White River Bancshares Co. Earns $340,000, or $0.34 Per Diluted Share, in First Quarter 2023; Complete Property Surpass $1.0 Billion






FAYETTEVILLE, Ark., April 17, 2023 (GLOBE NEWSWIRE) — White River Bancshares Firm (OTCQX: WRIV), (the Firm) the holding firm for Signature Financial institution of Arkansas (the Financial institution), right this moment reported internet earnings of $340,000, or $0.34 per dilute share, within the first quarter of 2023, in comparison with $1.07 million, or $1.08 per diluted share, within the first quarter of 2022. Within the fast prior quarter, the Firm earned $1.42 million, or $1.42 per diluted share. All monetary outcomes are unaudited.

Our Arkansas-based banks aim from our very first day has been to be the easiest neighborhood financial institution for our prospects that we could be, mentioned Gary Head, Chairman and Chief Government Officer. We give attention to the communities through which we reside and work, and permit our native leaders to drive selections of their markets. Our fashion of banking permits us to keep up shut private relationships with our prospects. We’re a telephone name away, evening or day, and the previous month has been a testomony to this customized method to neighborhood banking.

We have now a various deposit and mortgage portfolio and have stayed away from the problems affecting the banks that had been closed by federal regulators in March. Our expansions into Harrison, Jonesboro, and the addition of Banco S, our bilingual banking model, have been strategic strikes to proceed diversifying our deposit and mortgage portfolios. These new markets have contributed to double digit mortgage and deposit progress, 12 months over 12 months, which fueled our backside line and strengthened our steadiness sheet. The near-term prices of getting into these new markets, mixed with the unprecedented rise in funding prices that the banking trade is managing, considerably impacted our internet earnings outcomes this quarter, mentioned Head.

A main driver of getting into these new markets was to construct out our deposit base to fund new mortgage exercise, mentioned Scott Sandlin, Chief Technique Officer. We proceed to boost our core funding combine and, because of this, whole deposits elevated 14.7% in comparison with a 12 months in the past, with demand and non-interest-bearing deposits representing 27.9% of whole deposits and financial savings and interest-bearing transaction accounts representing 36.3% of whole deposits at March 31, 2023. As well as, we stay centered on strengthening our mortgage to deposit ratio, which was 94% at March 31, 2023, in comparison with 102% three months earlier. New buyer relationships are fueling deposit progress and we count on that to proceed as we develop into our new market places.

On January 1, 2023, we carried out the Present Anticipated Credit score Losses (CECL) methodology and the day one CECL adjustment resulted in an addition of $2.52 million to the allowance for credit score losses, mentioned Jeff Maland, Chief Threat Officer. Of the $2.52 million adjustment, $962,000 associated to funded mortgage balances and $1.58 million associated to funding a reserve for unfunded commitments. Utilizing the CECL methodology, we recorded a credit score loss provision of $150,000 through the first quarter of 2023. This in comparison with a $350,000 mortgage loss provision through the fourth quarter of 2022, and no provision through the first quarter a 12 months in the past, below the incurred mortgage loss methodology. This implementation had no influence on earnings, as our asset high quality stays sturdy, and our mortgage portfolio continues to carry out properly.

First Quarter 2023 Monetary Highlights:

