Red River Bancshares, Inc. Reports Third Quarter 2024 Financial Results
Red River Bancshares reported Q3 2024 net income of $8.8 million ($1.27 EPS), up 9.6% from Q2 2024 and 9.1% from Q3 2023. The company achieved a return on assets of 1.13% and return on equity of 11.11%. Net interest income increased to $22.5 million, with net interest margin improving to 2.98%. Total assets reached $3.10 billion with deposits of $2.75 billion. The company maintained strong asset quality with nonperforming assets at 0.10% of total assets and completed a significant stock repurchase of 60,000 shares at $3.0 million. The allowance for credit losses stood at 1.06% of loans held for investment.
Red River Bancshares ha riportato un utile netto per il terzo trimestre del 2024 di 8,8 milioni di dollari (1,27 dollari per azione), in aumento del 9,6% rispetto al secondo trimestre del 2024 e del 9,1% rispetto al terzo trimestre del 2023. L'azienda ha ottenuto un ritorno sugli attivi dell'1,13% e un ritorno sul capitale dell'11,11%. Il reddito netto da interessi è aumentato a 22,5 milioni di dollari, con un margine di interesse netto che migliora al 2,98%. I totali attivi hanno raggiunto 3,10 miliardi di dollari con depositi di 2,75 miliardi di dollari. L'azienda ha mantenuto una solida qualità degli attivi con attivi non performanti pari allo 0,10% del totale degli attivi e ha completato un significativo riacquisto di azioni di 60.000 azioni per 3,0 milioni di dollari. Il fondo per perdite su crediti si è attestato all'1,06% dei prestiti detenuti per investimento.
Red River Bancshares reportó un ingreso neto de 8,8 millones de dólares (1,27 dólares por acción) para el tercer trimestre de 2024, lo que representa un aumento del 9,6% respecto al segundo trimestre de 2024 y del 9,1% respecto al tercer trimestre de 2023. La compañía logró un retorno sobre activos del 1,13% y un retorno sobre patrimonio del 11,11%. Los ingresos netos por intereses aumentaron a 22,5 millones de dólares, mejorando el margen de interés neto al 2,98%. Los activos totales alcanzaron los 3,10 mil millones de dólares con depósitos de 2,75 mil millones de dólares. La empresa mantuvo una sólida calidad de activos, con activos no productivos que representan el 0,10% del total de activos, y completó una significativa recompra de acciones de 60.000 acciones por 3,0 millones de dólares. La provisión para pérdidas crediticias se situó en el 1,06% de los préstamos mantenidos para inversión.
레드 리버 뱅크셰어스는 2024년 3분기 순이익이 880 만 달러(주당 1.27달러)로, 2024년 2분기 대비 9.6%, 2023년 3분기 대비 9.1% 증가했다고 보고했습니다. 이 회사는 자산 수익률 1.13% 및 자기자본 수익률 11.11%를 달성했습니다. 순이자 수익은 2,250 만 달러로 증가하였고, 순이자 마진은 2.98%로 개선되었습니다. 총 자산은 31억 달러에 달했고, 예금은 27억 5천만 달러에 이르렀습니다. 이 회사는 비수익 자산 비율이 총 자산의 0.10%인 강력한 자산 품질을 유지하였으며, 30만 달러에 6만 주의 상당한 자사주 매입을 완료했습니다. 신용 손실 충당금은 투자용 대출의 1.06%에 달했습니다.
Red River Bancshares a annoncé un revenu net de 8,8 millions de dollars (1,27 dollar par action) pour le troisième trimestre 2024, en hausse de 9,6% par rapport au deuxième trimestre 2024 et de 9,1% par rapport au troisième trimestre 2023. L'entreprise a obtenu un rendement sur actifs de 1,13% et un rendement sur fonds propres de 11,11%. Les revenus d'intérêts nets ont augmenté à 22,5 millions de dollars, avec une marge d'intérêt nette améliorée à 2,98%. Les actifs totaux ont atteint 3,10 milliards de dollars, avec des dépôts de 2,75 milliards de dollars. L'entreprise a maintenu une solide qualité d'actifs, avec des actifs non performants représentant 0,10% des actifs totaux, et a complété un rachat d'actions important de 60 000 actions pour 3,0 millions de dollars. La provision pour pertes de crédit était de 1,06% des prêts détenus pour investissement.
