Red River Bancshares, Inc. Reports Second Quarter 2024 Financial Results
Red River Bancshares, holding company for Red River Bank, reported Q2 2024 net income of $8.0 million, or $1.16 EPS, a 2.5% decrease from Q1 and a 10.9% decrease YoY. Net interest income grew 2.0% QoQ to $21.8 million, driven by improved loan yields. Deposits fell 1.1% to $2.72 billion due to seasonal outflows. Loans HFI slightly increased to $2.05 billion.
Operating expenses rose 5.1% QoQ to $16.7 million. Noninterest income grew 3.4% QoQ to $5.1 million, boosted by mortgage and SBIC income. NPAs increased by 26.8% to $3.2 million. The company repurchased 16,220 shares for $764,000, with $4.2 million remaining in the buyback program.
Capital levels remained strong with a stockholders' equity to assets ratio of 10.07%. A new banking center opened in New Orleans, contributing to the company’s expansion plan. The firm was ranked 9th by Bank Director Magazine among top-performing financial institutions with assets under $5 billion.
Red River Bancshares, la società madre di Red River Bank, ha riportato un reddito netto per il secondo trimestre del 2024 di $8,0 milioni, o $1,16 per azione, con una diminuzione del 2,5% rispetto al primo trimestre e una flessione del 10,9% anno su anno. Il reddito netto da interessi è cresciuto del 2,0% rispetto al trimestre precedente, raggiungendo $21,8 milioni, sostenuto da tassi di prestito migliorati. I depositi sono scesi dell'1,1% a $2,72 miliardi a causa di deflussi stagionali. I prestiti in essere (HFI) sono leggermente aumentati a $2,05 miliardi.
Le spese operative sono aumentate del 5,1% rispetto al trimestre precedente, raggiungendo $16,7 milioni. Il reddito non da interessi è cresciuto del 3,4% rispetto al trimestre precedente, a $5,1 milioni, grazie ai ricavi da mutui e SBIC. Le attività non performanti (NPA) sono aumentate del 26,8% a $3,2 milioni. La società ha riacquistato 16.220 azioni per $764.000, con $4,2 milioni ancora disponibili nel programma di riacquisto.
I livelli di capitale sono rimasti solidi, con un rapporto di equità degli azionisti rispetto agli attivi del 10,07%. Un nuovo centro bancario è stato aperto a New Orleans, contribuendo al piano di espansione dell'azienda. L'azienda è stata classificata al 9° posto dalla Bank Director Magazine tra le istituzioni finanziarie con migliori performance con attivi sotto i $5 miliardi.
Red River Bancshares, la empresa matriz de Red River Bank, reportó un ingreso neto de $8.0 millones en el segundo trimestre de 2024, o $1.16 de ganancias por acción (EPS), lo que representa una disminución del 2.5% en comparación con el primer trimestre y una caída del 10.9% interanual. Los ingresos netos por intereses crecieron un 2.0% trimestre a trimestre, alcanzando los $21.8 millones, impulsados por mejoras en los rendimientos de préstamos. Los depósitos cayeron un 1.1% a $2.72 mil millones debido a salidas estacionales. Los préstamos en el libro aumentaron ligeramente a $2.05 mil millones.
Los gastos operativos aumentaron un 5.1% trimestre a trimestre, alcanzando los $16.7 millones. Los ingresos no relacionados con intereses crecieron un 3.4% trimestre a trimestre, hasta $5.1 millones, impulsados por ingresos de hipotecas y de SBIC. Las NPA (activos no productivos) aumentaron en un 26.8%, alcanzando los $3.2 millones. La empresa recompró 16,220 acciones por $764,000, con $4.2 millones restantes en el programa de recompra.
Los niveles de capital se mantuvieron sólidos, con una relación de patrimonio de accionistas sobre activos del 10.07%. Se abrió un nuevo centro bancario en Nueva Orleans, contribuyendo al plan de expansión de la empresa. La firma fue clasificada en 9° lugar por la revista Bank Director entre las instituciones financieras más destacadas con activos inferiores a $5 mil millones.
레드 리버 뱅크의 모회사인 레드 리버 뱅크쉐어스는 2024년 2분기 순이익이 800만 달러, 주당 1.16 달러(EPS)로, 1분기 대비 2.5% 감소하고, 전년 대비 10.9% 감소했다고 보고했습니다. 순이자 수익은 대출 수익 개선으로 인해 전분기 대비 2.0% 증가하여 2,180만 달러에 이르렀습니다. 예금은 계절적 유출로 인해 1.1% 감소하여 27억 2천만 달러가 되었습니다. 운용 중인 대출(HFI)은 20억 5천만 달러로 약간 증가했습니다.
운영 비용은 전분기 대비 5.1% 증가하여 1,670만 달러에 도달했습니다. 비이자 수익은 주택 담보 대출 및 SBIC 소득 덕분에 전분기 대비 3.4% 증가하여 510만 달러에 이르렀습니다. NPA(비수익 자산)는 26.8% 증가하여 320만 달러에 달했습니다. 회사는 764,000 달러에 16,220주를 재매입했으며, 재매입 프로그램에는 420만 달러가 남아 있습니다.
자본 수준은 강력하게 유지되었으며, 주주 자본과 자산의 비율은 10.07%입니다. 뉴 올리언스에 새로운 은행 센터가 개설되어 회사의 확장 계획에 기여하고 있습니다. 이 회사는 자산이 50억 달러 미만인 상위 금융 기관 중 9위로 Bank Director Magazine에 의해 선정되었습니다.
