White River Bancshares Co. Reports Net Income of $3.54 million, or $1.44 Per Diluted Share, in 3Q25; Results Highlighted by Pristine Credit Quality and Net Interest Margin Expansion
FAYETTEVILLE, Ark., Oct. 21, 2025 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV) (the “Company”), the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased to $3.54 million, or $1.44 per diluted share, in the third quarter of 2025, compared to $2.74 million, or $1.12 per diluted share, in the third quarter of 2024. The Company reported net income of $3.30 million, or $1.34 per diluted share, for the prior quarter. In the first nine months of 2025, net income increased to $9.47 million, or $3.85 per diluted share, compared to $5.10 million, or $2.28 per diluted share, in the first nine months of 2024. All financial results are unaudited and all per share data has been adjusted to reflect the two-for-one stock split effected September 4, 2024.
“Our third-quarter earnings are a direct reflection of the strength of our bank’s culture,” said Gary Head, Chairman and CEO. “We’re demonstrating what’s possible when purpose-driven people come together to serve with integrity, build trust, and stay focused on long-term value — for both our customers and our shareholders. At the core of our culture is a deep commitment to building real relationships and a passion for truly serving our customers. Every day, we’re doing the work it takes to preserve the traditions of community banking. Our mission has always been to truly know our customers and anticipate their needs, because when our customers succeed, we succeed.”
“Our deposit base remains strong and continues to grow, and I am proud of how our team has embraced the challenge of building a low-cost deposit franchise,” said Scott Sandlin, Chief Strategy Officer. “Deposit gathering isn’t just a strategic priority—it’s becoming embedded in our banking mindset. It’s a regular part of our conversations across the organization, and there’s a shared understanding of how essential a strong deposit base is to supporting loan growth and strengthening customer relationships. That focus is paying off, with total deposits increasing 2.9% during the third quarter and 24.1% year-over-year. In today’s community banking landscape, success depends on both relationships and deposits, and that’s exactly where we’re directing our efforts.”
Third Quarter 2025 Financial Highlights:
- Net income for the third quarter of 2025 increased to $3.54 million, or $1.44 per diluted share, compared to $2.74 million, or $1.12 per diluted share, in the third quarter of 2024.
- Net interest income increased 35.8% to $12.8 million in the third quarter of 2025, compared to $9.4 million in the third quarter of 2024.
- Net interest margin (“NIM”) increased 34 basis points to 3.66% in the third quarter of 2025, compared to 3.32% in the third quarter of 2024.
- The Company recorded a $375,000 provision for credit losses in the third quarter of 2025. This compared to a $250,000 release from the allowance for credit losses in the third quarter of 2024.
- Net loans increased 27.0% to $1.240 billion at September 30, 2025, compared to $977.0 million at September 30, 2024.
- Nonperforming loans represented 0.03% of total loans at September 30, 2025, compared to 0.00% a year ago.
- Total deposits increased $249.6 million, or 24.1%, year-over-year, to $1.285 billion at September 30, 2025, compared to $1.036 billion at September 30, 2024.
- Core deposits (demand and non-interest-bearing, savings and interest-bearing transaction accounts, CDs under $250,000 and CDARs reciprocal deposits) represented 69.9% of total deposits at September 30, 2025.
- Tangible book value per common share was $43.73 at September 30, 2025, compared to $39.15 a year ago.
Income Statement
The Company generated a return on average assets of 0.95% and a return on average equity of 13.07%, in the third quarter of 2025 compared to 0.94% and 12.62%, respectively, in the second quarter of 2025 and 0.91% and 11.33%, respectively, in the third quarter of 2024.
“In the third quarter our net interest margin expanded by 10 basis points compared to the prior quarter and by 34 basis points year-over-year, reflecting continued strong loan growth and higher returns on our interest-earning assets,” said Brant Ward, President. NIM was 3.66% in the third quarter of 2025, compared to 3.56% in the second quarter of 2025, and 3.32% in the third quarter of 2024. In the first nine months of 2025, NIM expanded 36 basis points to 3.54%, compared to 3.18% in the first nine months of 2024.
