Source: GlobeNewswire (MIL-OSI)

FAYETTEVILLE, Ark., July 15, 2025 (GLOBE NEWSWIRE) — White River Bancshares Company (OTCQX: WRIV) (the “Company”), the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased to $3.30 million, or $1.34 per diluted share, in the second quarter of 2025, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024. The Company reported net income of $2.63 million, or $1.07 per diluted share, for the prior quarter. In the first six months of 2025, net income increased to $5.93 million, or $2.42 per diluted share, compared to $2.36 million, or $1.11 per diluted share, in the first six months of 2024. All financial results are unaudited and all per share data has been adjusted to reflect the two-for-one stock split effected September 4, 2024.

“We had a strong second quarter—the most profitable quarter we’ve ever had,” said Gary Head, Chairman and CEO. “We have been blessed to have incredible loan growth throughout the history of our company, and we build on that momentum quarter after quarter. Our Signature Bank family is the best group of bankers I’ve been associated with in my 43-year banking career. Their teamwork and commitment to excellence consistently go above and beyond expectations.”

“As a community bank, expanding our deposit base to support new loan growth is critical,” said Scott Sandlin, Chief Strategy Officer. “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. As a result, total deposits increased 4.0% during the second quarter of 2025 and 23.2% year-over-year. At quarter end, demand and non-interest bearing accounts represented 18.7% of total deposits, and savings and interest-bearing transaction accounts represented 38.4% of total deposits. We will continue to actively seek more opportunities to grow deposits in the coming quarters to meet the increasing demand for loans.”

Second Quarter 2025 Financial Highlights:

• Net income for the second quarter of 2025 increased to $3.30 million, or $1.34 per diluted share, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024.
• Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024.
• Net interest margin (“NIM”) increased 31 basis points to 3.56% in the second quarter of 2025, compared to 3.25% in the second quarter of 2024.
• The Company recorded an $800,000 provision for credit losses in the second quarter of 2025, compared to a $432,000 provision for credit losses in the second quarter of 2024.
• Net loans increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024.
• Nonperforming loans represented 0.03% of total loans at June 30, 2025, compared to 0.00% a year ago.
• Total deposits increased $235.3 million, or 23.2%, year-over-year, to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024.
• Core deposits (demand and non-interest-bearing, savings and interest-bearing transaction accounts, CDs under $250,000 and CDARs reciprocal deposits) represented 70.10% of total deposits at June 30, 2025.
• Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 a year ago.

Income Statement

In the second quarter of 2025, the Company generated a return on average assets of 0.94% and a return on average equity of 12.62%, compared to 0.79% and 10.64%, respectively, in the first quarter of 2025 and 0.63% and 8.26%, respectively, in the second quarter of 2024.

“Our second quarter net interest margin expanded by 17 basis points from the previous quarter and 31 basis points year-over-year, driven by loan growth and increased yields on our interest-earning assets,” said Brant Ward, President. NIM was 3.56% in the second quarter of 2025, compared to 3.39% in the first quarter of 2025, and 3.25% in the second quarter of 2024. In the first six months of 2025, NIM expanded 37 basis points to 3.48%, compared to 3.11% in the first six months of 2024.

Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024. The increase was primarily due to year-over-year loan growth. Total interest income increased 24.8% to $21.2 million in the second quarter of 2025, compared to $17.0 million in the second quarter of 2024, primarily attributable to the increase in loans. Total interest expense increased to $9.3 million in the second quarter of 2025, from $8.0 million in the second quarter of 2024, primarily due to an increase in deposit costs. In the first six months of 2025, net interest income increased 31.9% to $22.5 million, compared to $17.1 million in the first six months of 2024.

Noninterest income increased 7.9% to $2.1 million in the second quarter of 2025, compared to $1.9 million in the second quarter of 2024. The increase was primarily due to an increase in secondary market fee income, which more than offset the decrease in wealth management fee income during the second quarter of 2025. In the first six months of 2025, noninterest income increased 14.5% to $4.0 million, compared to $3.5 million in the first six months of 2024.

Noninterest expense was $8.9 million in the second quarter of 2025, compared to $8.1 million in the second quarter of 2024, as expenses have normalized following the investment in expanding the Company’s market presence over the past few years. In the first six months of the year, noninterest expense increased 6.0% to $17.4 million, compared to $16.4 million in the first six months of 2024.

Balance Sheet

Total assets increased 18.4% to $1.434 billion at June 30, 2025, from $1.211 billion at June 30, 2024, and increased 4.0% compared to $1.379 billion at March 31, 2025. Cash and cash equivalents totaled $25.6 million at June 30, 2025, compared to $49.5 million a year ago. Investment securities totaled $140.5 million at June 30, 2025, an increase from $115.5 million at June 30, 2024.

Loans, net of allowance for credit losses, increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024, and increased 5.9% compared to $1.128 billion at March 31, 2025.

Total deposits increased 23.2% to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024, and increased 4.0% compared to $1.201 billion at March 31, 2025. Demand and non-interest-bearing deposits decreased less than 1% compared to June 30, 2024, while savings and interest-bearing transaction accounts increased 37.6% compared to June 30, 2024.

FHLB advances were $21.5 million at June 30, 2025, compared to $54.3 million at June 30, 2024, and $21.6 million at March 31, 2025. Total stockholders’ equity increased to $102.5 million at June 30, 2025, compared to $92.0 million at June 30, 2024, and $100.5 million at March 31, 2025. Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 at June 30, 2024, and $40.33 at March 31, 2025.

Credit Quality

Due to strong quarterly loan growth, the Company recorded an $800,000 provision for credit losses in the second quarter of 2025. This is compared to a $670,000 provision for credit losses in the first quarter of 2025, and a $432,000 provision for credit losses in the second quarter of 2024.

