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White River Bancshares Co. Earns $1.17 Million, or $1.20 Per Diluted Share, in the First Quarter of 2019

/EIN News/ -- FAYETTEVILLE, Ark., April 15, 2019 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV), (the “Company”) the holding company for Signature Bank of Arkansas (the “Bank”), today reported that strong core deposit growth and net interest margin expansion contributed to net income increasing 6.39% to $1.17 million, or $1.20 per diluted share, in the first quarter of 2019, compared to $1.10 million, or $1.14 per diluted share, in the first quarter of 2018.  In the fourth quarter of 2018, the Company earned net income of $928,000, or $0.95 per diluted share.  All financial results are unaudited.

First Quarter 2019 Financial Highlights:

  • First quarter net income was $1.17 million, or $1.20 per diluted share, compared with $1.10 million, or $1.14 per diluted share, in the first quarter of 2018.
  • First quarter net interest margin (“NIM”) expanded by 23 basis points to 3.97% compared to the first quarter a year ago.
  • Net loans of $527.41 million at March 31, 2019, an increase of 5.22% from March 31, 2018.
  • Total deposits of $535.04 million at March 31, 2019, an increase of 5.11% from March 31, 2018.
  • Non-interest-bearing deposits increased 25.09% to $110.40 million at March 31, 2019 compared to $88.26 million a year ago.
  • Non-performing assets at March 31, 2019 improved to 1.18% of total assets from 1.73% a year ago.
  • Book value per common share increased to $66.19 at March 31, 2019 from $61.39  a year ago.
  • Total risk-based capital ratio of 14.55% and Tier 1 leverage ratio of 11.72% for the Bank at March 31, 2019.

“We delivered solid first quarter 2019 earnings, supported by strong net interest income growth, continued loan and core deposit growth, an improved net interest margin and solid asset quality metrics ,” said Gary Head, President and Chief Executive Officer.  “We are pleased to be opening our newest branch office this month, located at 3712 South Pinnacle Hills Parkway Suite 102, in Rogers Arkansas. This new branch location further expands our network and presence in Northwest Arkansas, one of the fastest growing metro areas in the country.  We are well positioned to continue growing, as we focus on building a steady, well diversified bank.”

Income Statement

The Company’s net interest margin improved 10 basis points to 3.97% in the first quarter of 2019, compared to 3.87% in the preceding quarter and improved 23 basis points when compared to 3.74% in the first quarter of 2018. 

First quarter net interest income increased by 10.47% to $5.84 million, from $5.29 million in the first quarter of 2018, and increased by 2.65% when compared to $5.69 million in the fourth quarter of 2018.  Total interest income increased by 12.47% to $7.60 million in the first quarter of 2019 from $6.76 million during the first quarter of 2018 and increased by 3.80% compared to $7.32 million in the preceding quarter.  Total interest expense increased by 19.70% to $1.75 million in the first quarter of 2019, from $1.47 million during the same period in 2018, and increased 7.84% compared to $1.63 million in the preceding quarter, largely as a result of the increase in interest-bearing deposits.

Non-interest income was $845,490 in the first quarter of 2019, compared to $1.00 million in the first quarter a year ago.  In the preceding quarter the Company reported non-interest income of ($567,806).

Non-interest expense decreased slightly to $4.88 million in the first quarter of 2019 compared to $4.93 million in the first quarter of 2018 and was up 5.45% compared to $4.62 million in the preceding quarter.  Salaries and benefits, the largest component of non-interest expense, decreased by $107,102, or 3.38%, over the year ago period.

Balance Sheet Review

Total assets increased by 4.38% to $648.70 million at March 31, 2019 from $621.48 million at March 31, 2018 and increased 5.70% compared to $613.69 million at December 31, 2018.  Cash and cash equivalents decreased to $31.92 million at March 31, 2019 from $42.30 million a  year ago. Investment securities increased to $54.13 million at March 31, 2019 from $48.08 million a year ago.