Red River Bancshares berichtete im dritten Quartal 2024 von einem Nettogewinn von 8,8 Millionen Dollar (1,27 Dollar je Aktie), was einem Anstieg von 9,6% im Vergleich zum zweiten Quartal 2024 und 9,1% im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen erreichte eine Rendite auf Vermögenswerte von 1,13% und eine Rendite auf Eigenkapital von 11,11%. Der Zinsertrag stieg auf 22,5 Millionen Dollar, wobei die Zinsmarge auf 2,98% verbessert wurde. Die Gesamtsumme der Vermögenswerte betrug 3,10 Milliarden Dollar mit Einlagen von 2,75 Milliarden Dollar. Das Unternehmen hielt eine starke Vermögensqualität mit nicht leistungsfähigen Vermögenswerten, die 0,10% der Gesamtvermögen ausmachten, und vollzog einen bedeutenden Aktienrückkauf von 60.000 Aktien im Wert von 3,0 Millionen Dollar. Die Rückstellung für kreditrisiken betrug 1,06% der für Investitionen gehaltenen Kredite.
- Net income increased 9.6% quarter-over-quarter to $8.8 million
- Net interest margin improved to 2.98% from 2.92% in previous quarter
- Strong asset quality with NPAs at only 0.10% of assets
- Robust capital levels with total risk-based capital ratio of 18.07%
- No borrowings, brokered deposits, or internet-sourced deposits
- Nine-month net income decreased 6.2% year-over-year to $24.9 million
- Noninterest expenses increased by $63,000 quarter-over-quarter
Insights
The Q3 2024 results show strong financial performance with several positive indicators. Net income increased 9.6% quarter-over-quarter to
Key strengths include solid asset quality with NPAs at just
The bank's conservative approach with a
ALEXANDRIA, La., Oct. 30, 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 third quarter of 2024.
Net income for the third quarter of 2024 was
Net income for the nine months ended September 30, 2024, was
Third Quarter 2024 Performance and Operational Highlights
In the third quarter of 2024, the Company reported higher earnings, an improved net interest margin, and fairly consistent loans and deposits. We deployed excess funds into the securities portfolio and completed a significant stock repurchase. In mid-September, the target range of the federal funds rate was reduced by 50 basis points (“bps”).
- Net income for the third quarter of 2024 was
$8.8 million compared to$8.0 million for the prior quarter. Net income for the third quarter benefited from higher net interest income and an improved net interest margin fully tax equivalent (“FTE”), along with higher noninterest income. - Net interest income and net interest margin FTE increased for the third quarter of 2024 compared to the prior quarter. Net interest income for the third quarter of 2024 was
$22.5 million compared to$21.8 million for the prior quarter. Net interest margin FTE for the third quarter of 2024 was2.98% compared to2.92% for the prior quarter. These increases were due to improved yields on securities and loans outpacing higher deposit rates. - Noninterest income totaled
$5.4 million for the third quarter of 2024, an increase of$321,000 , or6.3% , compared to$5.1 million for the previous quarter. Noninterest income benefited from the receipt of a$151,000 nonrecurring loan fee. - As of September 30, 2024, assets were
$3.10 billion , which was$53.2 million , or1.7% , higher than June 30, 2024. The increase was mainly due to a$30.5 million increase in deposits. - Deposits totaled
$2.75 billion as of September 30, 2024, an increase of$30.5 million , or1.1% , compared to$2.72 billion as of June 30, 2024. In the third quarter of 2024, customer deposit balances remained consistent, with normal activity. - As of September 30, 2024, loans held for investment (“HFI”) were
$2.06 billion , slightly higher than$2.05 billion as of June 30, 2024. In the third quarter of 2024, we closed on a high level of loan commitments, which should fund over time. - As of September 30, 2024, total securities were
$697.7 million , which was$31.1 million , or4.7% , higher than June 30, 2024. In the third quarter of 2024, we redeployed cash flows from lower yielding securities into higher yielding securities, as well as deployed other liquid assets into the securities portfolio. - As of September 30, 2024, liquid assets, which are cash and cash equivalents, were
$232.6 million , and the liquid assets to assets ratio was7.50% . We do not have any borrowings, brokered deposits, or internet-sourced deposits. - In the third quarter of 2024, the provision for credit losses totaled
$300,000. T his included$200,000 for loans and$100,000 for unfunded loan commitments. - As of September 30, 2024, nonperforming assets (“NPA(s)”) were
$3.1 million , or0.10% of assets, and the allowance for credit losses (“ACL”) was$21.8 million , or1.06% of loans HFI. - We paid a quarterly cash dividend of
$0.09 per common share in the third 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 third quarter of 2024, we entered into a privately negotiated stock repurchase agreement for the repurchase of 60,000 shares at an aggregate cost of$3.0 million . In connection with this repurchase, we reduced the availability under the 2024 repurchase program by$3.0 million . We also repurchased 233 shares at an aggregate cost of$11,000 from the open market. As of September 30, 2024, the 2024 stock repurchase program had$1.2 million remaining. - As of September 30, 2024, capital levels were strong with a stockholders’ equity to assets ratio of
10.46% , a leverage ratio of11.90% , and a total risk-based capital ratio of18.07% . - The book value per share of common stock was
$47.51 as of September 30, 2024, compared to$44.58 as of June 30, 2024. This improvement was primarily due to the decrease in the accumulated other comprehensive loss related to securities and net income added to stockholders’ equity, partially offset by stock repurchases.