There were $365,000 in nonperforming loans at June 30, 2025. This compared to $420,000 in nonperforming loans at March 31, 2025, and $32,000 in nonperforming loans at June 30, 2024. Nonperforming loans represented 0.03% of total loans on June 30, 2025, 0.04% of total loans on March 31, 2025, and 0.00% of total loans a year ago.

“We remain conservative in building our credit loss reserves, continually reviewing our loan mix, assessing growth trends, and factoring in both regional and national economic conditions to ensure our allowance remains appropriately calibrated,” said Jeff Maland, Chief Risk Officer. The allowance for credit losses was $14.0 million, or 1.16% of total loans, at June 30, 2025, compared to $13.3 million, or 1.17% of total loans, at March 31, 2025, and $12.4 million, or 1.25% of total loans, at June 30, 2024.

Net loan recoveries were $11,000 in the second quarter of 2025. This compared to net loan charge-offs of $137,000 in the first quarter of 2025, and net loan charge-offs of $111,000 in the second quarter of 2024.

Capital

The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 11.69%, a Tier 1 ratio of 10.44%, and a Leverage ratio of 9.12% for the Bank at June 30, 2025.

About White River Bancshares Company

White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX^® Best Market.  

In the second quarter of 2025, the Signature Bank celebrated its 20-year anniversary of service to its Arkansas communities. In tandem with the celebration, the organization updated its mission statement:
We are committed to being a trusted local bank for business owners, individuals, and families who seek personalized service from people they know. Our mission is to empower our customers to strengthen their connections through every interaction, ensuring that their dollars are reinvested locally to support the growth and prosperity of the community we share. We have a passion for preserving the traditions of community banking as we embrace the power of technology.

About the Region

White River Bancshares Company is headquartered in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas, and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions. In May 2024, Walmart issued a relocation mandate requiring most of its remote employees, as well as most of its office workers in Dallas, Atlanta and Toronto to move to, in most cases, Bentonville by November 1, 2024. While the company did not disclose a number, Bloomberg reported that the number of Walmart employees who would be moving to Bentonville would be in the thousands. Walmart is making a major investment in its hometown facilities, building a new, 350-acre headquarters campus, including walking and biking trails, a hotel, fitness facilities and a large childcare center.

The Company has expanded eastward, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley’s Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced that it would locate a new $3 billion steel factory in Northeast Arkansas in Osceola, a move expected to create 900 jobs with an average pay over $100,000 annually, making it the largest capital investment project in Arkansas history. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

The Company currently operates out of ten locations; three in Washington County; three in Benton County; two in Monroe County; one in Boone County; and one in Craighead County.

The housing market in Washington and Benton counties remains robust. According to the Northwest Arkansas Board of Realtors, the average home in Washington County sold for $429,000 in May 2025, with an average of 97 days on the market. For Benton County, the average house sold for $461,000, with an average of 92 days on the market.

Source:
http://www.nwarealtors.org/market-statistics/

Forward Looking Statements

This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain, and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact:	Scott Sandlin, Chief Strategy Officer
	479-684-3754

