FAYETTEVILLE, Ark., Oct. 18, 2022 (GLOBE NEWSWIRE) -- White River Bancshares Company (OTCQX: WRIV), (the “Company”) the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income of $1.33 million, or $1.34 per dilute share, in the third quarter of 2022, compared to $1.93 million, or $1.99 per diluted share, in the third quarter of 2021. In the immediate prior quarter, the Company earned $1.79 million, or $1.79 per diluted share. In the first nine months of 2022, net income was $4.19 million, or $4.22 per diluted share, compared to $5.56 million, or $5.73 per diluted share, in the first nine months of 2021. All financial results are unaudited.

“We’re very pleased with the progress we have made in the third quarter,” said Gary Head, President and Chief Executive Officer. “Our new markets in Harrison and Jonesboro are thriving, bringing the Signature level of service to parts of our state who have been searching for a more personalized approach to their community banking needs. The biggest news of the quarter, of course, was the grand opening of Banco Sí! in downtown Rogers. This new division of our organization is dedicated to serving the needs of our growing Hispanic and Latino population with a fully bilingual staff. As you might expect, our investments in these market expansions have impacted net income for the quarter, but they’re growing and thriving, making excellent progress.”

“Our shareholders will be pleased by the Board’s decision to double the annual cash dividend to $1.00 per share,” Head continued. “The continued success from our core markets and activities allows us to return some of our success to the shareholders who have believed in us since the beginning.”

“We continue to strengthen our core funding mix and as a results total deposits increased 7.0% compared to a year ago, with demand and non-interest bearing deposits representing 32.5% of total deposits and savings and interest bearing transaction accounts representing 44.7% of total deposits at quarter end,” said Scott Sandlin, Chief Strategy Officer. “By building out our core deposit base, we are able to fund new loan activity with non-interest bearing and low-cost deposits and reduce our reliance on borrowed funds, contributing to the net interest margin expanding 23 basis points compared to the third quarter a year ago.”

Third Quarter 2022 Financial Highlights:

• Third quarter net income was $1.33 million, or $1.34 per diluted share, compared to $1.93 million, or $1.99 per diluted share, in the third quarter of 2021.
• Third quarter net interest margin (“NIM”) expanded 23 basis points to 3.88%, compared to 3.65% in the third quarter a year ago.
• Annualized return on average assets was 0.58%, compared to 0.95% in the third quarter a year ago.
• Annualized return on average equity was 6.87%, from 9.80% in the third quarter a year ago.
• The Company recorded a $410,000 provision for loan losses in the third quarter of 2022, compared to no provision for loan losses in the third quarter of 2021.
• Net loans increased 17.9% to $780.5 million at September 30, 2022, compared to $661.7 million at September 30, 2021.  
• Total deposits increased 7.0% to $791.5 million at September 30, 2022, compared to $739.7 million a year ago.
• Nonperforming assets totaled $153,000, or 0.02% of total assets at September 30, 2022, compared to $149,000, or 0.02% of total assets, at September 30, 2021.
• Book value per common share was $75.73 at September 30, 2022, from $81.47 a year ago.
• Total risk-based capital ratio was 13.57% and the Tier 1 leverage ratio was 11.53% for the Bank at September 30,  2022.
• The Company paid a $1.00 per share annual cash dividend on August 31, 2022 to shareholders of record at the close of business on July 20, 2022.
  

Income Statement
The Company’s NIM expanded 23 basis points to 3.88% in the third quarter of 2022, compared to 3.65% in the third quarter of 2021. In the first nine months of 2022, the NIM was 3.79%, compared to 3.68% in the first nine months of 2021.

“The changes we made in our investments and funding mix over the last several quarters, augmented by the recent Fed rate increases, resulted in net interest margin expansion during the third quarter. Our balance sheet remains well positioned to continue to benefit from additional Fed rate increases,” said Brant Ward, Chief Operating Officer.

