White River Bancshares Co., the holding company for Signature Bank of Arkansas of Fayetteville, on Monday reported net income increased to $1.55 million, up 109% from the same quarter last year.
The company, now publicly traded on the OTCQX Best Market (OTCQX: WRIV), reported first-quarter diluted earnings per share of $1.60, up from 77 cents in the first quarter of 2020.
“We produced record results for the first quarter of 2021, with strong top and bottom-line revenue growth, double digit loan and deposit growth and an improving net interest margin, compared to the first quarter a year ago,” Gary Head, president and CEO, said in a news release.
“Despite the ongoing challenges created by the COVID-19 pandemic, and the related economic conditions, we made progress in several areas of the business, as we continued to support our customers, communities and employees,” he said. “We are proud of our team and their accomplishments, as it is the investment in our people that drives our success.”
The company said that about $402,000 of its first-quarter income was related to origination fees from the second round of Paycheck Protection Program loans. As of March 31, the company said it originated $7.7 million in second-round PPP loans.
First-quarter net interest income was $7 million, up from $6 million in the first quarter of 2020. Total interest income was relatively unchanged at $8.2 million. Total interest expense decreased by 41% to $1.3 million.
Non-interest income increased 62% to $1.7 million. The company said it benefitted from higher wealth management fee income and higher secondary market fee income compared to the first quarter last year.
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