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Red River Bancshares, Inc. (symbol: RRBI) is a Louisiana-based bank holding company founded in 1999. The company operates through its subsidiary, Red River Bank, which offers a comprehensive range of financial services tailored to meet the needs of both commercial and retail customers. With a network of 27 banking centers across Louisiana and a combined loan and deposit production office in New Orleans, Red River Bank plays a crucial role in supporting the financial needs of businesses, professionals, individuals, and public entities in the region.
Red River Bank provides various banking products including demand deposits, savings deposits, and time deposits. Its diversified loan portfolio includes commercial real estate loans, residential loans, commercial and industrial loans, and construction and development loans. The bank also offers specialized services such as Treasury Management Services, Private Banking Services, and Brokerage Services.
One of the bank’s significant milestones includes its recognition by S&P Market Intelligence as a Top 50 Community Bank in 2022, ranking 45th. This accolade underscores the bank’s financial strength and performance.
In terms of financial performance, Red River Bancshares reported a net income of $8.0 million for the third quarter of 2023. Although this represents a slight decrease compared to the previous quarter, the bank maintained strong liquidity and capital ratios. The company's strategic initiatives include active stock repurchase programs and a cautious approach to navigating the current economic environment characterized by higher interest rates and economic uncertainties.
Red River Bank is committed to conservative and customer-oriented banking principles, ensuring it remains well-positioned for future growth. The bank’s assets totaled $3.07 billion as of September 30, 2023, and it continues to expand its services and reach within Louisiana.
- Financial Highlights: Quarterly net income: $8.0 million, EPS: $1.12 per share
- Key Services: Treasury Management, Private Banking, and Brokerage Services
- Operational Footprint: 27 banking centers across Louisiana
As of September 30, 2023, Red River Bank had a liquid asset ratio of 10.51% and maintained robust borrowing capacity to meet its liquidity needs. The bank’s strategic initiatives and careful management of financial conditions reflect its resilience and adaptability in a dynamic economic landscape.
Red River Bancshares, Inc. (Nasdaq: RRBI) reported third quarter net income of $8.1 million, or $1.12 EPS, a slight decrease from the prior quarter but an increase of 11.7% year-over-year. Total assets increased by $142.3 million to $3.02 billion, primarily driven by a $135 million rise in deposits. The net interest margin increased to 2.60%. The company completed a $3 million stock repurchase program, renewing it for $5 million through August 2022. Nonperforming assets decreased to 0.08% of total assets, reflecting improved asset quality.
Red River Bank and the Federal Home Loan Bank of Dallas announced a $4,000 Partnership Grant Program award to Image Changers, a nonprofit in Shreveport, Louisiana. The funding, presented on October 7, will support Image Changers in enhancing its economic development, homeownership, and educational initiatives for low- to moderate-income families. In 2021, FHLB Dallas distributed $400,000 in grants, with an additional $200,250 from members, totaling over $600,000 to improve community welfare across five states.
Red River Bank and the Federal Home Loan Bank of Dallas have awarded $33,000 in Partnership Grant Program funds to support local nonprofits in Alexandria, Louisiana. The funds were distributed with $17,000 going to Serving Grace to enhance their Homebuyer Club and $16,000 to GAEDA Revitalization Corp. for home repairs for the elderly. The grants aim to improve community assistance through financial literacy and urban renewal efforts. This initiative is part of a broader $600,000 impact in 2021 across five states.
Red River Bank has fully resumed operations at all its banking centers affected by Hurricane Ida, just five days post-landfall on September 3, 2021. The bank initiated business-continuity efforts a week prior, ensuring minimal disruption to services and maintaining online banking options for customers with power. No damage was reported to the bank's centers. Red River Bank, a Louisiana state-chartered bank, emphasizes community resilience and commitment to customer support during recovery efforts following the hurricane's impact.
Red River Bank has announced its expansion into the New Orleans market, appointing Meghan Donelon as the New Orleans market president. With extensive financial services experience and deep local knowledge, she is expected to strengthen the bank's presence in Louisiana's largest market. President and CEO Blake Chatelain expressed optimism about expanding banking relationships in the region. The bank aims to provide relationship-focused banking and advanced digital services to meet the financial needs of local consumers and businesses.
On August 31, 2021, Red River Bancshares approved a stock repurchase program, allowing up to $5 million in buybacks from September 1, 2021 to August 31, 2022. The repurchases will occur in open market transactions or privately negotiated deals, depending on market conditions. President and CEO Blake Chatelain expressed that this renewal reflects the company's commitment to enhancing long-term shareholder value.
Red River Bancshares, Inc. (Nasdaq: RRBI) announced a quarterly cash dividend of $0.07 per share, declared on August 26, 2021. This dividend will be payable on September 23, 2021, to shareholders recorded by the close of business on September 13, 2021. The bank holding company operates 26 banking centers across Louisiana, providing a range of banking products and services tailored for both commercial and retail customers.
Red River Bancshares (Nasdaq: RRBI) reported a record net income of $8.2 million for Q2 2021, up 2.2% from Q1 2021 and 20.2% from Q2 2020. Earnings per share (EPS) rose to $1.13. Total assets increased by $57.8 million to $2.88 billion, driven by a $54.3 million rise in deposits. The net interest margin decreased to 2.54%, affected by lower PPP income and a high volume of low-yielding assets. The bank continued to focus on digital enhancements, appointing Tammi Salazar as COO and opening a new banking center in Lake Charles, Louisiana.
Red River Bank expanded its presence in Louisiana by opening a new full-service banking center in Lake Charles on July 6, 2021, marking its third location in the Southwest Louisiana market and 26th statewide. This strategic initiative, led by Market President Barry Brown, aims to enhance customer convenience and service quality. The new center, located at 1855 Country Club Road, is expected to feature advanced banking technology and a knowledgeable team. A grand opening event is scheduled for August, following the acquisition of the property in December 2020.
Red River Bank has appointed Jason Blalock as vice president and private banking relationship manager for the Acadiana market. With extensive banking experience, his role aims to enhance customer service and banking solutions.
Blalock will work alongside Ben Smith, market president, as they prepare to open a new full-service banking center at 1911 Pinhook Road, Lafayette, Louisiana, in the coming months. This expansion supports Red River Bank's commitment to personalized banking for its customers.
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