted share, in Q1 2023, a decline from $1.07 million, or $1.08 per share, in Q1 2022. Compared to the previous quarter, net income fell from $1.42 million. The net interest margin shrank to 3.16% from 3.58% year-over-year, primarily due to rising funding costs. However, total deposits increased by 14.7% year-over-year to $890.8 million, and net loans rose 23.3% to $838.9 million. A $150,000 provision for credit losses was recorded, contrasting with no provision in Q1 2022. The company continues to expand its market presence, including the launch of its bilingual banking initiative, Banco Sí. Despite challenges, asset quality remains strong with nonperforming assets at only 0.01% of total assets.
White River Bancshares Company (OTCQX: WRIV), parent of Signature Bank of Arkansas, reported a fourth quarter 2022 net income of $1.42 million, a decrease from $1.50 million in Q4 2021. Full year net income declined to $5.62 million compared to $7.05 million in 2021. Notably, total deposits rose 11.6% to $810.6 million, with a significant loan increase of 20.6% to $826.7 million. The company also recorded a $350,000 provision for loan losses. Despite rising expenses and challenges in noninterest income, the bank's net interest margin improved to 3.80%. The company aims to expand its presence in newly opened markets for 2023.
White River Bancshares Company (OTCQX: WRIV) reported a net income of $1.33 million in Q3 2022, a decline from $1.93 million in Q3 2021. Year-to-date, net income fell to $4.19 million compared to $5.56 million in the same period last year. Notably, net interest margin expanded by 23 basis points, reaching 3.88%. Total deposits rose 7.0% to $791.5 million, while total loans increased by 17.9% to $780.5 million. The company also launched Banco Sí!, targeting the Hispanic community. A provision for loan losses of $410,000 was recorded, reflecting strong loan growth.