Net interest income increased 35.8% to $12.8 million in the third quarter of 2025, compared to $9.4 million in the third quarter of 2024. The increase was primarily due to year-over-year loan growth. Total interest income increased 27.6% to $22.7 million in the third quarter of 2025, compared to $17.8 million in the third quarter of 2024, primarily attributable to the increase in loans. Total interest expense increased to $9.9 million in the third quarter of 2025, from $8.3 million in the third quarter of 2024, primarily due to an increase in deposit costs. In the first nine months of 2025, net interest income increased 33.3% to $35.3 million, compared to $26.5 million in the first nine months of 2024.
Noninterest income increased 10.6% to $2.2 million in the third quarter of 2025, compared to $2.0 million in the third quarter of 2024. The increase was primarily due to an increase in wealth management fee income during the third quarter of 2025. In the first nine months of 2025, noninterest income increased 13.1% to $6.2 million, compared to $5.5 million in the first nine months of 2024.
Noninterest expense was $10.0 million in the third quarter of 2025, compared to $8.3 million in the third quarter of 2024. Higher salaries and benefits expense contributed to the increase compared to the year ago quarter. In the first nine months of the year, noninterest expense increased 11.1% to $27.4 million, compared to $24.6 million in the first nine months of 2024.
Balance Sheet
Total assets increased 22.5% to $1.489 billion at September 30, 2025, from $1.216 billion at September 30, 2024, and increased 3.9% compared to $1.434 billion at June 30, 2025. Cash and cash equivalents totaled $26.7 million at September 30, 2025, compared to $41.7 million a year ago. Investment securities totaled $151.2 million at September 30, 2025, an increase from $127.6 million at September 30, 2024.
Loans, net of allowance for credit losses, increased 27.0% to $1.240 billion at September 30, 2025, compared to $977.0 million at September 30, 2024, and increased 3.9% compared to $1.194 billion at June 30, 2025.
Total deposits increased 24.1% to $1.285 billion at September 30, 2025, compared to $1.036 billion at September 30, 2024, and increased 2.9% compared to $1.249 billion at June 30, 2025. Demand and non-interest-bearing deposits increased 6.7% compared to September 30, 2024, while savings and interest-bearing transaction accounts increased 23.4% compared to September 30, 2024.
FHLB advances were $34.4 million at September 30, 2025, compared to $26.7 million at September 30, 2024, and $21.5 million at June 30, 2025. Total stockholders’ equity increased to $108.1 million at September 30, 2025, compared to $97.2 million at September 30, 2024, and $102.5 million at June 30, 2025. Tangible book value per common share was $43.73 at September 30, 2025, compared to $39.15 at September 30, 2024, and $41.17 at June 30, 2025.
Credit Quality
Due to strong credit quality, the Company recorded a $375,000 provision for credit losses in the third quarter of 2025. This is compared to a $800,000 provision for credit losses in the second quarter of 2025, and a $250,000 release from the allowance for credit losses in the third quarter of 2024.
There were $365,000 in nonperforming loans at September 30, 2025, and at June 30, 2025. This compared to no nonperforming loans at September 30, 2024. Nonperforming loans represented 0.03% of total loans on September 30, 2025, and June 30, 2025, and 0.00% of total loans a year ago.
“We take a cautious approach to managing credit loss reserves, regularly analyzing our loan portfolio, monitoring growth patterns, and considering economic developments at both the regional and national level to keep our reserve levels aligned with potential risks,” said Jeff Maland, Chief Risk Officer. The allowance for credit losses was $14.5 million, or 1.16% of total loans, at September 30, 2025, compared to $14.0 million, or 1.16% of total loans, at June 30, 2025, and $12.2 million, or 1.23% of total loans, at September 30, 2024.
Net loan charge-offs were $143,000 in the third quarter of 2025. This compared to net loan recoveries of $11,000 in the second quarter of 2025, and net loan recoveries of $19,000 in the third quarter of 2024.
Capital
The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 11.72%, a Tier 1 ratio of 10.47%, and a Leverage ratio of 8.94% for the Bank at September 30, 2025.
