Fayetteville-based White River Bancshares, the parent company of Signature Bank of Arkansas, has reported 2019 net income of $5.1 million, up 12.5% over the $4.6 million in 2018.
Fourth quarter net income for the over-the-counter traded stock was $1.1 million, better than the $928,000 in the same period of 2018.
“We had an exceptional year delivering record earnings for 2019, highlighted by revenue growth, double digit loan and deposit growth with a solid net interest margin,” Gary Head, president and CEO, said in the earnings report posted Jan. 23. “Additionally, multiple properties sold during the fourth quarter, resulting in a reduction in nonperforming assets of 55% compared to three months earlier, and bringing NPAs to their lowest level in years. With the improvements in asset quality and our growth strategy in place, we remain focused on building long-term customer relationships and creating value for our customers and shareholders.”
Deposits for the bank at the end of 2019 totaled $575.262 million, up from the $510.11 million at the end of 2018. Total assets ended 2019 at $702.096 million, up from $613.692 million at the end of 2018. Loans, net of allowance for loan losses, increased 12.9% to $569.4 million at year-end, compared to $504.2 million a year ago, and increased 3.3% compared to $551.2 million three months earlier.
Non-performing assets decreased 55.5% to $2.6 million at Dec. 31, 2019, compared to $5.9 million at Sept. 30, 2019, and decreased 65.8% when compared to $7.7 million a year ago. Cash and cash equivalents increased to $39.1 million at Dec. 31, 2019 from $29 million a year ago.
The bank has locations in Fayetteville, Springdale, Bentonville, Rogers and Brinkley, Ark.