Net interest income increased 21.1% to $8.6 million, compared to $7.1 million in the third quarter of 2021. Total interest income increased 20.2% to $9.8 million in the third quarter of 2022, compared to $8.1 million in the third quarter of 2021. Total interest expense increased by 14.2% to $1.2 million in the third quarter of 2022, from $1.1 million during the third quarter of 2021. In the first nine months of 2022, net interest income increased 15.3% to $24.1 million, compared to $20.9 million in the first nine months of 2021.

Noninterest income decreased 19.1% to $1.4 million in the third quarter of 2022, compared to $1.7 million in the third quarter a year ago. Lower wealth management fee income due to the volatility in the stock market, as well lower secondary market fee income contributed to the decline during the third quarter of 2022. In the first nine months of the year, noninterest income decreased 15.3% to $4.3 million, compared to $5.1 million in the first nine months of 2021.

Noninterest expense increased to $7.7 million in the third quarter of 2022, compared to $6.2 million in the third quarter of 2021. Higher commissions due to increased revenues in business lines, residual costs related to the core conversion and costs associated with the two new markets contributed to the increase during the third quarter of 2022, compared to the third quarter a year ago. In the first nine months of the year, noninterest expense increased to $22.3 million, compared to $18.5 million in the first nine months of 2021.

Balance Sheet
Total assets increased 8.0% to $935.0 million at September 30, 2022, from $866.1 million at September 30, 2021, and increased 4.3% compared to $896.1 million at June 30, 2022. Cash and cash equivalents decreased to $16.5 million at September 30, 2022 from $77.5 million a year ago and decreased when compared to $50.6 million at June 30, 2022. Investment securities increased 12.3% to $95.2 million at September 30, 2022, from $84.7 million a year ago, as the Company continued to move cash balances into better yielding investment securities during the quarter.

Loans, net of allowance for loan losses, increased 17.9% to $780.5 million at September 30, 2022, compared to $661.7 million a year ago, and increased 10.0% compared to $709.3 million three months earlier.

“Loan growth was solid during the quarter, increasing 10.0% over the three-month period. Our team has done an excellent job with new loan originations, and the loan pipeline remains strong,” said Jeff Maland, Chief Risk Officer.

Total deposits increased 7.0% to $791.5 million at September 30, 2022, compared to $739.7 million a year ago and increased 1.7% compared to $778.1 million at June 30, 2022. New customer relationships continue to account for a majority of the deposit growth year-over-year.

FHLB advances increased during the quarter to $22.8 million at September 30, 2022, from $16.1 million at September 30, 2021. Total stockholders’ equity was $75.4 million at September 30, 2022, compared to $78.9 million at September 30, 2021, and $76.2 million at June 30, 2022. Tangible book value per common share was $75.73 at September 30, 2022, from $81.47 at September 30, 2021, and $76.61 at June 30, 2022. The decrease in total stockholders’ equity and tangible book value per share during the current quarter was primarily due to a $8.8 million decrease in accumulated other comprehensive income (“AOCI”) related primarily to an increase in the unrealized loss on available for sale securities reflecting the increase in interest rates during the current quarter. Excluding AOCI, tangible book value per share was $84.58 at September 30, 2022.

Credit Quality
“While asset quality remains exemplary, we recorded a $410,000 provision for loan losses due to the extraordinary levels of loan growth during the third quarter,” said Maland. “We continue to focus on maintaining a moderate risk profile, throughout all credit cycles.” This compared to no provision for loan losses in the second quarter of 2022, or the third quarter of 2021.

Nonperforming loans totaled $153,000 at September 30, 2022. This compared to $185,000 in nonperforming loans at June 30,  2022, and $149,000 in nonperforming loans at September 30, 2021. Nonperforming assets were $153,000 at September 30, 2022, compared to $185,000 at June 30, 2022, and $149,000 assets at September 30, 2021. Total nonperforming assets were 0.02% of total assets at September 30, 2022, June 30, 2022, and September 30, 2021.

The allowance for loan losses was $8.7 million, or 1.10% of total loans, at September 30, 2022, compared to $8.6 million, or 1.28% of total loans, at September 30, 2021. Net loan recoveries were $43,000 in the third quarter of 2022, compared to net loan recoveries of $50,000 in the second quarter of 2022, and net loan charge-offs of $81,000 in the third quarter of 2021.