Blake Chatelain, President and Chief Executive Officer, stated, “We are pleased with the financial results for the third quarter of 2024. We managed continued improvement to the net interest margin FTE, higher earnings, solid asset quality, steady loan activity, and continued strong liquidity and capital.
“Throughout the majority of the third quarter, until the Federal Reserve reduced the federal funds rate, we continued to reprice assets at a quicker pace than liabilities, which benefited net interest margin FTE and net interest income. Loan demand continued to be steady in the third quarter, despite some companies possibly placing investment decisions on hold due to the pending presidential election. We did, however, close on a significant amount of construction loan commitments, which should fund over the next year.
“On September 18, 2024, the Federal Reserve reduced the federal funds rate by 50 bps. This marks the conclusion of one of the most aggressive interest rate tightening cycles in many years. The rapid increase in interest rates has been challenging for banks and their customers. A lower interest rate environment should spur loan demand and mortgage loan activity, as well as help moderate accumulated other comprehensive loss in stockholders’ equity related to securities. Overall, the Louisiana economy seems to be faring well, and our customers’ balance sheets and earnings appear solid.
“Our company is well-positioned for the future, with robust capital and liquidity levels combined with a great team of community bankers. As we gain more clarity regarding future interest rates and the presidential election concludes, we remain committed to providing steady financial results for the company.”
Net Interest Income and Net Interest Margin FTE
Net interest income and net interest margin FTE increased in the third quarter of 2024 compared to the prior quarter. These increases were due to improved yields on securities and loans outpacing higher deposit rates. After keeping the federal funds rate consistent since the third quarter of 2023, the Federal Open Market Committee (“FOMC”) decreased the federal funds rate by 50 bps in September of 2024.
Net interest income for the third quarter of 2024 was
The net interest margin FTE increased six bps to
Late in the third quarter of 2024, the target range of the federal funds rate was reduced 50 bps to
Provision for Credit Losses
The provision for credit losses for the third quarter of 2024 totaled
Noninterest Income
Noninterest income totaled
Equity securities are an investment in a Community Reinvestment Act (“CRA”) mutual fund consisting primarily of bonds. The gain or loss on equity securities is a fair value adjustment primarily driven by changes in the interest rate environment. Due to the fluctuations in market rates between quarters, equity securities had a gain of
Service charges on deposit accounts totaled
Loan and deposit income totaled
Brokerage income was
SBIC income for the third quarter of 2024 was
Operating Expenses
Operating expenses totaled
Technology expenses totaled
Other taxes totaled
Asset Overview
As of September 30, 2024, assets were
Securities
Total securities as of September 30, 2024, were
The estimated fair value of securities available for sale (“AFS”) totaled
As of September 30, 2024, equity securities, which is an investment in a CRA mutual fund consisting primarily of bonds, totaled
Loans
Loans HFI as of September 30, 2024, were
| Loans HFI by Category | ||||||||||||||||||
