White River Bancshares Co. Earns $1.79 Million, or $1.79 Per Diluted Share, in Second Quarter 2022; Second Quarter Results Highlighted By Strong Loan Growth and Net Interest Margin Expansion
07/14/2022 - 04:00 PM
FAYETTEVILLE, Ark., July 14, 2022 (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 $1.79 million , or $1.79 per dilute share, in the second quarter of 2022, compared to $2.08 million , or $2.14 per diluted share, in the second quarter of 2021. In the immediate prior quarter, the Company earned $1.07 million , or $1.08 per diluted share. In the first six months of 2022, net income was $2.9 million , or $2.88 per diluted share, compared to $3.6 million , or $3.75 per diluted share, in the first six months of 2021. All financial results are unaudited.
“Our results for the second quarter of 2022 were highlighted by an increase in net interest income generation and net interest margin expansion,” said Gary Head, President and Chief Executive Officer. “We generated double digit year-over-year growth in both loans and core deposits, in part due to new customer relationships from our existing market locations and new markets in Harrison and Jonesboro that opened earlier this year. As expected, net income for the second quarter was impacted by the reduction in PPP income when compared to the year ago quarter, as we continue to wind down from the unprecedented events of the pandemic. Results were also impacted by the investments we have made in employee retention and in our new market locations. However, we are very encouraged with the progress these new locations are making, as both are exceeding our expectations for growth, and already contributing to operating revenue. We are also making advancements with our plans to enter a new market later this year with the recently formed division of Signature Bank of Arkansas, Banco Sí! This new division will employ bilingual staff as we increase our efforts to better serve Arkansas area Latinos.”
“We continue to strengthen our core funding mix with non-interest bearing deposits increasing 25.0% compared to a year ago, and representing 33.9% of total deposits at quarter end,” said Scott Sandlin, Chief Strategy Officer. “By building out our core deposit base, we are able to fund new loan activity with core deposits and reduce our reliance on borrowed funds, contributing to the net interest margin expanding 26 basis points compared to the second quarter a year ago.”
Second Quarter 2022 Financial Highlights:
Second quarter net income was $1.79 million , or $1.79 per diluted share, compared to $2.08 million , or $2.14 per diluted share, in the second quarter of 2021. Annualized return on average assets was 0.81% , compared to 1.04% in the second quarter a year ago. Annualized return on average equity was 9.28% , from 10.95% in the second quarter a year ago. Second quarter net interest margin (“NIM”) expanded 31 basis points to 3.87% , compared to 3.56% in the second quarter a year ago. There was no provision for loan losses in the second quarter of 2022, or the second quarter of 2021. Net loans increased 10.2% to $709.3 million at June 30, 2022, compared to $643.6 million at June 30, 2021. Total deposits increased 13.4% to $778.1 million at June 30, 2022, compared to $685.9 million a year ago. Noninterest bearing deposits increased 25.0% to $264.1 million at June 30, 2022, compared to $211.3 million a year ago. Nonperforming assets totaled $185,000 , or 0.02% of total assets at June 30, 2022, compared to almost nil, or 0.00% of total assets, at June 30, 2021. Book value per common share was $76.61 at June 30, 2022, from $79.91 a year ago. Total risk-based capital ratio was 12.59% and the Tier 1 leverage ratio was 10.22% for the Bank at June 30, 2022. Income Statement
The Company’s NIM expanded 31 basis points to 3.87% in the second quarter of 2022, compared to 3.56% in the second quarter of 2021. In the first six months of 2022, the NIM was 3.72% , compared to 3.69% in the first six months of 2021.
“The changes we made in our investments and funding mix over the last several quarters continue to reduce our dependency on brokered CDs, internet CDs and Federal Home Loan Bank (“FHLB”) advances, and resulted in significant net interest margin expansion during the second quarter. Our balance sheet remains well positioned to continue to benefit from any additional Fed rate increases,” said Brant Ward, Chief Operating Officer.