Capital
The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Tier 1 leverage ratio estimate of 11.53%, Common equity Tier 1 capital ratio of 12.54%, Tier 1 risk-based capital ratio of 12.54% and Total capital ratio of 13.57%, at September 30, 2022.

On July 13, 2022, the Company issued $15 million in subordinated notes to certain qualified institutional accredited investors through a private placement offering. The Company intends to use the net proceeds from the offering for general corporate purposes.

Recent Developments
Earlier this year, the Company launched a new market employing bilingual staff as it increased its efforts to better serve Arkansas area Latinos. Banco Sí!, a recently formed division of Signature Bank of Arkansas, will focus on a growing segment of the population. The name Banco Sí! (meaning “Yes Bank” in Spanish) was chosen to send a positive message to the Latino community, which has historically been told ‘no’ where finances are concerned. During the third quarter of 2022, the initial market location opened in downtown Rogers in a historic building at 114 S. First St.

“The Latino community has grown to become the largest minority community in the region and the United States, and we believe it is underserved,” said Ward. “Our mission is to create economic growth and access to banking services, capital, and funds for small and midsize businesses.”

During the first quarter of 2022, the Company opened its seventh market, located at 111 East Jackson Avenue in Jonesboro. This facility will serve as a temporary location for the market and marks the Company’s entry into Craighead County. According to the 2020 Census, Jonesboro had a population of 78,576 and is the fifth-largest city in Arkansas.

During the fourth quarter of 2021, the Company opened its sixth market, located in Harrison in the Durand Center at 303 N. Main Street, Suite 100. Harrison, located in the heart of the Ozark Mountains, is nationally recognized as one of the "Best Small Towns in America" and was previously featured in Where to Retire Magazine as one of the best retirement towns in the United States. https://www.cityofharrison.com/

About White River Bancshares Company

White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX® Best Market.  

About the Region
White River Bancshares Company is located in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally-based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions.

Recently, the Company has expanded into Northeast Arkansas, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley's Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced in January 2022 that it would locate a new $3 billion steel factory in Northeast Arkansas in Osceola, a move expected to create 900 jobs with an average pay over $100,000 annually, making it the largest capital investment project in Arkansas history. Dubbed “Project Blueprint,” the steel mill will begin construction in early 2022. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

The Company currently operates two markets in Washington County, two markets in Benton County, two markets in Monroe County, one market in Boone County and one market in Craighead County.

The housing market in Washington and Benton counties remains robust. According to the Northwest Multiple Listing Service, the average home in Washington County sold for $348,000, up 28.2% in February 2022, compared to a year ago, with an average of 76 days on the market. For Benton County, the average house sold for $363,000, up 12.9% from a year ago with an average of 69 days on the market.

Washington County’s population is projected to grow 4.52% from 2022 through 2027, and median household income is projected to increase by 8.35% during the same time frame. Benton County’s population is projected to grow 5.89% from 2022 through 2027, and median household income is projected to increase by 11.08%. Monroe County’s population is projected to decrease by 7.25% from 2022 through 2027 and median household income is projected to increase by 11.05%. Boone County’s population is projected to grow 0.37% from 2022 through 2027 and median household income is projected to increase by 12.48%. Craighead County’s population is projected to grow 4.13% from2022 through 2027, and the median household income is projected to increase by 4.13%.

