Red River Bancshares, Inc. (the “Company”), (Nasdaq: RRBI), the
holding company for Red River Bank (the “Bank”), announced today
its financial results for the second quarter of 2019, its first
quarter as a public company.
Net income for the second quarter of 2019 was $5.5 million, or
$0.78 per diluted common share ("EPS"), compared to $5.7 million,
or $0.85 EPS, in the first quarter of 2019 and $5.5 million, or
$0.82 EPS, in the second quarter of 2018.
Net income for the six months ended June 30, 2019, was $11.2
million, or $1.63 EPS, an increase of $471,000 or 4.4%, compared to
$10.8 million, or $1.59 EPS, for the six months ended June 30,
2018.
On May 7, 2019, the Company completed its initial public
offering ("IPO") with the issuance of 663,320 shares of common
stock at a public offering price of $45.00 per share. The Company
received net proceeds of approximately $26.8 million in the
offering. The shares began trading on the Nasdaq Global Select
Market on May 3, 2019, under the ticker symbol “RRBI.”
Second Quarter 2019 Performance and Operational
Highlights
- The Company's stock was selected to be included in the Russell
2000 Index.
- Net income was $5.5 million, which is $158,000, or 2.8%, lower
compared to the first quarter of 2019 and was consistent with the
second quarter of 2018.
- Loans held for investment ("HFI") increased 3.3% from March 31,
2019, and 4.9% from December 31, 2018.
- Deposits decreased 3.3% from March 31, 2019. The first quarter
of 2019 included seasonally high public entity deposit balances and
a large, temporary deposit.
- As of June 30, 2019, the loans HFI to deposits ratio was 85.23%
and the noninterest-bearing deposits to total deposits ratio was
35.30%.
- Net interest margin, fully tax equivalent basis ("FTE"),
decreased by one basis point to 3.51% for the second quarter of
2019 from 3.52% for the first quarter of 2019.
- The cost of deposits was 0.60% for the second quarter of 2019,
three basis points higher than 0.57% for the prior quarter.
- The net charge-offs to average loans ratio for both the quarter
and six months ended June 30, 2019, were 0.00%.
- Nonperforming assets represented 0.70% of total assets as of
June 30, 2019.
- As planned, a portion of the proceeds from the IPO are being
used to redeem the $11.3 million of junior subordinated debentures.
In June 2019, $6.2 million of the junior subordinated debentures
with an average rate at payoff of 5.21% were redeemed, and the two
related business trusts were terminated. The Company incurred
approximately $50,000 of nonrecurring expenses in the second
quarter of 2019 relating to these redemptions.
- We completed the expansion of a new market headquarters
building in Baton Rouge, Louisiana, providing a central office for
commercial, mortgage, and investment department operations. In the
second quarter of 2019, nonrecurring expenses of approximately
$130,000 related to this location were incurred.
- On April 3, 2019, we opened a loan production office in a new
market, Covington, Louisiana. As a result, the second quarter of
2019 included a full quarter of lending services and the related
personnel and operating expenses for this location.
Blake Chatelain, President and Chief Executive Officer of the
Company, stated, “We are pleased to have completed our initial
public offering, listing our stock on the Nasdaq Global Select
Market and being selected to be included in the Russell 2000 Index.
Listing our common stock on Nasdaq and the proceeds from the
offering allow us to continue to grow organically and through
strategic acquisitions. As planned, we utilized a portion of the
offering funds to redeem over half of our junior subordinated
debentures in June."
With regard to second quarter activities, Mr. Chatelain said,
"In the second quarter, the Company had steady banking activity
while investing for future growth in new markets and personnel. The
new Baton Rouge market headquarters building has improved customer
service and provides room to grow our commercial banking team, and
our Covington bankers are busy introducing Red River Bank to this
vibrant Louisiana market. Our focus is on executing well daily
while keeping an eye on future opportunities. We believe this
furthers our goal of staying dedicated to our customers and
communities while also driving value for our shareholders."