Loans, net of allowance for loan losses, increased 5.22% to $527.41 million at quarter-end, compared to $501.22 million a year ago, and increased 4.61% compared to $504.16 million three months earlier.

Total deposits increased 5.11% to $535.04 million at March 31, 2019 compared to $509.04 million a year ago and increased 4.89% compared to $510.11 million at December 31, 2018.  Non-interest-bearing deposits increased 25.09% to $110.40 million at March 31, 2019 from $88.26 million a year ago, and interest-bearing deposits increased moderately to $424.64 million at quarter-end from $420.79 million a year ago.

FHLB advances decreased to $25.27 million at March 31, 2019 from $38.16 million at March 31, 2018.  Notes payable decreased to $11.94 million in the first quarter from $12.49 million over the same period a year ago.

Total stockholders’ equity increased 9.51% to $64.54 million at March 31, 2019 from $58.94 million at March 31, 2018 and increased 2.73% when compared to $62.83 million at December 31, 2018.  Book value per common share increased to $66.19 at March 31, 2019 from $61.39 at March 31, 2018 and $64.43 million at December 31, 2018.

Credit Quality

“We had net loan recoveries during the quarter, and as a result we recorded no provision for loan losses during the first quarter,” added Head.  “This compares to a negative provision for loan losses of $750,000 in the preceding quarter and no provision for loan losses in the first quarter of 2018.”  Net loan recoveries were $6,260 in the first quarter of 2019, compared with recoveries of $408,930 in the fourth quarter of 2018 and recoveries of $34,911 in the first quarter a year ago.

There were no non-performing loans on the books at March 31, 2019 or at December 31, 2018.  At March 31, 2018, nonperforming loans totaled $145,405.  Nonperforming assets decreased to $7.66 million at March 31, 2019 compared to $7.73 million at December 31, 2018 and $10.75 million at March 31, 2018.  Total non-performing assets improved to 1.18% of total assets at March 31, 2019, compared to 1.26% of total assets three months earlier and 1.73% a year earlier.

The allowance for loan losses was $6.97 million, or 1.30% of total loans, at March 31, 2019 compared to $7.26 million, or 1.42% of total loans, at March 31, 2018.

Capital

The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Tier 1 leverage ratio of 11.72%, Common equity tier 1 capital ratio of 13.30%, Tier 1 capital ratio of 13.30% and Total capital ratio of 14.55% at March 31, 2019.

About White River Bancshares Company

White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas.  Both are headquartered in Fayetteville, Arkansas.  The Bank has locations in Fayetteville, Springdale, Bentonville, Brinkley, and Rogers, 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), qualified to trade on the OTCQX® Best Market in December 2018.  

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.

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 479-684-3754 

WHITE RIVER BANCSHARES COMPANY  
CONSOLIDATED BALANCE SHEETS  
UNAUDITED  
                 
      March 31, 2019   December 31, 2018   March 31, 2018  
ASSETS        
     
Cash and due from banks     $ 31,726,670     $ 27,944,329     $ 42,030,670    
Federal funds sold       195,532       1,101,025       249,145    
                 
Total cash and cash equivalents       31,922,202       29,045,354       42,279,815    
                 
Investment securities       54,131,226       53,940,001       48,082,923    
Loans held for sale       1,333,370       494,937       2,273,869    
Loans, net of allowance for loan losses       527,408,940       504,160,307       501,223,918    
Premises and equipment, net       16,874,523       8,532,146       8,340,470    
Foreclosed assets held for sale       7,659,728       7,733,440       10,599,626    
Accrued interest receivable       2,178,508       2,511,191       1,828,407    
Deferred income taxes       2,394,267       2,539,052       2,124,142    
Other investments       2,761,185       2,743,885       2,697,085    
Other assets       2,039,131       1,992,144       2,024,808    
                 