Sources:

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

Forward Looking Statements
This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

		WHITE RIVER BANCSHARES COMPANY
		CONSOLIDATED BALANCE SHEETS
		(Unaudited)
		September 30, 2022				June 30, 2022				September 30, 2021
ASSETS
Cash and cash equivalents		$	16,452,466			$	50,573,165			$	77,519,778
Investment securities			95,169,822				95,838,246				84,719,875
Loans held for sale			1,682,618				850,823				7,300,173
Loans, net of allowance for loan losses			780,452,305				709,314,619				661,748,201
Premises and equipment, net			28,317,468				28,190,083				25,202,545
Foreclosed assets held for sale			-				-				100
Accrued interest receivable			2,804,238				2,277,196				2,336,515
Deferred income taxes			4,631,813				3,725,608				1,899,258
Other investments			3,226,173				3,112,208				2,899,285
Other assets			2,214,339				2,217,851				2,507,609
Total Assets		$	934,951,242			$	896,099,799			$	866,133,339
LIABILITIES & STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing		$	257,288,208			$	264,120,048			$	518,110,563
Savings and interest-bearing transaction accounts			354,185,035				338,840,798				23,631,159
Time deposits			179,985,925				175,145,169				197,930,268
Total deposits			791,459,168				778,106,015				739,671,990
Federal Home Loan Bank advances			22,769,235				10,851,757				16,095,431
Notes payable			25,385,663				10,810,660				10,791,724
Accrued interest payable			505,504				131,828				352,228
Other liabilities			19,477,404				19,973,364				20,348,822
Total Liabilities			859,596,974				819,873,624				787,260,195
Stockholders' equity:
Common stock			10,039				10,039				9,763
Surplus			89,416,483				89,091,965				88,181,971
Accumulated deficit			(4,708,340	)			(6,042,971	)			(9,403,269	)
Treasury stock, at cost			(563,441	)			(563,441	)			(504,242	)
Accumulated other comprehensive (loss) income			(8,800,473	)			(6,269,417	)			588,921
Total stockholders' equity			75,354,268				76,226,175				78,873,144
Total Liabilities and Stockholders' Equity		$	934,951,242			$	896,099,799			$	866,133,339

		WHITE RIVER BANCSHARES COMPANY
		CONSOLIDATED STATEMENTS OF INCOME
		(Unaudited)
		For the Three Months Ended
		September 30,				June 30,				September 30,
			2022				2022				2021
Interest income:
Loans, including fees		$	9,067,631			$	8,539,519			$	7,726,879
Investment securities			574,963				443,419				397,755
Federal funds sold and other			129,443				121,771				5,428
Total interest income			9,772,037				9,104,709				8,130,062
Interest expense:
Deposits			781,647				642,622				801,145
Federal Home Loan Bank advances			70,336				58,483				100,671
Notes payable			362,254				167,874				167,874
Federal funds purchased and other			7,603				-				133
Total interest expense			1,221,840				868,979				1,069,823
Net interest income			8,550,197				8,235,730				7,060,239
Provision for loan losses			410,000				-				-
Net interest income after provision for loan losses			8,140,197				8,235,730				7,060,239
Non-interest income:
Service charges and fees on deposits			136,156				123,432				131,131
Wealth management fee income			559,358				632,367				574,074
Secondary market fee income			231,012				397,351				697,477
Loss on sales and write-downs of foreclosed assets			-				9,520				-
Other non-interest income			442,391				414,046				288,553
Total non-interest income			1,368,917				1,576,716				1,691,235
Non-interest expense:
Salaries and benefits			5,009,832				4,933,794				4,111,369
Occupancy and equipment			886,450				815,223				702,058
Data processing			577,219				517,583				430,858
Marketing and business development			320,613				382,409				186,950
Professional services			533,614				420,007				487,428
Other non-interest expense			320,179				357,930				259,239
Total non-interest expense			7,647,907				7,426,946				6,177,902
Income before income taxes			1,861,207				2,385,500				2,573,572
Income tax provision			526,576				600,433				647,957
Net income		$	1,334,631			$	1,785,067			$	1,925,615
Earnings per share:
Basic		$	1.34			$	1.79			$	1.99
Diluted		$	1.34			$	1.79			$	1.99