| September 30, 2024 | June 30, 2024 | Change from June 30, 2024 to September 30, 2024 | ||||||||||||||||
| (dollars in thousands) | Amount | Percent | Amount | Percent | $ Change | % Change | ||||||||||||
| Real estate: | ||||||||||||||||||
| Commercial real estate | $ | 875,590 | $ | 865,645 | $ | 9,945 | ||||||||||||
| One-to-four family residential | 616,467 | 611,904 | 4,563 | |||||||||||||||
| Construction and development | 141,525 | 129,197 | 12,328 | |||||||||||||||
| Commercial and industrial | 327,069 | 344,071 | (17,002) | ( | ||||||||||||||
| Tax-exempt | 66,436 | 67,941 | (1,505) | ( | ||||||||||||||
| Consumer | 28,961 | 29,132 | (171) | ( | ||||||||||||||
| Total loans HFI | $ | 2,056,048 | $ | 2,047,890 | $ | 8,158 | ||||||||||||
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 September 30, 2024, total health care loans were
Asset Quality and Allowance for Credit Losses
NPAs totaled
As of September 30, 2024, the ACL was
Deposits
As of September 30, 2024, deposits were
| Deposits by Account Type | ||||||||||||||||||
| September 30, 2024 | June 30, 2024 | Change from June 30, 2024 to September 30, 2024 | ||||||||||||||||
| (dollars in thousands) | Balance | % of Total | Balance | % of Total | $ Change | % Change | ||||||||||||
| Noninterest-bearing demand deposits | $ | 882,394 | $ | 892,942 | $ | (10,548) | ( | |||||||||||
| Interest-bearing deposits: | ||||||||||||||||||
| Interest-bearing demand deposits | 163,787 | 135,543 | 28,244 | |||||||||||||||
| NOW accounts | 379,566 | 377,385 | 2,181 | |||||||||||||||
| Money market accounts | 551,229 | 547,715 | 3,514 | |||||||||||||||
| Savings accounts | 166,723 | 170,050 | (3,327) | ( | ||||||||||||||
| Time deposits less than or equal to | 411,361 | 399,981 | 11,380 | |||||||||||||||
| Time deposits greater than | 192,065 | 193,030 | (965) | ( | ||||||||||||||
| Total interest-bearing deposits | 1,864,731 | 1,823,704 | 41,027 | |||||||||||||||
| Total deposits | $ | 2,747,125 | $ | 2,716,646 | $ | 30,479 | ||||||||||||
| Deposits by Customer Type | ||||||||||||||||||
| September 30, 2024 | June 30, 2024 | Change from June 30, 2024 to September 30, 2024 | ||||||||||||||||
| (dollars in thousands) | Balance | % of Total | Balance | % of Total | $ Change | % Change | ||||||||||||
| Consumer | $ | 1,348,281 | $ | 1,351,709 | $ | (3,428) | ( | |||||||||||
| Commercial | 1,191,625 | 1,149,023 | 42,602 | |||||||||||||||
| Public | 207,219 | 215,914 | (8,695) | ( | ||||||||||||||
| Total deposits | $ | 2,747,125 | $ | 2,716,646 | $ | 30,479 | ||||||||||||
In the third quarter of 2024, customer deposit balances remained consistent, with normal activity.
The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of September 30, 2024, the average deposit account size was approximately
As of September 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 September 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 Nine Months Ended | |||||||||||||||||||
| (dollars in thousands, except per share data) | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| Net Income | $ | 8,754 | $ | 7,987 | $ | 8,021 | $ | 24,929 | $ | 26,587 | ||||||||||
| Per Common Share Data: | ||||||||||||||||||||
| Earnings per share, basic | $ | 1.28 | $ | 1.16 | $ | 1.12 | $ | 3.60 | $ | 3.70 | ||||||||||
| Earnings per share, diluted | $ | 1.27 | $ | 1.16 | $ | 1.12 | $ | 3.59 | $ | 3.70 | ||||||||||
| Book value per share | $ | 47.51 | $ | 44.58 | $ | 39.43 | $ | 47.51 | $ | 39.43 | ||||||||||
| Tangible book value per share (1) | $ | 47.28 | $ | 44.35 | $ | 39.21 | $ | 47.28 | $ | 39.21 | ||||||||||