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
			For the Three Months Ended
			June 30,			March 31,			June 30,
				2025			2025			2024
INTEREST INCOME
Loans, including fees			$	19,611,698		$	18,315,006		$	15,763,452
Investment securities				1,431,773			1,258,571			1,083,415
Federal funds sold and other				175,917			232,978			162,250
Total interest income				21,219,388			19,806,555			17,009,117
INTEREST EXPENSE
Deposits				8,538,199			8,312,455			7,106,512
Federal Home Loan Bank advances				296,860			393,057			448,263
Notes payable				477,735			475,425			398,017
Federal funds purchased and other				7,113			13,022			21,787
Total interest expense				9,319,907			9,193,959			7,974,579
NET INTEREST INCOME				11,899,481			10,612,596			9,034,538
Provision for credit losses				800,000			670,000			432,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES				11,099,481			9,942,596			8,602,538
NON-INTEREST INCOME
Service charges and fees on deposits				162,185			171,186			154,816
Wealth management fee income				994,100			1,017,829			1,065,553
Secondary market fee income				223,956			128,824			113,926
Bank owned-life insurance income				82,190			80,603			80,478
Gain on sales and write-downs of foreclosed assets				15,475			–			326
Other				616,667			544,141			527,064
TOTAL NON-INTEREST INCOME				2,094,573			1,942,583			1,942,163
NON-INTEREST EXPENSE
Salaries and benefits				5,185,716			4,931,692			4,784,556
Occupancy and equipment				1,189,886			1,145,101			936,818
Data processing				857,198			858,115			704,080
Marketing and business development				609,549			397,137			473,618
Professional services				699,968			650,708			617,890
Amortization of other intangible assets				53,037			53,036			53,037
Other				326,224			393,498			494,203
TOTAL NON-INTEREST EXPENSE				8,921,578			8,429,287			8,064,202
Income before income taxes				4,272,476			3,455,892			2,480,499
Income tax provision				974,775			826,085			631,462
NET INCOME			$	3,297,701		$	2,629,807		$	1,849,037
EARNINGS PER SHARE
Basic (1)			$	1.35		$	1.07		$	0.81
Diluted (1)			$	1.34		$	1.07		$	0.81
(1		)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
				Six Months Ended
				June 30,
				2025			2024
INTEREST INCOME
Loans, including fees				$	37,926,704		$	30,758,374
Investment securities					2,690,344			2,012,455
Federal funds sold and other					408,895			258,404
Total Interest Income					41,025,943			33,029,233
INTEREST EXPENSE
Deposits					16,850,654			14,091,305
Federal Home Loan Bank advances					689,917			968,582
Notes payable					953,160			796,034
Federal funds purchased and other					20,135			100,047
Total interest expense					18,513,866			15,955,968
NET INTEREST INCOME					22,512,077			17,073,265
Provision for credit losses					1,470,000			1,080,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES					21,042,077			15,993,265
NON-INTEREST INCOME
Service charges and fees on deposits					333,371			305,165
Wealth management fee income					2,011,929			1,911,059
Secondary market fee income					352,780			170,990
Bank owned life insurance income					162,793			160,359
Gain on sales and write-downs of foreclosed assets					15,475			1,376
Other					1,160,808			976,319
TOTAL NON-INTEREST INCOME					4,037,156			3,525,268
NON-INTEREST EXPENSE
Salaries and benefits					10,117,408			9,784,089
Occupancy and equipment					2,334,987			1,864,942
Data processing					1,715,313			1,494,649
Marketing and business development					1,006,686			937,315
Professional services					1,350,676			1,287,757
Amortization of intangible asset					106,073			106,073
Other					719,722			898,039
TOTAL NON-INTEREST EXPENSE					17,350,865			16,372,864
Income before income taxes					7,728,368			3,145,669
Income tax provision					1,800,860			787,404
NET INCOME				$	5,927,508		$	2,358,265
EARNINGS PER SHARE
Basic (1)				$	2.42		$	1.11
Diluted (1)				$	2.42		$	1.11
		(1	)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
			June 30, 2025				March 31, 2025				June 30, 2024
ASSETS
Cash and cash equivalents			$	25,604,276			$	48,360,156			$	49,495,763
Investment securities				140,544,711				134,968,153				115,526,915
Loans held for sale				2,442,642				874,009				997,907
Loans				1,208,102,220				1,141,369,199				994,754,063
Allowance for credit losses				(14,033,740	)			(13,347,855	)			(12,434,130	)
Net loans				1,194,068,480				1,128,021,344				982,319,933
Premises and equipment, net				37,411,490				35,647,835				30,442,837
Foreclosed assets held for sale				–				310,406				777,606
Accrued interest receivable				7,024,823				6,629,881				5,433,391
Bank owned life insurance				9,942,100				9,859,911				9,614,851
Deferred income taxes				4,522,795				4,220,559				4,788,942
Other investments				7,925,019				6,782,614				8,094,125
Intangible assets, net				1,697,167				1,750,204				1,909,313
Other assets				2,783,012				1,825,830				1,733,790
TOTAL ASSETS			$	1,433,966,515			$	1,379,250,902			$	1,211,135,373
LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Demand and non-interest-bearing			$	233,078,431			$	231,331,391			$	233,230,007
Savings and interest-bearing transaction accounts				479,532,136				456,733,576				348,391,562
Time deposits				536,591,123				512,882,444				432,248,979
Total deposits				1,249,201,690				1,200,947,411				1,013,870,548
Federal Home Loan Bank advances				21,518,084				21,593,143				54,314,495
Notes payable				26,159,110				26,141,832				26,090,002
Operating lease liability				21,918,414				20,029,714				15,930,503
Reserve for losses on unfunded commitments				1,603,000				1,478,000				1,433,000
Accrued interest payable				2,636,403				2,731,699				2,714,687
Other liabilities				8,433,777				5,798,159				4,745,292
TOTAL LIABILITIES				1,331,470,478				1,278,719,958				1,119,098,527
Stockholders’ equity:
Common stock (1)				24,876				24,882				24,698
Surplus (1)				102,893,483				102,784,831				102,457,705
Retained earnings (accumulated deficit)				6,787,654				4,714,375				(2,484,500	)
Treasury stock, at cost				(1,284,359	)			(1,265,731	)			(1,132,905	)
Accumulated other comprehensive loss				(5,925,617	)			(5,727,413	)			(6,828,152	)
TOTAL STOCKHOLDERS’ EQUITY				102,496,037				100,530,944				92,036,846
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			$	1,433,966,515			$	1,379,250,902			$	1,211,135,373
(1		)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
SUPPLEMENTAL INFORMATION
			(Unaudited)
			Three Months Ended
			June 30,				March 31,				June 30,
FOR THE PERIOD
Net income			$	3,297,701			$	2,629,807			$	1,849,037
Net income before taxes				4,272,476				3,455,892				2,480,499
Dividends declared per share (1)				0.50				–				0.50
PERIOD END BALANCE
Total assets			$	1,433,966,515			$	1,379,250,902			$	1,211,135,373
Total investments				140,544,711				134,968,153				115,526,915
Total loans, net				1,194,068,480				1,128,021,344				982,319,933
Allowance for credit losses				(14,033,740	)			(13,347,855	)			(12,434,131	)
Total deposits				1,249,201,690				1,200,947,411				1,013,870,548
Stockholders’ equity				102,496,037				100,530,944				92,036,846
RATIO ANALYSIS
Return on average assets (annualized)				0.94	%			0.79	%			0.63	%
Return on average equity (annualized)				12.62	%			10.64	%			8.26	%
Net loans/Deposits				95.59	%			93.93	%			96.89	%
Total Stockholders’ Equity/Total assets				7.15	%			7.29	%			7.60	%
Net loan losses/Total loans				-0.00	%			0.01	%			0.01	%
Uninsured & unpledged deposits				32.37	%			31.00	%			31.21	%
PER SHARE DATA
Shares outstanding (1)				2,448,246				2,449,317				2,435,700
Weighted average shares outstanding (1)				2,448,734				2,446,747				2,291,316
Diluted weighted average shares outstanding (1)				2,454,485				2,451,161				2,291,316
Basic earnings (1)			$	1.35			$	1.07			$	0.81
Diluted earnings (1)				1.34				1.07				0.81
Book value (1)				41.87				41.04				37.79
Tangible book value (1)				41.17				40.33				37.00
ASSET QUALITY
Net (recoveries) charge-offs			$	(10,889	)		$	136,970			$	110,968
Classified assets				402,406				853,745				1,090,758
Nonperforming loans				364,853				419,985				32,054
Nonperforming assets				364,853				730,391				809,660
Total nonperforming loans/Total loans				0.03	%			0.04	%			0.00	%
Total nonperforming loans/Total assets				0.03	%			0.03	%			0.00	%
Total nonperforming assets/Total assets				0.03	%			0.05	%			0.07	%
Allowance for credit losses/Total loans				1.16	%			1.17	%			1.25	%
(1		)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)
			Three Months Ended
			June 30,									March 31,									June 30,
				2025									2025									2024
			Average						Average			Average						Average			Average						Average
			Balance			Interest			Yield/Rate			Balance			Interest			Yield/Rate			Balance			Interest			Yield/Rate
Interest-earning assets:
Federal funds sold and other			$	15,102,485		$	175,917		4.67	%		$	23,287,989		$	232,978		4.06	%		$	11,798,448		$	162,250		5.53	%
Investment securities available-for-sale (1)				138,229,178			1,289,470		3.74	%			133,405,472			1,208,821		3.67	%			114,427,481			941,900		3.31	%
Loans receivable				1,169,591,045			19,611,698		6.73	%			1,106,648,533			18,315,006		6.71	%			973,396,880			15,763,452		6.51	%
Total interest-earning assets				1,322,922,708		$	21,077,085		6.39	%			1,263,341,994		$	19,756,805		6.34	%			1,099,622,809		$	16,867,602		6.17	%
Noninterest-earning assets				81,927,528									81,821,189									74,503,352
Total assets			$	1,404,850,236								$	1,345,163,183								$	1,174,126,161
Interest-bearing liabilities:
Interest-bearing deposits			$	985,435,006		$	8,538,199		3.48	%		$	937,669,969		$	8,312,455		3.60	%		$	770,303,642		$	7,106,512		3.71	%
FHLB advances and federal funds purchased				26,552,308			303,973		4.59	%			36,654,930			406,079		4.49	%			40,440,625			470,050		4.67	%
Notes payable				26,150,819			477,735		7.33	%			26,131,761			475,425		7.38	%			25,506,601			398,017		6.28	%
Total interest-bearing liabilities				1,038,138,133		$	9,319,907		3.60	%			1,000,456,660		$	9,193,959		3.73	%			836,250,868		$	7,974,579		3.84	%
Noninterest-bearing liabilities				261,876,451									244,466,979									247,820,333
Total liabilities				1,300,014,584									1,244,923,639									1,084,071,201
Stockholders’ equity				104,835,652									100,239,544									90,054,960
Total liabilities and stockholders’ equity			$	1,404,850,236								$	1,345,163,183								$	1,174,126,161
Net interest-earning assets			$	284,784,575								$	262,885,334								$	263,371,941
Net interest spread						$	11,757,178		2.79	%					$	10,562,846		2.61	%					$	8,893,023		2.33	%
Net interest margin									3.56	%								3.39	%								3.25	%
(1		)	Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).

WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)
			Six Months Ended June 30,
				2025									2024
			Average						Average			Average						Average
			Balance			Interest			Yield/Rate			Balance			Interest			Yield/Rate
Interest-earning assets:
Federal funds sold and other			$	19,172,625		$	408,895		4.30	%		$	10,071,062		$	258,404		5.16	%
Investment securities available-for-sale (1)				135,830,651			2,498,291		3.71	%			114,434,010			1,842,786		3.24	%
Loans receivable				1,138,293,665			37,926,704		6.72	%			967,102,566			30,758,374		6.40	%
Total interest-earning assets				1,293,296,941		$	40,833,890		6.37	%			1,091,607,638		$	32,859,564		6.05	%
Noninterest-earning assets				81,874,656									72,612,145
Total assets			$	1,375,171,597								$	1,164,219,783
Interest-bearing liabilities:
Interest-bearing deposits			$	961,684,434		$	16,850,654		3.53	%		$	766,601,621		$	14,091,305		3.70	%
FHLB advances and federal funds purchased				31,575,711			710,052		4.53	%			45,594,923			1,068,629		4.71	%
Notes payable				26,141,343			953,160		7.35	%			25,500,463			796,034		6.28	%
Total interest-bearing liabilities				1,019,401,488		$	18,513,866		3.66	%			837,697,007		$	15,955,968		3.83	%
Noninterest-bearing liabilities				253,207,317									240,831,655
Total liabilities				1,272,608,805									1,078,528,662
Stockholders’ equity				102,562,792									85,691,121
Total liabilities and stockholders’ equity			$	1,375,171,597								$	1,164,219,783
Net interest-earning assets			$	273,895,453								$	253,910,631
Net interest spread						$	22,320,024		2.70	%					$	16,903,596		2.22	%
Net interest margin									3.48	%								3.11	%
(1	)		Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).

The MIL Network –

Source: GlobeNewswire (MIL-OSI)

FAYETTEVILLE, Ark., July 15, 2025 (GLOBE NEWSWIRE) — White River Bancshares Company (OTCQX: WRIV) (the “Company”), the holding company for Signature Bank of Arkansas (the “Bank”), today reported net income increased to $3.30 million, or $1.34 per diluted share, in the second quarter of 2025, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024. The Company reported net income of $2.63 million, or $1.07 per diluted share, for the prior quarter. In the first six months of 2025, net income increased to $5.93 million, or $2.42 per diluted share, compared to $2.36 million, or $1.11 per diluted share, in the first six months of 2024. All financial results are unaudited and all per share data has been adjusted to reflect the two-for-one stock split effected September 4, 2024.

“We had a strong second quarter—the most profitable quarter we’ve ever had,” said Gary Head, Chairman and CEO. “We have been blessed to have incredible loan growth throughout the history of our company, and we build on that momentum quarter after quarter. Our Signature Bank family is the best group of bankers I’ve been associated with in my 43-year banking career. Their teamwork and commitment to excellence consistently go above and beyond expectations.”

“As a community bank, expanding our deposit base to support new loan growth is critical,” said Scott Sandlin, Chief Strategy Officer. “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. As a result, total deposits increased 4.0% during the second quarter of 2025 and 23.2% year-over-year. At quarter end, demand and non-interest bearing accounts represented 18.7% of total deposits, and savings and interest-bearing transaction accounts represented 38.4% of total deposits. We will continue to actively seek more opportunities to grow deposits in the coming quarters to meet the increasing demand for loans.”