			WHITE RIVER BANCSHARES COMPANY
			CONSOLIDATED STATEMENTS OF INCOME
			(Unaudited)
			Nine Months Ended
			September 30,
				2022				2021
Interest income:
Loans, including fees			$	25,389,852			$	23,272,562
Investment securities				1,400,298				1,099,091
Federal funds sold and other				277,233				20,855
Total interest income				27,067,383				24,392,508
Interest expense:
Deposits				2,085,235				2,701,034
Federal Home Loan Bank advances				195,724				306,036
Notes payable				698,002				503,622
Federal funds purchased and other				7,603				2,242
Total interest expense				2,986,564				3,512,934
Net interest income				24,080,819				20,879,574
Provision for loan losses				410,000				-
Net interest income after provision for loan losses				23,670,819				20,879,574
Non-interest income:
Service charges and fees on deposits				389,702				383,412
Wealth management fee income				1,816,651				1,641,205
Secondary market fee income				1,030,612				2,285,697
Loss on sales and write-downs of foreclosed assets				(151,480	)			-
Other non-interest income				1,200,587				750,406
Total non-interest income				4,286,072				5,060,720
Non-interest expense:
Salaries and benefits				14,583,074				11,975,156
Occupancy and equipment				2,464,542				1,929,421
Data processing				1,834,815				1,361,630
Marketing and business development				992,715				459,892
Professional services				1,418,768				1,786,505
Other non-interest expense				989,203				959,553
Total non-interest expense				22,283,117				18,472,157
Income before income taxes				5,673,774				7,468,137
Income tax provision				1,479,215				1,912,682
Net income			$	4,194,559			$	5,555,455
Earnings per share:
Basic			$	4.22			$	5.73
Diluted			$	4.22			$	5.73

		WHITE RIVER BANCSHARES COMPANY
		SUPPLEMENTAL INFORMATION
		(Unaudited)												(Audited)
		Three Months Ended												Year ended
		September 30,				June 30,				September 30,				December 31,
			2022				2022				2021				2021
Earnings per share:
Numerator:
Net income available to common shareholders'		$	1,334,631			$	1,785,067			$	1,925,615			$	7,050,823
Denominator:
Weighted average common shares outstanding			994,996				994,996				968,946				975,058
Effect of dilutive securities:
Stock options			691				499				-				-
Weighted average common shares outstanding - assuming dilution		$	995,687			$	995,495			$	968,946			$	975,058
Basic earnings per common share		$	1.34			$	1.79			$	1.99			$	7.23
Diluted earnings per common share		$	1.34			$	1.79			$	1.99			$	7.23
Profitability:
Numerator:
Net income		$	1,334,631			$	1,785,067			$	1,925,615			$	7,050,823
Denominator:
Average total assets for period			908,692,882				887,698,554				802,375,174				806,437,028
Average total equity for period			77,112,599				77,135,728				77,961,111				77,002,249
Return on average assets			0.58	%			0.81	%			0.95	%			0.87	%
Return on average equity			6.87	%			9.28	%			9.80	%			9.16	%
Efficiency Ratio:
Numerator:
Net interest income		$	8,550,197			$	8,235,730			$	7,060,239			$	28,269,337
Non-interest income			1,368,917				1,576,716				1,691,235				6,588,205
Total Income		$	9,919,114			$	9,812,446			$	8,751,474			$	34,857,542
Denominator:
Non-interest expense		$	7,647,907			$	7,426,946			$	6,177,902			$	25,345,327
Efficiency ratio			77.10	%			75.69	%			70.59	%			72.71	%
		(Unaudited)												(Audited)
		September 30,				June 30,				September 30,				December 31,
			2022				2022				2021				2021
Asset Quality:
Net (recoveries) charge-offs		$	(43,488	)		$	(49,997	)		$	80,675			$	461,663
Classified assets			411,636				484,483				4,642,205				5,434,111
Nonperforming loans			153,362				184,570				148,657				220,616
Nonperforming assets			153,362				184,570				148,657				932,326
Total nonperforming loans to total loans			0.02	%			0.03	%			0.02	%			0.03	%
Total nonperforming loans to total assets			0.02	%			0.02	%			0.02	%			0.03	%
Total nonperforming assets to total assets			0.02	%			0.02	%			0.02	%			0.11	%

