First quarter net income up 6.3% at Signature Bank

White River Bancshares Co., the holding company of Fayetteville-based Signature Bank of Arkansas, reported Monday (April 15) that first quarter net income was $1.166 million, up from $1.096 million during the same quarter of 2018.

The over-the-counter (OTCQX: WRIV) publicly held company posted full year 2018 net income of $4.569 million, up from the $3.036 million in 2017. The bank holding company ended the first quarter with assets of $648.703 million.

“We delivered solid first quarter 2019 earnings, supported by strong net interest income growth, continued loan and core deposit growth, an improved net interest margin and solid asset quality metrics,” Gary Head, president and CEO, said in a statement. “We are pleased to be opening our newest branch office this month, located at 3712 South Pinnacle Hills Parkway Suite 102, in Rogers Arkansas. This new branch location further expands our network and presence in Northwest Arkansas, one of the fastest growing metro areas in the country. We are well positioned to continue growing, as we focus on building a steady, well diversified bank.”

The bank, founded in 2005, also has locations in Bentonville, Brinkley, Fayetteville and Springdale.

Following are other items from the bank’s first quarter report.
• The bank ended the quarter with cash and cash equivalents totaling $31.922 million, down from $42.279 million at the end of the first quarter of 2017.

• Net loans of $527.41 million at March 31, an increase of 5.22% from March 31, 2018.

• Total deposits of $535.04 million at March 31, an increase of 5.11% from March 31, 2018.

• Non-interest-bearing deposits increased 25.09% to $110.4 million at March 31, 2019 compared to $88.26 million a year ago.

• Non-performing assets at March 31, improved to 1.18% of total assets from 1.73% a year ago.