Second Quarter 2025 Financial Highlights:

• Net income for the second quarter of 2025 increased to $3.30 million, or $1.34 per diluted share, compared to $1.85 million, or $0.81 per diluted share, in the second quarter of 2024.
• Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024.
• Net interest margin (“NIM”) increased 31 basis points to 3.56% in the second quarter of 2025, compared to 3.25% in the second quarter of 2024.
• The Company recorded an $800,000 provision for credit losses in the second quarter of 2025, compared to a $432,000 provision for credit losses in the second quarter of 2024.
• Net loans increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024.
• Nonperforming loans represented 0.03% of total loans at June 30, 2025, compared to 0.00% a year ago.
• Total deposits increased $235.3 million, or 23.2%, year-over-year, to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024.
• Core deposits (demand and non-interest-bearing, savings and interest-bearing transaction accounts, CDs under $250,000 and CDARs reciprocal deposits) represented 70.10% of total deposits at June 30, 2025.
• Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 a year ago.

Income Statement

In the second quarter of 2025, the Company generated a return on average assets of 0.94% and a return on average equity of 12.62%, compared to 0.79% and 10.64%, respectively, in the first quarter of 2025 and 0.63% and 8.26%, respectively, in the second quarter of 2024.

“Our second quarter net interest margin expanded by 17 basis points from the previous quarter and 31 basis points year-over-year, driven by loan growth and increased yields on our interest-earning assets,” said Brant Ward, President. NIM was 3.56% in the second quarter of 2025, compared to 3.39% in the first quarter of 2025, and 3.25% in the second quarter of 2024. In the first six months of 2025, NIM expanded 37 basis points to 3.48%, compared to 3.11% in the first six months of 2024.

Net interest income increased 31.7% to $11.9 million in the second quarter of 2025, compared to $9.0 million in the second quarter of 2024. The increase was primarily due to year-over-year loan growth. Total interest income increased 24.8% to $21.2 million in the second quarter of 2025, compared to $17.0 million in the second quarter of 2024, primarily attributable to the increase in loans. Total interest expense increased to $9.3 million in the second quarter of 2025, from $8.0 million in the second quarter of 2024, primarily due to an increase in deposit costs. In the first six months of 2025, net interest income increased 31.9% to $22.5 million, compared to $17.1 million in the first six months of 2024.

Noninterest income increased 7.9% to $2.1 million in the second quarter of 2025, compared to $1.9 million in the second quarter of 2024. The increase was primarily due to an increase in secondary market fee income, which more than offset the decrease in wealth management fee income during the second quarter of 2025. In the first six months of 2025, noninterest income increased 14.5% to $4.0 million, compared to $3.5 million in the first six months of 2024.

Noninterest expense was $8.9 million in the second quarter of 2025, compared to $8.1 million in the second quarter of 2024, as expenses have normalized following the investment in expanding the Company’s market presence over the past few years. In the first six months of the year, noninterest expense increased 6.0% to $17.4 million, compared to $16.4 million in the first six months of 2024.

Balance Sheet

Total assets increased 18.4% to $1.434 billion at June 30, 2025, from $1.211 billion at June 30, 2024, and increased 4.0% compared to $1.379 billion at March 31, 2025. Cash and cash equivalents totaled $25.6 million at June 30, 2025, compared to $49.5 million a year ago. Investment securities totaled $140.5 million at June 30, 2025, an increase from $115.5 million at June 30, 2024.

Loans, net of allowance for credit losses, increased 21.6% to $1.194 billion at June 30, 2025, compared to $982.3 million at June 30, 2024, and increased 5.9% compared to $1.128 billion at March 31, 2025.

Total deposits increased 23.2% to $1.249 billion at June 30, 2025, compared to $1.014 billion at June 30, 2024, and increased 4.0% compared to $1.201 billion at March 31, 2025. Demand and non-interest-bearing deposits decreased less than 1% compared to June 30, 2024, while savings and interest-bearing transaction accounts increased 37.6% compared to June 30, 2024.

FHLB advances were $21.5 million at June 30, 2025, compared to $54.3 million at June 30, 2024, and $21.6 million at March 31, 2025. Total stockholders’ equity increased to $102.5 million at June 30, 2025, compared to $92.0 million at June 30, 2024, and $100.5 million at March 31, 2025. Tangible book value per common share was $41.17 at June 30, 2025, compared to $37.00 at June 30, 2024, and $40.33 at March 31, 2025.

Credit Quality

Due to strong quarterly loan growth, the Company recorded an $800,000 provision for credit losses in the second quarter of 2025. This is compared to a $670,000 provision for credit losses in the first quarter of 2025, and a $432,000 provision for credit losses in the second quarter of 2024.

There were $365,000 in nonperforming loans at June 30, 2025. This compared to $420,000 in nonperforming loans at March 31, 2025, and $32,000 in nonperforming loans at June 30, 2024. Nonperforming loans represented 0.03% of total loans on June 30, 2025, 0.04% of total loans on March 31, 2025, and 0.00% of total loans a year ago.

“We remain conservative in building our credit loss reserves, continually reviewing our loan mix, assessing growth trends, and factoring in both regional and national economic conditions to ensure our allowance remains appropriately calibrated,” said Jeff Maland, Chief Risk Officer. The allowance for credit losses was $14.0 million, or 1.16% of total loans, at June 30, 2025, compared to $13.3 million, or 1.17% of total loans, at March 31, 2025, and $12.4 million, or 1.25% of total loans, at June 30, 2024.

Net loan recoveries were $11,000 in the second quarter of 2025. This compared to net loan charge-offs of $137,000 in the first quarter of 2025, and net loan charge-offs of $111,000 in the second quarter of 2024.

Capital

The Bank’s capital ratios continued to exceed regulatory “well-capitalized” requirements, with a Total risk-based capital ratio estimate of 11.69%, a Tier 1 ratio of 10.44%, and a Leverage ratio of 9.12% for the Bank at June 30, 2025.