  • First quarter internet earnings was $340,000, or $0.34 per diluted share, in comparison with $1.07 million, or $1.08 per diluted share, within the first quarter of 2022.
  • First quarter internet curiosity margin (NIM) was 3.16%, in comparison with 3.58% within the first quarter a 12 months in the past.
  • The Firm recorded a $150,000 provision for credit score losses within the first quarter of 2023, in comparison with no provision within the first quarter of 2022.
  • Web loans elevated 23.3% to $838.9 million at March 31, 2023, in comparison with $680.3 million at March31, 2022.
  • Nonperforming property totaled $124,000, or 0.01% of whole property at March 31, 2023, in comparison with $664,000, or 0.07% of whole property, at March 31, 2022.
  • Complete deposits elevated 14.7% to $890.8 million at March 31, 2023, in comparison with $776.7 million a 12 months in the past.
  • Core deposits (demand and non-interest-bearing, and financial savings and interest-bearing transaction accounts) characterize 64.3% of whole deposits at March 31, 2023.
  • The Banks uninsured deposits totaled roughly 30.4% of whole deposits at March 31, 2023, in comparison with 28.1% at December 31, 2022.
  • Obtainable borrowing capability totaled $325.1 million at March 31, 2023, in comparison with $295.4 million at December 31, 2022.
  • Complete risk-based capital ratio was 12.99% and the Tier 1 leverage ratio was 10.35% for the Financial institution at March31, 2023.
  • E-book worth per widespread share was $77.76 at March 31, 2023, in comparison with $78.61 a 12 months in the past.

Earnings Assertion

Funding prices elevated through the quarter because of the fast rise in Fed price will increase, leading to internet curiosity margin contraction through the first quarter in comparison with the primary quarter a 12 months in the past, mentioned Brant Ward, President. We anticipate our NIM will stabilize as mortgage yields catch as much as funding prices. The Companys NIM was 3.16% within the first quarter of 2023, in comparison with 3.58% within the first quarter of 2022. Within the fourth quarter of 2022, the Companys NIM was 3.79%.

Web curiosity earnings elevated 2.6% to $7.5 million, in comparison with $7.3 million within the first quarter of 2022. Complete curiosity earnings elevated 41.4% to $11.6 million within the first quarter of 2023, in comparison with $8.2 million within the first quarter of 2022. Largely because of the improve in deposit prices, whole curiosity expense elevated to $4.1 million within the first quarter of 2023, from $896,000 within the first quarter of 2022.

Noninterest earnings decreased 8.3% to $1.2 million within the first quarter of 2023, in comparison with $1.3 million within the first quarter a 12 months in the past. Considerably decrease secondary market charge earnings, and to a lesser extent decrease wealth administration charge earnings resulting from volatility within the inventory market contributed to the decline through the first quarter of 2023.

Noninterest expense elevated 13.4% to $8.2 million within the first quarter of 2023, in comparison with $7.2 million within the first quarter of 2022. Prices related to the three new markets, greater commissions resulting from elevated revenues in enterprise strains, and a rise in salaries and worker advantages resulting from wage competitors contributed to the rise through the first quarter of 2023, in comparison with the primary quarter a 12 months in the past. Full time equal workers elevated to 198 at March31, 2023, from 197 at December 31, 2022, and 179 at March 31, 2022.

Stability Sheet

Complete property elevated 20.5% to a file $1.080 billion at March 31, 2023, from $895.6 million at March 31, 2022, and elevated 9.9% in comparison with $982.8 million at December 31, 2022. Money and money equivalents totaled $87.2 million at March 31, 2023, in contrast $90.3 million a 12 months in the past and elevated considerably when in comparison with $11.8 million at December 31, 2022. Funding securities totaled $99.3 million at March 31, 2023, from $85.5 million a 12 months in the past.

Loans, internet of allowance for credit score losses, elevated 23.3% to $838.9 million at March 31, 2023, in comparison with $680.3 million a 12 months in the past, and elevated 1.5% in comparison with $826.7 million three months earlier.

Complete deposits elevated 14.7% to $890.8 million at March 31, 2023, in comparison with $776.7 million a 12 months in the past and elevated 9.9% in comparison with $810.6 million at December 31, 2022. Time deposits account for a majority of the deposit progress year-over-year.

