White River Bancshares Co. (OTCQX: WRIV) of Fayetteville, the holding company for Signature Bank of Arkansas, recently reported that second-quarter income jumped to $3.3 million from $1.85 million a year ago.
Per share, earnings came to $1.34, marking the most profitable quarter in the company’s 20-year history.
Gains were fueled in part by rising net interest income, which was $11.9 million in the quarter, up 31.7% from $9 million a year ago. Interest income climbed primarily due to the bank’s growing loan portfolio, which totaled $1.19 billion in the period ending June 30, up 21.6% from $982.3 million.
“We have been blessed to have incredible loan growth throughout the history of our company, and we build on that momentum quarter after quarter,” Chairman and CEO Gary Head said in a news release.
Total deposits increased by 23.2% to $1.249 billion, compared to $1.014 billion a year ago.
“Our Bank has made deposit gathering a primary focus, and our team has done an outstanding job — deepening relationships with existing clients while also bringing in new customers,” Chief Strategy Officer Scott Sandlin said.
The company finished the quarter with $1.43 billion in assets, up 18.4% from $1.21 billion the second quarter of 2023.
Shares of the company were trading at $44.50 on Wednesday morning. Shares were up more than 56% over the past 12 months.
The company has 10 locations — including Banco Sí, the state’s first dedicated bilingual bank —in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro.
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