Red River Bancshares, la société mère de Red River Bank, a annoncé un revenu net de 8,0 millions de dollars pour le deuxième trimestre 2024, soit 1,16 $ par action, une baisse de 2,5 % par rapport au premier trimestre et une diminution de 10,9 % par rapport à l'année précédente. Le revenu net d'intérêts a augmenté de 2,0 % par rapport au trimestre précédent, atteignant 21,8 millions de dollars, soutenu par des rendements de prêt améliorés. Les dépôts ont diminué de 1,1 % pour atteindre 2,72 milliards de dollars en raison d'un décaissement saisonnier. Les prêts HFI ont légèrement augmenté à 2,05 milliards de dollars.
Les charges d'exploitation ont augmenté de 5,1 % par rapport au trimestre précédent pour atteindre 16,7 millions de dollars. Les revenus non liés aux intérêts ont augmenté de 3,4 % par rapport au trimestre précédent, atteignant 5,1 millions de dollars, grâce aux revenus des prêts hypothécaires et de SBIC. Les NPA ont augmenté de 26,8 % pour atteindre 3,2 millions de dollars. L'entreprise a racheté 16 220 actions pour 764 000 dollars, avec 4,2 millions de dollars restant dans le programme de rachat.
Les niveaux de capital sont restés solides, avec un ratio des capitaux propres des actionnaires par rapport aux actifs de 10,07 %. Un nouveau centre bancaire a été ouvert à la Nouvelle-Orléans, contribuant au plan d'expansion de l'entreprise. La firme a été classée 9e par le magazine Bank Director parmi les institutions financières les plus performantes avec des actifs inférieurs à 5 milliards de dollars.
Red River Bancshares, die Muttergesellschaft der Red River Bank, meldete für das zweite Quartal 2024 einen Nettogewinn von 8,0 Millionen US-Dollar bzw. 1,16 US-Dollar pro Aktie (EPS), was einem Rückgang von 2,5% im Vergleich zum ersten Quartal und einem Rückgang von 10,9% im Jahresvergleich entspricht. Die Zinserträge stiegen im Quartalsvergleich um 2,0% auf 21,8 Millionen US-Dollar, angetrieben durch verbesserte Darlehensrenditen. Die Einlagen sanken um 1,1% auf 2,72 Milliarden US-Dollar aufgrund saisonaler Abflüsse. Die Not Kredite (HFI) stiegen leicht auf 2,05 Milliarden US-Dollar.
Die Betriebskosten stiegen im Quartalsvergleich um 5,1% auf 16,7 Millionen US-Dollar. Die nicht zinstragenden Einnahmen stiegen im Quartalsvergleich um 3,4% auf 5,1 Millionen US-Dollar, unterstützt durch Einnahmen aus Hypotheken und SBIC. Die notleidenden Kredite (NPA) stiegen um 26,8% auf 3,2 Millionen US-Dollar. Das Unternehmen führte einen Rückkauf von 16.220 Aktien für 764.000 US-Dollar durch, wobei 4,2 Millionen US-Dollar im Rückkaufprogramm verbleiben.
Die Kapitalquoten blieben stabil, mit einer Eigenkapitalquote von 10,07% in Bezug auf die Vermögenswerte. Ein neues Bankzentrum wurde in New Orleans eröffnet, was zum Expansionsplan des Unternehmens beiträgt. Das Unternehmen wurde von der Bank Director Magazine auf den 9. Platz unter den leistungsstärksten Finanzinstituten mit Vermögenswerten unter 5 Milliarden US-Dollar eingestuft.
- Net interest income rose 2.0% QoQ to $21.8 million.
- Noninterest income increased 3.4% QoQ to $5.1 million.
- Net interest margin FTE improved from 2.83% to 2.92%.
- Opened a new banking center in New Orleans.
- Strong capital levels with a stockholders' equity to assets ratio of 10.07%.
- Ranked 9th by Bank Director Magazine among top-performing financial institutions.
- Net income decreased 2.5% QoQ and 10.9% YoY.
- Deposits fell by $29.2 million, or 1.1%, due to seasonal outflows.
- Operating expenses increased 5.1% QoQ to $16.7 million.
- NPAs increased by 26.8% to $3.2 million.
Insights
Red River Bancshares reported mixed results for Q2 2024, with some positive trends in net interest income and margin offset by lower overall profitability compared to the prior year. Here are the key takeaways:
- Net income of "$8.0 million" ("$1.16" EPS) decreased "2.5%" from Q1 2024 and "10.9%" from Q2 2023. The year-over-year decline is concerning, though quarterly results were relatively stable.
- Net interest income increased "2.0%" quarter-over-quarter to "$21.8 million", with net interest margin expanding "9" basis points to "2.92%". This improvement in the core banking business is a positive sign.
- Loan growth was modest at "0.5%" quarter-over-quarter. The "75.38%" loan-to-deposit ratio provides room for additional lending.
- Deposits declined "1.1%" to "$2.72 billion", mainly due to seasonal tax outflows. The granular deposit base ("$27,000" average account size) is a strength.
- Asset quality remains strong with NPAs at just "0.11%" of assets, though this increased slightly from Q1.
- Capital levels are robust, with total risk-based capital at "18.01%".
Overall, Red River is maintaining a solid financial position but facing some profitability headwinds in the current environment. The improving net interest margin trend is encouraging if it can be sustained. Investors should monitor loan growth and deposit trends in coming quarters.
ALEXANDRIA, La., July 26, 2024 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the second quarter of 2024.
Net income for the second quarter of 2024 was
Net income for the six months ended June 30, 2024, was
Second Quarter 2024 Performance and Operational Highlights
In the second quarter of 2024, the Company had an improved net interest margin along with fairly consistent earnings and loan and deposit balances. Stock buyback activity was steady, and Red River Bank opened a new banking center location in the New Orleans market.