FHLB advances elevated to $64.1 million at March 31, 2023, from $10.9 million at March 31, 2022. Complete stockholders fairness was $77.6 million at March 31, 2023, in comparison with $78.0 million at March 31, 2022, and $77.5 million at December 31, 2022. Tangible e book worth per widespread share was $77.76 at March 31, 2023, from $78.61 at March 31, 2022, and $77.64 at December 31, 2022. The lower in whole stockholders fairness and tangible e book worth per share at March 31, 2023 in comparison with a 12 months in the past was primarily resulting from a $3.4 million lower in gathered different complete earnings (AOCI) associated primarily to a rise within the unrealized loss on obtainable on the market securities reflecting the rise in rates of interest through the present quarter. Excluding AOCI, tangible e book worth per share was $82.93 at March31,2023.

Credit score High quality

Asset high quality stays pristine, and we’re centered on staying conservative with our underwriting practices, mentioned Maland. Moreover, we’re being proactive by working with our prospects to unravel credit score points upfront of a credit score changing into an issue, which helps to maintain our asset high quality ratios steady.

The Firm recorded a $150,000 provision for credit score losses below the CECL methodology. This in comparison with a $350,000 provision within the fourth quarter of 2022, and no provision within the first quarter of 2022.

Nonperforming property totaled $124,000, and represented solely 0.01% of whole property at March 31, 2023, which was unchanged in comparison with December 31, 2022. Nonperforming property totaled $664,000, or 0.07% of whole property a 12 months in the past.

The allowance for credit score losses was $11.9 million, or 1.40% of whole loans, at March 31, 2023, in comparison with $9.2 million, or 1.10% of whole loans, at December 31, 2022, and $8.2 million, or 1.19% of whole loans, at March 31, 2022. Web mortgage recoveries had been $66,000 within the first quarter of 2023, in comparison with internet mortgage recoveries of $105,000 within the fourth quarter of 2022, and internet mortgage recoveries of $11,000 within the first quarter of 2022.

Capital

The Banks capital ratios continued to exceed regulatory well-capitalized necessities, with a Complete risk-based capital ratio estimate of 12.99%, Frequent fairness Tier 1 capital ratio of 11.83%, Tier 1 risk-based capital ratio of 11.83% and Tier 1 leverage ratio of 10.35%, at March 31, 2023.

Administration Promotions

In April 2023, the Firm introduced the next promotions:

Brant Ward was promoted to President of the Financial institution. Mr. Ward was previously Chief Working Officer and has constructed his profession with the Firm, beginning as a trainee and serving in quite a lot of roles, each customer-facing and within the again workplace. Gary Head stays Chairman and CEO of the Firm.

Crandall Streett was promoted to Chief Administrative Officer after most not too long ago serving as EVP Mortgage Supervisor in Fayetteville. Ms. Streett joined the Financial institution in an entry-level place in 2007, and has since served in Mortgage Operations, Threat Administration, as a Business Lender and Mortgage Supervisor. In her new position, Ms. Streett will oversee Mortgage Operations, Secondary Market Lending and Advertising.

Alexandria Gladden was promoted to Chief Working Officer from President of the Springdale market, and has additionally constructed her profession with the Financial institution. Ms. Gladden joined the Financial institution in 2004 as a retail banker and has served as a Personal Banker/Lender, Mortgage Supervisor, and President. As COO, Ms. Gladden will oversee Deposit Operations, Retail Banking, and Treasury Companies.

Ryan Dagley was promoted to President of the Rogers Market. Mr. Dagley was previously EVP Mortgage Supervisor in Bentonville. Mr. Dagley has been a lender with the Firm since 2008. Because the Financial institution expanded to new markets in 2022, Mr. Dagley took on extra duties as Director of New Market Improvement, below which he traveled to the Banks new markets with regularity to offer one-on-one assist.

Russ Greenlee was promoted to SVP Mortgage Supervisor in Springdale, the place he beforehand served as a lender. Mr. Greenlee joined the Financial institution in 2008 in an entry-level position and has been a lender within the Springdale Financial institution for the final 12 years.