Net Interest Income and Net Interest Margin
(FTE)
Net interest income for the second quarter of 2019 was $15.7
million, $199,000, or 1.3%, higher than the first quarter of 2019.
Average earning assets were $1.79 billion for the second quarter of
2019, $11.3 million, or 0.6%, higher than the first quarter of
2019. The net interest margin (FTE), was 3.51% for the second
quarter of 2019, one basis point lower than the prior quarter.
The yield on total loans decreased one basis point to 4.60% for
the second quarter of 2019 compared to the prior quarter. The loan
yield for the first quarter of 2019 included higher interest income
on nonaccrual loans than in the second quarter of 2019. The yield
on accruing loans increased by four basis points in the second
quarter.
The cost of deposits increased three basis points to 0.60% for
the second quarter of 2019 compared to the prior quarter primarily
as a result of increasing time deposit rates in the second
quarter.
Noninterest Income
Noninterest income totaled $4.1 million for the second quarter
of 2019, an increase of $803,000, or 24.4%, compared to $3.3
million for the previous quarter. The increase was mainly due to
higher brokerage income, higher mortgage loan income, and a
dividend from a Small Business Investment Company limited
partnership ("SBIC") of which Red River Bank is a member.
Brokerage income totaled $626,000 for the second quarter of
2019, up $261,000, or 71.5%, from the prior quarter. This
increase is due to continued growth in assets under management and
higher trading activity in the second quarter driven by the strong
stock market.
Mortgage loan income for the second quarter of 2019 totaled
$657,000, an increase of $143,000, or 27.8%, from the first quarter
of 2019. This increase was driven by seasonal mortgage loan demand,
increased advertising efforts, and lower mortgage interest
rates.
Other income increased by $204,000 from the prior quarter. This
increase was a result of receiving a $214,000 dividend from the
SBIC in the second quarter of 2019. No dividend was received in the
first quarter of 2019 from the SBIC.
Operating Expense
Operating expense for the second quarter 2019 totaled $12.4
million, an increase of $1.2 million, or 11.2%, compared to $11.2
million for the first quarter of 2019. The increase was mainly due
to higher personnel, advertising, loan, and occupancy expenses.
Personnel expenses totaled $7.0 million for the second quarter
of 2019, up $365,000, or 5.5%, from the first quarter of 2019. This
increase was due to staff added for the new Covington market,
annual merit rate increases effective in April 2019, and increased
revenue-based commission compensation.
Advertising expense increased by $187,000, or 89.5%, between the
first and second quarters of 2019. The increase was due to expanded
media campaigns and marketing events in the second quarter of 2019
in our newer markets.
Loan and deposit expenses totaled $392,000 for the second
quarter of 2019, up $169,000, or 75.8%, from the prior quarter. In
the second quarter of 2019, new loan volume was higher compared to
the prior quarter, and approximately $76,000 of nonrecurring loan
development expenses were incurred with the new Covington loan
production office.
Occupancy and equipment expenses for the second quarter of 2019
totaled $1.3 million, an increase of $159,000, or 13.5%, compared
to the first quarter of 2019. This increase was due to completing a
new market headquarters building in Baton Rouge which incurred
approximately $130,000 of nonrecurring expenses in the second
quarter and opening a temporary loan production office in Covington
on April 3, 2019.
In conjunction with the redemption of the junior subordinated
debentures in the second quarter, the Company incurred $12,000 of
nonrecurring legal and professional expenses and $38,000 of
nonrecurring other operating expenses.
Loans and Asset Quality
Loans HFI as of June 30, 2019, were $1.4 billion, an increase of
$44.0 million, or 3.3%, from March 31, 2019. The increase in loans
in the second quarter of 2019 was primarily due to normal loan
origination activity spread across all of our markets, with our
newer markets experiencing the most growth. Energy related credits
were 2.5% of loans HFI as of June 30, 2019, compared to 2.6% as of
March 31, 2019.