- Net income for the second quarter of 2024 was
$8.0 million compared to$8.2 million for the prior quarter. Net income for the second quarter benefited from higher net interest income and an improved net interest margin fully tax equivalent (“FTE”). Net income for the first quarter of 2024 benefited from approximately$800,000 , or$0.09 EPS, of nonrecurring noninterest income payments and operating expense reduction items. - Net interest income and net interest margin FTE increased for the second quarter of 2024 compared to the prior quarter. Net interest income for the second quarter of 2024 was
$21.8 million compared to$21.4 million for the prior quarter. Net interest margin FTE for the second quarter of 2024 was2.92% compared to2.83% for the prior quarter. These increases were due to improved yields on loans and securities outpacing higher deposit rates. - As of June 30, 2024, assets were
$3.05 billion , which was$24.8 million , or0.8% , lower than March 31, 2024. The decrease was due to a$29.2 million decrease in deposits. - Deposits totaled
$2.72 billion as of June 30, 2024, a decrease of$29.2 million , or1.1% , compared to$2.75 billion as of March 31, 2024. In the second quarter of 2024, deposit activity was normal and included the seasonal outflow of funds for income tax payments. - As of June 30, 2024, loans held for investment (“HFI”) were
$2.05 billion , slightly higher than$2.04 billion as of March 31, 2024. In the second quarter of 2024, new loan activity was steady throughout all markets. - As of June 30, 2024, nonperforming assets (“NPA(s)”) were
$3.2 million , or0.11% of assets, and the allowance for credit losses (“ACL”) was$21.6 million , or1.06% of loans HFI. - As of June 30, 2024, liquid assets, which are cash and cash equivalents, were
$213.1 million , and the liquid assets to assets ratio was6.99% . We do not have any borrowings, brokered deposits, or internet-sourced deposits. - We paid a quarterly cash dividend of
$0.09 per common share in the second quarter of 2024. - The 2024 stock repurchase program authorizes us to purchase up to
$5.0 million of our outstanding shares of common stock from January 1, 2024 through December 31, 2024. In the second quarter of 2024, we repurchased 16,220 shares of our common stock at an aggregate cost of$764,000. As of June 30, 2024, the 2024 stock repurchase program had$4.2 million remaining. - As of June 30, 2024, capital levels were strong with a stockholders’ equity to assets ratio of
10.07% , a leverage ratio of11.74% , and a total risk-based capital ratio of18.01% . - We continue to implement our organic expansion plan. In June 2024, we opened a second Red River Bank full-service banking center in the New Orleans market, and in July 2024, we held a grand opening ceremony at this newly constructed location on Veterans Memorial Boulevard in Metairie, Louisiana.
- In July 2024, Bank Director Magazine ranked the Company 9th in the top 30 best-performing publicly traded financial institutions in 2023 with assets less than
$5.0 billion .
Blake Chatelain, President and Chief Executive Officer, stated, “The second quarter of 2024 was one of steady, consistent performance as we expand banking center locations while being diligent in improving the net interest margin and monitoring asset quality.
“Overall the balance sheet was fairly consistent with deposits being impacted by seasonal outgoing income tax payments. We deployed securities cash flows into higher-yielding assets. Net interest margin FTE and net interest income increased as a result of improved pricing on new and renewed loans, combined with diligent management of deposit costs and reduced deposit rate pressures. These pricing efforts resulted in a steady improvement to the net interest margin FTE over the past three quarters.
“While net income was slightly lower in the second quarter, EPS was
“We were excited to complete construction and open the new Red River Bank banking center on Veterans Memorial Boulevard in Metairie, a suburb of the New Orleans, Louisiana market. This is a growing and vibrant area, and we are pleased to bring Red River Bank full-service banking to customers in this area.
“We are greatly saddened by the loss of our longtime friend, supporter, and director on the Company and Bank’s boards, Bobby Nichols, who passed away in May 2024. We miss his wonderful personality, his keen business knowledge, and his support and guidance very much.
“We were honored to be included as a top 30 publicly traded financial institution by Bank Director Magazine. Our ranking of 9th for 2023 is a result of our solid financial results and strength as a company.
“As we enter the second half of 2024, it appears that the economy in the United States remains solid and that the Federal Reserve could start easing interest rates in the second half of 2024. We are optimistic that the Louisiana economy is doing well and that customer banking activity is steady. We are focused on expanding the Red River Bank banking center network and team, providing personalized banking services to our customers, and welcoming new banking relationships. We are well positioned to provide solid profitability and returns for our shareholders.”
Net Interest Income and Net Interest Margin FTE
Net interest income and net interest margin FTE increased in the second quarter of 2024 compared to the prior quarter. These increases were due to improved yields on loans and securities outpacing higher deposit rates. The Federal Open Market Committee (“FOMC”) kept the federal funds rate consistent between the third quarter of 2023 and the second quarter of 2024.