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. In May 2024, Walmart issued a relocation mandate requiring most of its remote employees, as well as most of its office workers in Dallas, Atlanta and Toronto to move to, in most cases, Bentonville by November 1, 2024. While the company did not disclose a number, Bloomberg reported that the number of Walmart employees who would be moving to Bentonville would be in the thousands. Walmart is making a major investment in its hometown facilities, building a new, 350-acre headquarters campus, including walking and biking trails, a hotel, fitness facilities and a large childcare center.
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 $441,000 in August 2025, with an average of 47 days on the market. For Benton County, the average house sold for $485,000, with an average of 40 days on the market.
Source:
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.
| Contact: | Scott Sandlin, Chief Strategy Officer |
| 479-684-3754 | |
| WHITE RIVER BANCSHARES COMPANY | |||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
| (Unaudited) | |||||||||||
| For the Three Months Ended | |||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2025 | 2025 | 2024 | |||||||||
| INTEREST INCOME | |||||||||||
| Loans, including fees | $ | 21,184,478 | $ | 19,611,698 | $ | 16,329,569 | |||||
| Investment securities | 1,381,205 | 1,431,773 | 1,079,376 | ||||||||
| Federal funds sold and other | 119,881 | 175,917 | 365,012 | ||||||||
| Total interest income | 22,685,564 | 21,219,388 | 17,773,957 | ||||||||
| INTEREST EXPENSE | |||||||||||
| Deposits | 9,091,239 | 8,538,199 | 7,580,319 | ||||||||
| Federal Home Loan Bank advances | 282,419 | 296,860 | 354,480 | ||||||||
| Notes payable | 479,094 | 477,735 | 396,900 | ||||||||
| Federal funds purchased and other | 22,998 | 7,113 | 12,152 | ||||||||
| Total interest expense | 9,875,750 | 9,319,907 | 8,343,851 | ||||||||
| NET INTEREST INCOME | 12,809,814 | 11,899,481 | 9,430,106 | ||||||||
| Provision for credit losses | 375,000 | 800,000 | (250,000 | ) | |||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 12,434,814 | 11,099,481 | 9,680,106 | ||||||||
| NON-INTEREST INCOME | |||||||||||
| Service charges and fees on deposits | 177,602 | 162,185 | 164,982 | ||||||||
| Wealth management fee income | 1,081,538 | 994,100 | 995,784 | ||||||||
| Secondary market fee income | 241,847 | 223,956 | 244,063 | ||||||||
| Bank owned-life insurance income | 83,967 | 82,190 | 82,285 | ||||||||
| Gain on sales and write-downs of foreclosed assets | - | 15,475 | 70 | ||||||||
| Other | 609,055 | 616,667 | 497,002 | ||||||||
| TOTAL NON-INTEREST INCOME | 2,194,009 | 2,094,573 | 1,984,186 | ||||||||
| NON-INTEREST EXPENSE | |||||||||||
| Salaries and benefits | 5,923,998 | 5,185,716 | 4,950,030 | ||||||||
| Occupancy and equipment | 1,277,189 | 1,189,886 | 1,005,927 | ||||||||
| Data processing | 931,121 | 857,198 | 718,976 | ||||||||
| Marketing and business development | 492,582 | 609,549 | 445,286 | ||||||||
| Professional services | 861,874 | 699,968 | 687,679 | ||||||||
| Amortization of other intangible assets | 53,036 | 53,037 | 53,036 | ||||||||
| Other | 469,692 | 326,224 | 400,942 | ||||||||
| TOTAL NON-INTEREST EXPENSE | 10,009,492 | 8,921,578 | 8,261,876 | ||||||||