Clinton Ryan has been promoted to EVP Mortgage Supervisor in Rogers. He beforehand served as SVP Mortgage Supervisor and has been with the Financial institution since 2016.

Knight Weis has returned to Springdale to function President. He was beforehand serving as President in Rogers, and has additionally served as President of the Fayetteville market. Mr. Weis joined the Financial institution in 2004.

Jason Orlicek has returned to Bentonville to function SVP Mortgage Supervisor. He beforehand served as SVP Mortgage Supervisor in Springdale, however spent six years lending in Bentonville beforehand. Mr. Orlicek has been with the Financial institution since 2013.

Latest Developments

The Firm launched a brand new market, Banco S, to give attention to and serve the Hispanic and Latino neighborhood, which is a rising section of the inhabitants. This new market was shaped as a division of Signature Financial institution of Arkansas through the third quarter of 2022, and its preliminary market location opened in downtown Rogers in a historic constructing at 114 S. 1st St.

Our mission when launching Banco S was to create financial progress and entry to banking companies, capital, and funds for small and midsize companies within the Latino neighborhood, mentioned Ward. To assist us speed up our outreach and engagement of this rising neighborhood, we employed bilingual workers and invested in multicultural inclusion coaching for our management and workers.

Through the first quarter of 2022, the Firm opened its seventh market, situated at 111 East Jackson Avenue in Jonesboro. This facility will function a brief location for the market and marks the Companys entry into Craighead County. In accordance with the 2020 Census, Jonesboro had a inhabitants of 78,576 and is the fifth-largest metropolis in Arkansas.

Within the second quarter of 2022, the Firm held its grand opening of the sixth market, Harrison, which had been working in a brief area for a number of months whereas the everlasting area was below development. The entry to Boone County is a brand new, however acquainted market to the Firm, as lots of its shareholders reside in and round Harrison. In accordance with the 2020 Census, Harrison had a inhabitants of 13,124.

About White River Bancshares Firm

White River Bancshares Firm is the one financial institution holding firm for Signature Financial institution of Arkansas, headquartered in Fayetteville, Arkansas. The Financial institution has places in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Based in 2005, Signature Financial institution of Arkansas supplies a full line of economic companies to small companies, households and farms. White River Bancshares Firm(OTCQX:WRIV), trades on the OTCQX Greatest Market.

Concerning the Area

White River Bancshares Firm is headquartered in thriving Northwest Arkansas within the Fayetteville-Springdale-Rogers MSA. The area is residence to the company headquarters for Walmart Shops Inc, Sams Membership, Tyson Meals, Simmons Meals, and J.B. Hunt Transport. A whole lot of different market-leading corporations together with Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid keep places of work within the area to be able to keep their relationships with the locally-based Fortune 500 corporations. Northwest Arkansas can also be residence to the states flagship public instructional establishment, The College of Arkansas and its Sam M. Walton Faculty of Enterprise. The area has seen important progress in its medical and humanities infrastructures with the continued enlargement of Washington Regional Medical System, Northwest Medical System, Mercy Well being System of Northwest Arkansas and Arkansas Childrens Hospital Northwest. Crystal Bridges Museum of American Artwork and the Walton Arts Heart have led the enlargement of the humanities. Northwest Arkansas has been repeatedly acknowledged lately as the most effective locations to reside within the nation and stays one of many nations fastest-growing areas.

The Firm has expanded into Northeast Arkansas, with new markets in Jonesboro and Harrison. Jonesboro, situated in Craighead County, is a metropolis situated on Crowley’s Ridge within the northeastern nook of Arkansas. It’s the residence of Arkansas State College and the cultural and financial middle of Northeast Arkansas. Jonesboro additionally homes the areas hospital community. U.S. Metal Corp. introduced in January 2022 that it will find a brand new $3 billion metal manufacturing unit in Northeast Arkansas in Osceola, a transfer anticipated to create 900 jobs with a mean pay over $100,000 yearly, making it the biggest capital funding undertaking in Arkansas historical past. Dubbed Challenge Blueprint, the metal mill will start development in early 2022. Harrison sits under Branson, Missouri, which is a household vacationer vacation spot and out of doors recreation, and is properly often known as an leisure vacation spot.