Net interest income for the second quarter of 2024 was
The net interest margin FTE increased nine basis points (“bp(s)”) to
In the second quarter of 2024, the target range for the federal funds rate remained at
Provision for Credit Losses
The provision for credit losses for the second quarter of 2024 was
Noninterest Income
Noninterest income totaled
Mortgage loan income was
SBIC income for the second quarter of 2024 was
Brokerage income was
Debit card income, net, totaled
Operating Expenses
Operating expenses totaled
Loan and deposit expenses totaled
Data processing expense totaled
Other business development expenses totaled
Legal and professional expenses totaled
Occupancy and equipment expenses totaled
Other taxes totaled
Asset Overview
As of June 30, 2024, assets were
Securities
Total securities as of June 30, 2024, were
The estimated fair value of securities available for sale (“AFS”) totaled
Equity securities, which is an investment in a CRA mutual fund consisting primarily of bonds, totaled
Loans
Loans HFI as of June 30, 2024, were
| Loans HFI by Category | |||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | Change from March 31, 2024 to June 30, 2024 | |||||||||||||||||||
| (dollars in thousands) | Amount | Percent | Amount | Percent | $ Change | % Change | |||||||||||||||
| Real estate: | |||||||||||||||||||||
| Commercial real estate | $ | 865,645 | 42.3 | % | $ | 870,085 | 42.7 | % | $ | (4,440 | ) | (0.5 | %) | ||||||||
| One-to-four family residential | 611,904 | 29.9 | % | 608,617 | 29.9 | % | 3,287 | 0.5 | % | ||||||||||||
| Construction and development | 129,197 | 6.3 | % | 116,181 | 5.7 | % | 13,016 | 11.2 | % | ||||||||||||
| Commercial and industrial | 344,071 | 16.8 | % | 347,094 | 17.0 | % | (3,023 | ) | (0.9 | %) | |||||||||||
| Tax-exempt | 67,941 | 3.3 | % | 67,548 | 3.3 | % | 393 | 0.6 | % | ||||||||||||
| Consumer | 29,132 | 1.4 | % | 28,547 | 1.4 | % | 585 | 2.0 | % | ||||||||||||
| Total loans HFI | $ | 2,047,890 | 100.0 | % | $ | 2,038,072 | 100.0 | % | $ | 9,818 | 0.5 | % | |||||||||
Commercial real estate (“CRE”) loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were
Health care loans are our largest industry concentration and are made up of a diversified portfolio of health care providers. As of June 30, 2024, total health care loans were
Asset Quality and Allowance for Credit Losses
NPAs totaled
As of June 30, 2024, the ACL was
Deposits
As of June 30, 2024, deposits were
| Deposits by Account Type | |||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | Change from March 31, 2024 to June 30, 2024 | |||||||||||||||||||
| (dollars in thousands) | Balance | % of Total | Balance | % of Total | $ Change | % Change | |||||||||||||||
| Noninterest-bearing demand deposits | $ | 892,942 | 32.9 | % | $ | 895,439 | 32.6 | % | $ | (2,497 | ) | (0.3 | %) | ||||||||
| Interest-bearing deposits: | |||||||||||||||||||||
| Interest-bearing demand deposits | 135,543 | 5.0 | % | 132,523 | 4.9 | % | 3,020 | 2.3 | % | ||||||||||||
| NOW accounts | 377,385 | 13.9 | % | 385,585 | 14.0 | % | (8,200 | ) | (2.1 | %) | |||||||||||
| Money market accounts | 547,715 | 20.1 | % | 557,139 | 20.3 | % | (9,424 | ) | (1.7 | %) | |||||||||||
| Savings accounts | 170,050 | 6.3 | % | 176,777 | 6.4 | % | (6,727 | ) | (3.8 | %) | |||||||||||
| Time deposits less than or equal to | 399,981 | 14.7 | % | 406,369 | 14.8 | % | (6,388 | ) | (1.6 | %) | |||||||||||
| Time deposits greater than | 193,030 | 7.1 | % | 192,059 | 7.0 | % | 971 | 0.5 | % | ||||||||||||
| Total interest-bearing deposits | 1,823,704 | 67.1 | % | 1,850,452 | 67.4 | % | (26,748 | ) | (1.4 | %) | |||||||||||
| Total deposits | $ | 2,716,646 | 100.0 | % | $ | 2,745,891 | 100.0 | % | $ | (29,245 | ) | (1.1 | %) | ||||||||
| Deposits by Customer Type | |||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | Change from March 31, 2024 to June 30, 2024 | |||||||||||||||||||
| (dollars in thousands) | Balance | % of Total | Balance | % of Total | $ Change | % Change | |||||||||||||||
| Consumer | $ | 1,351,709 | 49.8 | % | $ | 1,367,713 | 49.8 | % | $ | (16,004 | ) | (1.2 | %) | ||||||||
| Commercial | 1,149,023 | 42.3 | % | 1,160,663 | 42.3 | % | (11,640 | ) | (1.0 | %) | |||||||||||
| Public | 215,914 | 7.9 | % | 217,515 | 7.9 | % | (1,601 | ) | (0.7 | %) | |||||||||||
| Total deposits | $ | 2,716,646 | 100.0 | % | $ | 2,745,891 | 100.0 | % | $ | (29,245 | ) | (1.1 | %) | ||||||||
Deposits decreased in the second quarter of 2024, mainly as a result of the seasonal outflow of funds for income tax payments.
The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of June 30, 2024, the average deposit account size was approximately
As of June 30, 2024, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently
Stockholders’ Equity
Total stockholders’ equity as of June 30, 2024, was
Non-GAAP Disclosure
Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.
Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and realized book value per share as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that are discussed may differ from that of other companies’ reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.
A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included within the following financial statement tables.
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 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.
Forward-Looking Statements
Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our 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 SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement.