| Income before income taxes | 4,619,331 | 4,272,476 | 3,402,416 | ||||||||
| Income tax provision | 1,081,452 | 974,775 | 662,467 | ||||||||
| NET INCOME | $ | 3,537,879 | $ | 3,297,701 | $ | 2,739,949 | |||||
| EARNINGS PER SHARE | |||||||||||
| Basic | $ | 1.45 | $ | 1.35 | $ | 1.12 | |||||
| Diluted | $ | 1.44 | $ | 1.34 | $ | 1.12 | |||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| (Unaudited) | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2025 | 2024 | |||||||
| INTEREST INCOME | ||||||||
| Loans, including fees | $ | 59,111,182 | $ | 47,087,943 | ||||
| Investment securities | 4,071,549 | 3,091,831 | ||||||
| Federal funds sold and other | 528,776 | 623,416 | ||||||
| Total Interest Income | 63,711,507 | 50,803,190 | ||||||
| INTEREST EXPENSE | ||||||||
| Deposits | 25,941,893 | 21,671,624 | ||||||
| Federal Home Loan Bank advances | 972,336 | 1,323,062 | ||||||
| Notes payable | 1,432,254 | 1,192,934 | ||||||
| Federal funds purchased and other | 43,133 | 112,199 | ||||||
| Total interest expense | 28,389,616 | 24,299,819 | ||||||
| NET INTEREST INCOME | 35,321,891 | 26,503,371 | ||||||
| Provision for credit losses | 1,845,000 | 830,000 | ||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 33,476,891 | 25,673,371 | ||||||
| NON-INTEREST INCOME | ||||||||
| Service charges and fees on deposits | 510,973 | 470,147 | ||||||
| Wealth management fee income | 3,093,467 | 2,906,843 | ||||||
| Secondary market fee income | 594,627 | 415,053 | ||||||
| Bank owned life insurance income | 246,760 | 242,644 | ||||||
| Gain on sales and write-downs of foreclosed assets | 15,475 | 1,446 | ||||||
| Other | 1,769,863 | 1,473,321 | ||||||
| TOTAL NON-INTEREST INCOME | 6,231,165 | 5,509,454 | ||||||
| NON-INTEREST EXPENSE | ||||||||
| Salaries and benefits | 16,041,406 | 14,734,119 | ||||||
| Occupancy and equipment | 3,612,176 | 2,870,869 | ||||||
| Data processing | 2,646,434 | 2,213,625 | ||||||
| Marketing and business development | 1,499,268 | 1,382,601 | ||||||
| Professional services | 2,212,550 | 1,975,436 | ||||||
| Amortization of intangible asset | 159,109 | 159,109 | ||||||
| Other | 1,189,414 | 1,298,981 | ||||||
| TOTAL NON-INTEREST EXPENSE | 27,360,357 | 24,634,740 | ||||||
| Income before income taxes | 12,347,699 | 6,548,085 | ||||||
| Income tax provision | 2,882,312 | 1,449,871 | ||||||
| NET INCOME | $ | 9,465,387 | $ | 5,098,214 | ||||
| EARNINGS PER SHARE | ||||||||
| Basic | $ | 3.87 | $ | 2.28 | ||||
| Diluted | $ | 3.85 | $ | 2.28 | ||||
| WHITE RIVER BANCSHARES COMPANY | |||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||
| (Unaudited) | |||||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||||
| ASSETS | |||||||||||||
| Cash and cash equivalents | $ | 26,693,919 | $ | 25,604,276 | $ | 41,716,400 | |||||||
| Investment securities | 151,214,197 | 140,544,711 | 127,611,833 | ||||||||||
| Loans held for sale | 2,353,071 | 2,442,642 | 1,840,634 | ||||||||||
| Loans | 1,254,892,691 | 1,208,102,220 | 989,199,456 | ||||||||||
| Allowance for credit losses | (14,516,828 | ) | (14,033,740 | ) | (12,203,483 | ) | |||||||
| Net loans | 1,240,375,863 | 1,194,068,480 | 976,995,973 | ||||||||||
| Premises and equipment, net | 37,028,441 | 37,411,490 | 35,808,779 | ||||||||||