		WHITE RIVER BANCSHARES COMPANY
		INTEREST INCOME AND EXPENSE
		(Unaudited)
		Three Months Ended September 30,
		2022											2021
		Average								Average			Average								Average
		Balance				Interest				Yield/Rate			Balance				Interest				Yield/Rate
Interest-earning assets:
Federal funds sold and other		$	23,960,268			$	129,443			2.14	%		$	15,558,696			$	5,428			0.14	%
Investment securities			99,741,280				574,963			2.29	%			87,309,682				397,755			1.81	%
Loans receivable (1)			750,079,728				9,067,631			4.80	%			664,338,877				7,726,879			4.61	%
Total interest-earning assets			873,781,276			$	9,772,037			4.44	%			767,207,255			$	8,130,062			4.20	%
Noninterest-earning assets			34,911,606											35,167,919
Total assets		$	908,692,882										$	802,375,174
Interest-bearing liabilities:
Interest-bearing deposits		$	534,033,840			$	781,647			0.58	%		$	477,561,034			$	801,145			0.67	%
FHLB advances and federal funds purchased			13,285,949				77,939			2.33	%			16,563,988				100,804			2.41	%
Notes payable			21,587,065				362,254			6.66	%			10,788,545				167,874			6.17	%
Total interest-bearing liabilities			568,906,854			$	1,221,840			0.85	%			504,913,567			$	1,069,823			0.84	%
Noninterest-bearing liabilities			262,673,429											218,119,671
Total liabilities			831,580,283											723,033,238
Stockholders' equity			77,112,599											77,961,111
Total liabilities and stockholders' equity		$	908,692,882										$	800,994,349
Net interest-earning assets		$	304,874,422										$	262,293,688
Net interest spread						$	8,550,197			3.58	%						$	7,060,239			3.36	%
Net interest margin										3.88	%										3.65	%
(1)		Origination fee income and costs are generally recognized in earnings when incurred which, in our opinion does not produce results that differ materially from recognizing the fees and costs over the life of the loan as required by GAAP.

		WHITE RIVER BANCSHARES COMPANY
		INTEREST INCOME AND EXPENSE
		(Unaudited)
		Nine Months Ended September 30,
		2022											2021
		Average								Average			Average								Average
		Balance				Interest				Yield/Rate			Balance				Interest				Yield/Rate
Interest-earning assets:
Federal funds sold and other		$	45,661,372			$	277,233			0.81	%		$	28,487,448			$	20,855			0.10	%
Investment securities			91,227,775				1,400,298			2.05	%			77,965,654				1,099,091			1.88	%
Loans receivable (1)			712,785,592				25,389,852			4.76	%			651,516,641				23,272,562			4.78	%
Total interest-earning assets			849,674,739			$	27,067,383			4.26	%			757,969,743			$	24,392,508			4.30	%
Noninterest-earning assets			35,352,522											32,687,728
Total assets		$	885,027,261										$	790,657,471
Interest-bearing liabilities:
Interest-bearing deposits		$	509,887,837			$	2,085,235			0.55	%		$	476,704,627			$	2,701,034			0.76	%
FHLB advances and federal funds purchased			12,120,343				203,327			2.24	%			18,309,108				308,278			2.25	%
Notes payable			14,438,191				698,002			6.46	%			10,781,999				503,622			6.25	%
Total interest-bearing liabilities			536,446,371			$	2,986,564			0.74	%			505,795,734			$	3,512,934			0.93	%
Noninterest-bearing liabilities			270,588,314											208,615,838
Total liabilities			807,034,685											714,411,572
Stockholders' equity			77,992,576											76,245,899
Total liabilities and stockholders' equity		$	885,027,261										$	790,657,471
Net interest-earning assets		$	313,228,368										$	252,174,009
Net interest spread						$	24,080,819			3.51	%						$	20,879,574			3.37	%
Net interest margin										3.79	%										3.68	%
(1)		Origination fee income and costs are generally recognized in earnings when incurred which, in our opinion does not produce results that differ materially from recognizing the fees and costs over the life of the loan as required by GAAP.

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