Contact:
Isabel V. Carriere, CPA, CGMA
Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary
318-561-4023
icarriere@redriverbank.net
| FINANCIAL HIGHLIGHTS (UNAUDITED) | ||||||||||||||||||||
| As of and for the Three Months Ended | As of and for the Six Months Ended | |||||||||||||||||||
| (dollars in thousands, except per share data) | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| Net Income | $ | 7,987 | $ | 8,188 | $ | 8,968 | $ | 16,175 | $ | 18,566 | ||||||||||
| Per Common Share Data: | ||||||||||||||||||||
| Earnings per share, basic | $ | 1.16 | $ | 1.16 | $ | 1.25 | $ | 2.32 | $ | 2.59 | ||||||||||
| Earnings per share, diluted | $ | 1.16 | $ | 1.16 | $ | 1.25 | $ | 2.31 | $ | 2.58 | ||||||||||
| Book value per share | $ | 44.58 | $ | 43.43 | $ | 39.49 | $ | 44.58 | $ | 39.49 | ||||||||||
| Tangible book value per share(1) | $ | 44.35 | $ | 43.20 | $ | 39.28 | $ | 44.35 | $ | 39.28 | ||||||||||
| Realized book value per share(1) | $ | 53.54 | $ | 52.52 | $ | 49.21 | $ | 53.54 | $ | 49.21 | ||||||||||
| Cash dividends per share | $ | 0.09 | $ | 0.09 | $ | 0.08 | $ | 0.18 | $ | 0.16 | ||||||||||
| Shares outstanding | 6,886,928 | 6,892,448 | 7,175,056 | 6,886,928 | 7,175,056 | |||||||||||||||
| Weighted average shares outstanding, basic | 6,896,030 | 7,050,048 | 7,177,621 | 6,973,039 | 7,180,187 | |||||||||||||||
| Weighted average shares outstanding, diluted | 6,914,140 | 7,066,709 | 7,194,634 | 6,991,618 | 7,197,412 | |||||||||||||||
| Summary Performance Ratios: | ||||||||||||||||||||
| Return on average assets | 1.05 | % | 1.07 | % | 1.20 | % | 1.06 | % | 1.24 | % | ||||||||||
| Return on average equity | 10.69 | % | 10.77 | % | 12.78 | % | 10.73 | % | 13.54 | % | ||||||||||
| Net interest margin | 2.87 | % | 2.80 | % | 2.91 | % | 2.83 | % | 2.99 | % | ||||||||||
| Net interest margin FTE | 2.92 | % | 2.83 | % | 2.96 | % | 2.89 | % | 3.04 | % | ||||||||||
| Efficiency ratio | 62.07 | % | 60.37 | % | 58.63 | % | 61.23 | % | 57.74 | % | ||||||||||
| Loans HFI to deposits ratio | 75.38 | % | 74.22 | % | 73.10 | % | 75.38 | % | 73.10 | % | ||||||||||
| Noninterest-bearing deposits to deposits ratio | 32.87 | % | 32.61 | % | 37.14 | % | 32.87 | % | 37.14 | % | ||||||||||
| Noninterest income to average assets | 0.67 | % | 0.64 | % | 0.81 | % | 0.66 | % | 0.69 | % | ||||||||||
| Operating expense to average assets | 2.19 | % | 2.07 | % | 2.16 | % | 2.13 | % | 2.11 | % | ||||||||||
| Summary Credit Quality Ratios: | ||||||||||||||||||||
| NPAs to assets | 0.11 | % | 0.08 | % | 0.07 | % | 0.11 | % | 0.07 | % | ||||||||||
| Nonperforming loans to loans HFI | 0.16 | % | 0.12 | % | 0.10 | % | 0.16 | % | 0.10 | % | ||||||||||
| ACL to loans HFI | 1.06 | % | 1.06 | % | 1.08 | % | 1.06 | % | 1.08 | % | ||||||||||
| Net charge-offs to average loans | 0.01 | % | 0.00 | % | 0.00 | % | 0.02 | % | 0.01 | % | ||||||||||
| Capital Ratios: | ||||||||||||||||||||
| Stockholders’ equity to assets | 10.07 | % | 9.74 | % | 9.36 | % | 10.07 | % | 9.36 | % | ||||||||||
| Tangible common equity to tangible assets(1) | 10.02 | % | 9.69 | % | 9.31 | % | 10.02 | % | 9.31 | % | ||||||||||
| Total risk-based capital to risk-weighted assets | 18.01 | % | 17.84 | % | 18.13 | % | 18.01 | % | 18.13 | % | ||||||||||
| Tier 1 risk-based capital to risk-weighted assets | 16.99 | % | 16.82 | % | 17.09 | % | 16.99 | % | 17.09 | % | ||||||||||
| Common equity Tier 1 capital to risk-weighted assets | 16.99 | % | 16.82 | % | 17.09 | % | 16.99 | % | 17.09 | % | ||||||||||
| Tier 1 risk-based capital to average assets | 11.74 | % | 11.44 | % | 11.48 | % | 11.74 | % | 11.48 | % | ||||||||||
| (1) Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release. | ||||||||||||||||||||
| RED RIVER BANCSHARES, INC. | ||||||||||||||||||||
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||||||||||||||
| (in thousands) | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 35,035 | $ | 19,401 | $ | 53,062 | $ | 42,413 | $ | 36,662 | ||||||||||
| Interest-bearing deposits in other banks | 178,038 | 210,404 | 252,364 | 279,786 | 185,409 | |||||||||||||||
| Securities available-for-sale, at fair value | 526,890 | 545,967 | 570,092 | 529,046 | 588,478 | |||||||||||||||
| Securities held-to-maturity, at amortized cost | 136,824 | 139,328 | 141,236 | 143,420 | 146,569 | |||||||||||||||
| Equity securities, at fair value | 2,921 | 2,934 | 2,965 | 2,833 | 3,946 | |||||||||||||||
| Nonmarketable equity securities | 2,283 | 2,261 | 2,239 | 2,190 | 4,330 | |||||||||||||||
| Loans held for sale | 3,878 | 1,653 | 1,306 | 2,348 | 4,586 | |||||||||||||||
