White River Bancshares Co. Earns $779,000, or $0.78 Per Diluted Share, in Second Quarter 2023; Results Highlighted by Strong Loan and Deposit Growth

FAYETTEVILLE, Ark., July 17, 2023 (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 $779,000, or $0.78 per diluted share, in the second quarter of 2023, compared to $1.79 million, or $1.79 per diluted share, in the second quarter of 2022. In the immediate prior quarter, the Company earned $340,000, or $0.34 per diluted share. In the first six months of 2023, net income was $1.12 million, or $1.12 per diluted share, compared to $2.86 million, or $2.88 per diluted share, in the first six months of 2022. All financial results are unaudited.

“Our second quarter results are a reflection of strength in our loan growth, capital levels and credit quality metrics,” said Gary Head, Chairman and Chief Executive Officer. “The strategic expansions of our brand in Harrison, Jonesboro, and the Northwest Arkansas bilingual community through Banco Sí are paying dividends to our balance sheet -literally- contributing to 21.7% loan growth and 14.2% deposit growth year over year. These results were especially rewarding given the current high-rate environment. The unprecedented rise in funding costs impacted our operating results for the quarter, but we believe our new market locations will continue to have meaningful contributions to our earnings in the years ahead as we continue reaching new customers.”

“We have been very deliberate in our deposit gathering strategies, and entered these new markets in 2022 with the goal of building out our deposit base to fund new loan activity,” said Scott Sandlin, Chief Strategy Officer. “While rising rates have driven customers to higher yielding deposit accounts, demand and non-interest-bearing deposits remained strong at 27.4% of total deposits and savings and interest-bearing transaction accounts represented 35.4% of total deposits at June 30, 2023. In addition, we are focused on strengthening our loan to deposit ratio, which was 97% at June 30, 2023. New customer relationships are fueling loan and deposit growth and we expect that to continue as we grow into our new market locations.”

Second Quarter 2023 Financial Highlights:

• Second quarter net income was $779,000, or $0.78 per diluted share, compared to $1.79 million, or $1.79 per diluted share, in the second quarter of 2022.
• Second quarter net interest margin (“NIM”) was 3.02%, compared to 3.87% in the second quarter a year ago.
• The Company recorded a $225,000 provision for credit losses in the second quarter of 2023, compared to no provision in the second quarter of 2022.
• Net loans increased 21.7% to $863.5 million at June 30, 2023, compared to $709.3 million at June 30, 2022.  
• Nonperforming assets totaled $93,000, or 0.01% of total assets at June 30, 2023, compared to $185,000, or 0.02% of total assets, at June 30, 2022.
• Total deposits increased 14.2% to $888.2 million at June 30, 2023, compared to $778.1 million a year ago.
• Core deposits (demand and non-interest-bearing, and savings and interest-bearing transaction accounts) represent 62.8% of total deposits at June 30, 2023.
• The Bank’s uninsured deposits totaled approximately 30.4% of total deposits at June 30, 2023, unchanged compared to March 31, 2023.
• Available borrowing capacity totaled $364.8 million at June 30, 2023, compared to $325.1 million at March 31, 2023.
• Total risk-based capital ratio was 12.74% and the Tier 1 leverage ratio was 10.03% for the Bank at June 30,  2023.
• Tangible book value per common share was $74.36 at June 30, 2023, compared to $76.40 a year ago.
  

Income Statement

“The rising cost of funds outpaced earning asset yields, resulting in net interest margin contraction during the second quarter,” said Brant Ward, President. The Company’s NIM was 3.02% in the second quarter of 2023, compared to 3.87% in the second quarter of 2022, and 3.16% in the first quarter of 2023. In the first six months of 2023, the NIM was 3.10%, compared to 3.72% in the first six months of 2022.

Net interest income was $7.4 million, compared to $8.2 million in the second quarter of 2022. Total interest income increased 37.5% to $12.5 million in the second quarter of 2023, compared to $9.1 million in the second quarter of 2022. Largely due to the increase in deposit costs, total interest expense increased to $5.1 million in the second quarter of 2023, from $869,000 in the second quarter of 2022. In the first six months of 2023, net interest income was $14.9 million, compared to $15.5 million in the first six months of 2022.

Noninterest income decreased 8.4% to $1.4 million in the second quarter of 2023, compared to $1.6 million in the second quarter a year ago. Substantially lower secondary market fee income contributed to the decline during the second quarter of 2023. In the first six months of the year, noninterest income decreased 8.4% to $2.7 million, compared to $2.9 million in the first six months of 2022.