| Realized book value per share (1) | $ | 54.78 | $ | 53.54 | $ | 50.27 | $ | 54.78 | $ | 50.27 | ||||||||||
| Cash dividends per share | $ | 0.09 | $ | 0.09 | $ | 0.08 | $ | 0.27 | $ | 0.24 | ||||||||||
| Shares outstanding | 6,826,120 | 6,886,928 | 7,150,685 | 6,826,120 | 7,150,685 | |||||||||||||||
| Weighted average shares outstanding, basic | 6,851,223 | 6,896,030 | 7,168,413 | 6,932,137 | 7,176,219 | |||||||||||||||
| Weighted average shares outstanding, diluted | 6,867,474 | 6,914,140 | 7,180,084 | 6,949,196 | 7,188,371 | |||||||||||||||
| Summary Performance Ratios: | ||||||||||||||||||||
| Return on average assets | ||||||||||||||||||||
| Return on average equity | ||||||||||||||||||||
| Net interest margin | ||||||||||||||||||||
| Net interest margin FTE | ||||||||||||||||||||
| Efficiency ratio | ||||||||||||||||||||
| Loans HFI to deposits ratio | ||||||||||||||||||||
| Noninterest-bearing deposits to deposits ratio | ||||||||||||||||||||
| Noninterest income to average assets | ||||||||||||||||||||
| Operating expense to average assets | ||||||||||||||||||||
| Summary Credit Quality Ratios: | ||||||||||||||||||||
| NPAs to assets | ||||||||||||||||||||
| Nonperforming loans to loans HFI | ||||||||||||||||||||
| ACL to loans HFI | ||||||||||||||||||||
| Net charge-offs to average loans | ||||||||||||||||||||
| Capital Ratios: | ||||||||||||||||||||
| Stockholders’ equity to assets | ||||||||||||||||||||
| Tangible common equity to tangible assets(1) | ||||||||||||||||||||
| Total risk-based capital to risk-weighted assets | ||||||||||||||||||||
| Tier 1 risk-based capital to risk-weighted assets | ||||||||||||||||||||
| Common equity Tier 1 capital to risk-weighted assets | ||||||||||||||||||||
| Tier 1 risk-based capital to average assets | ||||||||||||||||||||
(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) | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||
| ASSETS | |||||||||||||||||||
| Cash and due from banks | $ | 39,664 | $ | 35,035 | $ | 19,401 | $ | 53,062 | $ | 42,413 | |||||||||
| Interest-bearing deposits in other banks | 192,983 | 178,038 | 210,404 | 252,364 | 279,786 | ||||||||||||||
| Securities available-for-sale, at fair value | 560,555 | 526,890 | 545,967 | 570,092 | 529,046 | ||||||||||||||
| Securities held-to-maturity, at amortized cost | 134,145 | 136,824 | 139,328 | 141,236 | 143,420 | ||||||||||||||
| Equity securities, at fair value | 3,028 | 2,921 | 2,934 | 2,965 | 2,833 | ||||||||||||||
| Nonmarketable equity securities | 2,305 | 2,283 | 2,261 | 2,239 | 2,190 | ||||||||||||||
| Loans held for sale | 1,805 | 3,878 | 1,653 | 1,306 | 2,348 | ||||||||||||||
| Loans held for investment | 2,056,048 | 2,047,890 | 2,038,072 | 1,992,858 | 1,948,606 | ||||||||||||||
| Allowance for credit losses | (21,757) | (21,627) | (21,564) | (21,336) | (21,183) | ||||||||||||||
| Premises and equipment, net | 57,661 | 57,910 | 57,539 | 57,088 | 56,466 | ||||||||||||||
| Accrued interest receivable | 9,465 | 9,570 | 9,995 | 9,945 | 8,778 | ||||||||||||||
| Bank-owned life insurance | 30,164 | 29,947 | 29,731 | 29,529 | 29,332 | ||||||||||||||
| Intangible assets | 1,546 | 1,546 | 1,546 | 1,546 | 1,546 | ||||||||||||||
| Right-of-use assets | 2,853 | 2,973 | 3,091 | 3,629 | 3,757 | ||||||||||||||
| Other assets | 31,285 | 34,450 | 32,940 | 32,287 | 36,815 | ||||||||||||||
| Total Assets | $ | 3,101,750 | $ | 3,048,528 | $ | 3,073,298 | $ | 3,128,810 | $ | 3,066,153 | |||||||||
| LIABILITIES | |||||||||||||||||||
| Noninterest-bearing deposits | $ | 882,394 | $ | 892,942 | $ | 895,439 | $ | 916,456 | $ | 972,155 | |||||||||