| Loans held for investment | 2,047,890 | 2,038,072 | 1,992,858 | 1,948,606 | 1,947,631 | |||||||||||||||
| Allowance for credit losses | (21,627 | ) | (21,564 | ) | (21,336 | ) | (21,183 | ) | (21,085 | ) | ||||||||||
| Premises and equipment, net | 57,910 | 57,539 | 57,088 | 56,466 | 55,566 | |||||||||||||||
| Accrued interest receivable | 9,570 | 9,995 | 9,945 | 8,778 | 8,239 | |||||||||||||||
| Bank-owned life insurance | 29,947 | 29,731 | 29,529 | 29,332 | 29,141 | |||||||||||||||
| Intangible assets | 1,546 | 1,546 | 1,546 | 1,546 | 1,546 | |||||||||||||||
| Right-of-use assets | 2,973 | 3,091 | 3,629 | 3,757 | 3,885 | |||||||||||||||
| Other assets | 34,450 | 32,940 | 32,287 | 36,815 | 32,291 | |||||||||||||||
| Total Assets | $ | 3,048,528 | $ | 3,073,298 | $ | 3,128,810 | $ | 3,066,153 | $ | 3,027,194 | ||||||||||
| LIABILITIES | ||||||||||||||||||||
| Noninterest-bearing deposits | $ | 892,942 | $ | 895,439 | $ | 916,456 | $ | 972,155 | $ | 989,509 | ||||||||||
| Interest-bearing deposits | 1,823,704 | 1,850,452 | 1,885,432 | 1,787,738 | 1,674,674 | |||||||||||||||
| Total Deposits | 2,716,646 | 2,745,891 | 2,801,888 | 2,759,893 | 2,664,183 | |||||||||||||||
| Other borrowed funds | — | — | — | — | 60,000 | |||||||||||||||
| Accrued interest payable | 8,747 | 8,959 | 8,000 | 6,800 | 4,098 | |||||||||||||||
| Lease liabilities | 3,100 | 3,215 | 3,767 | 3,892 | 4,015 | |||||||||||||||
| Accrued expenses and other liabilities | 13,045 | 15,919 | 11,304 | 13,617 | 11,526 | |||||||||||||||
| Total Liabilities | 2,741,538 | 2,773,984 | 2,824,959 | 2,784,202 | 2,743,822 | |||||||||||||||
| COMMITMENTS AND CONTINGENCIES | — | — | — | — | — | |||||||||||||||
| STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
| Preferred stock, no par value | — | — | — | — | — | |||||||||||||||
| Common stock, no par value | 44,413 | 45,177 | 55,136 | 58,031 | 59,187 | |||||||||||||||
| Additional paid-in capital | 2,590 | 2,485 | 2,407 | 2,327 | 2,248 | |||||||||||||||
| Retained earnings | 321,719 | 314,352 | 306,802 | 299,079 | 291,630 | |||||||||||||||
| Accumulated other comprehensive income (loss) | (61,732 | ) | (62,700 | ) | (60,494 | ) | (77,486 | ) | (69,693 | ) | ||||||||||
| Total Stockholders’ Equity | 306,990 | 299,314 | 303,851 | 281,951 | 283,372 | |||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 3,048,528 | $ | 3,073,298 | $ | 3,128,810 | $ | 3,066,153 | $ | 3,027,194 | ||||||||||
| RED RIVER BANCSHARES, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
| (in thousands) | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
| Interest and fees on loans | $ | 26,882 | $ | 25,893 | $ | 22,851 | $ | 52,775 | $ | 44,616 | ||||||||||
| Interest on securities | 4,068 | 4,064 | 3,665 | 8,132 | 7,231 | |||||||||||||||
| Interest on federal funds sold | — | — | 251 | — | 886 | |||||||||||||||
| Interest on deposits in other banks | 2,709 | 3,039 | 1,671 | 5,748 | 3,409 | |||||||||||||||
| Dividends on stock | 22 | 22 | 33 | 44 | 61 | |||||||||||||||
| Total Interest and Dividend Income | 33,681 | 33,018 | 28,471 | 66,699 | 56,203 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Interest on deposits | 11,894 | 11,655 | 6,933 | 23,549 | 11,756 | |||||||||||||||
| Interest on other borrowed funds | — | — | 28 | — | 28 | |||||||||||||||
| Total Interest Expense | 11,894 | 11,655 | 6,961 | 23,549 | 11,784 | |||||||||||||||
| Net Interest Income | 21,787 | 21,363 | 21,510 | 43,150 | 44,419 | |||||||||||||||
| Provision for credit losses | 300 | 300 | 300 | 600 | 300 | |||||||||||||||
| Net Interest Income After Provision for Credit Losses | 21,487 | 21,063 | 21,210 | 42,550 | 44,119 | |||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Service charges on deposit accounts | 1,367 | 1,368 | 1,435 | 2,735 | 2,828 | |||||||||||||||
| Debit card income, net | 949 | 1,022 | 924 | 1,971 | 1,858 | |||||||||||||||
| Mortgage loan income | 650 | 456 | 645 | 1,106 | 920 | |||||||||||||||
| Brokerage income | 893 | 987 | 923 | 1,880 | 1,730 | |||||||||||||||
| Loan and deposit income | 492 | 492 | 517 | 984 | 995 | |||||||||||||||
| Bank-owned life insurance income | 216 | 202 | 188 | 418 | 366 | |||||||||||||||
| Gain (Loss) on equity securities | (13 | ) | (31 | ) | (64 | ) | (44 | ) | (32 | ) | ||||||||||
| SBIC income | 454 | 352 | 1,380 | 806 | 1,559 | |||||||||||||||
| Other income (loss) | 90 | 80 | 59 | 170 | 123 | |||||||||||||||
| Total Noninterest Income | 5,098 | 4,928 | 6,007 | 10,026 | 10,347 | |||||||||||||||
| OPERATING EXPENSES | ||||||||||||||||||||
| Personnel expenses | 9,603 | 9,550 | 9,547 | 19,154 | 18,547 | |||||||||||||||
| Occupancy and equipment expenses | 1,698 | 1,616 | 1,554 | 3,314 | 3,271 | |||||||||||||||
