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 first quarter of 2023.
Net income for the first quarter of 2023 was $9.6 million, or
$1.33 per diluted common share (“EPS”), a decrease of $593,000, or
5.8%, compared to $10.2 million, or $1.42 EPS, for the fourth
quarter of 2022. For the first quarter of 2023, the quarterly
return on assets was 1.28%, and the quarterly return on equity was
14.33%.
Note from Blake Chatelain, President and Chief Executive
Officer
“The first quarter of 2023 was one of steady, consistent
performance by our Company. I am pleased to report that the first
quarter financial results included higher capital ratios, a solid
liquidity position with no borrowings, and good profitability. As
expected with the changing interest rate environment, we had some
changes to our deposit portfolio, higher deposit costs, and net
interest margin compression. Overall, we are pleased with the first
quarter of 2023 financial results.
“The failure of several banks and the uncertainty in the banking
industry dominated the news during the first quarter. In response
to that situation, we promptly provided details about the unique
nature of those banks to our employees and customers, answered our
customers’ banking questions, and engaged with our communities.
Situations like this remind us of the importance of maintaining
capital and liquidity levels, having diversification in customer
portfolios, and the benefits of providing consistent, disciplined
banking services during good and bad times. Since we opened, we
have maintained prudent, steady underwriting standards and
granular, diversified loan and deposit portfolios.
“Most financial companies have been impacted by the low interest
rate environment in effect since 2008 and most recently, the rapid
increase in interest rates. Over the past 12 months, many banks,
including Red River Bank, have been working through resetting loan
and deposit rates, along with customers updating and changing their
banking accounts and activity.
“Just as diversification is important within a bank, I believe
that a strong, diversified banking system is crucial to the United
States economy. Elected officials and banking regulators should
take actions that allow community banks to continue to grow and
thrive in order to provide local, personal banking services in
their communities.
“We believe that we are well positioned for the future. The
Company is well capitalized, has diversified customer portfolios,
good liquidity, no borrowings, excellent asset quality, and solid
earnings. While we understand that there are possible economic
challenges ahead with the inflationary environment and possible
economic slowdowns, we are confident in our ability to navigate
through these challenging times.”
First Quarter
2023 Performance and Operational
Highlights
In the first quarter of 2023, the Company had slightly lower
deposits and assets, consistent loans, and reduced earnings. Due to
the changing interest rate environment and uncertainty in the
banking industry, we monitored our liquidity position and deposit
activity very closely. We increased our quarterly dividend to $0.08
per common share and implemented the current expected credit loss
(“CECL”) methodology. The financial results for the first quarter
of 2023 were a result of the conservative and stable culture that
we have maintained at our Company.
- As of March 31, 2023, assets were $3.03
billion, a decrease of $52.1 million, or 1.7%, from December 31,
2022. The decrease in assets was mainly due to a $67.6 million
decrease in deposits.
- Deposits totaled $2.73 billion as of
March 31, 2023, a decrease of $67.6 million, or 2.4%, compared to
$2.80 billion as of December 31, 2022. During the first quarter of
2023, in addition to a slight decrease in total deposits, there was
also a shift of balances between deposit categories. These changes
were a result of the changing interest rate environment impacting
customer deposit activity combined with the normal seasonal
drawdowns by public entity customers.
- As of March 31, 2023, loans held for
investment (“HFI”) were $1.92 billion, consistent with December 31,
2022.
- As of March 31, 2023, total securities
were $765.2 million compared to $776.1 million as of December 31,
2022. Securities decreased $10.8 million primarily due to the sale
of a portion of a Community Reinvestment Act (“CRA”) mutual fund
and principal repayments.
- In the first quarter of 2023, the
Company maintained an average of $241.7 million of liquid funds and
had various borrowing alternatives, but no borrowings. Also,
effective March 12, 2023, Red River Bank could participate in the
Federal Reserve Board’s Bank Term Funding Program (“BTFP”), a new
liquidity source.
- Net income for the first quarter of
2023 was $9.6 million, which was $593,000, or 5.8%, lower than the
prior quarter mainly due to lower net interest income. Net income
benefited from having no provision for credit losses expense under
the new CECL methodology.
- Net interest income and net interest
margin fully tax equivalent (“FTE”) decreased in the first quarter
of 2023 compared to the prior quarter. Net interest income for the
first quarter of 2023 was $22.9 million compared to $23.7 million
for the prior quarter. Net interest margin FTE was 3.13% for the
first quarter of 2023 compared to 3.17% for the prior quarter.
These decreases were mainly due to the higher interest rate
environment resulting in intensified deposit rate pressure and
higher deposit costs.