Nonperforming assets ("NPAs") totaled $13.2 million as of June
30, 2019 and $6.6 million as of March 31, 2019. The ratio of NPA's
to total assets was 0.70% as of June 30, 2019. The increase in
NPA's was due to a $5.9 million increase in loans past due 90 days
relating primarily to secured commercial loans.
As of June 30, 2019, the allowance for loan losses ("ALLL") was
$13.6 million and the ratio of ALLL to loans HFI was 0.98%. The net
charge-off ratio was 0.00% for the first and second quarters of
2019. The provision for loan losses recorded in the second quarter
of 2019 totaled $529,000 compared to $526,000 for the first quarter
of 2019.
Deposits
Deposits as of June 30, 2019, were $1.63 billion, a decrease of
$56.5 million, or 3.3%, compared to March 31, 2019. Average
deposits for the second quarter of 2019 were $1.63 billion, a
decrease of $9.9 million, or 0.6%, from the prior quarter.
Noninterest-bearing deposits totaled $576.9 million as of June
30, 2019, up $11.2 million, or 2.0%, from March 31, 2019. As of
June 30, 2019, noninterest-bearing deposits were 35.3% of total
deposits.
Interest-bearing deposits totaled $1.06 billion as of June 30,
2019, down $67.7 million, or 6.0%, compared to March 31, 2019. As
expected, a large, temporary deposit received in the first quarter
of 2019 was disbursed in the second quarter. Public entity
transaction deposit balances had a net decrease of $17.5 million
during the second quarter of 2019 due to the public entities'
normal operations. Time deposits increased $2.8 million, or 0.8%,
in the second quarter and totaled $337.6 million as of June 30,
2019.
Junior Subordinated Debentures
As planned, during the second quarter 2019, we redeemed $6.2
million of junior subordinated debentures, with an average rate at
payoff of 5.21%, and terminated the associated business trusts. As
of June 30, 2019, we have outstanding junior subordinated
debentures of $5.2 million at a rate of 5.58%. We anticipate
redeeming these remaining debentures in August 2019.
Stockholders’ Equity
Total stockholders’ equity increased to $237.9 million as of
June 30, 2019, from $202.2 million as of March 31, 2019. The
increase in stockholders’ equity during the second quarter of 2019
was due to $26.8 million of proceeds from the initial public
offering, net of expenses and underwriting commissions, $5.5
million of net income, and $3.3 million of other comprehensive
income.
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 Security and Exchange Commission's 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. Non-GAAP financial measures do not include operating and
other statistical measures or ratios or statistical measures
calculated using exclusively either financial measures calculated
in accordance with GAAP, operating measures or other measures that
are not non-GAAP financial measures, or both.
The non-GAAP financial measures that we discuss 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.
We provide these measures in addition to, not as a substitute
for, net income and earnings per share, which are reported in
adherence to GAAP. Management and the board of directors review
tangible book value per share and tangible common equity to
tangible assets as part of managing operating performance. We
believe that these non-GAAP performance measures, while not
substitutes for GAAP net income, earnings per share, and total
expenses, are useful for both management and investors when
evaluating underlying operating and financial performance and its
available resources.
A reconciliation of non-GAAP financial measures to the
comparable GAAP financial measures is included at the end of the
financial statement tables.
About Red River Bancshares, Inc.
The Company 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 23 banking centers throughout Louisiana
and one loan production office in Covington, Louisiana. Banking
centers are located in the following 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;
and Southwest Louisiana, which includes the Lake Charles MSA.
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 the Private
Securities Litigation Reform Act of 1995. 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 Prospectus filed with the SEC
on May 3, 2019, relating to our initial public offering, 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.