| Interest-bearing deposits | 1,864,731 | 1,823,704 | 1,850,452 | 1,885,432 | 1,787,738 | ||||||||||||||
| Total Deposits | 2,747,125 | 2,716,646 | 2,745,891 | 2,801,888 | 2,759,893 | ||||||||||||||
| Accrued interest payable | 11,751 | 8,747 | 8,959 | 8,000 | 6,800 | ||||||||||||||
| Lease liabilities | 2,982 | 3,100 | 3,215 | 3,767 | 3,892 | ||||||||||||||
| Accrued expenses and other liabilities | 15,574 | 13,045 | 15,919 | 11,304 | 13,617 | ||||||||||||||
| Total Liabilities | 2,777,432 | 2,741,538 | 2,773,984 | 2,824,959 | 2,784,202 | ||||||||||||||
| COMMITMENTS AND CONTINGENCIES | — | — | — | — | — | ||||||||||||||
| STOCKHOLDERS’ EQUITY | |||||||||||||||||||
| Preferred stock, no par value | — | — | — | — | — | ||||||||||||||
| Common stock, no par value | 41,402 | 44,413 | 45,177 | 55,136 | 58,031 | ||||||||||||||
| Additional paid-in capital | 2,682 | 2,590 | 2,485 | 2,407 | 2,327 | ||||||||||||||
| Retained earnings | 329,858 | 321,719 | 314,352 | 306,802 | 299,079 | ||||||||||||||
| Accumulated other comprehensive income (loss) | (49,624) | (61,732) | (62,700) | (60,494) | (77,486) | ||||||||||||||
| Total Stockholders’ Equity | 324,318 | 306,990 | 299,314 | 303,851 | 281,951 | ||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 3,101,750 | $ | 3,048,528 | $ | 3,073,298 | $ | 3,128,810 | $ | 3,066,153 | |||||||||
| RED RIVER BANCSHARES, INC. | ||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||
| (in thousands) | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||
| Interest and fees on loans | $ | 27,909 | $ | 26,882 | $ | 23,925 | $ | 80,684 | $ | 68,541 | ||||||||
| Interest on securities | 4,334 | 4,068 | 3,404 | 12,465 | 10,635 | |||||||||||||
| Interest on federal funds sold | — | — | — | — | 886 | |||||||||||||
| Interest on deposits in other banks | 2,630 | 2,709 | 2,950 | 8,378 | 6,359 | |||||||||||||
| Dividends on stock | 28 | 22 | 45 | 73 | 106 | |||||||||||||
| Total Interest and Dividend Income | 34,901 | 33,681 | 30,324 | 101,600 | 86,527 | |||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||
| Interest on deposits | 12,444 | 11,894 | 9,562 | 35,993 | 21,319 | |||||||||||||
| Interest on other borrowed funds | — | — | 37 | — | 64 | |||||||||||||
| Total Interest Expense | 12,444 | 11,894 | 9,599 | 35,993 | 21,383 | |||||||||||||
| Net Interest Income | 22,457 | 21,787 | 20,725 | 65,607 | 65,144 | |||||||||||||
| Provision for credit losses | 300 | 300 | 185 | 900 | 485 | |||||||||||||
| Net Interest Income After Provision for Credit Losses | 22,157 | 21,487 | 20,540 | 64,707 | 64,659 | |||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||
| Service charges on deposit accounts | 1,486 | 1,367 | 1,489 | 4,223 | 4,317 | |||||||||||||
| Debit card income, net | 905 | 949 | 830 | 2,875 | 2,687 | |||||||||||||
| Mortgage loan income | 732 | 650 | 604 | 1,838 | 1,524 | |||||||||||||
| Brokerage income | 987 | 893 | 1,029 | 2,867 | 2,759 | |||||||||||||
| Loan and deposit income | 588 | 492 | 571 | 1,572 | 1,566 | |||||||||||||
| Bank-owned life insurance income | 217 | 216 | 191 | 635 | 557 | |||||||||||||
| Gain (Loss) on equity securities | 107 | (13) | (113) | 63 | (145) | |||||||||||||
| SBIC income | 301 | 454 | 920 | 1,107 | 2,479 | |||||||||||||
| Other income (loss) | 96 | 90 | 60 | 266 | 184 | |||||||||||||
| Total Noninterest Income | 5,419 | 5,098 | 5,581 | 15,446 | 15,928 | |||||||||||||
| OPERATING EXPENSES | ||||||||||||||||||
| Personnel expenses | 9,700 | 9,603 | 9,461 | 28,854 | 28,008 | |||||||||||||