      $ 648,703,080     $ 613,692,457     $ 621,475,063    
                 
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Deposits:                
Demand deposits - non-interest bearing   $ 110,401,854     $ 99,939,633     $ 88,256,463    
  - interest bearing     135,542,375       131,535,024       121,118,517    
Savings deposits       13,223,075       11,856,239       11,289,113    
Time deposits - under $250M     166,639,935       168,979,360       182,902,779    
  - $250M and over     109,234,395       97,799,817       105,478,074    
                 
Total deposits       535,041,634       510,110,073       509,044,946    
                 
Federal Home Loan Bank advances       25,272,500       25,371,095       38,161,644    
Note payable       11,942,531       12,086,880       12,488,980    
Accrued interest payable       614,848       587,056       565,036    
Other liabilities       11,286,439       2,709,944       2,275,864    
                 
Total liabilities       584,157,952       550,865,048       562,536,470    
                 
Stockholders' equity:                
Preferred stock       -       -       1,389    
Common stock       9,763       9,763       8,224    
Surplus       87,276,085       87,129,011       86,971,084    
Accumulated deficit       (22,274,306 )     (23,440,979 )     (26,914,153 )  
Treasury stock, at cost       (49,888 )     (49,888 )     (49,888 )  
Accumulated other comprehensive loss       (416,526 )     (820,498 )     (1,078,063 )  
                 
Total stockholders' equity       64,545,128       62,827,409       58,938,593    
                 
      $ 648,703,080     $ 613,692,457     $ 621,475,063    
                 



WHITE RIVER BANCSHARES COMPANY  
CONSOLIDATED STATEMENTS OF INCOME  
UNAUDITED  
  For The Three Months Ended  
  March 31, 2019   December 31, 2018   March 31, 2018  
             
Interest income:            
Loans, including fees $ 7,166,824   $ 6,882,662     $ 6,435,645    
Investment securities   360,892     340,926       264,214    
Federal funds sold and other   70,787     96,446       56,157    
             
Total interest income   7,598,503     7,320,034       6,756,016    
             
Interest expense:            
Deposits   1,436,226     1,350,383       1,111,216    
Federal Home Loan Bank advances   153,014     123,371       188,536    
Note payable   147,516     152,605       156,763    
Federal funds purchased and other   17,290     225       8,879    
             
Total interest expense   1,754,046     1,626,584       1,465,394    
             
Net interest income   5,844,457     5,693,450       5,290,622    
Provision for loan losses   -     (750,000 )     -    
             
Net interest income after provision for loan losses   5,844,457     6,443,450       5,290,622    
             
Non-interest income:            
Service charges and fees on deposits   183,873     198,929       209,609    
Wealth management fee income   409,459     494,996       418,144    
Secondary market fee income   120,992     137,998       251,745    
Loss on sales and write-downs of foreclosed assets   -     (2,150,000 )     (7,987 )  
Other   131,166     750,271       132,531    
             
Total non-interest income   845,490     (567,806 )     1,004,042    
             
Non-interest expense:            
Salaries and benefits   3,272,837     2,997,064       3,165,735    
Occupancy and equipment   528,130     539,425       539,217    
Data processing   299,029     302,157       262,803    
Marketing and business development   141,099     60,411       215,726    
Professional services   332,854     339,343       379,329    
Other   302,421     385,946       365,387    
             
Total non-interest expense   4,876,370     4,624,346       4,928,197    
             
Income before income taxes   1,813,577     1,251,298       1,366,467    
             
Income tax provision   646,904     323,094       269,897    
             
Net income $ 1,166,673   $ 928,204     $ 1,096,570    
             
Basic earnings per common share $ 1.20   $ 0.95     $ 1.34    
             
Diluted earnings per common share $ 1.20   $ 0.95     $ 1.14    
             



WHITE RIVER BANCSHARES COMPANY              
SELECTED FINANCIAL DATA   At Or For The Three Months Ended  
UNAUDITED   March 31, 2019   December 31, 2018   March 31, 2018  
               