|
FINANCIAL
HIGHLIGHTS (UNAUDITED) |
(Dollars in thousands, except per share data) |
|
|
As of and
for thethree months ended |
|
As of and
for thesix months ended |
|
|
June 30, |
|
Mar. 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Per Common Share Data:(1) |
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
|
$ |
0.79 |
|
|
$ |
0.86 |
|
|
$ |
0.82 |
|
|
$ |
1.64 |
|
|
$ |
1.60 |
|
Earnings per share, diluted |
|
$ |
0.78 |
|
|
$ |
0.85 |
|
|
$ |
0.82 |
|
|
$ |
1.63 |
|
|
$ |
1.59 |
|
Book value per share |
|
$ |
32.59 |
|
|
$ |
30.46 |
|
|
$ |
27.37 |
|
|
$ |
32.59 |
|
|
$ |
27.37 |
|
Tangible book value per share |
|
$ |
32.38 |
|
|
$ |
30.23 |
|
|
$ |
27.14 |
|
|
$ |
32.38 |
|
|
$ |
27.14 |
|
Cash dividends per share |
|
$ |
— |
|
|
$ |
0.20 |
|
|
— |
|
|
$ |
0.20 |
|
|
$ |
0.15 |
|
Weighted average shares outstanding, basic |
|
|
7,037,834 |
|
|
|
6,632,482 |
|
|
|
6,725,246 |
|
|
|
6,836,278 |
|
|
|
6,723,235 |
|
Weighted average shares outstanding, diluted |
|
|
7,074,769 |
|
|
|
6,668,029 |
|
|
|
6,769,458 |
|
|
|
6,874,560 |
|
|
|
6,768,648 |
|
Summary Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.18 |
% |
|
1.24 |
% |
|
1.26 |
% |
|
1.21 |
% |
|
1.24 |
% |
Return on average equity |
|
9.92 |
% |
|
11.69 |
% |
|
12.22 |
% |
|
10.74 |
% |
|
12.02 |
% |
Net interest margin |
|
3.46 |
% |
|
3.47 |
% |
|
3.41 |
% |
|
3.47 |
% |
|
3.37 |
% |
Net interest margin (FTE) |
|
3.51 |
% |
|
3.52 |
% |
|
3.45 |
% |
|
3.52 |
% |
|
3.42 |
% |
Efficiency ratio |
|
62.81 |
% |
|
59.52 |
% |
|
60.05 |
% |
|
61.20 |
% |
|
60.21 |
% |
Loans HFI to deposits ratio |
|
85.23 |
% |
|
79.78 |
% |
|
85.02 |
% |
|
85.23 |
% |
|
85.02 |
% |
Noninterest income to average assets |
|
0.87 |
% |
|
0.72 |
% |
|
0.83 |
% |
|
0.80 |
% |
|
0.78 |
% |
Operating expense to average assets |
|
2.65 |
% |
|
2.43 |
% |
|
2.48 |
% |
|
2.54 |
% |
|
2.44 |
% |
Summary Credit Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
0.70 |
% |
|
0.34 |
% |
|
0.70 |
% |
|
0.70 |
% |
|
0.70 |
% |
Nonperforming loans to loans HFI |
|
0.87 |
% |
|
0.46 |
% |
|
0.84 |
% |
|
0.87 |
% |
|
0.84 |
% |
Allowance for loan losses to loans HFI |
|
0.98 |
% |
|
0.97 |
% |
|
0.89 |
% |
|
0.98 |
% |
|
0.89 |
% |
Net charge-offs to average loans outstanding |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.01 |
% |
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to total assets |
|
12.57 |
% |
|
10.52 |
% |
|
10.43 |
% |
|
12.57 |
% |
|
10.43 |
% |
Tangible common equity to tangible assets |
|
12.50 |
% |
|
10.45 |
% |
|
10.35 |
% |
|
12.50 |
% |
|
10.35 |
% |
Total risk-based capital to risk weighted assets |
|
17.90 |
% |
|
16.52 |
% |
|
16.44 |
% |
|
17.90 |
% |
|
16.44 |
% |
Tier 1 risk-based capital to risk-weighted assets |
|
16.95 |
% |
|
15.57 |
% |
|
15.54 |
% |
|
16.95 |
% |
|
15.54 |
% |
Common equity tier 1 capital to risk-weighted assets |
|
16.60 |
% |
|
14.78 |
% |
|
14.69 |
% |
|
16.60 |
% |
|
14.69 |
% |
Tier 1 risk-based capital to average assets |
|
12.83 |
% |
|
11.50 |
% |
|
11.41 |
% |
|
12.83 |
% |
|
11.41 |
% |
(1) 2018 amounts adjusted to give effect to a 2-for-1 stock
split with a record date of October 1, 2018.
