White River Bancshares Co. Earns $788,000, or $0.79 Per Diluted Share, in Fourth Quarter 2023 and Earns $2.55 Million, or $2.56 Per Diluted Share for the Year; Highlighted by Double Digit Loan and Deposit Growth Year-Over-year
White River Bancshares Company (WRIV) reported net income of $788,000 in Q4 2023, down from $1.42 million in Q4 2022. The company experienced growth in its loan portfolio but saw a decline in net interest margin. Total assets increased to $1.133 billion, with a 15.3% increase in deposits. However, the company's net income for the full year of 2023 was $2.55 million, compared to $5.62 million in 2022.
Positive
Solid growth in the loan portfolio
Strengthened balance sheet with growth in deposits
Expansion into new markets and new bilingual banking offering
Negative
Decline in net interest margin
Decrease in net income for the full year of 2023
01/18/2024 - 04:00 PM
FAYETTEVILLE, Ark., Jan. 18, 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 $788,000 , or $0.79 per diluted share, in the fourth quarter of 2023, compared to $1.42 million , or $1.42 per diluted share, in the fourth quarter of 2022. In the preceding quarter, the Company earned $639,000 , or $0.64 per diluted share. All financial results are unaudited.
“Our results for the fourth quarter of 2023 reflect solid growth in our loan portfolio, especially as our newer markets are becoming more established fixtures in their respective communities,” said Gary Head, Chairman and Chief Executive Officer. “A year ago, we invested in an expansion of our brand with new locations in Harrison and Jonesboro, in addition to our new bilingual banking offering, Banco Sí! We're energized by the impact these new locations are having on new customer relationships. Coupled with the growth in Northwest Arkansas, the market where we got started, we're operating from a position of strength as we enter 2024. We are proud of our loan and deposit growth in 2023, which strengthened our balance sheet, and we will build upon this growth to add value for our shareholders, customers, and communities.”
“Our brand of community banking is being well received in all the markets we serve, and centers on fostering new customer relationships. Whether it’s a small business account or a household account, an operating account is an integral piece to a longstanding banking relationship,” said Scott Sandlin, Chief Strategy Officer. “When entering these new markets in 2022, our goal was to build our deposit base to fund new loan activity. While rising rates changed the deposit mix as customers pursued higher yielding accounts, demand and non-interest bearing accounts remained strong. They accounted for 23.2% of total deposits, and savings and interest-bearing transaction accounts represented 35.8% of total deposits as of December 31, 2023. New relationships are fueling loan and deposit growth, and we expect this trajectory to continue.”
For the full year of 2023, net income was $2.55 million , or $2.56 per diluted share, compared to $5.62 million , or $5.63 per diluted share, for the year 2022.
Fourth Quarter 2023 Financial Highlights:
Fourth quarter net income was $788,000 , or $0.79 per diluted share, compared to $1.42 million , or $1.42 per diluted share, in the fourth quarter of 2022. Fourth quarter net interest margin (“NIM”) was 3.00% , compared to 3.79% in the fourth quarter a year ago. The Company recorded a $575,000 provision for credit losses in the fourth quarter of 2023, which included a $700,000 provision for credit losses on loans and a $125,000 reversal of credit loss expense for off-balance sheet exposures. This compared to a $350,000 provision in the fourth quarter of 2022. Net loans increased $114.5 million , or 13.9% , to $941.2 million at December 31, 2023, compared to $826.7 million at December 31, 2022. Nonperforming assets totaled $1.36 million , or 0.10% of total assets at December 31, 2023, compared to $124,000 , or 0.01% of total assets, at December 31, 2022. Total deposits increased $148.6 million , or 18.3% , to $959.2 million at December 31, 2023, compared to $810.6 million a year ago. Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts) represent 59.0% of total deposits at December 31, 2023. The Bank’s uninsured/unpledged deposits totaled approximately 31.5% of total deposits at December 31, 2023. Available borrowing capacity totaled $344.8 million at December 31, 2023, compared to $360.0 million at September 30, 2023. Total risk-based capital ratio was 12.02% and the Tier 1 leverage ratio was 9.56% for the Bank at December 31, 2023. Tangible book value per common share was $78.17 at December 31, 2023, compared to $77.64 a year ago. Income Statement 3.00% in the fourth quarter of 2023, compared to 2.88% in the preceding quarter and 3.79% in the fourth quarter of 2022. For the year 2023, the NIM was 3.01% , compared to 3.82% in 2022.
