"Our first quarter results reflect strong growth and solid performance across the bank, a direct outcome of the genuine relationships we build with our customers and communities," said Gary Head, Chief Executive Officer. "Community banking is about earning trust over time through authentic customer service, and that mentality drives everything we do. Our bankers deliver thoughtful solutions that make a real difference in our customers' lives and businesses. That client-first approach is what creates lasting value for our shareholders, and I am proud of what this team delivered to start the year."
"Deposit growth continued to build traction this quarter, a direct result of embedding a deposit-gathering mindset throughout the organization," said Scott Sandlin, Chief Strategy Officer. "Core deposits remain the foundation of our franchise, providing a stable, low-cost funding base that allows us to deliver the products and services our clients depend on. Additionally, we successfully completed a $25 million subordinated debt offering during the first quarter, further strengthening our capital position and providing flexibility to support continued growth."
First Quarter 2026 Financial Highlights:
Net income for the first quarter of 2026 increased to $3.38 million, or $1.38 per diluted share, compared to $2.63 million, or $1.07 per diluted share, in the first quarter of 2025.
Net interest income increased 22.2% to $13.0 million in the first quarter of 2026, compared to $10.6 million in the first quarter of 2025.
Net interest margin ("NIM") increased 12 basis points to 3.51% in the first quarter of 2026, compared to 3.39% in the first quarter of 2025.
The Company recorded a $505,000 provision for credit losses in the first quarter of 2026, compared to a $670,000 provision for credit losses in the first quarter of 2025.
Net loans increased 14.4% to $1.290 billion at March 31, 2026, compared to $1.128 billion at March 31, 2025.
Nonperforming loans represented 0.00% of total loans at March 31, 2026, compared to 0.04% a year ago.
Total deposits increased $228.4 million, or 19.0%, year-over-year, to $1.429 billion at March 31, 2026, compared to $1.201 billion at March 31, 2025.
Core deposits (demand and non-interest-bearing, savings and interest-bearing transaction accounts, CDs under $250,000 and CDARs reciprocal deposits) represented 67.4% of total deposits at March 31, 2026.
Tangible book value per common share increased 15.5% to $46.56 at March 31, 2026, compared to $40.33 a year ago.
Income Statement
The Company generated a return on average assets of 0.87% and a return on average equity of 11.63% in the first quarter of 2026 compared to 1.14% and 15.21%, respectively, in the fourth quarter of 2025 and 0.79% and 10.64%, respectively, in the first quarter of 2025.
"Net interest margin expanded compared to the same quarter last year, driven by our continued focus on balance sheet optimization and disciplined pricing," said Brant Ward, President. "While margin contracted modestly from the prior quarter as recent Federal Reserve rate cuts began to work through our balance sheet, we are actively managing this trend through disciplined deposit pricing and asset mix." NIM was 3.51% in the first quarter of 2026, compared to 3.66% in the fourth quarter of 2025, and 3.39% in the first quarter a year ago.
Net interest income increased 22.2% to $13.0 million in the first quarter of 2026, compared to $10.6 million in the first quarter of 2025. Total interest income increased 16.4% to $23.1 million in the first quarter of 2026, compared to $19.8 million in the first quarter of 2025, primarily attributable to the increase in loans. Total interest expense increased to $10.1 million in the first quarter of 2026, from $9.2 million in the first quarter of 2025, primarily due to an increase in deposit costs.
Noninterest income increased 18.0% to $2.3 million in the first quarter of 2026, compared to $1.9 million in the first quarter of 2025, primarily due to an increase in wealth management fee income.
Noninterest expense was $10.4 million in the first quarter of 2026, compared to $8.4 million in the first quarter of 2025. Higher salaries and benefits expense, as well as an increase in professional services, contributed to the increase compared to the year ago quarter.
Balance Sheet
Total assets increased 18.1% to $1.629 billion at March 31, 2026, from $1.379 billion at March 31, 2025, and increased 6.9% compared to $1.524 billion at December 31, 2025. Cash and cash equivalents totaled $90.2 million at March 31, 2026, compared to $48.4 million a year ago. Investment securities totaled $174.6 million at March 31, 2026, an increase from $135.0 million at March 31, 2025.
Loans, net of allowance for credit losses, increased 14.4% to $1.290 billion at March 31, 2026, compared to $1.128 billion at March 31, 2025, and increased 3.4% compared to $1.247 billion at December 31, 2025.
Total deposits increased 19.0% to $1.429 billion at March 31, 2026, compared to $1.201 billion at March 31, 2025, and increased 8.2% compared to $1.321 billion at December 31, 2025. Demand and non-interest-bearing deposits increased 6.7% compared to March 31, 2025, while savings and interest-bearing transaction accounts increased 11.5% compared to March 31, 2025.
