White River Bancshares : WRBC Consolidated Summary FS June 2022 OTC

		WHITE RIVER BANCSHARES COMPANY
			CONSOLIDATED BALANCE SHEETS
			(Unaudited)			(Audited)
			June 30, 2022		December 31, 2021
ASSETS
Cash and cash equivalents	$	50,573,165	$	45,924,111
Investment securities			95,838,246			80,596,752
Loans held for sale			850,823			2,737,798
Loans, net of allowance for loan losses			709,314,619			685,383,789
Premises and equipment, net			28,190,083			26,902,610
Foreclosed assets held for sale			-			711,100
Accrued interest receivable			2,277,196			2,451,610
Deferred income taxes			3,725,608			1,967,775
Other investments			3,112,208			2,826,485
Other assets			2,217,851			2,453,776
Total Assets
	$	896,099,799		$	851,955,806
LIABILITIES & STOCKHOLDERS' EQUITY
Deposits:
Demand and non-interest-bearing	$	264,120,048	$	231,800,711
Savings and interest-bearing transaction accounts			338,840,798			310,535,802
Time deposits			175,145,169			183,849,227
Total deposits			778,106,015			726,185,740
Federal Home Loan Bank advances			10,851,757			12,264,849
Notes payable			10,810,660			10,798,035
Accrued interest payable			131,828			175,835
Other liabilities			19,973,364			22,378,553
Total Liabilities
		819,873,624			771,803,012
Stockholders' equity:
Common stock			10,039			10,012
Surplus			89,091,965			88,475,289
Accumulated deficit			(6,042,971)			(7,907,902)
Treasury stock, at cost			(563,441)			(563,128)
Accumulated other comprehensive (loss) income			(6,269,417)			138,523
Total stockholders' equity			76,226,175			80,152,794
Total Liabilities and Stockholders' Equity
	$	896,099,799		$	851,955,806

Interest income:
Loans, including fees	$
Investment securities
Federal funds sold and other
Total interest income
Interest expense:
Deposits
Federal Home Loan Bank advances
Notes payable
Federal funds purchased and other
Total interest expense
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
Non-interest income:
Service charges and fees on deposits
Wealth management fee income
Secondary market fee income
Loss on sales and write-downs of foreclosed assets
Other non-interest income
Total non-interest income
Non-interest expense:
Salaries and benefits
Occupancy and equipment
Data processing
Marketing and business development
Professional services
Other non-interest expense
Total non-interest expense
Income before income taxes
Income tax provision
Net income	$
Earnings per share:	$
Basic
Diluted	$

WHITE RIVER BANCSHARES COMPANY CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended			Six Months Ended
June 30,				June 30,
2022		2021			2022			2021
8,539,519	$	7,686,752	$	16,322,221	$	15,545,683
443,419		335,534			825,335			701,336
121,771		10,044			147,790			15,427
9,104,709		8,032,330			17,295,346			16,262,446
642,622		897,065			1,303,588			1,899,889
58,483		101,616			125,388			205,365
167,874		167,874			335,748			335,748
-		-			-			2,109
868,979		1,166,555			1,764,724			2,443,111
8,235,730		6,865,775			15,530,622			13,819,335
-		-			-			-
8,235,730		6,865,775			15,530,622			13,819,335
123,432		126,017			253,546			252,281
632,367		561,092			1,257,293			1,067,131
397,351		666,363			799,600			1,588,220
9,520		-			(151,480)			-
414,046		280,525			758,196			461,853
1,576,716		1,633,997			2,917,155			3,369,485
4,933,794		3,831,206			9,573,242			7,863,787
815,223		583,330			1,578,092			1,227,363
517,583		344,373			1,257,596			930,772
382,409		203,134			672,102			272,942
420,007		362,274			885,154			1,299,077
357,930		356,396			669,024			700,314
7,426,946		5,680,713			14,635,210			12,294,255
2,385,500		2,819,059			3,812,567			4,894,565
600,433		742,044			952,639			1,264,725
1,785,067	$	2,077,015		$	2,859,928		$	3,629,840
1.79	$	2.14	$	2.88	$	3.75
1.79
$	2.14	$	2.88	$	3.75

Net income

Other comprehensive (loss) income:

Net unrealized (losses) gains on investment securities Tax effect

Total other comprehensive (loss) income

Comprehensive (loss) income

WHITE RIVER BANCSHARES COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

				(Unaudited)
	Three Months Ended			Six Months Ended
	June 30,				June 30,
	2022			2021			2022			2021
$	1,785,067	$	2,077,015	$	2,859,928	$	3,629,840
	(3,878,887)			134,098			(8,602,003)			(692,861)
	989,233			(34,411)			2,194,063			177,795
	(2,889,654)			99,687			(6,407,940)			(515,066)
$	(1,104,587)		$	2,176,702		$	(3,548,012)		$	3,114,774