About White River Bancshares Company

White River Bancshares Company is the single bank holding company for Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has locations in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full line of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX^® Best Market.  

In the second quarter of 2025, the Signature Bank celebrated its 20-year anniversary of service to its Arkansas communities. In tandem with the celebration, the organization updated its mission statement:
We are committed to being a trusted local bank for business owners, individuals, and families who seek personalized service from people they know. Our mission is to empower our customers to strengthen their connections through every interaction, ensuring that their dollars are reinvested locally to support the growth and prosperity of the community we share. We have a passion for preserving the traditions of community banking as we embrace the power of technology.

About the Region

White River Bancshares Company is headquartered in thriving Northwest Arkansas in the Fayetteville-Springdale-Rogers MSA. The region is home to the corporate headquarters for Walmart Stores Inc, Sam’s Club, Tyson Foods, Simmons Foods, and J.B. Hunt Transport. Hundreds of other market-leading companies including Procter & Gamble, Johnson & Johnson, Coca-Cola and Rubbermaid maintain offices in the region in order to maintain their relationships with the locally based Fortune 500 companies. Northwest Arkansas is also home to the state’s flagship public educational institution, The University of Arkansas, and its Sam M. Walton College of Business. The region has seen significant growth in its medical and arts infrastructures with the continued expansion of Washington Regional Medical System, Northwest Medical System, Mercy Health System of Northwest Arkansas and Arkansas Children’s Hospital Northwest. Crystal Bridges Museum of American Art and the Walton Arts Center have led the expansion of the arts. Northwest Arkansas has been repeatedly recognized in recent years as one of the best places to live in the country and remains one of the nation’s fastest-growing regions. In May 2024, Walmart issued a relocation mandate requiring most of its remote employees, as well as most of its office workers in Dallas, Atlanta and Toronto to move to, in most cases, Bentonville by November 1, 2024. While the company did not disclose a number, Bloomberg reported that the number of Walmart employees who would be moving to Bentonville would be in the thousands. Walmart is making a major investment in its hometown facilities, building a new, 350-acre headquarters campus, including walking and biking trails, a hotel, fitness facilities and a large childcare center.

The Company has expanded eastward, with new markets in Jonesboro and Harrison. Jonesboro, located in Craighead County, is a city located on Crowley’s Ridge in the northeastern corner of Arkansas. It is the home of Arkansas State University and the cultural and economic center of Northeast Arkansas. Jonesboro also houses the region’s hospital network. U.S. Steel Corp. announced that it would locate a new $3 billion steel factory in Northeast Arkansas in Osceola, a move expected to create 900 jobs with an average pay over $100,000 annually, making it the largest capital investment project in Arkansas history. Harrison sits below Branson, Missouri, which is a family tourist destination and outdoor recreation, and is well known as an entertainment destination.

The Company currently operates out of ten locations; three in Washington County; three in Benton County; two in Monroe County; one in Boone County; and one in Craighead County.

The housing market in Washington and Benton counties remains robust. According to the Northwest Arkansas Board of Realtors, the average home in Washington County sold for $429,000 in May 2025, with an average of 97 days on the market. For Benton County, the average house sold for $461,000, with an average of 92 days on the market.

Source:
http://www.nwarealtors.org/market-statistics/

Forward Looking Statements

This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions of management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by use of forward-looking terminology such as “may,” “will,” “believe,” “plan,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or the negative of those terms. Our ability to predict results of future events and the actual effect of future plans or strategies are inherently uncertain, and actual results may differ materially from those predicted in such forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects or that could affect the outcome of such forward-looking statements include, but are not limited to, changes in interest rates; the economic health of the local real estate market; general economic conditions; credit deterioration in our loan portfolio that would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological developments; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and costs of capital; competition; retention and recruitment of qualified personnel; demand for financial services in our market areas; and changes in accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact:	Scott Sandlin, Chief Strategy Officer
	479-684-3754