| Foreclosed assets held for sale | - | - | 807,497 | ||||||||||
| Accrued interest receivable | 5,694,363 | 7,024,823 | 5,273,311 | ||||||||||
| Bank owned life insurance | 10,026,067 | 9,942,100 | 9,697,136 | ||||||||||
| Deferred income taxes | 3,938,119 | 4,522,795 | 3,678,102 | ||||||||||
| Other investments | 7,403,123 | 7,925,019 | 8,442,859 | ||||||||||
| Intangible assets, net | 1,644,131 | 1,697,167 | 1,856,277 | ||||||||||
| Other assets | 2,844,258 | 2,783,012 | 2,025,863 | ||||||||||
| TOTAL ASSETS | $ | 1,489,215,552 | $ | 1,433,966,515 | $ | 1,215,754,664 | |||||||
| LIABILITIES & STOCKHOLDERS' EQUITY | |||||||||||||
| Deposits: | |||||||||||||
| Demand and non-interest-bearing | $ | 234,374,901 | $ | 233,078,431 | $ | 219,590,080 | |||||||
| Savings and interest-bearing transaction accounts | 481,036,318 | 479,532,136 | 389,760,755 | ||||||||||
| Time deposits | 569,904,230 | 536,591,123 | 426,391,052 | ||||||||||
| Total deposits | 1,285,315,449 | 1,249,201,690 | 1,035,741,887 | ||||||||||
| Federal Home Loan Bank advances | 34,442,377 | 21,518,084 | 26,741,342 | ||||||||||
| Notes payable | 25,911,204 | 26,159,110 | 26,107,279 | ||||||||||
| Operating lease liability | 21,664,387 | 21,918,414 | 20,980,470 | ||||||||||
| Reserve for losses on unfunded commitments | 1,478,000 | 1,603,000 | 1,433,000 | ||||||||||
| Accrued interest payable | 2,487,967 | 2,636,403 | 2,676,428 | ||||||||||
| Other liabilities | 9,857,347 | 8,433,777 | 4,855,916 | ||||||||||
| TOTAL LIABILITIES | 1,381,156,731 | 1,331,470,478 | 1,118,536,322 | ||||||||||
| Stockholders' equity: | |||||||||||||
| Common stock (1) | 24,726 | 24,876 | 24,698 | ||||||||||
| Surplus (1) | 102,795,195 | 102,893,483 | 102,557,371 | ||||||||||
| Retained earnings | 10,325,833 | 6,787,654 | 255,449 | ||||||||||
| Treasury stock, at cost | (1,284,359 | ) | (1,284,359 | ) | (1,138,736 | ) | |||||||
| Accumulated other comprehensive loss | (3,802,574 | ) | (5,925,617 | ) | (4,480,440 | ) | |||||||
| TOTAL STOCKHOLDERS' EQUITY | 108,058,821 | 102,496,037 | 97,218,342 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,489,215,552 | $ | 1,433,966,515 | $ | 1,215,754,664 | |||||||
| (1) | Prior periods adjusted to give effect to stock split effected | ||||||||||||
| in the form of a dividend on September 4, 2024. | |||||||||||||
| WHITE RIVER BANCSHARES COMPANY | |||||||||||||
| SUPPLEMENTAL INFORMATION | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended | |||||||||||||
| September 30, | June 30, | September 30, | |||||||||||
| 2025 | 2025 | 2024 | |||||||||||
| FOR THE PERIOD | |||||||||||||
| Net income | $ | 3,537,879 | $ | 3,297,701 | $ | 2,739,949 | |||||||
| Net income before taxes | 4,619,331 | 4,272,476 | 3,402,416 | ||||||||||
| Dividends declared per share | - | 0.50 | - | ||||||||||
| PERIOD END BALANCE | |||||||||||||
| Total assets | $ | 1,489,215,552 | $ | 1,433,966,515 | $ | 1,215,754,664 | |||||||
| Total investments | 151,214,197 | 140,544,711 | 127,611,833 | ||||||||||
| Total loans, net | 1,240,375,863 | 1,194,068,480 | 976,995,973 | ||||||||||
| Allowance for credit losses | (14,516,828) | (14,033,740) | (12,203,483) | ||||||||||
| Total deposits | 1,285,315,449 | 1,249,201,690 | 1,035,741,887 | ||||||||||