						WHITE RIVER BANCSHARES COMPANY
						CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
									(Unaudited)
														Accumulated
															Other
			Common					Accumulated			Treasury		Comprehensive
			Stock			Surplus			Deficit			Stock		(Loss) Income			Total
Balance - March 31, 2021	$	9,763	$	88,082,809	$	(12,921,378)	$	(431,865)	$	485,258	$	75,224,587
Stock-based compensation						32,953												32,953
Purchase of 20 shares of
common stock												(1,500)						(1,500)
Comprehensive income									2,077,015						99,687			2,176,702
Balance - June 30, 2021			9,763			88,115,762			(10,844,363)			(433,365)			584,945			77,432,742
Balance - March 31, 2022
		10,012			88,767,186			(6,833,041)			(563,441)			(3,379,763)			78,000,953
Issuance of 2,700 shares of
non-vested restricted
common stock			27			(27)												-
Stock-based compensation						324,806												324,806
Dividends									(994,997)									(994,997)
Comprehensive income									1,785,067						(2,889,654)			(1,104,587)
Balance - June 30, 2022		$	10,039		$	89,091,965		$	(6,042,971)		$	(563,441)		$	(6,269,417)		$	76,226,175
														Accumulated
															Other
			Common					Accumulated			Treasury		Comprehensive
			Stock			Surplus			Deficit			Stock			Income			Total
Balance - December 31, 2020	$	9,763	$	88,010,761	$	(14,474,203)	$	(431,865)	$	1,100,011	$	74,214,467
Stock-based compensation						105,001												105,001
Purchase of 20 shares of
common stock												(1,500)						(1,500)
Comprehensive income									3,629,840						(515,066)			3,114,774
Balance - June 30, 2021			9,763			88,115,762			(10,844,363)			(433,365)			584,945			77,432,742
Balance - December 31, 2021
		10,012			88,475,289			(7,907,902)			(563,128)			138,523			80,152,794
Issuance of 2,700 shares of
non-vested restricted
common stock			27			(27)												-
Stock-based compensation						616,703												616,703
Dividends									(994,997)									(994,997)
Purchase of 4 shares of
common stock												(313)						(313)
Comprehensive income									2,859,928						(6,407,940)			(3,548,012)
Balance - June 30, 2022		$	10,039		$	89,091,965		$	(6,042,971)		$	(563,441)		$	(6,269,417)		$	76,226,175

WHITE RIVER BANCSHARES COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Six Months Ended
			June 30,
			2022			2021
Cash flows from operating activities:
Net income	$	2,859,928	$	3,629,840
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of debt issuance costs			12,625			12,622
Depreciation of premises and equipment			531,824			453,393
Provision for loan losses			-			-
Deferred income taxes			436,231			(167,662)
Gain on disposal of premises and equipment			(9,605)			(10,299)
Loss on sales and write-downs of foreclosed assets			151,480			-
Net amortization of investment securities			212,004			195,426
Noncash dividends received			(4,800)			(5,700)
Stock-based compensation			616,703			105,001
Changes in operating assets and liabilities:
Loans held for sale			1,886,975			6,116,638
Accrued interest receivable			174,414			534,216
Lease right-of-use assets			39,080			22,431
Other assets			5,000			31,820
Accrued interest payable			(44,007)			(154,786)
Other liabilities			(142,519)			463,232
Net cash provided by operating activities			6,725,333			11,226,172
Cash flows from investing activities:
Purchases of investment securities			(29,859,199)			(27,240,266)
Proceeds from sales, calls and maturities of investment securities			5,895,210			11,749,451
Purchases of other investments			(141,511)			-
Net increase in loans			(23,930,830)			(35,236,631)
Purchases of premises and equipment			(5,171,439)			(564,491)
Proceeds from sale of premises and equipment			65,000			68,104
Proceeds from sale of foreclosed assets			559,620			-
Net cash used by investing activities			(52,583,149)			(51,223,833)
Cash flows from financing activities:
Increase in deposits, net			51,920,275			58,109,602
Federal Home Loan Bank advances - repayments			(1,413,092)			(212,926)
Purchase of treasury stock			(313)			(1,500)
Net cash provided by financing activities			50,506,870			57,895,176
Net increase in cash and equivalents			4,649,054			17,897,515
Cash and equivalents - beginning of period			45,924,111			23,004,380
Cash and equivalents - end of period	-	$	50,573,165		$	40,901,895