The Firm presently 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 stays sturdy. In accordance with the Northwest A number of Itemizing Service, the common residence in Washington County offered for $375,000, up 7.7% in February 2023, in comparison with a 12 months in the past, with a mean of 79 days available on the market. For Benton County, the common home offered for $395,000, up 8.8% from a 12 months in the past with a mean of 93 days available on the market.

Washington Countys inhabitants is projected to develop 5.96% from 2023 via 2028, and median family earnings is projected to extend by 11.12% throughout the identical time-frame. Benton Countys inhabitants is projected to develop 8.05% from 2023 via 2028, and median family earnings is projected to extend by 11.31%. Monroe Countys inhabitants is projected to lower by 6.07% from 2023 via 2028 and median family earnings is projected to extend by 15.34%. Boone Countys inhabitants is projected to develop 1.66% from 2023 via 2028 and median family earnings is projected to extend by 13.62%. Craighead Countys inhabitants is projected to develop 4.40% from 2023 via 2028, and the median family earnings is projected to extend by 17.69%.

Sources:

http://www.nwarealtors.org/market-statistics/
https://www.capitaliq.spglobal.com/

Ahead Wanting Statements

This press launch accommodates statements about future occasions. These forward-looking statements, that are based mostly on sure assumptions of administration of the Firm and the Financial institution and describe our future plans, methods and expectations, can typically be recognized by use of forward-looking terminology akin to might, will, imagine, plan, count on, intend, anticipate, estimate, undertaking, or related expressions or the unfavourable of these phrases. Our capacity to foretell outcomes of future occasions and the precise impact of future plans or methods are inherently unsure and precise outcomes might differ materially from these predicted in such forward-looking statements. Elements that would have a fabric opposed impact on our operations and future prospects or that would have an effect on the end result of such forward-looking statements embrace, however usually are not restricted to, modifications in rates of interest; the financial well being of the native actual property market; normal financial situations; credit score deterioration in our mortgage portfolio that might trigger us to extend our allowance for mortgage losses; legislative or regulatory modifications; technological developments; financial and financial insurance policies of the U.S. authorities, together with insurance policies of the U.S. Treasury and the Federal Reserve Board; the standard or composition of our mortgage and securities portfolios; demand for mortgage merchandise in our market areas; deposit flows and prices of capital; competitors; retention and recruitment of certified personnel; demand for monetary companies in our market areas; and modifications in accounting rules, insurance policies, and pointers. These dangers and uncertainties ought to be thought-about in evaluating forward-looking statements, and undue reliance shouldn’t be positioned on such statements. The Firm doesn’t undertake and particularly declines any obligation to publicly launch the results of any revisions which may be made to any forward-looking statements to mirror occasions or circumstances after the date of such statements or to mirror the incidence of anticipated or unanticipated occasions.