Net interest income increased 20.0% to $8.2 million , compared to $6.9 million in the second quarter of 2021. Total interest income increased 13.4% to $9.1 million in the second quarter of 2022, compared to $8.0 million in the second quarter of 2021. Total interest expense decreased by 25.5% to $869,000 in the second quarter of 2022, from $1.2 million during the second quarter of 2021. In the first six months of 2022, net interest income increased 12.4% to $15.5 million , compared to $13.8 million in the first six months of 2021.
Noninterest income was $1.6 million in the second quarter of 2022, which was unchanged compared to the second quarter a year ago. Higher wealth management fee income was offset by lower secondary market fee income during the second quarter of 2022. In the first six months of the year, noninterest income decreased 13.4% to $2.9 million , compared to $3.4 million in the first six months of 2021.
Noninterest expense increased to $7.4 million in the second quarter of 2022, compared to $5.7 million in the second quarter of 2021. Higher commissions due to increased revenues in business lines, residual costs related to the core conversion and costs associated with the two new markets contributed to the increase during the second quarter of 2022, compared to the second quarter a year ago. In the first six months of the year, noninterest expense increased to $14.6 million , compared to $12.3 million in the first six months of 2021.
Balance Sheet
Total assets increased 10.5% to $896.1 million at June 30, 2022, from $810.7 million at June 30, 2021, and increased modestly compared to $895.6 million at March 31, 2022. Cash and cash equivalents increased to $50.6 million at June 30, 2022 from $40.9 million a year ago and decreased when compared to $90.3 million at March 31, 2022. Investment securities increased to $95.8 million at June 30, 2022, from $87.7 million a year ago, as the Company continued to move cash balances into better yielding investment securities during the quarter.
Loans, net of allowance for loan losses, increased 10.2% to $709.3 million at June 30, 2022, compared to $643.6 million a year ago, and increased 4.2% compared to $680.4 million three months earlier.
“Loan growth was robust during the quarter, increasing 4.2% over the three-month period, or 16.8% annualized. Our team has done an excellent job with new loan originations, and we anticipate this trend to continue with strong demand for 1-4 family loans,” said Jeff Maland, Chief Risk Officer.
Total deposits increased 13.4% to $778.1 million at June 30, 2022, compared to $685.9 million a year ago and increased modestly compared to $776.7 million at March 31, 2022. Noninterest bearing deposits increased 25.0% to $264.1 million at June 30, 2022, compared to $211.3 million a year ago. New customer relationships, primarily with low-cost checking accounts, continue to account for a majority of the deposit growth year-over-year.
FHLB advances continue to decline, totaling $10.9 million at June 30, 2022, from $16.8 million at June 30, 2021. Total stockholders’ equity was $76.2 million at June 30, 2022, compared to $77.4 million at June 30, 2021, and $78.0 million at March 31, 2022. Tangible book value per common share was $76.61 at June 30, 2022, from $79.91 at June 30, 2021, and $78.61 at March 31, 2022. The decrease in total stockholders’ equity and tangible book value per share during the current quarter was primarily due to a $6.3 million decrease in accumulated other comprehensive income (“AOCI”) related primarily to an increase in the unrealized loss on available for sale securities reflecting the increase in interest rates during the current quarter. Excluding AOCI, tangible book value per share was $82.91 at June 30, 2022.
Credit Quality
“Asset quality remains strong, and we continue to focus on maintaining a moderate risk profile,” said Maland. Due to sound credit quality and a strong allowance for loan losses, the Company reported no provision for loan losses in the second quarter of 2022, the first quarter of 2022, or the second quarter of 2021.