| Technology expenses | 724 | 709 | 642 | 1,433 | 1,390 | |||||||||||||||
| Advertising | 408 | 337 | 343 | 745 | 624 | |||||||||||||||
| Other business development expenses | 593 | 475 | 494 | 1,068 | 930 | |||||||||||||||
| Data processing expense | 651 | 347 | 638 | 998 | 1,038 | |||||||||||||||
| Other taxes | 500 | 737 | 693 | 1,237 | 1,378 | |||||||||||||||
| Loan and deposit expenses | 309 | (42 | ) | 284 | 267 | 489 | ||||||||||||||
| Legal and professional expenses | 729 | 618 | 580 | 1,347 | 1,097 | |||||||||||||||
| Regulatory assessment expenses | 401 | 404 | 397 | 805 | 804 | |||||||||||||||
| Other operating expenses | 1,073 | 1,122 | 960 | 2,194 | 2,052 | |||||||||||||||
| Total Operating Expenses | 16,689 | 15,873 | 16,132 | 32,562 | 31,620 | |||||||||||||||
| Income Before Income Tax Expense | 9,896 | 10,118 | 11,085 | 20,014 | 22,846 | |||||||||||||||
| Income tax expense | 1,909 | 1,930 | 2,117 | 3,839 | 4,280 | |||||||||||||||
| Net Income | $ | 7,987 | $ | 8,188 | $ | 8,968 | $ | 16,175 | $ | 18,566 | ||||||||||
| RED RIVER BANCSHARES, INC. | ||||||||||||||||||||||
| NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED) | ||||||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | |||||||||||||||||||||
| (dollars in thousands) | Average Balance Outstanding | Interest Income/ Expense | Average Yield/ Rate | Average Balance Outstanding | Interest Income/ Expense | Average Yield/ Rate | ||||||||||||||||
| Assets | ||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||
| Loans(1,2) | $ | 2,042,602 | $ | 26,882 | 5.21 | % | $ | 2,015,063 | $ | 25,893 | 5.09 | % | ||||||||||
| Securities - taxable | 546,466 | 3,069 | 2.25 | % | 569,600 | 3,048 | 2.14 | % | ||||||||||||||
| Securities - tax-exempt | 193,954 | 999 | 2.06 | % | 197,817 | 1,016 | 2.05 | % | ||||||||||||||
| Interest-bearing deposits in other banks | 199,668 | 2,709 | 5.43 | % | 224,301 | 3,039 | 5.42 | % | ||||||||||||||
| Nonmarketable equity securities | 2,262 | 22 | 3.96 | % | 2,240 | 22 | 3.95 | % | ||||||||||||||
| Total interest-earning assets | 2,984,952 | $ | 33,681 | 4.48 | % | 3,009,021 | $ | 33,018 | 4.35 | % | ||||||||||||
| Allowance for credit losses | (21,653 | ) | (21,402 | ) | ||||||||||||||||||
| Noninterest-earning assets | 96,631 | 100,486 | ||||||||||||||||||||
| Total assets | $ | 3,059,930 | $ | 3,088,105 | ||||||||||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||
| Interest-bearing transaction deposits | $ | 1,230,474 | $ | 5,701 | 1.86 | % | $ | 1,261,361 | $ | 5,680 | 1.81 | % | ||||||||||
| Time deposits | 595,120 | 6,193 | 4.19 | % | 582,847 | 5,975 | 4.12 | % | ||||||||||||||
| Total interest-bearing deposits | 1,825,594 | 11,894 | 2.62 | % | 1,844,208 | 11,655 | 2.54 | % | ||||||||||||||
| Other borrowings | 1 | — | 5.78 | % | — | — | — | % | ||||||||||||||
| Total interest-bearing liabilities | 1,825,595 | $ | 11,894 | 2.62 | % | 1,844,208 | $ | 11,655 | 2.54 | % | ||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||
| Noninterest-bearing deposits | 908,930 | 913,114 | ||||||||||||||||||||
| Accrued interest and other liabilities | 24,868 | 25,055 | ||||||||||||||||||||
| Total noninterest-bearing liabilities | 933,798 | 938,169 | ||||||||||||||||||||
| Stockholders’ equity | 300,537 | 305,728 | ||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,059,930 | $ | 3,088,105 | ||||||||||||||||||
| Net interest income | $ | 21,787 | $ | 21,363 | ||||||||||||||||||
| Net interest spread | 1.86 | % | 1.81 | % | ||||||||||||||||||
| Net interest margin | 2.87 | % | 2.80 | % | ||||||||||||||||||
| Net interest margin FTE(3) | 2.92 | % | 2.83 | % | ||||||||||||||||||
| Cost of deposits | 1.75 | % | 1.70 | % | ||||||||||||||||||
| Cost of funds | 1.60 | % | 1.56 | % | ||||||||||||||||||
| (1) Includes average outstanding balances of loans held for sale of (2) Nonaccrual loans are included as loans carrying a zero yield. (3) Net interest margin FTE includes an FTE adjustment using a | ||||||||||||||||||||||
| RED RIVER BANCSHARES, INC. | ||||||||||||||||||||||
| NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED) | ||||||||||||||||||||||
| For the Six Months Ended | ||||||||||||||||||||||
| June 30, 2024 | June 30, 2023 | |||||||||||||||||||||
| (dollars in thousands) | Average Balance Outstanding | Interest Income/ Expense | Average Yield/ Rate | Average Balance Outstanding | Interest Income/ Expense | Average Yield/ Rate | ||||||||||||||||
| Assets | ||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||
| Loans(1,2) | $ | 2,028,833 | $ | 52,775 | 5.15 | % | $ | 1,925,821 | $ | 44,616 | 4.61 | % | ||||||||||