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2023 December 31, 2022
March 31, 2022
ASSETS
Money and money equivalents $ 87,179,713 $ 11,835,438 $ 90,266,129
Funding securities 99,326,990 94,429,007 85,467,563
Loans held on the market 442,306 1,071,950
Loans, internet of allowance for credit score losses 838,864,382 826,738,234 680,309,888
Premises and tools, internet 28,563,926 28,555,250 27,647,249
Foreclosed property held on the market 550,100
Accrued curiosity receivable 2,796,623 3,111,863 2,122,175
Financial institution owned life insurance coverage 9,212,698 9,134,324 1,054,971
Deferred earnings taxes 4,560,952 4,282,651 2,907,803
Different investments 7,071,458 3,251,098 3,201,021
Different property 1,584,678 1,413,549 1,030,743
Complete Property $ 1,079,603,726 $ 982,751,414 $ 895,629,592
LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Demand and non-interest-bearing $ 248,670,240 $ 246,960,916 $ 264,274,031
Financial savings and interest-bearing transaction accounts 323,723,058 328,108,850 327,938,288
Time deposits 318,408,077 235,513,697 184,455,754
Complete deposits 890,801,375 810,583,463 776,668,073
Federal funds bought 18,150,000
Federal Dwelling Mortgage Financial institution advances 64,102,204 31,686,052 10,933,627
Notes payable 25,420,217 25,402,941 10,804,347
Lease right-of-use legal responsibility 15,196,424 15,378,678 15,626,213
Reserve for losses on unfunded commitments 1,558,000
Accrued curiosity payable 1,605,248 912,615 305,509
Different liabilities 3,333,968 3,168,527 3,290,870
Complete Liabilities 1,002,017,436 905,282,276 817,628,639
Stockholders’ fairness:
Frequent inventory 10,084 10,084 10,012
Surplus 89,901,337 89,665,389 88,767,186
Collected deficit (4,832,876 ) (3,287,098 ) (6,833,041 )
Treasury inventory, at value (711,145 ) (711,111 ) (563,441 )
Collected different complete (loss) (6,781,110 ) (8,208,126 ) (3,379,763 )
Complete stockholders’ fairness 77,586,290 77,469,138 78,000,953
Complete Liabilities and Stockholders’ Fairness $ 1,079,603,726 $ 982,751,414 $ 895,629,592
WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended
March 31, December 31, March 31,
2023 2022 2022
Curiosity earnings:
Loans, together with charges $ 10,672,578 $ 10,474,093 $ 7,782,702
Funding securities 628,537 618,676 381,916
Federal funds offered and different 276,739 101,035 26,019
Complete curiosity earnings 11,577,854 11,193,804 8,190,637
Curiosity expense:
Deposits 2,966,252 1,654,667 660,966
Federal Dwelling Mortgage Financial institution advances 697,577 300,424 66,905
Notes payable 396,260 394,465 167,874
Federal funds bought and different 33,425 56,193
Complete curiosity expense 4,093,514 2,405,749 895,745
Web curiosity earnings 7,484,340 8,788,055 7,294,892
Provision for credit score losses 150,000 350,000
Web curiosity earnings after provision for credit score losses 7,334,340 8,438,055 7,294,892
Non-interest earnings:
Service prices and costs on deposits 151,043 144,208 130,114
Wealth administration charge earnings 517,514 559,674 624,926
Secondary market charge earnings 66,773 84,303 402,249
Financial institution owned life insurance coverage earnings 78,374 75,707 1,902
Loss on gross sales and write-downs of foreclosed property (161,000 )
Different non-interest earnings 415,366 389,814 342,248
Complete non-interest earnings 1,229,070 1,253,706 1,340,439
Non-interest expense:
Salaries and advantages 5,258,496 4,877,480 4,639,448
Occupancy and tools 891,980 901,551 762,869
Information processing 658,111 609,252 740,013
Advertising and enterprise improvement 473,709 380,481 289,693
Skilled companies 505,899 517,852 465,147