| Stockholders' equity | 108,058,821 | 102,496,037 | 97,218,342 | ||||||||||
| RATIO ANALYSIS | |||||||||||||
| Return on average assets (annualized) | 0.95 | % | 0.94 | % | 0.91 | % | |||||||
| Return on average equity (annualized) | 13.07 | % | 12.62 | % | 11.33 | % | |||||||
| Net loans/Deposits | 96.50 | % | 95.59 | % | 94.33 | % | |||||||
| Total Stockholders' Equity/Total assets | 7.26 | % | 7.15 | % | 8.00 | % | |||||||
| Net loan losses/Total loans | 0.01 | % | 0.00 | % | 0.00 | % | |||||||
| Uninsured & unpledged deposits | 27.71 | % | 32.37 | % | 29.71 | % | |||||||
| PER SHARE DATA | |||||||||||||
| Shares oustanding | 2,433,245 | 2,448,246 | 2,435,597 | ||||||||||
| Weighted average shares outstanding | 2,448,082 | 2,448,734 | 2,435,637 | ||||||||||
| Diluted weighted average shares outstanding | 2,461,334 | 2,454,485 | 2,435,637 | ||||||||||
| Basic earnings | $ | 1.45 | $ | 1.35 | $ | 1.12 | |||||||
| Diluted earnings | 1.44 | 1.34 | 1.12 | ||||||||||
| Book value | 44.41 | 41.87 | 39.92 | ||||||||||
| Tangible book value | 43.73 | 41.17 | 39.15 | ||||||||||
| ASSET QUALITY | |||||||||||||
| Net (recoveries) charge-offs | $ | 142,996 | $ | (10,889) | $ | (19,353) | |||||||
| Classified assets | 399,978 | 402,406 | 1,048,301 | ||||||||||
| Nonperforming loans | 364,583 | 364,853 | - | ||||||||||
| Nonperforming assets | 364,583 | 364,853 | 807,497 | ||||||||||
| Total nonperforming loans/Total loans | 0.03 | % | 0.03 | % | 0.00 | % | |||||||
| Total nonperforming loans/Total assets | 0.02 | % | 0.03 | % | 0.00 | % | |||||||
| Total nonperforming assets/Total assets | 0.02 | % | 0.03 | % | 0.07 | % | |||||||
| Allowance for credit losses/Total loans | 1.16 | % | 1.16 | % | 1.23 | % | |||||||
| WHITE RIVER BANCSHARES COMPANY | |||||||||||||||||||||||||||||
| INTEREST INCOME AND EXPENSE | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, | June 30, | September 30, | |||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | |||||||||||||||||||||||||||
| 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 | $ | 10,868,303 | $ | 119,881 | 4.38 | % | $ | 15,102,485 | $ | 175,917 | 4.67 | % | $ | 27,017,413 | $ | 365,012 | 5.37 | % | |||||||||||
| Investment securities available-for-sale (1) | 143,417,819 | 1,349,932 | 3.73 | % | 138,229,178 | 1,289,470 | 3.74 | % | 121,374,599 | 1,023,136 | 3.35 | % | |||||||||||||||||
| Loans receivable | 1,232,089,067 | 21,184,478 | 6.82 | % | 1,169,591,045 | 19,611,698 | 6.73 | % | 974,934,024 | 16,329,569 | 6.66 | % | |||||||||||||||||
| Total interest-earning assets | 1,386,375,189 | $ | 22,654,291 | 6.48 | % | 1,322,922,708 | $ | 21,077,085 | 6.39 | % | 1,123,326,036 | $ | 17,717,717 | 6.27 | % | ||||||||||||||
| Noninterest-earning assets | 84,509,736 | 81,927,528 | 75,357,245 | ||||||||||||||||||||||||||
| Total assets | $ | 1,470,884,925 | $ | 1,404,850,236 | $ | 1,198,683,281 | |||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 1,042,365,371 | $ | 9,091,239 | 3.46 | % | $ | 985,435,006 | $ | 8,538,199 | 3.48 | % | $ | 800,328,274 | $ | 7,580,319 | 3.77 | % | |||||||||||
| FHLB advances and federal funds purchased | 26,963,863 | 305,417 | 4.49 | % | 26,552,308 | 303,973 | 4.59 | % | 32,559,233 | 366,632 | 4.48 | % | |||||||||||||||||