Noninterest expense increased 2.3% to $7.6 million in the second quarter of 2023, compared to $7.4 million in the second quarter of 2022. Costs associated with the three new markets contributed to the increase during the second quarter of 2023, compared to the second quarter a year ago. Full time equivalent employees increased to 203 at June 30, 2023, from 186 at June 30, 2022. In the first six months of the year, noninterest expense increased to $15.8 million, compared to $14.6 million in the first six months of 2022.

Balance Sheet

Total assets increased 17.7% to a record $1.054 billion at June 30, 2023, from $896.1 million at June 30, 2022, and decreased 2.3% compared to $1.080 billion at March 31, 2023. Cash and cash equivalents totaled $32.3 million at June 30, 2023, compared to $50.6 million a year ago. Investment securities totaled $98.5 million at June 30, 2023, from $95.8 million a year ago.

Loans, net of allowance for credit losses, increased 21.7% to $863.5 million at June 30, 2023, compared to $709.3 million a year ago, and increased 2.9% compared to $838.9 million three months earlier.

Total deposits increased 14.2% to $888.2 million at June 30, 2023, compared to $778.1 million a year ago and decreased modestly compared to $890.8 million at March 31, 2023. Time deposits account for the majority of the deposit growth year-over-year.

FHLB advances increased to $38.0 million at June 30, 2023, from $10.9 million at June 30, 2022, and decreased substantially compared to $64.1 million at March 31, 2023. Total stockholders’ equity was $76.2 million at June 30, 2023, which was unchanged compared to June 30, 2022 and a modest decrease compared to $77.6 million at March 31, 2023. Tangible book value per common share was $74.36 at June 30, 2023, from $76.40 at June 30, 2022, and $77.76 at March 31, 2023. The decrease in total stockholders’ equity and tangible book value per share at June 30, 2023 compared to a year ago was primarily due to a $1.8 million decrease in accumulated other comprehensive income (“AOCI”) related 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 June 30, 2023.

Credit Quality

“Asset quality remains pristine, as we remain focused on adhering to conservative underwriting standards in all credit cycles,” said Jeff Maland, Chief Risk Officer.

Beginning January 1, 2023, the Company adopted the Current Expected Credit Losses (“CECL”) methodology, which replaced the former “incurred loss” model for recognizing credit losses with an “expected loss” model. Utilizing CECL may have an impact on the Company’s allowance for credit losses going forward and may result in a lack of comparability between 2023 and 2022 quarterly periods.

The Company recorded a $225,000 provision for credit losses in the second quarter of 2023. This compared to a $150,000 provision in the first quarter of 2023, and no provision in the second quarter of 2022.

Nonperforming assets totaled $93,000, and represented only 0.01% of total assets at June 30, 2023, compared to $124,000, or 0.01% at March 31, 2023. Nonperforming assets totaled $185,000, or 0.02% of total assets a year ago.

The allowance for credit losses was $10.6 million, or 1.21% of total loans, at June 30, 2023, compared to $10.4 million, or 1.22% of total loans, at March 31, 2023, and $8.3 million, or 1.15% of total loans, at June 30, 2022. Net loan recoveries were $12,000 in the second quarter of 2023, compared to net loan recoveries of $66,000 in the first quarter of 2023, and net loan recoveries of $50,000 in the second quarter of 2022.

Capital

The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 12.74%, Common equity Tier 1 capital ratio of 11.58%, Tier 1 risk-based capital ratio of 11.58% and Tier 1 leverage ratio of 10.03%, at June 30, 2023.

Recent Developments

The Company launched a new market, Banco Sí, to focus on and serve the Hispanic and Latino community. This new market was formed as a division of Signature Bank of Arkansas during the third quarter of 2022, and its initial market location opened in downtown Rogers in a historic building at 114 S. 1st St. Banco Sí was launched to create economic growth and access to banking services, capital, and funds for small and midsize businesses in the Latino community.

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.

In the second quarter of 2022, the Company held its grand opening of the sixth market, Harrison, which had been operating in a temporary space for several months while the permanent space was under construction. The entry to Boone County was a new, but familiar market to the Company, as many of its shareholders reside in and around Harrison. According to the 2020 Census, Harrison had a population of 13,124.