|
RED RIVER
BANCSHARES, INC. |
CONSOLIDATED
BALANCE SHEETS |
|
(in thousands) |
|
June 30, |
|
Mar. 31, |
|
Dec. 31, |
|
June 30, |
|
|
2019 |
|
2019 |
|
2018 |
|
2018 |
ASSETS |
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
|
(Unaudited) |
Cash and due
from banks |
|
$ |
29,854 |
|
|
$ |
32,371 |
|
|
$ |
34,070 |
|
|
$ |
28,239 |
|
Interest-bearing deposits in other banks |
|
71,761 |
|
|
145,593 |
|
|
117,836 |
|
|
21,917 |
|
Securities available-for-sale |
|
318,082 |
|
|
319,353 |
|
|
307,877 |
|
|
309,492 |
|
Securities held-to-maturity |
|
— |
|
|
— |
|
|
— |
|
|
7,749 |
|
Equity securities |
|
3,924 |
|
|
3,869 |
|
|
3,821 |
|
|
3,813 |
|
Nonmarketable equity securities |
|
1,342 |
|
|
1,303 |
|
|
1,299 |
|
|
1,292 |
|
Loans held for sale |
|
6,029 |
|
|
2,210 |
|
|
2,904 |
|
|
4,220 |
|
Loans held for investment |
|
1,393,154 |
|
|
1,349,181 |
|
|
1,328,438 |
|
|
1,326,552 |
|
Allowance for loans losses |
|
(13,591 |
) |
|
(13,101 |
) |
|
(12,524 |
) |
|
(11,756 |
) |
Premises and equipment, net |
|
40,032 |
|
|
40,033 |
|
|
39,690 |
|
|
36,296 |
|
Accrued interest receivable |
|
5,570 |
|
|
4,988 |
|
|
5,013 |
|
|
4,758 |
|
Bank-owned life insurance |
|
21,570 |
|
|
21,434 |
|
|
21,301 |
|
|
21,713 |
|
Intangible assets |
|
1,546 |
|
|
1,546 |
|
|
1,546 |
|
|
1,546 |
|
Right-of-use assets |
|
4,748 |
|
|
4,844 |
|
|
— |
|
|
— |
|
Other assets |
|
8,897 |
|
|
8,494 |
|
|
9,317 |
|
|
8,937 |
|
Total Assets |
|
$ |
1,892,918 |
|
|
$ |
1,922,118 |
|
|
$ |
1,860,588 |
|
|
$ |
1,764,768 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
576,934 |
|
|
$ |
565,757 |
|
|
$ |
547,880 |
|
|
$ |
546,684 |
|
Interest-bearing deposits |
|
1,057,656 |
|
|
1,125,377 |
|
|
1,097,703 |
|
|
1,013,655 |
|
Total Deposits |
|
1,634,590 |
|
|
1,691,134 |
|
|
1,645,583 |
|
|
1,560,339 |
|
Other borrowed funds |
|
— |
|
|
— |
|
|
— |
|
|
92 |
|
Junior subordinated debentures |
|
5,155 |
|
|
11,341 |
|
|
11,341 |
|
|
11,341 |
|
Accrued interest payable |
|
1,998 |
|
|
1,967 |
|
|
1,757 |
|
|
1,374 |
|
Lease liabilities |
|
4,773 |
|
|
4,856 |
|
|
— |
|
|
— |
|
Accrued expenses and other liabilities |
|
8,491 |
|
|
10,636 |
|
|
8,204 |
|
|
7,575 |
|
Total Liabilities |
|
1,655,007 |
|
|
1,719,934 |
|
|
1,666,885 |
|
|
1,580,721 |
|
COMMITMENTS AND CONTINGENCIES |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Preferred stock, no par value |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Common stock, no par value |
|
68,082 |
|
|
41,271 |
|
|
41,094 |
|
|
45,660 |
|
Retained earnings |
|
170,122 |
|
|
164,534 |
|
|
160,115 |
|
|
147,722 |
|