- CECL became effective for Red River
Bank on January 1, 2023. The adoption of CECL resulted in a
$720,000 adjustment to the allowance for credit losses (“ACL”) and
reserve for unfunded commitments. This adjustment was 3.5% of the
December 31, 2022 allowance for loan losses (“ALL”). No provision
expense was recorded in the first quarter of 2023.
- As of March 31, 2023, nonperforming
assets (“NPA(s)”) were $2.4 million, or 0.08% of assets, and the
ACL was $20.9 million, or 1.09% of loans HFI.
- We paid a quarterly cash dividend of
$0.08 per common share in the first quarter of 2023.
- The 2023 stock repurchase program
authorizes us to purchase up to $5.0 million of our outstanding
shares of common stock from January 1, 2023 through December 31,
2023. In the first quarter of 2023, we repurchased 6,795 shares of
our common stock at an aggregate cost of $346,000.
- In our Southwest market, we closed one
of our banking centers in the first quarter of 2023 and relocated
the staff and services to an existing, recently expanded banking
center.
Liquidity
As of March 31, 2023, we had sufficient liquid assets available,
$1.35 billion in available borrowing capacity, and no outstanding
borrowings under any available sources.
Our most liquid assets are cash and cash equivalents, which were
$229.2 million as of March 31, 2023, and averaged $241.7 million
for the first quarter of 2023.
Our securities available for sale (“AFS”) portfolio is an
alternative source for meeting liquidity needs. Securities AFS
generate cash flow through principal repayments, calls, and
maturities, and can be sold or used as collateral in borrowings. As
of March 31, 2023, securities AFS totaled $611.8 million. We
project receipt of approximately $100.0 million of principal
repayments through December 31, 2023. Certain investments within
our securities AFS portfolio are also used to secure public entity
deposits, which impacts their liquidity. As of March 31, 2023,
$189.0 million, or 30.9% of the securities AFS portfolio, were
pledged to secure public entity deposits.
In addition, Federal Home Loan Bank of Dallas (“FHLB”) advances
may be used to meet the Bank’s liquidity needs. We currently are
classified as having “blanket lien collateral status”, which means
that advances can be executed at any time without further
collateral requirements. As of March 31, 2023, our borrowing
capacity from the FHLB was $876.0 million, net of $15.9 million of
letters of credit from the FHLB used as collateral for our public
entity deposits. If utilized, a one year advance from the FHLB
would carry an interest rate of 5.19% as of April 20, 2023.
Other sources available for meeting liquidity needs include
federal funds lines, repurchase agreements, and other lines of
credit. We maintain four federal funds lines of credit with
commercial banks, which allow us to borrow up to $95.0 million in
federal funds at a rate determined by the applicable commercial
bank at the time of borrowing. We also maintain an additional $6.0
million revolving line of credit at one of our correspondent banks.
As of March 31, 2023, we had total borrowing capacity of $101.0
million through these combined funding sources.
If needed, the BTFP is available to us, which gives us the
option to use eligible securities as collateral for a loan of up to
one year from the Federal Reserve. As of March 31, 2023, our
eligible securities totaled approximately $377.0 million. If
utilized, a BTFP loan would have an interest rate of 5.01% as of
April 20, 2023.
Net Interest Income and Net Interest Margin
FTE
Net interest income and net interest margin FTE for the first
quarter of 2023 were negatively impacted by intensified deposit
rate pressures in the banking industry. The Federal Open Market
Committee (“FOMC”) increased the target federal funds rate by 25
basis points (“bp(s)”) in February 2023 and again in March 2023.
These increases were in addition to the 425 bp increases in
2022.
Net interest income for the first quarter of 2023 was $22.9
million, which was $765,000, or 3.2%, lower than the fourth quarter
of 2022, due to a $1.5 million increase in interest expense,
partially offset by a $750,000 increase in interest and dividend
income. The increase in interest expense was due to increased
deposit rates combined with larger balances in higher cost deposit
accounts. In responding to deposit rate competition, we increased
the rates on time deposits and money market accounts. The cost of
deposits increased 24 bps to 0.71% for the first quarter of 2023
from 0.47% for the prior quarter. The increase in interest and
dividend income was primarily due to increases in income on loans
and short-term liquid assets. Loan income increased $480,000 due to
higher rates on new, renewed, and floating rate loans. The rate on
these loans was 6.68% for the first quarter of 2023 compared to
6.25% for the prior quarter. Income on short-term liquid assets
increased $217,000 due to the FOMC’s increases to the target
federal funds rate.
The net interest margin FTE decreased four bps to 3.13% for the
first quarter of 2023, compared to 3.17% for the prior quarter.