| Occupancy and equipment expenses | 1,661 | 1,698 | 1,663 | 4,975 | 4,933 | |||||||||||||
| Technology expenses | 865 | 724 | 675 | 2,298 | 2,066 | |||||||||||||
| Advertising | 317 | 408 | 331 | 1,061 | 955 | |||||||||||||
| Other business development expenses | 521 | 593 | 522 | 1,589 | 1,451 | |||||||||||||
| Data processing expense | 652 | 651 | 651 | 1,650 | 1,689 | |||||||||||||
| Other taxes | 622 | 500 | 664 | 1,859 | 2,042 | |||||||||||||
| Loan and deposit expenses | 294 | 309 | 238 | 561 | 728 | |||||||||||||
| Legal and professional expenses | 653 | 729 | 616 | 2,000 | 1,714 | |||||||||||||
| Regulatory assessment expenses | 421 | 401 | 419 | 1,226 | 1,223 | |||||||||||||
| Other operating expenses | 1,046 | 1,073 | 990 | 3,241 | 3,041 | |||||||||||||
| Total Operating Expenses | 16,752 | 16,689 | 16,230 | 49,314 | 47,850 | |||||||||||||
| Income Before Income Tax Expense | 10,824 | 9,896 | 9,891 | 30,839 | 32,737 | |||||||||||||
| Income tax expense | 2,070 | 1,909 | 1,870 | 5,910 | 6,150 | |||||||||||||
| Net Income | $ | 8,754 | $ | 7,987 | $ | 8,021 | $ | 24,929 | $ | 26,587 | ||||||||
| RED RIVER BANCSHARES, INC. | |||||||||||||||||||
| NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED) | |||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||
| September 30, 2024 | June 30, 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) | $ | 2,054,451 | $ | 27,909 | $ | 2,042,602 | $ | 26,882 | |||||||||||
| Securities - taxable | 545,171 | 3,344 | 546,466 | 3,069 | |||||||||||||||
| Securities - tax-exempt | 191,285 | 990 | 193,954 | 999 | |||||||||||||||
| Interest-bearing deposits in other banks | 194,229 | 2,630 | 199,668 | 2,709 | |||||||||||||||
| Nonmarketable equity securities | 2,284 | 28 | 2,262 | 22 | |||||||||||||||
| Total interest-earning assets | 2,987,420 | $ | 34,901 | 2,984,952 | $ | 33,681 | |||||||||||||
| Allowance for credit losses | (21,702) | (21,653) | |||||||||||||||||
| Noninterest-earning assets | 104,599 | 96,631 | |||||||||||||||||
| Total assets | $ | 3,070,317 | $ | 3,059,930 | |||||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||
| Interest-bearing transaction deposits | $ | 1,230,487 | $ | 6,042 | $ | 1,230,474 | $ | 5,701 | |||||||||||
| Time deposits | 597,286 | 6,402 | 595,120 | 6,193 | |||||||||||||||
| Total interest-bearing deposits | 1,827,773 | 12,444 | 1,825,594 | 11,894 | |||||||||||||||
| Other borrowings | — | — | —% | 1 | — | ||||||||||||||
| Total interest-bearing liabilities | 1,827,773 | $ | 12,444 | 1,825,595 | $ | 11,894 | |||||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||
| Noninterest-bearing deposits | 901,192 | 908,930 | |||||||||||||||||
| Accrued interest and other liabilities | 28,006 | 24,868 | |||||||||||||||||
| Total noninterest-bearing liabilities | 929,198 | 933,798 | |||||||||||||||||
| Stockholders’ equity | 313,346 | 300,537 | |||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,070,317 | $ | 3,059,930 | |||||||||||||||
| Net interest income | $ | 22,457 | $ | 21,787 | |||||||||||||||
| Net interest spread | |||||||||||||||||||
| Net interest margin | |||||||||||||||||||
| Net interest margin FTE(3) | |||||||||||||||||||
| Cost of deposits | |||||||||||||||||||
| Cost of funds | |||||||||||||||||||
(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 Nine Months Ended | |||||||||||||||||||
| September 30, 2024 | September 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) | $ | 2,037,435 | $ | 80,684 | $ | 1,933,226 | $ | 68,541 | |||||||||||