Accumulated other comprehensive income (loss) |
|
(293 |
) |
|
(3,621 |
) |
|
(7,506 |
) |
|
(9,335 |
) |
Total Stockholders' Equity |
|
237,911 |
|
|
202,184 |
|
|
193,703 |
|
|
184,047 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
1,892,918 |
|
|
$ |
1,922,118 |
|
|
$ |
1,860,588 |
|
|
$ |
1,764,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RED RIVER
BANCSHARES, INC. |
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
(in thousands) |
|
June 30, |
|
Mar. 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
Interest and
fees on loans |
|
$ |
15,945 |
|
|
$ |
15,504 |
|
|
$ |
14,435 |
|
|
$ |
31,448 |
|
|
$ |
28,022 |
|
Interest on securities |
|
1,784 |
|
|
1,763 |
|
|
1,744 |
|
|
3,547 |
|
|
3,565 |
|
Interest on federal funds sold |
|
212 |
|
|
212 |
|
|
64 |
|
|
425 |
|
|
114 |
|
Interest on deposits in other banks |
|
306 |
|
|
416 |
|
|
119 |
|
|
722 |
|
|
226 |
|
Dividends on stock |
|
9 |
|
|
9 |
|
|
7 |
|
|
19 |
|
|
13 |
|
Total Interest and Dividend Income |
|
18,256 |
|
|
17,904 |
|
|
16,369 |
|
|
36,161 |
|
|
31,940 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
2,449 |
|
|
2,296 |
|
|
1,665 |
|
|
4,746 |
|
|
3,200 |
|
Interest on other borrowed
funds |
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
4 |
|
Interest on junior
subordinated debentures |
|
156 |
|
|
156 |
|
|
136 |
|
|
312 |
|
|
260 |
|
Total Interest Expense |
|
2,605 |
|
|
2,452 |
|
|
1,803 |
|
|
5,058 |
|
|
3,464 |
|
NET INTEREST
INCOME |
|
15,651 |
|
|
15,452 |
|
|
14,566 |
|
|
31,103 |
|
|
28,476 |
|
Provision for loan losses |
|
529 |
|
|
526 |
|
|
526 |
|
|
1,055 |
|
|
937 |
|
NET INTEREST INCOME
AFTER PROVISION FOR LOAN LOSSES |
|
15,122 |
|
|
14,926 |
|
|
14,040 |
|
|
30,048 |
|
|
27,539 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts |
|
1,083 |
|
|
1,026 |
|
|
1,124 |
|
|
2,109 |
|
|
2,324 |
|
Debit card income, net |
|
785 |
|
|
695 |
|
|
764 |
|
|
1,481 |
|
|
1,468 |
|
Mortgage loan income |
|
657 |
|
|
514 |
|
|
706 |
|
|
1,171 |
|
|
1,052 |
|
Brokerage income |
|
626 |
|
|
365 |
|
|
590 |
|
|
991 |
|
|
925 |
|
Loan and deposit income |
|
382 |
|
|
346 |
|
|
329 |
|
|
727 |
|
|
597 |
|
Bank-owned life insurance
income |
|
137 |
|
|
133 |
|
|
139 |
|
|
270 |
|
|
276 |
|
Gain (Loss) on equity
securities |
|
56 |
|
|
48 |
|
|
(93 |
) |
|
104 |
|
|
(93 |
) |
Gain on sale of
investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
41 |
|
Other income |
|
373 |
|
|
169 |
|
|
106 |
|
|
542 |
|
|
233 |
|
Total Noninterest Income |
|
4,099 |
|
|
3,296 |
|
|
3,665 |
|
|
7,395 |
|
|
6,823 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