Nonperforming loans totaled $185,000 at June 30, 2022. This compared to $114,000 in nonperforming loans at March 31, 2022, and no nonperforming loans at June 30, 2021. Nonperforming assets were $185,000 at June 30, 2022, compared to $664,000 at March 31, 2022, and no nonperforming assets at June 30, 2021. Total nonperforming assets were 0.02% of total assets at June 30, 2022, 0.07% at March 31, 2022, and 0.00% at June 30, 2021.
The allowance for loan losses was $8.3 million , or 1.15% of total loans, at June 30, 2022, compared to $8.7 million , or 1.35% of total loans, at June 30, 2021. Net loan recoveries were $50,000 in the second quarter of 2022, compared to net loan recoveries of $11,000 in the first quarter of 2022, and net loan recoveries of $3,000 in the second quarter of 2021.
Capital
The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Tier 1 leverage ratio estimate of 10.22% , Common equity Tier 1 capital ratio of 11.54% , Tier 1 risk-based capital ratio of 11.54% and Total capital ratio of 12.59% , at June 30, 2022.
Recent Developments
Earlier this year, the Company announced plans to launch a new market employing bilingual staff as it increases its efforts to better serve Arkansas area Latinos. Banco Sí!, a recently formed division of Signature Bank of Arkansas, will focus on a growing segment of the population who feels underserved by traditional banks. The name Banco Sí! (meaning “Yes Bank” in Spanish) was chosen to send a positive message to the Latino community, who has historically been told ‘no’ where finances are concerned. The initial market location is planned for downtown Rogers in a historic building at 114 S. First St.
“The Latino community has grown to become the largest minority community in the region and the United States, and we believe it is underserved,” said Ward. “Our mission is to create economic growth and access to banking services, capital, and funds for small and midsize businesses that traditionally have not had access in the past.”
During the first quarter of 2022, the Company opened its seventh market, located at 111 East Jackson Avenue in Jonesboro. This facility will serve as a temporary location for the market and marks the Company’s entry into Craighead County. According to the 2020 Census, Jonesboro had a population of 78,576 and is the fifth-largest city in Arkansas.
During the fourth quarter of 2021, the Company opened its sixth market, located in Harrison in the Durand Center at 303 N. Main Street, Suite 100. Harrison, located in the heart of the Ozark Mountains, is nationally recognized as one of the "Best Small Towns in America" and was previously featured in Where to Retire Magazine as one of the best retirement towns in the United States. https://www.cityofharrison.com/
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 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.
Recently, the Company has expanded into Northeast Arkansas, 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 in January 2022 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. Dubbed “Project Blueprint,” the steel mill will begin construction in early 2022. 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 two markets in Washington County, two markets in Benton County, two markets in Monroe County, one market in Boone County and one market in Craighead County.
The housing market in Washington and Benton counties remains robust. According to the Northwest Multiple Listing Service, the average home in Washington County sold for $348,000 , up 28.2% in February 2022, compared to a year ago, with an average of 76 days on the market. For Benton County, the average house sold for $363,000 , up 12.9% from a year ago with an average of 69 days on the market.
Washington County’s population is projected to grow 4.52% from 2022 through 2027, and median household income is projected to increase by 8.35% during the same time frame. Benton County’s population is projected to grow 5.89% from 2022 through 2027, and median household income is projected to increase by 11.08% . Monroe County’s population is projected to decrease by 7.25% from 2022 through 2027 and median household income is projected to increase by 11.05% . Boone County’s population is projected to grow 0.37% from 2022 through 2027 and median household income is projected to increase by 12.48% . Craighead County’s population is projected to grow 4.13% from2022 through 2027, and the median household income is projected to increase by 4.13% .
Sources:
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.