| Notes payable | 25,902,754 | 479,094 | 7.34 | % | 26,150,819 | 477,735 | 7.33 | % | 26,101,145 | 396,900 | 6.05 | % | |||||||||||||||||
| Total interest-bearing liabilities | 1,095,231,988 | $ | 9,875,750 | 3.58 | % | 1,038,138,133 | $ | 9,319,907 | 3.60 | % | 858,988,652 | $ | 8,343,851 | 3.86 | % | ||||||||||||||
| Noninterest-bearing liabilities | 268,274,441 | 261,876,451 | 243,528,526 | ||||||||||||||||||||||||||
| Total liabilities | 1,363,506,429 | 1,300,014,584 | 1,102,517,178 | ||||||||||||||||||||||||||
| Stockholders' equity | 107,378,496 | 104,835,652 | 96,166,103 | ||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,470,884,925 | $ | 1,404,850,236 | $ | 1,198,683,281 | |||||||||||||||||||||||
| Net interest-earning assets | $ | 291,143,201 | $ | 284,784,575 | $ | 264,337,384 | |||||||||||||||||||||||
| Net interest spread | $ | 12,778,541 | 2.91 | % | $ | 11,757,178 | 2.79 | % | $ | 9,373,866 | 2.41 | % | |||||||||||||||||
| Net interest margin | 3.66 | % | 3.56 | % | 3.32 | % | |||||||||||||||||||||||
| (1) | Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares). | ||||||||||||||||||||||||||||
| WHITE RIVER BANCSHARES COMPANY | ||||||||||||||||||||
| INTEREST INCOME AND EXPENSE | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| Average | Average | Average | Average | |||||||||||||||||
| Balance | Interest | Yield/Rate | Balance | Interest | Yield/Rate | |||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Federal funds sold and other | $ | 16,374,100 | $ | 528,776 | 4.32 | % | $ | 15,761,077 | $ | 623,416 | 5.28 | % | ||||||||
| Investment securities available-for-sale (1) | 138,387,499 | 3,848,225 | 3.72 | % | 116,764,427 | 2,865,922 | 3.28 | % | ||||||||||||
| Loans receivable | 1,169,902,372 | 59,111,182 | 6.76 | % | 969,732,106 | 47,087,943 | 6.49 | % | ||||||||||||
| Total interest-earning assets | 1,324,663,971 | $ | 63,488,183 | 6.41 | % | 1,102,257,610 | $ | 50,577,281 | 6.13 | % | ||||||||||
| Noninterest-earning assets | 82,762,667 | 73,533,851 | ||||||||||||||||||
| Total assets | $ | 1,407,426,638 | $ | 1,175,791,461 | ||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||
| Interest-bearing deposits | $ | 988,873,615 | $ | 25,941,893 | 3.51 | % | $ | 777,925,899 | $ | 21,671,624 | 3.72 | % | ||||||||
| FHLB advances and federal funds purchased | 30,021,535 | 1,015,469 | 4.52 | % | 41,217,976 | 1,435,261 | 4.65 | % | ||||||||||||
| Notes payable | 26,060,939 | 1,432,254 | 7.35 | % | 26,257,231 | 1,192,934 | 6.07 | % | ||||||||||||
| Total interest-bearing liabilities | 1,044,956,089 | $ | 28,389,616 | 3.63 | % | 845,401,106 | $ | 24,299,819 | 3.84 | % | ||||||||||
| Noninterest-bearing liabilities | 258,282,905 | 241,236,752 | ||||||||||||||||||
| Total liabilities | 1,303,238,994 | 1,086,637,858 | ||||||||||||||||||
| Stockholders' equity | 104,187,644 | 89,153,603 | ||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,407,426,638 | $ | 1,175,791,461 | ||||||||||||||||
| Net interest-earning assets | $ | 279,707,882 | $ | 256,856,504 | ||||||||||||||||
| Net interest spread | $ | 35,098,567 | 2.78 | % | $ | 26,277,462 | 2.29 | % | ||||||||||||
| Net interest margin | 3.54 | % | 3.18 | % | ||||||||||||||||
| (1) | Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares). | |||||||||||||||||||
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