FAYETTEVILLE, Arkansas, July 19 10, 2022 (GLOBE NEWSWIRE) — White River Bancshares Company (OTCQX: WRIV), (the “Company”), the holding company of Signature Bank of Arkansas (the “Bank”), today announced its Board of Directors declared an annual cash dividend of $1.00 per share. The dividend is payable on August 31, 2022 to shareholders of record at the close of business on July 20, 2022 and represents a 100% increase over the annual cash dividend of $0.50 per share paid on August 31, 2021.
“2021 has been the best year yet for White River Bancshares,” said Gary Head, President and CEO. “We are really happy to be able to give back part of our success to the shareholders who have believed in us from the beginning. This year’s cash dividend will be $1.00 per share, double what we paid last year.
On July 18, 2022, the Company reported second quarter 2022 net income of $1.79 million, or $1.79 per diluted share, compared to $2.08 million, or $2.14 per diluted share , in the second quarter of 2021. In the immediately preceding quarter, the Company earned $1.07 million, or $1.08 per diluted share. Second quarter results were highlighted by record generation of net interest income and net interest margin expansion, fueled by double-digit year-over-year growth in loans and basic deposits.
About White River Bancshares
White River Bancshares Company is the sole bank holding company of Signature Bank of Arkansas, headquartered in Fayetteville, Arkansas. The Bank has offices in Fayetteville, Springdale, Bentonville, Rogers, Brinkley, Harrison and Jonesboro, Arkansas. Founded in 2005, Signature Bank of Arkansas provides a full range of financial services to small businesses, families and farms. White River Bancshares Company (OTCQX: WRIV), trades on the OTCQX® Cheaper.
This press release contains statements about future events. These forward-looking statements, which are based on certain assumptions by the management of the Company and the Bank and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terminology such as “may”, ” will, “believe”, “plan”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions or the negative form of these terms. Our ability to predict the results of future events and the actual effect of future plans or strategies is inherently uncertain and actual results may differ materially from those anticipated in these forward-looking statements. Factors that could have a material adverse effect on our future operations and prospects or that could affect the outcome of these 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 which would cause us to increase our allowance for loan losses; legislative or regulatory changes; technological development; US government monetary and fiscal policies, including US Treasury and Federal Reserve Board policies; the quality or composition of our loan and securities portfolios; demand for loan products in our market areas; deposit flows and capital costs; 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 when evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to 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 unforeseen.
|Contact:||Scott Sandlin, Chief Strategy Officer|