Net interest income was $7.8 million in the fourth quarter of 2023, compared to $8.8 million in the fourth quarter of 2022. Total interest income increased 31.3% to $14.7 million in the fourth quarter of 2023, compared to $11.2 million in the fourth quarter of 2022. Largely due to the increase in deposit costs, total interest expense increased to $6.9 million in the fourth quarter of 2023, from $2.4 million in the fourth quarter of 2022. For the full year, net interest income was $29.9 million , compared to $32.9 million in 2022.
Noninterest income increased 43.9% to $1.8 million in the fourth quarter of 2023, compared to $1.3 million in the fourth quarter a year ago. Wealth management fee income, the largest component of noninterest income, increased 78.3% to $998,000 during the fourth quarter of 2023, compared to $560,000 in the fourth quarter of 2022. For the year, noninterest income increased 10.2% to $6.0 million , compared to $5.5 million in 2022.
Noninterest expense increased 2.4% to $8.0 million in the fourth quarter of 2023, compared to $7.8 million in the fourth quarter of 2022. Higher data processing and marketing and business development fees during the fourth quarter of 2023 more than offset the decline in salaries and employee benefits during the same period. For the year, noninterest expense increased to $31.6 million , compared to $30.1 million in 2022. The increase in noninterest expense during 2023 was in part due to costs associated with the purchase of the wealth management group in Harrison in June 2023.
Balance Sheet 15.3% to a record $1.13 3 billion at December 31, 2023, from $982.8 million at December 31, 2022, and increased 4.2% compared to $1.08 7 billion at September 30, 2023. Cash and cash equivalents totaled $17.6 million at December 31, 2023, compared to $11.8 million a year ago. Investment securities totaled $114.6 million at December 31, 2023, from $94.4 million a year ago.
Loans, net of allowance for credit losses, increased 13.9% to $941.2 million at December 31, 2023, compared to $826.7 million a year ago, and increased 4.9% compared to $897.2 million three months earlier.
Total deposits increased 18.3% to $959.2 million at December 31, 2023, compared to $810.6 million a year ago and increased 3.8% compared to $923.9 million at September 30, 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 increased to $45.0 million at December 31, 2023, from $31.7 million at December 31, 2022, and $37.9 million at September 30, 2023. Total stockholders’ equity increased to $79.5 million at December 31, 2023, compared to $77.5 million at December 31, 2022 and $75.3 million at September 30, 2023. Tangible book value per common share was $78.17 at December 31, 2023, up from $77.64 at December 31, 2022, and $73.61 at September 30, 2023. The increase in accumulated other comprehensive income (“AOCI”) during the fourth quarter of 2023 was $3.6 million . Excluding AOCI, tangible book value per share was $86.43 at December 31, 2023.
Credit Quality
The Company recorded a $575,000 provision for credit losses in the fourth quarter of 2023, which included a $700,000 provision for credit losses on loans and $125,000 reversal of credit loss expense for off-balance sheet exposures. This compared to a $325,000 provision in the third quarter of 2023, and a $350,000 provision in the fourth quarter of 2022. For the full year 2023, the Company recorded a $1.3 million provision for credit losses, compared to a $760,000 provision for 2022.
Nonperforming loans increased during the quarter to $1.15 million , and represented 0.12% of total loans at December 31, 2023, compared to $125,000 , or 0.01% at September 30, 2023, and $124,000 , or 0.01% of total loans a year ago. The increase during the quarter was primarily due to two relationships, both of which are secured by 1-4 family construction projects.