This decrease was driven primarily by higher deposit rates as a
result of the deposit rate pressures. As we increased rates on
several of our deposit products, there was a change to the deposit
mix due to customers moving deposits from lower yielding accounts
to higher yielding accounts. This increased the total cost of
deposits by 24 bps, while the rate on time deposits and
interest-bearing transaction deposits increased 60 bps and 28 bps,
respectively. The higher cost of deposits was partially offset by a
16 bp increase in the yield on loans and an 83 bp increase in the
yield on short-term liquid assets, which were driven by the higher
interest rate environment.
The current expectation is that the FOMC will continue to raise
the target federal funds rate in the second quarter of 2023, and
then leave it consistent through December 2023. Our balance sheet
is asset sensitive, and interest income on earning assets generally
improves in a higher interest rate environment. However, we are
experiencing additional pressure on deposit interest rates due to
the higher interest rate environment and competition for deposits.
As of March 31, 2023, floating rate loans were 13.4% of loans HFI,
and floating rate transaction deposits were 4.4% of
interest-bearing transaction deposits. Depending on balance sheet
activity, deposit rate pressure, and shift of the deposit mix, we
expect the net interest margin FTE and net interest income to
continue to compress.
Provision for Credit Losses
No provision expense was recorded in the first quarter of 2023.
The fourth quarter of 2022 provision for loan losses was $750,000
due to potential economic challenges resulting from the current
inflationary environment, changing monetary policy, and loan
growth. We will continue to evaluate future provision needs in
relation to current economic situations, loan growth, trends in
asset quality, forecasted information, and other conditions
influencing loss expectations.
Noninterest Income
Noninterest income totaled $4.3 million for the first quarter of
2023, a decrease of $279,000, or 6.0%, compared to $4.6 million for
the previous quarter. The decrease was mainly due to lower
brokerage and mortgage income.
Brokerage income for the first quarter of 2023 was $807,000, a
decrease of $206,000, or 20.3%, compared to $1.0 million for the
fourth quarter of 2022. The income in the fourth quarter of 2022
benefited from funds invested by new clients during that period.
Assets under management were $965.2 million as of March 31,
2023.
Mortgage loan income for the first quarter of 2023 was $275,000,
a decrease of $178,000, or 39.3%, compared to $453,000 for the
fourth quarter of 2022. This decrease was primarily driven by
reduced purchase activity due to higher mortgage interest
rates.
Operating Expenses
Operating expenses for the first quarter of 2023 totaled $15.5
million, an increase of $406,000, or 2.7%, compared to $15.1
million for the previous quarter. This increase was mainly due to
higher personnel expenses, regulatory assessment expenses, and
occupancy and equipment expenses, partially offset by lower data
processing expense and other business development expenses.
Personnel expenses totaled $9.0 million for the first quarter of
2023, an increase of $319,000, or 3.7%, from the previous quarter.
This increase was due to higher personnel health insurance
expenses. As of March 31, 2023 and December 31, 2022, we had 352
and 351 total employees, respectively.
Regulatory assessment expenses totaled $406,000 for the first
quarter of 2023, an increase of $129,000, or 46.6%, from the
previous quarter. This increase was due to the Federal Deposit
Insurance Corporation (“FDIC”) raising the deposit insurance
assessment rate two bps, effective January 1, 2023, for all insured
depository institutions.
Occupancy and equipment expenses totaled $1.7 million for the
first quarter of 2023, an increase of $104,000, or 6.4%, from the
previous quarter. This increase was due to $161,000 of nonrecurring
expenses related to opening our new operations center building.
Data processing expense totaled $400,000 for the first quarter
of 2023, a decrease of $209,000, or 34.3%, from the previous
quarter. This decrease was primarily attributable to receipt of a
$252,000 periodic refund from our data processing center in the
first quarter of 2023.
Other business development expenses totaled $436,000 for the
first quarter of 2023, a decrease of $130,000, or 23.0%, from the
previous quarter. This decrease was primarily due to the timing of
CRA related contributions.
Asset Overview
As of March 31, 2023, assets were $3.03 billion, which was
$52.1 million, or 1.7%, lower than $3.08 billion as of December 31,
2022. This decrease was primarily due to a $67.6 million decrease
in deposits in the first quarter. During the first quarter of 2023,
interest-bearing deposits in other banks decreased $45.8 million,
or 19.1%, to $194.7 million and were 6.4% of assets as of
March 31, 2023. Total securities decreased $10.8 million, or
1.4%, to $765.2 million in the first quarter, which included
liquidating $6.0 million of a CRA mutual fund, and were 25.2% of
assets as of March 31, 2023. As of March 31, 2023, loans HFI were
$1.92 billion and were consistent with the prior quarter. The loans
HFI to deposits ratio was 70.36% as of March 31, 2023,
compared to 68.46% as of December 31, 2022.