WHITE RIVER BANCSHARES COMPANY June 30, 2022 March 31, 2022 June 30, 2021 ASSETS Cash and cash equivalents $ 50,573,165 $ 90,266,129 $ 40,901,895 Investment securities 95,838,246 85,467,563 87,703,034 Loans held for sale 850,823 1,071,950 4,754,632 Loans, net of allowance for loan losses 709,314,619 680,309,888 643,628,102 Premises and equipment, net 28,190,083 27,647,249 24,531,056 Foreclosed assets held for sale - 550,100 100 Accrued interest receivable 2,277,196 2,122,175 2,171,138 Deferred income taxes 3,725,608 2,907,803 1,863,572 Other investments 3,112,208 3,201,021 2,896,985 Other assets 2,217,851 2,085,714 2,288,891 Total Assets $ 896,099,799 $ 895,629,592 $ 810,739,405 LIABILITIES & STOCKHOLDERS' EQUITY Deposits: Demand and non-interest-bearing $ 264,120,048 $ 264,274,031 $ 211,286,665 Savings and interest-bearing transaction accounts 338,840,798 327,938,288 273,230,907 Time deposits 175,145,169 184,455,754 201,376,123 Total deposits 778,106,015 776,668,073 685,893,695 Federal Home Loan Bank advances 10,851,757 10,933,627 16,843,983 Notes payable 10,810,660 10,804,347 10,785,412 Accrued interest payable 131,828 305,509 227,688 Other liabilities 19,973,364 18,917,083 19,555,885 Total Liabilities 819,873,624 817,628,639 733,306,663 Stockholders' equity: Common stock 10,039 10,012 9,763 Surplus 89,091,965 88,767,186 88,115,762 Accumulated deficit (6,042,971 ) (6,833,041 ) (10,844,363 ) Treasury stock, at cost (563,441 ) (563,441 ) (433,365 ) Accumulated other comprehensive (loss) income (6,269,417 ) (3,379,763 ) 584,945 Total stockholders' equity 76,226,175 78,000,953 77,432,742 Total Liabilities and Stockholders' Equity $ 896,099,799 $ 895,629,592 $ 810,739,405
WHITE RIVER BANCSHARES COMPANY (Unaudited) For the Three Months Ended June 30, March 31, June 30, 2022 2022 2021 Interest income: Loans, including fees $ 8,539,519 $ 7,782,702 $ 7,686,752 Investment securities 443,419 381,916 335,534 Federal funds sold and other 121,771 26,019 10,044 Total interest income 9,104,709 8,190,637 8,032,330 Interest expense: Deposits 642,622 660,966 897,065 Federal Home Loan Bank advances 58,483 66,905 101,616 Notes payable 167,874 167,874 167,874 Federal funds purchased and other - - - Total interest expense 868,979 895,745 1,166,555 Net interest income 8,235,730 7,294,892 6,865,775 Provision for loan losses - - - Net interest income after provision for loan losses 8,235,730 7,294,892 6,865,775 Non-interest income: Service charges and fees on deposits 123,432 130,114 126,017 Wealth management fee income 632,367 624,926 561,092 Secondary market fee income 397,351 402,249 666,363 Loss on sales and write-downs of foreclosed assets 9,520 (161,000 ) - Other non-interest income 414,046 344,150 280,525 Total non-interest income 1,576,716 1,340,439 1,633,997 Non-interest expense: Salaries and benefits 4,933,794 4,639,448 3,831,206 Occupancy and equipment 815,223 762,869 583,330 Data processing 517,583 740,013 344,373 Marketing and business development 382,409 289,693 203,134 Professional services 420,007 465,147 362,274 Other non-interest expense 357,930 311,094 356,396 Total non-interest expense 7,426,946 7,208,264 5,680,713 Income before income taxes 2,385,500 1,427,067 2,819,059 Income tax provision 600,433 352,206 742,044 Net income $ 1,785,067 $ 1,074,861 $ 2,077,015 Earnings per share: Basic $ 1.79 $ 1.08 $ 2.14 Diluted $ 1.79 $ 1.08 $ 2.14