“Credit quality continues to hold up, as we focus on maintaining a moderate risk profile. While nonperforming loans increased during the quarter, we believe these to be isolated credits and not reflective of the overall loan portfolio,” said Jeff Maland, Chief Risk Officer.
The allowance for credit losses was $11.4 million , or 1.20% of total loans, at December 31, 2023, compared to $10.9 million , or 1.20% of total loans, at September 30, 2023, and $9.2 million , or 1.10% of total loans, at December 31, 2022. Net loan charge-offs were $185,000 in the fourth quarter of 2023, compared to net loan recoveries of $5,000 in the third quarter of 2023, and net loan recoveries of $105,000 in the fourth quarter of 2022.
Capital
The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 12.02% and Tier 1 leverage ratio of 9.56% , at December 31, 2023.
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. Development is underway for a second location in downtown Springdale, with plans to open in the second quarter of 2024. Banco Sí was launched to create economic growth and access to banking services, capital, and funds for small and midsize businesses within these communities.
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. Ground was broken on the permanent facility at 502 East Washington on September 22, 2023, and construction is well underway.
In the second quarter of 2022, the Company held its grand opening of the sixth market, Harrison, which had been operating in a temporary space for several months while the permanent space was under construction. The entry to Boone County was a new, but familiar market to the Company, as many of its shareholders reside in and around the Harrison area. According to the 2020 Census, Harrison had a population of 13,124.
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. Dubbed “Project Blueprint,” the steel mill began 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 out of nine locations; two 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 $414,000 , up 8.8% in November 2023, compared to a year ago, with an average of 85 days on the market. For Benton County, the average house sold for $444,000 , up 12.3% from a year ago with an average of 95 days on the market.
Washington County’s population is projected to grow 5.96% from 2023 through 2028, and median household income is projected to increase by 11.12% during the same time frame. Benton County’s population is projected to grow 8.05% from 2023 through 2028, and median household income is projected to increase by 11.31% . Monroe County’s population is projected to decrease by 6.07% from 2023 through 2028 and median household income is projected to increase by 15.34% . Boone County’s population is projected to grow 1.66% from 2023 through 2028 and median household income is projected to increase by 13.62% . Craighead County’s population is projected to grow 4.40% from 2023 through 2028, and the median household income is projected to increase by 17.69% .
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.