| Securities - taxable | 558,032 | 6,117 | 2.19 | % | 635,640 | 5,160 | 1.63 | % | ||||||||||||||
| Securities - tax-exempt | 195,886 | 2,015 | 2.06 | % | 204,856 | 2,071 | 2.02 | % | ||||||||||||||
| Federal funds sold | — | — | — | % | 37,497 | 886 | 4.70 | % | ||||||||||||||
| Interest-bearing deposits in other banks | 211,985 | 5,748 | 5.42 | % | 142,452 | 3,409 | 4.77 | % | ||||||||||||||
| Nonmarketable equity securities | 2,251 | 44 | 3.94 | % | 3,506 | 61 | 3.48 | % | ||||||||||||||
| Total interest-earning assets | 2,996,987 | $ | 66,699 | 4.41 | % | 2,949,772 | $ | 56,203 | 3.79 | % | ||||||||||||
| Allowance for credit losses | (21,528 | ) | (20,854 | ) | ||||||||||||||||||
| Noninterest-earning assets | 98,559 | 89,026 | ||||||||||||||||||||
| Total assets | $ | 3,074,018 | $ | 3,017,944 | ||||||||||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||
| Interest-bearing transaction deposits | $ | 1,245,917 | $ | 11,381 | 1.84 | % | $ | 1,283,073 | $ | 7,042 | 1.11 | % | ||||||||||
| Time deposits | 588,984 | 12,168 | 4.15 | % | 399,848 | 4,714 | 2.38 | % | ||||||||||||||
| Total interest-bearing deposits | 1,834,901 | 23,549 | 2.58 | % | 1,682,921 | 11,756 | 1.41 | % | ||||||||||||||
| Other borrowings | 1 | — | 4.78 | % | 995 | 28 | 5.50 | % | ||||||||||||||
| Total interest-bearing liabilities | 1,834,902 | $ | 23,549 | 2.58 | % | 1,683,916 | $ | 11,784 | 1.41 | % | ||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||
| Noninterest-bearing deposits | 911,022 | 1,037,540 | ||||||||||||||||||||
| Accrued interest and other liabilities | 24,961 | 19,914 | ||||||||||||||||||||
| Total noninterest-bearing liabilities | 935,983 | 1,057,454 | ||||||||||||||||||||
| Stockholders’ equity | 303,133 | 276,574 | ||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,074,018 | $ | 3,017,944 | ||||||||||||||||||
| Net interest income | $ | 43,150 | $ | 44,419 | ||||||||||||||||||
| Net interest spread | 1.83 | % | 2.38 | % | ||||||||||||||||||
| Net interest margin | 2.83 | % | 2.99 | % | ||||||||||||||||||
| Net interest margin FTE(3) | 2.89 | % | 3.04 | % | ||||||||||||||||||
| Cost of deposits | 1.72 | % | 0.87 | % | ||||||||||||||||||
| Cost of funds | 1.58 | % | 0.81 | % | ||||||||||||||||||
| (1) Includes average outstanding balances of loans held for sale of (2) Nonaccrual loans are included as loans carrying a zero yield. (3) Net interest margin FTE includes an FTE adjustment using a | ||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) | ||||||||||||
| (dollars in thousands, except per share data) | June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||
| Tangible common equity | ||||||||||||
| Total stockholders’ equity | $ | 306,990 | $ | 299,314 | $ | 283,372 | ||||||
| Adjustments: | ||||||||||||
| Intangible assets | (1,546 | ) | (1,546 | ) | (1,546 | ) | ||||||
| Total tangible common equity (non-GAAP) | $ | 305,444 | $ | 297,768 | $ | 281,826 | ||||||
| Realized common equity | ||||||||||||
| Total stockholders’ equity | $ | 306,990 | $ | 299,314 | $ | 283,372 | ||||||
| Adjustments: | ||||||||||||
| Accumulated other comprehensive (income) loss | 61,732 | 62,700 | 69,693 | |||||||||
| Total realized common equity (non-GAAP) | $ | 368,722 | $ | 362,014 | $ | 353,065 | ||||||
| Common shares outstanding | 6,886,928 | 6,892,448 | 7,175,056 | |||||||||
| Book value per share | $ | 44.58 | $ | 43.43 | $ | 39.49 | ||||||
| Tangible book value per share (non-GAAP) | $ | 44.35 | $ | 43.20 | $ | 39.28 | ||||||
| Realized book value per share (non-GAAP) | $ | 53.54 | $ | 52.52 | $ | 49.21 | ||||||
| Tangible assets | ||||||||||||
| Total assets | $ | 3,048,528 | $ | 3,073,298 | $ | 3,027,194 | ||||||
| Adjustments: | ||||||||||||
| Intangible assets | (1,546 | ) | (1,546 | ) | (1,546 | ) | ||||||
| Total tangible assets (non-GAAP) | $ | 3,046,982 | $ | 3,071,752 | $ | 3,025,648 | ||||||
| Total stockholders’ equity to assets | 10.07 | % | 9.74 | % | 9.36 | % | ||||||
| Tangible common equity to tangible assets (non-GAAP) | 10.02 | % | 9.69 | % | 9.31 | % | ||||||
FAQ
What were Red River Bancshares' Q2 2024 net income and EPS?
How did Red River Bancshares' net interest income change in Q2 2024?
What was the net interest margin FTE for Red River Bancshares in Q2 2024?
How did Red River Bancshares' deposits change in Q2 2024?
What were the operating expenses for Red River Bancshares in Q2 2024?
How did Red River Bancshares' noninterest income perform in Q2 2024?
What was the increase in NPAs for Red River Bancshares in Q2 2024?
What is the remaining amount in Red River Bancshares' 2024 stock repurchase program?
