White River Bancshares Co Earns $639,000, or $0.64 Per Diluted Share, in Third Quarter 2023; Highlighted by Double Digit Loan and Deposit Growth Year-Over-year.

FAYETTEVILLE, Ark: White River Bancshares Company (OTCQX: WRIV), (the "Company") the holding company for Signature Bank of Arkansas (the "Bank"), today reported net income of $639,000, or $0.64 per diluted share, in the third quarter of 2023, compared to $1.33 million, or $1.34 per diluted share, in the third quarter of 2022. In the preceding quarter, the Company earned $779,000, or $0.78 per diluted share. In the first nine months of 2023, net income was $1.76 million, or $1.76 per diluted share, compared to $4.19 million, or $4.22 per diluted share, in the first nine months of 2022. All financial results are unaudited.

"We can credit our performance in the third quarter to substantial growth in deposits and loans," said Gary Head, Chairman and Chief Executive Officer. "A year ago, we invested in an expansion of our brand. We opened new locations in Harrison and Jonesboro, in addition to our new bilingual banking offering, Banco Si! Today, we're seeing 15.0% loan growth and 16.7% deposit growth year-over year. While the rapid rise in funding costs continues to impact our bottom line, we are encouraged by how much of an impact our new market locations are having on new customer relationships. By the way, it's also worth noting the substantial impact the jobs and economic development from Walmart's new world headquarters is having on our operations. We are in phenomenal locations, and now have the infrastructure, the right leadership team, and the technology in place to get to where we want to be over the next three years."

"Our deposit gathering strategy centers on acquiring new accounts and fostering new client relationships. Whether it's a small business account or a household account, an operating account is an integral piece to a longstanding banking relationship," said Scott Sandlin, Chief Strategy Officer. "When entering these new markets in 2022, our goal was to build out our deposit base to fund new loan activity. While rising rates changed the deposit mix as customers pursued higher yielding accounts, demand and non-interest-bearing deposits remained strong at 25.3% of total deposits, while savings and interest-bearing transaction accounts represented 36.3% of total deposits at September 30, 2023. In addition to our deposit goals, we are also focused on strengthening our loan to deposit ratio. As of September 30, 2023, our loan to deposit ratio was 97%, and we are aiming to reduce this ratio over the next several quarters. New...