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White River Bancshares Reports Big Jump in Q4 Profit

2 min read

White River Bancshares Co. (OTCQX: WRIV) of Fayetteville on Wednesday reported net income of $1.83 million, up 132.2% from $788,000 in the same period a year ago.

Results were affected by a $555,000 provision for credit losses in the quarter.

Per share, earnings came to 75 cents.

For the full year of 2024, net income increased 171.8% to $6.93 million, compared to $2.55 million in  2023. Total assets were $1.3 billion, up 13.8% from $1.13 billion.

The holding company for Signature Bank of Arkansas and Banco Sí attributed the growth in part to its rising net interest margin, which was 3.35% in the fourth quarter of 2024, compared to 2.96% a year ago. Brant Ward, president of White River Bancshares, said loan growth and higher asset yields more than offset a modest increase in funding costs.

“We anticipate funding costs should start to stabilize or decrease in future quarters due to the recent interest rate declines,” he said.

Net interest income increased 28.4% to $10 million in the fourth quarter, compared to $7.8 million in the fourth quarter of 2023.

The bank finished 2024 with $1.06 billion in loans, up 13% from $941.2 million a year ago.

Total deposits increased 14% to $1.093 billion, compared to $959.2 million a year ago.

White River Bancshares completed a $12.46 million private placement of common shares in 2024.  Chairman and CEO Gary Head the additional capital has allowed the bank to fund new loan growth and “support our strategic plans.”

The company completed a two-for-one stock split in September. Shares rose more than 3% Thursday morning to $35. Over the past year, shares were up nearly 12%.

In November, James Baird was promoted to CFO. He joined the company in 2021 as senior vice president & controller.

The company has 10 locations; three in Washington County; three in Benton County; two in Monroe County; one in Boone County; and one in Craighead County.

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