About White River Bancshares Company

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

About the Region

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

The Company has expanded 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 began construction in early 2022. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

The Company currently operates 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 Arkansas Board of Realtors, the average home in Washington County sold for $395,000, up 6.1% in May 2023, compared to a year ago, with an average of 94 days on the market. For Benton County, the average house sold for $458,000, up 12.0% from a year ago with an average of 99 days on the market.

Washington County’s population is projected to grow 5.96% from 2023 through 2028, and median household income is projected to increase by 11.12% during the same time frame. Benton County’s population is projected to grow 8.05% from 2023 through 2028, and median household income is projected to increase by 11.31%. Monroe County’s population is projected to decrease by 6.07% from 2023 through 2028 and median household income is projected to increase by 15.34%. Boone County’s population is projected to grow 1.66% from 2023 through 2028 and median household income is projected to increase by 13.62%. Craighead County’s population is projected to grow 4.40% from 2023 through 2028, and the median household income is projected to increase by 17.69%.

Sources:

http://www.nwarealtors.org/market-statistics/
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.

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

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	June 30, 2023				March 31, 2023				June 30, 2022
ASSETS
Cash and cash equivalents	$	32,325,899			$	87,179,713			$	50,573,165
Investment securities		98,506,257				99,326,990				95,838,246
Loans held for sale		1,590,000				442,306				850,823
Loans, net of allowance for credit losses		863,509,798				838,864,382				709,314,619
Premises and equipment, net		29,790,308				28,563,926				28,190,083
Foreclosed assets held for sale		-				-				-
Accrued interest receivable		3,099,653				2,796,623				2,277,196
Bank owned life insurance		9,292,654				9,212,698				1,056,795
Deferred income taxes		4,987,791				4,560,952				3,725,608
Other investments		7,066,522				7,071,458				3,112,208
Intangible assets, net		2,121,458				-				-
Other assets		2,000,439				1,584,678				1,161,056
TOTAL ASSETS	$	1,054,290,779			$	1,079,603,726			$	896,099,799
LIABILITIES & STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing	$	243,548,686			$	248,670,240			$	264,120,048
Savings and interest-bearing transaction accounts		314,057,615				323,723,058				338,840,798
Time deposits		330,591,356				318,408,077				175,145,169
Total deposits		888,197,657				890,801,375				778,106,015
Federal Home Loan Bank advances		38,017,682				64,102,204				10,851,757
Notes payable		26,286,079				25,420,217				10,810,660
Lease right-of-use liability		16,707,291				15,196,424				15,687,243
Reserve for losses on unfunded commitments		1,558,000				1,558,000				1,558,000
Accrued interest payable		1,936,295				1,605,248				131,828
Other liabilities		5,384,308				3,333,968				2,728,121
TOTAL LIABILITIES		978,087,312				1,002,017,436				819,873,624
Stockholders' equity:
Common stock		10,084				10,084				10,039
Surplus		90,118,719				89,901,337				89,091,965
Accumulated deficit		(5,051,992	)			(4,832,876	)			(6,042,971	)
Treasury stock, at cost		(820,717	)			(711,145	)			(563,441	)
Accumulated other comprehensive loss		(8,052,627	)			(6,781,110	)			(6,269,417	)
TOTAL STOCKHOLDERS' EQUITY		76,203,467				77,586,290				76,226,175
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,054,290,779			$	1,079,603,726			$	896,099,799

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
	For the Three Months Ended
	June 30,			March 31,			June 30,
	2023			2023			2022
INTEREST INCOME
Loans, including fees	$	11,302,782		$	10,672,578		$	8,539,519
Investment securities		780,362			628,537			443,419
Federal funds sold and other		431,607			276,739			121,771
Total interest income		12,514,751			11,577,854			9,104,709
INTEREST EXPENSE
Deposits		4,265,275			2,966,252			642,622
Federal Home Loan Bank advances		459,605			697,577			58,483
Notes payable		394,464			396,260			167,874
Federal funds purchased and other		-			33,425			-
Total interest expense		5,119,344			4,093,514			868,979
NET INTERST INCOME		7,395,407			7,484,340			8,235,730
Provision for credit losses		225,000			150,000			-
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		7,170,407			7,334,340			8,235,730
NON-INTEREST INCOME
Service charges and fees on deposits		146,434			151,043			123,432
Wealth management fee income		638,436			517,514			632,367
Secondary market fee income		140,961			66,773			397,351
Bank owned-life insurance income		79,956			78,374			1,824
Loss on sales and write-downs of foreclosed assets		-			-			9,520
Other non-interest income		438,134			415,366			412,222
TOTAL NON-INTEREST INCOME		1,443,921			1,229,070			1,576,716
NON-INTEREST EXPENSE
Salaries and benefits		4,494,027			5,258,496			4,933,794
Occupancy and equipment		950,581			891,980			815,223
Data processing		745,330			658,111			517,583
Marketing and business development		523,460			473,709			382,409
Professional services		479,291			505,899			420,007
Other non-interest expense		401,090			382,016			357,930
TOTAL NON-INTEREST EXPENSE		7,593,779			8,170,211			7,426,946
Income before income taxes		1,020,549			393,199			2,385,500
Income tax provision		242,019			53,687			600,433
NET INCOME	$	778,530		$	339,512		$	1,785,067
EARNINGS PER SHARE
Basic	$	0.78		$	0.34		$	1.79
Diluted	$	0.78		$	0.34		$	1.79

