Red River Bancshares, Inc. Approves Stock Repurchase Program; Declares Quarterly Cash Dividend

Rhea-AI Summary

Red River Bancshares, Inc. (Nasdaq: RRBI) announced a stock repurchase program authorizing up to $3 million in share buybacks through August 27, 2021. The program aims to enhance shareholder value and promote liquidity. Additionally, the company declared a quarterly cash dividend of $0.06 per share, payable on September 24, 2020, to shareholders of record by September 14, 2020. CEO Blake Chatelain emphasized the commitment to shareholders through these initiatives.

Positive

• Authorization of $3 million stock repurchase program to enhance shareholder value.
• Declaration of a quarterly cash dividend of $0.06 per share, indicating financial health.

Negative

• None.

ALEXANDRIA, La., Aug. 27, 2020 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (Nasdaq: RRBI) (the “Company”) announced today that its Board of Directors (the “Board”) approved a stock repurchase program. The repurchase program authorizes the Company to purchase up to $3 million of outstanding shares of common stock through August 27, 2021. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions. Blake Chatelain, the Company’s President and Chief Executive Officer, said, “Approval of this stock repurchase program shows our commitment to promoting liquidity in the shares and enhancing shareholder value.”

The Board also declared a quarterly cash dividend in an amount equal to $0.06 per share of common stock. The cash dividend is payable on September 24, 2020, to shareholders of record as of the close of business on September 14, 2020.

About Red River Bancshares, Inc. 
Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of commercial and retail customers. Red River Bank operates from a network of 25 banking centers throughout Louisiana. Banking centers are located in the following Louisiana markets: Central Louisiana, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest Louisiana, which includes the Shreveport-Bossier City MSA; Southeast Louisiana, which includes the Baton Rouge MSA; Southwest Louisiana, which includes the Lake Charles MSA; and the Northshore, which includes Covington.

Forward-Looking Statements
This press release may contain forward-looking statements that are based on various facts and derived utilizing numerous important assumptions that are subject to known and unknown risks, uncertainties, and other factors that may cause the Company’s actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements include information concerning the timing, manner, amount, and overall impact of future purchases under the repurchase program, as well as any other statement other than statements of historical fact. Words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words, or such other comparable words or phrases are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements are not historical facts, and are based on current expectations, estimates, and projections about the Company’s industry, management’s beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, you are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, assumptions, and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Unless required by law, the Company also disclaims any obligation to update any forward-looking statements. Interested parties should not place undue reliance on any forward-looking statement and should carefully consider the risks and other factors that the Company faces.  For a discussion of these risks and other factors, please see the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the Securities and Exchange Commission from time to time.

Contact:
Julia Callis
Vice President, Corporate Counsel & Investor Relations Officer
318-561-4042

FAQ

What is the purpose of the stock repurchase program by Red River Bancshares (RRBI)?

The stock repurchase program aims to enhance shareholder value and promote liquidity in shares.

How much is Red River Bancshares approving for its stock buyback?

Red River Bancshares has approved a stock buyback program of up to $3 million.

When is the dividend payment for RRBI shareholders scheduled?

The cash dividend of $0.06 per share is payable on September 24, 2020.

What is the record date for the upcoming dividend for RRBI?

The record date for the dividend is September 14, 2020.