{"id":478063,"date":"2021-04-19T09:03:13","date_gmt":"2021-04-19T13:03:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/white-river-bancshares-co-earns-record-1-55-million-or-1-60-per-diluted-share-for-first-quarter-2021\/"},"modified":"2021-04-19T09:03:13","modified_gmt":"2021-04-19T13:03:13","slug":"white-river-bancshares-co-earns-record-1-55-million-or-1-60-per-diluted-share-for-first-quarter-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/white-river-bancshares-co-earns-record-1-55-million-or-1-60-per-diluted-share-for-first-quarter-2021\/","title":{"rendered":"White River Bancshares Co. Earns Record $1.55 Million, or $1.60 Per Diluted Share, for First Quarter 2021"},"content":{"rendered":"
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FAYETTEVILLE, Ark., April 19, 2021 (GLOBE NEWSWIRE) — White River Bancshares Company (OTCQX: WRIV), (the \u201cCompany\u201d) the holding company for Signature Bank of Arkansas (the \u201cBank\u201d), today reported net income increased 23.0% to $1.55 million, or $1.60 per diluted share, in the first quarter of 2021, compared to $1.26 million, or $1.30 per diluted share, in the fourth quarter of 2020 and increased 109.1% compared to $742,000, or $0.77 per diluted share, in the first quarter of 2020. All financial results are unaudited.<\/p>\n

\u201cWe 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,\u201d said Gary Head, President and Chief Executive Officer. \u201cDespite 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. We are proud of our team and their accomplishments, as it is the investment in our people that drives our success.\u201d<\/p>\n

\u201cDeposit balances ended the quarter at record levels, with a second round of Paycheck Protection Program (\u201cPPP\u201d) loans and two additional federal stimulus payments contributing to strong quarterly deposit growth,\u201d said Scott Sandlin, Chief Strategy Officer. \u201cThe investment we have made in our digital platform is helping us grow new client relationships and gather low-cost deposits. Additionally, we continue to lower the cost of deposits by bringing in more business and personal checking accounts and reducing our reliance on higher-cost CDs.\u201d<\/p>\n

\u201cFrom the beginning of the pandemic, we were active with our customers in the PPP offered through the Small Business Administration (\u201cSBA\u201d),\u201d said Brant Ward, Chief Operating Officer. \u201cAfter the SBA\u2019s first round of the PPP concluded on August 8, 2020, we originated $20.7 million in PPP loans, helping 274 local businesses in our markets in Arkansas. The first round of PPP generated total PPP loan fees receivable of approximately $680,000. As of March 31, 2021, we have received payment from the SBA for 166 borrowers totaling $7.8 million.\u201d<\/p>\n

\u201cOn December 27, 2020, additional COVID-19 stimulus relief was signed into law that allowed for a further round of PPP lending,\u201d Ward continued. \u201cThe program offered new PPP loans for companies that did not receive PPP funds in 2020 in addition to a second draw loan targeted at hard-hit businesses that had already used their initial PPP proceeds. We immediately began helping our customers with this second round of PPP lending during the first quarter of 2021, and, at March 31, 2021, we had originated $7.7 million in new PPP loans during this second round of funding. Approximately $402,000 of the income recognized during the first quarter of 2021 was related to origination fees from these second round PPP loans. We will continue to help our customers until the program concludes at the end of May.\u201d<\/p>\n

\u201cIn addition to PPP loans, we added additional programs to support our customers experiencing financial hardship as a result of the pandemic. These assistances included payment forbearance agreements with some customers for periods of up to six months. At the peak of our assistance, at June 30, 2020, we had deferred payment on 120 loans totaling $79.7 million. As of March 31, 2021, only 9 loans totaling $1.8 million were still in deferral,\u201d said Jeff Maland, Chief Risk Officer. \u201cWe are optimistic about the underlying quality of deferred loans, as most are longtime customer relationships who carry a strong guarantor support. Additionally, we feel the loan portfolio is well positioned to handle any future economic impact from the pandemic, with less than 1% of the total portfolio in hotels, restaurants, and energy loans as of the end of the first quarter.\u201d<\/p>\n

The table below presents selected information on loans that remained on COVID-19 deferrals at the periods indicated.<\/p>\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n% of Total Loan Portfolio<\/td>\n\u00a0<\/td>\nDeferred Loan Balance<\/td>\n\u00a0<\/td>\nNumber of Loans<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(In thousands)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
June 30, 2020<\/td>\n14.25<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n79,691<\/td>\n\u00a0<\/td>\n120<\/td>\n<\/tr>\n
September 30, 2020<\/td>\n2.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,003<\/td>\n\u00a0<\/td>\n28<\/td>\n<\/tr>\n
December 31, 2020<\/td>\n0.31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,915<\/td>\n\u00a0<\/td>\n12<\/td>\n<\/tr>\n
March 31, 2021<\/td>\n0.28<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,836<\/td>\n\u00a0<\/td>\n9<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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\n First Quarter 2021 Financial Highlights:<\/u>
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