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WHITE RIVER BANCSHARES COMPANY CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2023 December 31, 2022 ASSETS Cash and cash equivalents $ 17,624,468 $ 32,312,380 $ 11,835,438 Investment securities 114,550,592 97,523,688 94,429,007 Loans held for sale 274,608 562,500 0 Loans, net of allowance for credit losses 941,224,131 897,245,750 826,738,234 Premises and equipment, net 29,347,939 29,425,104 28,555,250 Foreclosed assets held for sale 201,850 - - Accrued interest receivable 4,682,162 3,928,509 3,111,863 Bank owned life insurance 9,454,492 9,374,336 9,134,324 Deferred income taxes 4,388,415 5,628,076 4,282,651 Other investments 7,417,533 7,151,204 3,251,098 Intangible assets, net 2,015,386 2,068,423 - Other assets 1,874,165 2,170,842 1,413,549 TOTAL ASSETS $ 1,133,055,741 $ 1,087,390,812 $ 982,751,414 LIABILITIES & STOCKHOLDERS' EQUITY Deposits: Demand and non-interest-bearing $ 222,534,839 $ 233,500,987 $ 246,960,916 Savings and interest-bearing transaction accounts 342,953,012 335,602,053 328,108,850 Time deposits 393,705,434 354,828,320 235,513,697 Total deposits 959,193,285 923,931,360 810,583,463 Federal funds purchased - - 18,150,000 Federal Home Loan Bank advances 44,958,945 37,932,481 31,686,052 Notes payable 26,320,631 26,303,355 25,402,941 Lease right-of-use liability 16,319,937 16,521,696 15,378,678 Reserve for losses on unfunded commitments 1,433,000 1,558,000 - Accrued interest payable 2,444,462 2,062,419 912,615 Other liabilities 2,836,658 3,803,220 3,168,527 TOTAL LIABILITIES 1,053,506,918 1,012,112,531 905,282,276 Stockholders' equity: Common stock 10,086 10,084 10,084 Surplus 90,460,773 90,335,815 89,665,389 Accumulated deficit (3,624,915 ) (4,412,565 ) (3,287,098 ) Treasury stock, at cost (1,119,100 ) (929,517 ) (711,111 ) Accumulated other comprehensive loss (6,178,021 ) (9,725,536 ) (8,208,126 ) TOTAL STOCKHOLDERS' EQUITY 79,548,823 75,278,281 77,469,138 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,133,055,741 $ 1,087,390,812 $ 982,751,414
WHITE RIVER BANCSHARES COMPANY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Three Months Ended December 31, September 30, December 31, 2023 2023 2022 INTEREST INCOME Loans, including fees $ 13,656,322 $ 12,381,749 $ 10,474,093 Investment securities 930,823 706,441 618,676 Federal funds sold and other 119,794 175,691 101,035 Total interest income 14,706,939 13,263,881 11,193,804 INTEREST EXPENSE Deposits 6,025,195 5,202,219 1,654,667 Federal Home Loan Bank advances 413,864 399,306 300,424 Notes payable 398,017 398,017 394,465 Federal funds purchased and other 68,756 14,302 56,193 Total interest expense 6,905,832 6,013,844 2,405,749 NET INTEREST INCOME 7,801,107 7,250,037 8,788,055 Provision for credit losses 575,000 325,000 350,000 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 7,226,107 6,925,037 8,438,055 NON-INTEREST INCOME Service charges and fees on deposits 161,910 151,016 144,208 Wealth management fee income 997,887 896,768 559,674 Secondary market fee income 114,581 70,960 84,303 Bank owned-life insurance income 80,156 81,682 75,707 Loss on sales and write-downs of foreclosed assets - - - Other non-interest income 449,724 425,791 389,814 TOTAL NON-INTEREST INCOME 1,804,258 1,626,217 1,253,706 NON-INTEREST EXPENSE Salaries and benefits 4,427,071 4,507,559 4,877,480 Occupancy and equipment 956,731 968,060 901,551 Data processing 777,216 833,755 609,252 Marketing and business development 429,642 444,957 380,481 Professional services 739,988 604,962 517,852 Amortization of other intangible assets 53,037 53,036 - Other non-interest expense 639,174 414,613 552,265 TOTAL NON-INTEREST EXPENSE 8,022,859 7,826,942 7,838,881 Income before income taxes 1,007,506 724,312 1,852,880 Income tax provision 219,856 84,885 431,638 NET INCOME $ 787,650 $ 639,427 $ 1,421,242 EARNINGS PER SHARE Basic $ 0.79 $ 0.64 $ 1.42 Diluted $ 0.79 $ 0.64 $ 1.42