Different non-interest expense 382,016 552,265 311,094
Complete non-interest expense 8,170,211 7,838,881 7,208,264
Earnings earlier than earnings taxes 393,199 1,852,880 1,427,067
Earnings tax provision 53,687 431,638 352,206
Web earnings $ 339,512 $ 1,421,242 $ 1,074,861
Earnings per share:
Primary $ 0.34 $ 1.42 $ 1.08
Diluted $ 0.34 $ 1.42 $ 1.08
WHITE RIVER BANCSHARES COMPANY
SUPPLEMENTAL INFORMATION
(Unaudited)
Three Months Ended
March 31, December 31, March 31,
2023 2022 2022
Earnings per share:
Numerator:
Web earnings obtainable to widespread shareholders’ $ 339,512 $ 1,421,242 $ 1,074,861
Denominator:
Weighted common widespread shares excellent 997,784 997,686 992,299
Impact of dilutive securities:
Inventory choices 1,427 1,051 1,928
Weighted common widespread shares
excellent – assuming dilution $ 999,211 $ 998,737 $ 994,227
Primary earnings per widespread share $ 0.34 $ 1.42 $ 1.08
Diluted earnings per widespread share $ 0.34 $ 1.42 $ 1.08
Profitability:
Numerator:
Web earnings $ 339,512 $ 1,421,242 $ 1,074,861
Denominator:
Common whole property for interval 1,020,006,807 980,111,912 861,905,507
Common whole fairness for interval 76,844,696 75,320,820 79,758,478
Return on common property 0.13 % 0.58 % 0.51 %
Return on common fairness 1.79 % 7.49 % 5.47 %
Effectivity Ratio:
Numerator:
Web curiosity earnings $ 7,484,340 $ 8,788,055 $ 7,294,892
Non-interest earnings 1,229,070 1,253,706 1,340,439
Complete Earnings $ 8,713,410 $ 10,041,761 $ 8,635,331
Denominator:
Non-interest expense $ 8,170,211 $ 7,838,881 $ 7,208,264
Effectivity ratio 93.77 % 78.06 % 83.47 %
March 31, December 31, March 31,
2023 2022 2022
Asset High quality:
Web (recoveries) charge-offs $ (65,926 ) $ (105,153 ) $ (10,567 )
Categorised property 1,196,170 393,189 1,080,354
Nonperforming loans 123,922 123,922 113,616
Nonperforming property 123,922 123,922 663,716
Complete nonperforming loans to whole loans 0.01 % 0.01 % 0.02 %
Complete nonperforming loans to whole property 0.01 % 0.01 % 0.01 %
Complete nonperforming property to whole property 0.01 % 0.01 % 0.07 %
WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)
Three Months Ended March 31,
2023 2022
Common Common Common Common
Stability Curiosity Yield/Charge Stability Curiosity Yield/Charge
Curiosity-earning property:
Federal funds offered and different $ 25,318,303 $ 276,739 4.43 % $ 50,804,467 $ 26,019 0.21 %
Funding securities 99,471,281 628,537 2.56 % 85,807,584 381,916 1.81 %
Loans receivable (1) 835,070,756 10,672,578 5.18 % 689,976,579 7,782,702 4.57 %
Complete interest-earning property 959,860,340 $ 11,577,854 4.89 % 826,588,630 $ 8,190,637 4.02 %
Noninterest-earning property 60,146,467 35,316,877
Complete property $ 1,020,006,807 $ 861,905,507
Curiosity-bearing liabilities:
Curiosity-bearing deposits $ 594,897,383 $ 2,966,252 2.02 % $ 503,763,615 $ 660,966 0.53 %
FHLB advances and federal funds bought 65,884,599 731,002 4.50 % 12,183,570 66,905 2.23 %
Notes payable 25,414,074 396,260 6.32 % 10,801,238 167,874 6.30 %
Complete interest-bearing liabilities 686,196,056 $ 4,093,514 2.42 % 526,748,423 $ 895,745 0.69 %
Noninterest-bearing liabilities 256,966,055 255,398,606
Complete liabilities 943,162,111 782,147,029
Stockholders’ fairness 76,844,696 79,758,478
Complete liabilities and stockholders’ fairness $ 1,020,006,807 $ 861,905,507
Web interest-earning property $ 273,664,284 $ 299,840,207
Web curiosity unfold $ 7,484,340 2.47 % $ 7,294,892 3.33 %
Web curiosity margin 3.16 % 3.58 %

Contact:
Scott Sandlin, Chief Technique Officer
479-684-3754

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