WHITE RIVER BANCSHARES COMPANY Six Months Ended June 30, 2022 2021 Interest income: Loans, including fees $ 16,322,221 $ 15,545,683 Investment securities 825,335 701,336 Federal funds sold and other 147,790 15,427 Total interest income 17,295,346 16,262,446 Interest expense: Deposits 1,303,588 1,899,889 Federal Home Loan Bank advances 125,388 205,365 Notes payable 335,748 335,748 Federal funds purchased and other - 2,109 Total interest expense 1,764,724 2,443,111 Net interest income 15,530,622 13,819,335 Provision for loan losses - - Net interest income after provision for loan losses 15,530,622 13,819,335 Non-interest income: Service charges and fees on deposits 253,546 252,281 Wealth management fee income 1,257,293 1,067,131 Secondary market fee income 799,600 1,588,220 Loss on sales and write-downs of foreclosed assets (151,480 ) - Other non-interest income 758,196 461,853 Total non-interest income 2,917,155 3,369,485 Non-interest expense: Salaries and benefits 9,573,242 7,863,787 Occupancy and equipment 1,578,092 1,227,363 Data processing 1,257,596 930,772 Marketing and business development 672,102 272,942 Professional services 885,154 1,299,077 Other non-interest expense 669,024 700,314 Total non-interest expense 14,635,210 12,294,255 Income before income taxes 3,812,567 4,894,565 Income tax provision 952,639 1,264,725 Net income $ 2,859,928 $ 3,629,840 Earnings per share: Basic $ 2.88 $ 3.75 Diluted $ 2.88 $ 3.75
WHITE RIVER BANCSHARES COMPANY (Unaudited) (Audited) Three Months Ended Year ended June 30, March 31, June 30, December 31, 2022 2022 2021 2021 Earnings per share: Numerator: Net income available to common shareholders' $ 1,785,067 $ 1,074,861 $ 2,077,015 $ 7,050,823 Denominator: Weighted average common shares outstanding 994,996 992,299 969,060 975,058 Effect of dilutive securities: Stock options 499 470 - - Weighted average common shares outstanding - assuming dilution $ 995,495 $ 992,769 $ 969,060 $ 975,058 Basic earnings per common share $ 1.79 $ 1.08 $ 2.14 $ 7.23 Diluted earnings per common share $ 1.79 $ 1.08 $ 2.14 $ 7.23 Profitability: Numerator: Net income $ 1,785,067 $ 1,074,861 $ 2,077,015 $ 7,050,823 Denominator: Average total assets for period 887,698,554 861,905,507 804,426,762 806,437,028 Average total equity for period 77,135,728 79,758,478 76,082,454 77,002,249 Return on average assets 0.81 % 0.51 % 1.04 % 0.87 % Return on average equity 9.28 % 5.47 % 10.95 % 9.16 % Efficiency Ratio: Numerator: Net interest income $ 8,235,730 $ 7,294,892 $ 6,865,775 $ 28,269,337 Non-interest income 1,576,716 1,340,439 1,633,997 6,588,205 Total Income $ 9,812,446 $ 8,635,331 $ 8,499,772 $ 34,857,542 Denominator: Non-interest expense $ 7,426,946 $ 7,208,264 $ 5,680,713 $ 25,345,327 Efficiency ratio 75.69 % 83.47 % 66.83 % 72.71 % (Unaudited) (Audited) June 30, March 31, June 30, December 31, 2022 2022 2021 2021 Asset Quality: Net (recoveries) charge-offs $ (49,997 ) $ (10,567 ) $ (3,076 ) $ 461,663 Classified assets 484,483 1,080,354 4,339,548 5,434,111 Nonperforming loans 184,570 113,616 - 220,616 Nonperforming assets 184,570 663,716 100 932,326 Total nonperforming loans to total loans 0.03 % 0.02 % 0.00 % 0.03 % Total nonperforming loans to total assets 0.02 % 0.01 % 0.00 % 0.03 % Total nonperforming assets to total assets 0.02 % 0.07 % 0.00 % 0.11 %