Selected Financial Condition Data: End of Period Balances              
               
       Assets $ 648,703,080     $ 613,692,457     $ 621,475,063    
       Investment Securities   54,131,226       53,940,001       48,082,923    
       Loans, gross   535,714,417       511,621,091       510,754,757    
       Allowance for Loan Losses   6,972,107       6,965,847       7,256,970    
       Deposits   535,041,634       510,110,073       509,044,946    
       FHLB Advances   25,272,500       25,371,095       38,161,644    
       Note Payable   11,942,531       12,086,880       12,488,980    
       Common Shareholders' Equity   64,545,128       62,827,409       50,413,916    
               
Selected Financial Condition Data: Average Balances              
               
         Assets   $ 626,343,422     $ 608,170,038     $ 599,969,998    
         Earning Assets     596,692,901       584,124,950       573,800,267    
         Investment Securities     55,240,637       52,899,703       47,293,983    
         Loans, gross     526,258,915       511,124,646       509,283,399    
         Deposits     509,466,943       506,647,368       484,856,900    
         FHLB Advances     28,854,682       23,426,724       38,193,768    
         Note Payable     11,977,464       12,133,390       12,653,970    
         Common Shareholders' Equity     63,335,288       61,605,063       49,421,183    
               
Selected Operating Results:              
               
         Interest Income   $ 7,598,503     $ 7,320,034     $ 6,756,016    
         Interest Expense     1,754,046       1,626,584       1,465,394    
         Net Interest Income     5,844,457       5,693,450       5,290,622    
         Provision for Loan Losses     -       (750,000 )     -    
         Net Interest Income After Provision for Loan Losses     5,844,457       6,443,450       5,290,622    
         Noninterest Income     845,490       (567,806 )     1,004,042    
         Noninterest Expense     4,876,370       4,624,346       4,928,197    
         Income Before Income Taxes     1,813,577       1,251,298       1,366,467    
         Income Tax Provision     646,904       323,094       269,897    
         Net Income   $ 1,166,673     $ 928,204     $ 1,096,570    
               
         Basic Net Income per Common Share   $ 1.20     $ 0.95     $ 1.34    
         Diluted Net Income per Common Share     1.20       0.95       1.14    
         Dividends Paid per Common Share     -       -       -    
         Book Value Per Common Share     66.19       64.43       61.39    
         Book Value Per Common Share-Diluted     66.19       64.43       61.33    
         Common Shares Outstanding     975,077       975,077       821,216    
         Diluted Common Shares Outstanding     975,216       975,079       960,077    
         Basic Weighted Average Common Shares Outstanding     975,077       975,077       821,216    
         Diluted Weighted Average Common Shares Outstanding     975,216       975,079       960,077    
               
Selected Ratios:              
               
          Return on Average Assets     0.76 %     0.61 %     0.74 %  
          Return on Average Common Shareholders' Equity     7.47 %     5.98 %     9.00 %  
          Average Common Shareholders' Equity to Average Assets     10.11 %     10.13 %     8.24 %  
          Net Interest Margin     3.97 %     3.87 %     3.74 %  
          Efficiency     72.89 %     90.22 %     78.29 %  
               
Selected Asset Quality:              
               
          Net (Recoveries) Charge-offs   $ (6,260 )   $ (408,930 )   $ (34,911 )  
          Classified Assets     7,944,129       8,021,842       11,012,889    
          Nonperforming Loans     -       -       145,405    
          Nonperforming Assets     7,659,728       7,733,440       10,745,031    
          Total Nonperforming Loans to Total Loans     0.00 %     0.00 %     0.03 %  
          Total Nonperforming Loans to Total Assets     0.00 %     0.00 %     0.02 %  
          Total Nonperforming Assets to Total Assets     1.18 %     1.26 %     1.73 %  

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