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
		Six Months Ended
		June 30,
		2023			2022
INTEREST INCOME
Loans, including fees		$	21,975,360		$	16,322,221
Investment securities			1,408,899			825,335
Federal funds sold and other			708,346			147,790
Total Interest Income			24,092,605			17,295,346
INTEREST EXPENSE
Deposits			7,231,527			1,303,588
Federal Home Loan Bank advances			1,157,182			125,388
Notes payable			790,724			335,748
Federal funds purchased and other			33,425			-
Total interest expense			9,212,858			1,764,724
NET INTERST INCOME			14,879,747			15,530,622
Provision for credit losses			375,000			-
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			14,504,747			15,530,622
NON-INTEREST INCOME
Service charges and fees on deposits			297,477			253,546
Wealth management fee income			1,155,950			1,257,293
Secondary market fee income			207,734			799,600
Bank owned life insurance income			158,330			3,726
Loss on sales and write-downs of foreclosed assets			-			(151,480	)
Other non-interest income			853,500			754,470
TOTAL NON-INTEREST INCOME			2,672,991			2,917,155
NON-INTEREST EXPENSE
Salaries and benefits			9,752,523			9,573,242
Occupancy and equipment			1,842,561			1,578,092
Data processing			1,403,441			1,257,596
Marketing and business development			997,169			672,102
Professional services			985,190			885,154
Other non-interest expense			783,106			669,024
TOTAL NON-INTEREST EXPENSE			15,763,990			14,635,210
Income before income taxes			1,413,748			3,812,567
Income tax provision			295,706			952,639
NET INCOME		$	1,118,042		$	2,859,928
EARNINGS PER SHARE
Basic		$	1.12		$	2.88
Diluted		$	1.12		$	2.88

WHITE RIVER BANCSHARES COMPANY
SUPPLEMENTAL INFORMATION
		(Unaudited)
		Three Months Ended
		June 30,				March 31,				June 30,
			2023				2023				2022
FOR THE PERIOD
Net income		$	778,530			$	339,512			$	1,785,067
Net income before taxes			1,020,549				393,199				2,385,500
Dividends declared per share			1.00				-				1.00
PERIOD END BALANCE
Total assets		$	1,054,290,779			$	1,079,603,726			$	896,099,799
Total investments			98,506,257				99,326,990				95,838,246
Total loans, net			863,509,798				838,864,382				709,314,619
Allowance for credit losses			(10,608,962	)			(10,371,551	)			(8,284,983	)
Total deposits			888,197,657				890,801,375				778,106,015
Stockholders' equity			76,203,467				77,586,290				76,226,175
RATIO ANALYSIS
Return on average assets (annualized)			0.30	%			0.13	%			0.81	%
Return on average equity (annualized)			3.94	%			1.79	%			9.28	%
Net loans/Deposits			97.22	%			94.17	%			91.16	%
Total Shareholders' Equity/Total assets			7.23	%			7.19	%			8.51	%
Net loan losses/Total loans			0.00	%			-0.01	%			-0.01	%
Uninsured deposits			30.35	%			30.40	%			28.10	%
PER SHARE DATA
Shares outstanding			996,196				997,784				997,784
Weighted average shares outstanding			997,567				997,784				994,996
Diluted weighted average shares outstanding			997,585				999,211				995,495
Basic earnings		$	0.78			$	0.34			$	1.79
Diluted earnings			0.78				0.34				1.79
Book value			76.49				77.76				76.40
Tangible book value			74.36				77.76				76.40
ASSET QUALITY
Net (recoveries) charge-offs		$	(12,410	)		$	(65,926	)		$	(49,997	)
Classified assets			1,687,091				1,196,170				484,483
Nonperforming loans			92,618				123,922				184,570
Nonperforming assets			92,618				123,922				184,570
Total nonperforming loans/Total loans			0.01	%			0.01	%			0.03	%
Total nonperforming loans/Total assets			0.01	%			0.01	%			0.02	%
Total nonperforming assets/Total assets			0.01	%			0.01	%			0.02	%
Allowance for credit losses/Total loans			1.21	%			1.22	%			1.15	%

WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)
		Three Months Ended
		June 30,								March 31,								June 30,
		2023								2023								2022
		Average Balance			Interest			Average Yield/ Rate		Average Balance			Interest			Average Yield/ Rate		Average Balance			Interest			Average Yield/ Rate
Interest-earning assets:
Federal funds sold and other		$	33,668,022		$	431,607		5.14%		$	25,318,303		$	276,739		4.43%		$	62,514,372		$	121,771		0.78%
Investment securities			98,944,071			780,362		3.16%			99,471,281			628,537		2.56%			94,260,851			443,419		1.89%
Loans receivable			850,747,374			11,302,782		5.33%			835,070,756			10,672,578		5.18%			697,638,767			8,539,519		4.91%
Total interest-earning assets			983,359,467		$	12,514,751		5.10%			959,860,340		$	11,577,854		4.89%			854,413,990		$	9,104,709		4.27%
Noninterest-earning assets			67,618,864								60,146,467								33,284,564
Total assets		$	1,050,978,331							$	1,020,006,807							$	887,698,554
Interest-bearing liabilities:
Interest-bearing deposits		$	648,067,147		$	4,265,275		2.64%		$	594,897,383		$	2,966,252		2.02%		$	506,565,372		$	642,622		0.51%
FHLB advances and federal funds purchased			40,650,920			459,605		4.53%			65,884,599			731,002		4.50%			10,879,395			58,483		2.16%
Notes payable			25,459,394			394,464		6.21%			25,414,074			396,260		6.32%			10,807,745			167,874		6.23%
Total interest-bearing liabilities			714,177,461		$	5,119,344		2.88%			686,196,056		$	4,093,514		2.42%			528,252,512		$	868,979		0.66%
Noninterest-bearing liabilities			257,452,327								256,966,055								282,310,314
Total liabilities			971,629,788								943,162,111								810,562,826
Stockholders' equity			79,348,543								76,844,696								77,135,728
Total liabilities and stockholders' equity		$	1,050,978,331							$	1,020,006,807							$	887,698,554
Net interest-earning assets		$	269,182,006							$	273,664,284							$	326,161,478
Net interest spread					$	7,395,407		2.23%					$	7,484,340		2.47%					$	8,235,730		3.61%
Net interest margin								3.02%								3.16%								3.87%

WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)
		Six Months Ended June 30,
			2023								2022
		Average						Average		Average						Average
		Balance			Interest			Yield/Rate		Balance			Interest			Yield/Rate
Interest-earning assets:
Federal funds sold and other		$	29,516,229		$	708,346		4.84%		$	56,691,768		$	147,790		0.53%
Investment securities			96,991,956			1,408,899		2.93%			90,422,018			825,335		1.84%
Loans receivable			842,952,320			21,975,360		5.26%			693,829,458			16,322,221		4.74%
Total interest-earning assets			969,460,505		$	24,092,605		5.01%			840,943,244		$	17,295,346		4.15%
Noninterest-earning assets			65,221,029								33,687,594
Total assets		$	1,034,681,534							$	874,630,838
Interest-bearing liabilities:
Interest-bearing deposits		$	621,531,238		$	7,231,527		2.35%		$	504,926,819		$	1,303,588		0.52%
FHLB advances and federal funds purchased			52,059,517			1,157,182		4.48%			11,527,880			125,388		2.19%
Notes payable			25,436,859			790,724		6.27%			10,804,509			335,748		6.27%
Total interest-bearing liabilities			699,027,614		$	9,179,433		2.65%			527,259,208		$	1,764,724		0.67%
Noninterest-bearing liabilities			256,505,906								268,931,772
Total liabilities			955,533,520								796,190,980
Stockholders' equity			79,148,014								78,439,858
Total liabilities and stockholders' equity		$	1,034,681,534							$	874,630,838
Net interest-earning assets		$	270,432,891							$	313,684,036
Net interest spread					$	14,913,172		2.36%					$	15,530,622		3.47%
Net interest margin								3.10%								3.72%