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
			For the Three Months Ended
			June 30,			March 31,			June 30,
				2025			2025			2024
INTEREST INCOME
Loans, including fees			$	19,611,698		$	18,315,006		$	15,763,452
Investment securities				1,431,773			1,258,571			1,083,415
Federal funds sold and other				175,917			232,978			162,250
Total interest income				21,219,388			19,806,555			17,009,117
INTEREST EXPENSE
Deposits				8,538,199			8,312,455			7,106,512
Federal Home Loan Bank advances				296,860			393,057			448,263
Notes payable				477,735			475,425			398,017
Federal funds purchased and other				7,113			13,022			21,787
Total interest expense				9,319,907			9,193,959			7,974,579
NET INTEREST INCOME				11,899,481			10,612,596			9,034,538
Provision for credit losses				800,000			670,000			432,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES				11,099,481			9,942,596			8,602,538
NON-INTEREST INCOME
Service charges and fees on deposits				162,185			171,186			154,816
Wealth management fee income				994,100			1,017,829			1,065,553
Secondary market fee income				223,956			128,824			113,926
Bank owned-life insurance income				82,190			80,603			80,478
Gain on sales and write-downs of foreclosed assets				15,475			–			326
Other				616,667			544,141			527,064
TOTAL NON-INTEREST INCOME				2,094,573			1,942,583			1,942,163
NON-INTEREST EXPENSE
Salaries and benefits				5,185,716			4,931,692			4,784,556
Occupancy and equipment				1,189,886			1,145,101			936,818
Data processing				857,198			858,115			704,080
Marketing and business development				609,549			397,137			473,618
Professional services				699,968			650,708			617,890
Amortization of other intangible assets				53,037			53,036			53,037
Other				326,224			393,498			494,203
TOTAL NON-INTEREST EXPENSE				8,921,578			8,429,287			8,064,202
Income before income taxes				4,272,476			3,455,892			2,480,499
Income tax provision				974,775			826,085			631,462
NET INCOME			$	3,297,701		$	2,629,807		$	1,849,037
EARNINGS PER SHARE
Basic (1)			$	1.35		$	1.07		$	0.81
Diluted (1)			$	1.34		$	1.07		$	0.81
(1		)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
				Six Months Ended
				June 30,
				2025			2024
INTEREST INCOME
Loans, including fees				$	37,926,704		$	30,758,374
Investment securities					2,690,344			2,012,455
Federal funds sold and other					408,895			258,404
Total Interest Income					41,025,943			33,029,233
INTEREST EXPENSE
Deposits					16,850,654			14,091,305
Federal Home Loan Bank advances					689,917			968,582
Notes payable					953,160			796,034
Federal funds purchased and other					20,135			100,047
Total interest expense					18,513,866			15,955,968
NET INTEREST INCOME					22,512,077			17,073,265
Provision for credit losses					1,470,000			1,080,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES					21,042,077			15,993,265
NON-INTEREST INCOME
Service charges and fees on deposits					333,371			305,165
Wealth management fee income					2,011,929			1,911,059
Secondary market fee income					352,780			170,990
Bank owned life insurance income					162,793			160,359
Gain on sales and write-downs of foreclosed assets					15,475			1,376
Other					1,160,808			976,319
TOTAL NON-INTEREST INCOME					4,037,156			3,525,268
NON-INTEREST EXPENSE
Salaries and benefits					10,117,408			9,784,089
Occupancy and equipment					2,334,987			1,864,942
Data processing					1,715,313			1,494,649
Marketing and business development					1,006,686			937,315
Professional services					1,350,676			1,287,757
Amortization of intangible asset					106,073			106,073
Other					719,722			898,039
TOTAL NON-INTEREST EXPENSE					17,350,865			16,372,864
Income before income taxes					7,728,368			3,145,669
Income tax provision					1,800,860			787,404
NET INCOME				$	5,927,508		$	2,358,265
EARNINGS PER SHARE
Basic (1)				$	2.42		$	1.11
Diluted (1)				$	2.42		$	1.11
		(1	)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
			June 30, 2025				March 31, 2025				June 30, 2024
ASSETS
Cash and cash equivalents			$	25,604,276			$	48,360,156			$	49,495,763
Investment securities				140,544,711				134,968,153				115,526,915
Loans held for sale				2,442,642				874,009				997,907
Loans				1,208,102,220				1,141,369,199				994,754,063
Allowance for credit losses				(14,033,740	)			(13,347,855	)			(12,434,130	)
Net loans				1,194,068,480				1,128,021,344				982,319,933
Premises and equipment, net				37,411,490				35,647,835				30,442,837
Foreclosed assets held for sale				–				310,406				777,606
Accrued interest receivable				7,024,823				6,629,881				5,433,391
Bank owned life insurance				9,942,100				9,859,911				9,614,851
Deferred income taxes				4,522,795				4,220,559				4,788,942
Other investments				7,925,019				6,782,614				8,094,125
Intangible assets, net				1,697,167				1,750,204				1,909,313
Other assets				2,783,012				1,825,830				1,733,790
TOTAL ASSETS			$	1,433,966,515			$	1,379,250,902			$	1,211,135,373
LIABILITIES & STOCKHOLDERS’ EQUITY
Deposits:
Demand and non-interest-bearing			$	233,078,431			$	231,331,391			$	233,230,007
Savings and interest-bearing transaction accounts				479,532,136				456,733,576				348,391,562
Time deposits				536,591,123				512,882,444				432,248,979
Total deposits				1,249,201,690				1,200,947,411				1,013,870,548
Federal Home Loan Bank advances				21,518,084				21,593,143				54,314,495
Notes payable				26,159,110				26,141,832				26,090,002
Operating lease liability				21,918,414				20,029,714				15,930,503
Reserve for losses on unfunded commitments				1,603,000				1,478,000				1,433,000
Accrued interest payable				2,636,403				2,731,699				2,714,687
Other liabilities				8,433,777				5,798,159				4,745,292
TOTAL LIABILITIES				1,331,470,478				1,278,719,958				1,119,098,527
Stockholders’ equity:
Common stock (1)				24,876				24,882				24,698
Surplus (1)				102,893,483				102,784,831				102,457,705
Retained earnings (accumulated deficit)				6,787,654				4,714,375				(2,484,500	)
Treasury stock, at cost				(1,284,359	)			(1,265,731	)			(1,132,905	)
Accumulated other comprehensive loss				(5,925,617	)			(5,727,413	)			(6,828,152	)
TOTAL STOCKHOLDERS’ EQUITY				102,496,037				100,530,944				92,036,846
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			$	1,433,966,515			$	1,379,250,902			$	1,211,135,373
(1		)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
SUPPLEMENTAL INFORMATION
			(Unaudited)
			Three Months Ended
			June 30,				March 31,				June 30,
FOR THE PERIOD
Net income			$	3,297,701			$	2,629,807			$	1,849,037
Net income before taxes				4,272,476				3,455,892				2,480,499
Dividends declared per share (1)				0.50				–				0.50
PERIOD END BALANCE
Total assets			$	1,433,966,515			$	1,379,250,902			$	1,211,135,373
Total investments				140,544,711				134,968,153				115,526,915
Total loans, net				1,194,068,480				1,128,021,344				982,319,933
Allowance for credit losses				(14,033,740	)			(13,347,855	)			(12,434,131	)
Total deposits				1,249,201,690				1,200,947,411				1,013,870,548
Stockholders’ equity				102,496,037				100,530,944				92,036,846
RATIO ANALYSIS
Return on average assets (annualized)				0.94	%			0.79	%			0.63	%
Return on average equity (annualized)				12.62	%			10.64	%			8.26	%
Net loans/Deposits				95.59	%			93.93	%			96.89	%
Total Stockholders’ Equity/Total assets				7.15	%			7.29	%			7.60	%
Net loan losses/Total loans				-0.00	%			0.01	%			0.01	%
Uninsured & unpledged deposits				32.37	%			31.00	%			31.21	%
PER SHARE DATA
Shares outstanding (1)				2,448,246				2,449,317				2,435,700
Weighted average shares outstanding (1)				2,448,734				2,446,747				2,291,316
Diluted weighted average shares outstanding (1)				2,454,485				2,451,161				2,291,316
Basic earnings (1)			$	1.35			$	1.07			$	0.81
Diluted earnings (1)				1.34				1.07				0.81
Book value (1)				41.87				41.04				37.79
Tangible book value (1)				41.17				40.33				37.00
ASSET QUALITY
Net (recoveries) charge-offs			$	(10,889	)		$	136,970			$	110,968
Classified assets				402,406				853,745				1,090,758
Nonperforming loans				364,853				419,985				32,054
Nonperforming assets				364,853				730,391				809,660
Total nonperforming loans/Total loans				0.03	%			0.04	%			0.00	%
Total nonperforming loans/Total assets				0.03	%			0.03	%			0.00	%
Total nonperforming assets/Total assets				0.03	%			0.05	%			0.07	%
Allowance for credit losses/Total loans				1.16	%			1.17	%			1.25	%
(1		)	Prior periods adjusted to give effect to stock split effected in the form of a dividend on September 4, 2024.

WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)
			Three Months Ended
			June 30,									March 31,									June 30,
				2025									2025									2024
			Average						Average			Average						Average			Average						Average
			Balance			Interest			Yield/Rate			Balance			Interest			Yield/Rate			Balance			Interest			Yield/Rate
Interest-earning assets:
Federal funds sold and other			$	15,102,485		$	175,917		4.67	%		$	23,287,989		$	232,978		4.06	%		$	11,798,448		$	162,250		5.53	%
Investment securities available-for-sale (1)				138,229,178			1,289,470		3.74	%			133,405,472			1,208,821		3.67	%			114,427,481			941,900		3.31	%
Loans receivable				1,169,591,045			19,611,698		6.73	%			1,106,648,533			18,315,006		6.71	%			973,396,880			15,763,452		6.51	%
Total interest-earning assets				1,322,922,708		$	21,077,085		6.39	%			1,263,341,994		$	19,756,805		6.34	%			1,099,622,809		$	16,867,602		6.17	%
Noninterest-earning assets				81,927,528									81,821,189									74,503,352
Total assets			$	1,404,850,236								$	1,345,163,183								$	1,174,126,161
Interest-bearing liabilities:
Interest-bearing deposits			$	985,435,006		$	8,538,199		3.48	%		$	937,669,969		$	8,312,455		3.60	%		$	770,303,642		$	7,106,512		3.71	%
FHLB advances and federal funds purchased				26,552,308			303,973		4.59	%			36,654,930			406,079		4.49	%			40,440,625			470,050		4.67	%
Notes payable				26,150,819			477,735		7.33	%			26,131,761			475,425		7.38	%			25,506,601			398,017		6.28	%
Total interest-bearing liabilities				1,038,138,133		$	9,319,907		3.60	%			1,000,456,660		$	9,193,959		3.73	%			836,250,868		$	7,974,579		3.84	%
Noninterest-bearing liabilities				261,876,451									244,466,979									247,820,333
Total liabilities				1,300,014,584									1,244,923,639									1,084,071,201
Stockholders’ equity				104,835,652									100,239,544									90,054,960
Total liabilities and stockholders’ equity			$	1,404,850,236								$	1,345,163,183								$	1,174,126,161
Net interest-earning assets			$	284,784,575								$	262,885,334								$	263,371,941
Net interest spread						$	11,757,178		2.79	%					$	10,562,846		2.61	%					$	8,893,023		2.33	%
Net interest margin									3.56	%								3.39	%								3.25	%
(1		)	Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).

WHITE RIVER BANCSHARES COMPANY
INTEREST INCOME AND EXPENSE
(Unaudited)
			Six Months Ended June 30,
				2025									2024
			Average						Average			Average						Average
			Balance			Interest			Yield/Rate			Balance			Interest			Yield/Rate
Interest-earning assets:
Federal funds sold and other			$	19,172,625		$	408,895		4.30	%		$	10,071,062		$	258,404		5.16	%
Investment securities available-for-sale (1)				135,830,651			2,498,291		3.71	%			114,434,010			1,842,786		3.24	%
Loans receivable				1,138,293,665			37,926,704		6.72	%			967,102,566			30,758,374		6.40	%
Total interest-earning assets				1,293,296,941		$	40,833,890		6.37	%			1,091,607,638		$	32,859,564		6.05	%
Noninterest-earning assets				81,874,656									72,612,145
Total assets			$	1,375,171,597								$	1,164,219,783
Interest-bearing liabilities:
Interest-bearing deposits			$	961,684,434		$	16,850,654		3.53	%		$	766,601,621		$	14,091,305		3.70	%
FHLB advances and federal funds purchased				31,575,711			710,052		4.53	%			45,594,923			1,068,629		4.71	%
Notes payable				26,141,343			953,160		7.35	%			25,500,463			796,034		6.28	%
Total interest-bearing liabilities				1,019,401,488		$	18,513,866		3.66	%			837,697,007		$	15,955,968		3.83	%
Noninterest-bearing liabilities				253,207,317									240,831,655
Total liabilities				1,272,608,805									1,078,528,662
Stockholders’ equity				102,562,792									85,691,121
Total liabilities and stockholders’ equity			$	1,375,171,597								$	1,164,219,783
Net interest-earning assets			$	273,895,453								$	253,910,631
Net interest spread						$	22,320,024		2.70	%					$	16,903,596		2.22	%
Net interest margin									3.48	%								3.11	%
(1	)		Excludes investments in bank stock (Federal Reserve Bank, Federal Home Loan Bank, and First National Bankers Bankshares).

The MIL Network –