WHITE RIVER BANCSHARES COMPANY Three Months Ended June 30, 2022 2021 Average Average Average Average Balance Interest Yield/Rate Balance Interest Yield/Rate Interest-earning assets: Federal funds sold and other $ 62,514,372 $ 121,771 0.78 % $ 47,437,924 $ 10,044 0.08 % Investment securities 94,260,851 443,419 1.89 % 75,797,411 335,534 1.78 % Loan receivable (1) 697,638,767 8,539,519 4.91 % 650,413,942 7,686,752 4.74 % Total interest-earning assets 854,413,990 $ 9,104,709 4.27 % 773,649,277 $ 8,032,330 4.16 % Noninterest-earning assets 33,284,564 30,777,485 Total assets $ 887,698,554 $ 804,426,762 Interest-bearing liabilities: Interest-bearing deposits $ 506,565,372 $ 642,622 0.51 % $ 483,238,851 $ 897,065 0.74 % FHLB advances & Fed Funds Purchased 10,879,395 58,483 2.16 % 16,880,488 101,616 2.41 % Notes payable 10,807,745 167,874 6.23 % 10,782,153 167,874 6.24 % Total interest-bearing liabilities 528,252,512 $ 868,979 0.66 % 510,901,492 $ 1,166,555 0.92 % Noninterest-bearing liabilities 282,310,314 217,442,816 Total liabilities 810,562,826 728,344,308 Stockholders' equity 77,135,728 76,082,454 Total liabilities and stockholders' equity $ 887,698,554 $ 804,426,762 Net interest-earning assets $ 326,161,478 $ 262,747,785 Net interest spread $ 8,235,730 3.61 % $ 6,865,775 3.25 % Net interest margin 3.87 % 3.56 % (1) Origination fee income and costs are generally recognized in earnings when incurred which, in our opinion does not produce results that differ materially from recognizing the fees and costs over the life of the loan as required by GAAP.
WHITE RIVER BANCSHARES COMPANY Six Months Ended June 30, 2022 2021 Average Average Average Average Balance Interest Yield/Rate Balance Interest Yield/Rate Interest-earning assets: Federal funds sold and other $ 56,691,768 $ 147,790 0.53 % $ 37,951,724 $ 15,427 0.08 % Investment securities 90,422,018 825,335 1.84 % 73,216,203 701,336 1.93 % Loan receivable (1) 693,829,458 16,322,221 4.74 % 644,939,642 15,545,683 4.86 % Total interest-earning assets 840,943,244 $ 17,295,346 4.15 % 756,107,569 $ 16,262,446 4.34 % Noninterest-earning assets 33,687,594 30,560,913 Total assets $ 874,630,838 $ 786,668,482 Interest-bearing liabilities: Interest-bearing deposits $ 504,926,819 $ 1,303,588 0.52 % $ 476,269,326 $ 1,899,889 0.80 % FHLB advances & Fed Funds Purchased 11,527,880 125,388 2.19 % 19,919,473 207,474 2.10 % Notes payable 10,804,509 335,748 6.27 % 10,778,671 335,748 6.28 % Total interest-bearing liabilities 527,259,208 $ 1,764,724 0.67 % 506,967,470 $ 2,443,111 0.97 % Noninterest-bearing liabilities 268,931,772 204,326,933 Total liabilities 796,190,980 711,294,403 Stockholders' equity 78,439,858 75,374,079 Total liabilities and stockholders' equity $ 874,630,838 $ 786,668,482 Net interest-earning assets $ 313,684,036 $ 249,140,099 Net interest spread $ 15,530,622 3.47 % $ 13,819,335 3.37 % Net interest margin 3.72 % 3.69 % (1) Origination fee income and costs are generally recognized in earnings when incurred which, in our opinion does not produce results that differ materially from recognizing the fees and costs over the life of the loan as required by GAAP.
Contact: Scott Sandlin, Chief Strategy Officer