WHITE RIVER BANCSHARES COMPANY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Twelve Months Ended December 31, 2023 2022 INTEREST INCOME Loans, including fees $ 48,013,431 $ 35,863,945 Investment securities 3,046,163 2,018,974 Federal funds sold and other 1,003,831 378,268 Total Interest Income 52,063,425 38,261,187 INTEREST EXPENSE Deposits 18,458,941 3,739,902 Federal Home Loan Bank advances 1,970,352 496,148 Notes payable 1,586,758 1,092,467 Federal funds purchased and other 116,483 63,796 Total interest expense 22,132,534 5,392,313 NET INTEREST INCOME 29,930,891 32,868,874 Provision for credit losses 1,275,000 760,000 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 28,655,891 32,108,874 NON-INTEREST INCOME Service charges and fees on deposits 610,403 533,910 Wealth management fee income 3,050,605 2,376,325 Secondary market fee income 393,275 1,114,915 Bank owned life insurance income 320,168 81,256 Loss on sales and write-downs of foreclosed assets - (151,480 ) Other non-interest income 1,729,015 1,584,852 TOTAL NON-INTEREST INCOME 6,103,466 5,539,778 NON-INTEREST EXPENSE Salaries and benefits 18,687,153 19,460,554 Occupancy and equipment 3,767,352 3,366,093 Data processing 3,014,412 2,444,067 Marketing and business development 1,871,768 1,373,196 Professional services 2,330,140 1,936,620 Amortization of other intangible asset 106,073 - Other non-interest expense 1,836,893 1,541,468 TOTAL NON-INTEREST EXPENSE 31,613,791 30,121,998 Income before income taxes 3,145,566 7,526,654 Income tax provision 600,447 1,910,853 NET INCOME $ 2,545,119 $ 5,615,801 EARNINGS PER SHARE Basic $ 2.56 $ 5.64 Diluted $ 2.56 $ 5.63
WHITE RIVER BANCSHARES COMPANY SUPPLEMENTAL INFORMATION (Unaudited) Three Months Ended December 31, September 30, December 31, 2023 2023 2022 FOR THE PERIOD Net income $ 787,650 $ 639,427 $ 1,421,242 Net income before taxes 1,007,506 724,312 1,852,880 Dividends declared per share - - - PERIOD END BALANCE Total assets $ 1,133,055,741 $ 1,087,390,812 $ 982,751,414 Total investments 114,550,592 97,523,688 94,429,007 Total loans, net 941,224,131 897,245,750 826,738,234 Allowance for credit losses (11,443,905 ) (10,928,875 ) (9,193,625 ) Total deposits 959,193,285 923,931,360 810,583,463 Stockholders' equity 79,548,823 75,278,281 77,469,138 RATIO ANALYSIS Return on average assets (annualized) 0.28 % 0.24 % 0.58 % Return on average equity (annualized) 4.03 % 3.25 % 7.49 % Net loans/Deposits 98.13 % 97.11 % 101.99 % Total Shareholders' Equity/Total assets 7.02 % 6.92 % 7.88 % Net loan losses/Total loans 0.02 % -0.00 % -0.01 % Uninsured & unpledged deposits 31.47 % 32.92 % 25.68 % PER SHARE DATA Shares oustanding 991,815 994,596 997,785 Weighted average shares outstanding 991,645 995,674 997,686 Diluted weighted average shares outstanding 991,645 995,723 998,737 Basic earnings $ 0.79 $ 0.64 $ 1.42 Diluted earnings 0.79 0.64 1.42 Book value 80.21 75.69 77.64 Tangible book value 78.17 73.61 77.64 ASSET QUALITY Net (recoveries) charge-offs $ 184,970 $ (5,087 ) $ (105,153 ) Classified assets 1,623,558 910,428 393,189 Nonperforming loans 1,153,852 124,672 123,922 Nonperforming assets 1,355,702 124,672 123,922 Total nonperforming loans/Total loans 0.12 % 0.01 % 0.01 % Total nonperforming loans/Total assets 0.10 % 0.01 % 0.01 % Total nonperforming assets/Total assets 0.12 % 0.01 % 0.01 % Allowance for credit losses/Total loans 1.20 % 1.20 % 1.10 %