FHLB advances decreased to $11.4 million at March 31, 2026, compared to $21.6 million at March 31, 2025, and $31.5 million at December 31, 2025. Total stockholders' equity increased to $115.0 million at March 31, 2026, compared to $100.5 million at March 31, 2025, and $112.9 million at December 31, 2025. Tangible book value per common share increased to $46.56 at March 31, 2026, compared to $40.33 at March 31, 2025, and $45.73 at December 31, 2025.
Credit Quality
The Company recorded a $505,000 provision for credit losses in the first quarter of 2026. This is compared to a $200,000 provision for credit losses in the fourth quarter of 2025, and a $670,000 provision for credit losses in the first quarter of 2025.
There were $20,000 in nonperforming loans at March 31, 2026. This compared to zero nonperforming loans at December 31, 2025, and $420,000 in nonperforming loans at March 31, 2025. Nonperforming loans represented 0.00% of total loans at March 31, 2026 and December 31, 2025, and 0.04% of total loans a year ago.
"Our loan portfolio continues to perform well, reflecting our deliberate approach to underwriting and the strength of the communities we serve. As loan growth accelerates, we are proactively building our allowance for credit losses to ensure we remain well-reserved, a deliberate step as we prudently expand our balance sheet," said Jeff Maland, Chief Risk Officer. The allowance for credit losses was $15.2 million, or 1.17% of total loans, at March 31, 2026, compared to $14.7 million, or 1.16% of total loans, at December 31, 2025, and $13.3 million, or 1.17% of total loans, at March 31, 2025.
Net loan charge-offs were $23,000 in the first quarter of 2026, compared to $26,000 in the fourth quarter of 2025, and $137,000 in the first quarter of 2025.
Capital
The Bank's capital ratios continued to exceed regulatory "well-capitalized" requirements, with a Total risk-based capital ratio estimate of 13.01%, a Tier 1 ratio of 11.76%, and a Leverage ratio of 9.65% for the Bank at March 31, 2026.
On February 27, 2026, the Company announced that it has completed the private placement of $25.0 million in fixed-to-floating rate subordinated notes due February 29, 2036 to certain qualified institutional buyers and institutional accredited investors. The Company used the net proceeds from the private placement to refinance its existing subordinated debt and to support strategic growth opportunities.
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.
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 $451,000 in February 2026, with an average of 66 days on the market. For Benton County, the average house sold for $453,000, with an average of 60 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 credit 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 Officer479-684-3754
WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
INTEREST INCOME
Loans, including fees
$
20,982,168
$
21,536,011
$
18,315,006
Investment securities
1,591,936
1,574,863
1,258,571
Federal funds sold and other
485,619
284,891
232,978
Total interest income
23,059,723
23,395,765
19,806,555
INTEREST EXPENSE
Deposits
9,285,778
9,325,727
8,312,455
Federal Home Loan Bank advances
190,477
204,268
393,057
Notes payable
612,121
470,512
475,425
Federal funds purchased and other
6
2,212
13,022
Total interest expense
10,088,382
10,002,719
9,193,959
NET INTEREST INCOME
12,971,341
13,393,046
10,612,596
Provision for credit losses
505,000
200,000
670,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
12,466,341
13,193,046
9,942,596
NON-INTEREST INCOME
Service charges and fees on deposits
176,430
179,774
171,186
Wealth management fee income
1,202,766
1,199,503
1,017,829
Secondary market fee income
285,455
324,285
128,824
Bank owned-life insurance income
81,262
82,587
80,603
Gain on sales and write-downs of foreclosed assets
-
-
-
Other
546,792
560,099
544,141
TOTAL NON-INTEREST INCOME
2,292,705
2,346,248
1,942,583
NON-INTEREST EXPENSE
Salaries and benefits
6,200,928
5,620,051
4,931,692
Occupancy and equipment
1,281,006
1,306,985
1,145,101
Data processing
889,050
915,249
858,115
Marketing and business development
524,307
513,576
397,137
Professional services
864,886
1,045,923
650,708
Amortization of other intangible assets
53,036
53,037
53,036
Other
569,599
505,758
393,498
TOTAL NON-INTEREST EXPENSE
10,382,812
9,960,579
8,429,287
Income before income taxes
4,376,234
5,578,715
3,455,892
Income tax provision
991,497
1,216,375
826,085
NET INCOME
$
3,384,737
$
4,362,340
$
2,629,807
EARNINGS PER SHARE
Basic
$
1.39
$
1.79
$
1.07
Diluted
$
1.38
$
1.78
$
1.07
WHITE RIVER BANCSHARES COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2026
December 31, 2025
March 31, 2025
ASSETS