7,005 |
|
|
6,640 |
|
|
6,489 |
|
|
13,645 |
|
|
12,631 |
|
Occupancy and equipment
expenses |
|
1,334 |
|
|
1,175 |
|
|
1,081 |
|
|
2,509 |
|
|
2,161 |
|
Technology expenses |
|
558 |
|
|
544 |
|
|
536 |
|
|
1,101 |
|
|
1,042 |
|
Advertising |
|
396 |
|
|
209 |
|
|
211 |
|
|
605 |
|
|
386 |
|
Other business development
expenses |
|
277 |
|
|
282 |
|
|
241 |
|
|
560 |
|
|
547 |
|
Data processing expense |
|
483 |
|
|
459 |
|
|
427 |
|
|
942 |
|
|
820 |
|
Other taxes |
|
455 |
|
|
353 |
|
|
349 |
|
|
808 |
|
|
691 |
|
Loan and deposit expenses |
|
392 |
|
|
223 |
|
|
222 |
|
|
615 |
|
|
402 |
|
Legal and professional
expenses |
|
383 |
|
|
319 |
|
|
344 |
|
|
702 |
|
|
668 |
|
Other operating expenses |
|
1,121 |
|
|
954 |
|
|
1,047 |
|
|
2,075 |
|
|
1,907 |
|
Total Operating Expenses |
|
12,404 |
|
|
11,158 |
|
|
10,947 |
|
|
23,562 |
|
|
21,255 |
|
INCOME BEFORE INCOME
TAX EXPENSE |
|
6,817 |
|
|
7,064 |
|
|
6,758 |
|
|
13,881 |
|
|
13,107 |
|
Income tax expense |
|
1,279 |
|
|
1,368 |
|
|
1,226 |
|
|
2,647 |
|
|
2,344 |
|
NET
INCOME |
|
$ |
5,538 |
|
|
$ |
5,696 |
|
|
$ |
5,532 |
|
|
$ |
11,234 |
|
|
$ |
10,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|
(dollars in thousands except
per share data) |
|
June 30, |
|
Mar. 31, |
|
June 30, |
|
|
2019 |
|
2019 |
|
2018 |
Tangible common equity |
|
|
|
|
|
|
Total
stockholders' equity |
|
$ |
237,911 |
|
|
$ |
202,184 |
|
|
$ |
184,047 |
|
Adjustments: |
|
|
|
|
|
|
Intangible assets |
|
(1,546 |
) |
|
(1,546 |
) |
|
(1,546 |
) |
Total tangible common equity |
|
$ |
236,365 |
|
|
$ |
200,638 |
|
|
$ |
182,501 |
|
Common shares outstanding(1) |
|
7,300,246 |
|
|
6,636,926 |
|
|
6,725,598 |
|
Book value per common share(1) |
|
$ |
32.59 |
|
|
$ |
30.46 |
|
|
$ |
27.37 |
|
Tangible book value per common share(1) |
|
$ |
32.38 |
|
|
$ |
30.23 |
|
|
$ |
27.14 |
|
|
|
|
|
|
|
|
Tangible assets |
|
|
|
|
|
|
Total assets |
|
$ |
1,892,918 |
|
|
$ |
1,922,118 |
|
|
$ |
1,764,768 |
|
Adjustments: |
|
|
|
|
|
|
Intangible assets |
|
(1,546 |
) |
|
(1,546 |
) |
|
(1,546 |
) |
Total tangible assets |
|
$ |
1,891,372 |
|
|
$ |
1,920,572 |
|
|
$ |
1,763,222 |
|
Total stockholder's equity to assets |
|
12.57 |
% |
|
10.52 |
% |
|
10.43 |
% |
Tangible common equity to tangible assets |
|
12.50 |
% |
|
10.45 |
% |
|
10.35 |
% |
(1) June 30, 2018 amount adjusted to give effect to a 2-for-1
stock split with a record date of October 1, 2018.
SOURCE: Red River Bancshares, Inc.
Red River Bancshares, Inc.
Isabel V. Carriere
318-561-4023
icarriere@redriverbank.net
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