WHITE RIVER BANCSHARES COMPANY INTEREST INCOME AND EXPENSE (Unaudited) Three Months Ended December 31, September 30, December 31, 2023 2023 2022 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 $ 7,843,513 $ 119,794 6.06 % $ 13,590,719 $ 175,691 5.13 % $ 9,543,812 $ 101,035 4.20 % Investment securities 110,600,506 930,823 3.34 % 104,185,411 706,441 2.69 % 96,613,992 618,676 2.54 % Loans receivable 913,603,571 13,656,322 5.93 % 879,512,966 12,381,749 5.59 % 814,261,408 10,474,093 5.10 % Total interest-earning assets 1,032,047,590 $ 14,706,939 5.65 % 997,289,096 $ 13,263,881 5.28 % 920,419,212 $ 11,193,804 4.82 % Noninterest-earning assets 64,692,826 63,042,922 59,692,700 Total assets $ 1,096,740,416 $ 1,060,332,018 $ 980,111,912 Interest-bearing liabilities: Interest-bearing deposits $ 704,867,459 $ 6,025,195 3.39 % $ 666,059,040 $ 5,202,219 3.10 % $ 558,052,737 $ 1,654,667 1.18 % FHLB advances and federal funds purchased 43,218,876 482,620 4.43 % 38,935,770 413,608 4.21 % 43,158,724 356,617 3.28 % Notes payable 25,472,047 398,017 6.20 % 26,297,283 398,017 6.00 % 25,395,116 394,465 6.16 % Total interest-bearing liabilities 773,558,382 $ 6,905,832 3.54 % 731,292,093 $ 6,013,844 3.26 % 626,606,577 $ 2,405,749 1.52 % Noninterest-bearing liabilities 245,689,756 250,898,403 278,184,515 Total liabilities 1,019,248,138 982,190,496 904,791,092 Stockholders' equity 77,492,278 78,141,522 75,320,820 Total liabilities and stockholders' equity $ 1,096,740,416 $ 1,060,332,018 $ 980,111,912 Net interest-earning assets $ 258,489,208 $ 265,997,003 $ 293,812,635 Net interest spread $ 7,801,107 2.11 % $ 7,250,037 2.01 % $ 8,788,055 3.30 % Net interest margin 3.00 % 2.88 % 3.79 %
WHITE RIVER BANCSHARES COMPANY INTEREST INCOME AND EXPENSE (Unaudited) Twelve Months Ended December 31, 2023 2022 Average Average Average Average Balance Interest Yield/Rate Balance Interest Yield/Rate Interest-earning assets: Federal funds sold and other $ 20,039,416 $ 1,003,831 5.01 % $ 36,557,767 $ 378,268 1.03 % Investment securities 104,978,850 3,046,163 2.90 % 92,326,033 2,018,974 2.19 % Loans receivable 869,975,590 48,013,431 5.52 % 732,179,484 35,863,945 4.90 % Total interest-earning assets 994,993,856 $ 52,063,425 5.23 % 861,063,284 $ 38,261,187 4.44 % Noninterest-earning assets 61,681,863 50,087,853 Total assets $ 1,056,675,719 $ 911,151,137 Interest-bearing liabilities: Interest-bearing deposits $ 653,647,145 $ 18,458,941 2.82 % $ 522,249,813 $ 3,739,902 0.72 % FHLB advances and federal funds purchased 47,087,877 2,086,835 4.43 % 19,943,714 559,944 2.81 % Notes payable 25,466,038 1,586,758 6.23 % 17,199,936 1,092,467 6.35 % Total interest-bearing liabilities 726,201,060 $ 22,132,534 3.05 % 559,393,463 $ 5,392,313 0.96 % Noninterest-bearing liabilities 252,120,124 274,438,527 Total liabilities 978,321,184 833,831,990 Stockholders' equity 78,354,535 77,319,147 Total liabilities and stockholders' equity $ 1,056,675,719 $ 911,151,137 Net interest-earning assets $ 268,792,796 $ 301,669,821 Net interest spread $ 29,930,891 2.18 % $ 32,868,874 3.48 % Net interest margin 3.01 % 3.82 %
What was White River Bancshares Company's net income in Q4 2023?
The net income was $788,000, or $0.79 per diluted share.
What was the net interest margin in Q4 2023?
The net interest margin was 3.00%.
How much did the total assets increase to at the end of 2023?
Total assets increased to a record $1.133 billion at December 31, 2023.
What was the increase in deposits for White River Bancshares Company?
Deposits increased 18.3% to $959.2 million at December 31, 2023.
What was the net income for the full year of 2023?
The net income for the full year of 2023 was $2.55 million.