| Securities - taxable | 553,714 | 9,461 | 618,345 | 7,535 | |||||||||||||||
| Securities - tax-exempt | 194,341 | 3,004 | 203,748 | 3,100 | |||||||||||||||
| Federal funds sold | — | — | —% | 24,861 | 886 | ||||||||||||||
| Interest-bearing deposits in other banks | 206,023 | 8,378 | 167,210 | 6,359 | |||||||||||||||
| Nonmarketable equity securities | 2,262 | 73 | 3,744 | 106 | |||||||||||||||
| Total interest-earning assets | 2,993,775 | $ | 101,600 | 2,951,134 | $ | 86,527 | |||||||||||||
| Allowance for credit losses | (21,586) | (20,920) | |||||||||||||||||
| Noninterest-earning assets | 100,586 | 88,527 | |||||||||||||||||
| Total assets | $ | 3,072,775 | $ | 3,018,741 | |||||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||
| Interest-bearing transaction deposits | $ | 1,240,737 | $ | 17,424 | $ | 1,259,198 | $ | 12,126 | |||||||||||
| Time deposits | 591,771 | 18,569 | 441,442 | 9,193 | |||||||||||||||
| Total interest-bearing deposits | 1,832,508 | 35,993 | 1,700,640 | 21,319 | |||||||||||||||
| Other borrowings | — | — | —% | 1,539 | 64 | ||||||||||||||
| Total interest-bearing liabilities | 1,832,508 | $ | 35,993 | 1,702,179 | $ | 21,383 | |||||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||
| Noninterest-bearing deposits | 907,722 | 1,016,034 | |||||||||||||||||
| Accrued interest and other liabilities | 25,983 | 20,951 | |||||||||||||||||
| Total noninterest-bearing liabilities | 933,705 | 1,036,985 | |||||||||||||||||
| Stockholders’ equity | 306,562 | 279,577 | |||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,072,775 | $ | 3,018,741 | |||||||||||||||
| Net interest income | $ | 65,607 | $ | 65,144 | |||||||||||||||
| Net interest spread | |||||||||||||||||||
| Net interest margin | |||||||||||||||||||
| Net interest margin FTE(3) | |||||||||||||||||||
| Cost of deposits | |||||||||||||||||||
| Cost of funds | |||||||||||||||||||
(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) | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||||
| Tangible common equity | |||||||||||
| Total stockholders’ equity | $ | 324,318 | $ | 306,990 | $ | 281,951 | |||||
| Adjustments: | |||||||||||
| Intangible assets | (1,546) | (1,546) | (1,546) | ||||||||
| Total tangible common equity (non-GAAP) | $ | 322,772 | $ | 305,444 | $ | 280,405 | |||||
| Realized common equity | |||||||||||
| Total stockholders’ equity | $ | 324,318 | $ | 306,990 | $ | 281,951 | |||||
| Adjustments: | |||||||||||
| Accumulated other comprehensive (income) loss | 49,624 | 61,732 | 77,486 | ||||||||
| Total realized common equity (non-GAAP) | $ | 373,942 | $ | 368,722 | $ | 359,437 | |||||
| Common shares outstanding | 6,826,120 | 6,886,928 | 7,150,685 | ||||||||
| Book value per share | $ | 47.51 | $ | 44.58 | $ | 39.43 | |||||
| Tangible book value per share (non-GAAP) | $ | 47.28 | $ | 44.35 | $ | 39.21 | |||||
| Realized book value per share (non-GAAP) | $ | 54.78 | $ | 53.54 | $ | 50.27 | |||||
| Tangible assets | |||||||||||
| Total assets | $ | 3,101,750 | $ | 3,048,528 | $ | 3,066,153 | |||||
| Adjustments: | |||||||||||
| Intangible assets | (1,546) | (1,546) | (1,546) | ||||||||
| Total tangible assets (non-GAAP) | $ | 3,100,204 | $ | 3,046,982 | $ | 3,064,607 | |||||
| Total stockholders’ equity to assets | |||||||||||
| Tangible common equity to tangible assets (non-GAAP) | |||||||||||
FAQ
What was Red River Bancshares (RRBI) earnings per share in Q3 2024?
What was RRBI's net interest margin in Q3 2024?
How much did RRBI spend on stock repurchases in Q3 2024?
What was RRBI's total deposit balance as of September 30, 2024?