Securities
Total securities as of March 31, 2023, were $765.2 million,
a decrease of $10.8 million, or 1.4%, from December 31, 2022.
Securities decreased primarily due to the sale of a portion of a
CRA mutual fund and principal repayments.
The estimated fair value of securities AFS totaled $611.8
million, net of $71.2 million of unrealized loss as of
March 31, 2023, compared to $614.4 million, net of $74.1
million of unrealized loss as of December 31, 2022. As of
March 31, 2023, the amortized cost of securities
held-to-maturity (“HTM”) totaled $149.4 million compared to $151.7
million as of December 31, 2022. As of March 31, 2023,
securities HTM had an unrealized loss of $19.9 million compared to
$19.3 million as of December 31, 2022.
As of March 31, 2023, equity securities, which is an
investment in a CRA mutual fund consisting primarily of bonds,
totaled $4.0 million compared to $10.0 million as of December 31,
2022. In March, we sold $6.0 million of the CRA mutual fund.
Loans
Loans HFI as of March 31, 2023, totaled $1.92 billion,
consistent with December 31, 2022. In the first quarter of 2023,
new loan originations were offset by payments and paydowns.
Loans HFI by Category |
|
March 31, 2023 |
|
December 31, 2022 |
(dollars in thousands) |
Amount |
|
Percent |
|
Amount |
|
Percent |
Real estate: |
|
|
|
|
|
|
|
Commercial real estate |
$ |
805,160 |
|
41.9% |
|
|
$ |
794,723 |
|
41.5% |
|
One-to-four family residential |
|
550,542 |
|
28.7% |
|
|
|
543,511 |
|
28.4% |
|
Construction and development |
|
145,967 |
|
7.6% |
|
|
|
157,364 |
|
8.2% |
|
Commercial and industrial |
|
315,738 |
|
16.4% |
|
|
|
310,053 |
|
16.2% |
|
SBA PPP, net of deferred
income |
|
14 |
|
— % |
|
|
|
14 |
|
— % |
|
Tax-exempt |
|
76,825 |
|
4.0% |
|
|
|
83,166 |
|
4.3% |
|
Consumer |
|
27,604 |
|
1.4% |
|
|
|
27,436 |
|
1.4% |
|
Total loans HFI |
$ |
1,921,850 |
|
100.0% |
|
|
$ |
1,916,267 |
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Health care loans are our largest industry concentration and are
made up of a diversified portfolio of health care providers. As of
March 31, 2023, total health care loans were 8.4% of loans
HFI. Within the health care sector, loans to nursing and
residential care facilities were 4.2% of loans HFI, and loans to
physician and dental practices were 4.1% of loans HFI. The average
health care loan size was $332,000 as of March 31, 2023.
On March 5, 2021, it was announced that certain U.S. Dollar
London Interbank Offered Rate (“LIBOR”) rates would cease to be
published after June 30, 2023. As of March 31, 2023, 1.4% of
our loans HFI were LIBOR-based with a setting that expires June 30,
2023. Alternative rate language is present in each credit agreement
with a LIBOR-based rate. We do not anticipate any issues with
transitioning each loan to a non-LIBOR-based rate.
Asset Quality and Allowance for Credit
Losses
NPAs totaled $2.4 million as of March 31, 2023 and
December 31, 2022. The ratio of NPAs to assets was 0.08% as of
March 31, 2023 and December 31, 2022.
Effective January 1, 2023, the Company adopted the CECL
methodology for estimating credit losses. This resulted in a
$278,000 increase to the ACL and established a $442,000 reserve for
unfunded commitments, yielding a combined 3.5% increase to the
December 31, 2022 allowance for loan losses. This one-time
cumulative adjustment resulted in a $569,000, net of tax, decrease
to stockholders’ equity.
As of March 31, 2023, the ACL was $20.9 million, and the
ratio of ACL to loans HFI was 1.09%. As of December 31, 2022, the
ratio of ALL to loans HFI was 1.08%. The net charge-offs to average
loans ratio was 0.00% for the first quarter of 2023 and fourth
quarter of 2022.
Deposits
As of March 31, 2023, deposits were $2.73 billion, a
decrease of $67.6 million, or 2.4%, compared to December 31, 2022.
Average deposits for the first quarter of 2023 were $2.75 billion,
a decrease of $19.8 million, or 0.7%, from the prior quarter. The
following tables provide details on our deposit portfolio:
Deposits by Account Type |
|
March 31, 2023 |
|
December 31, 2022 |
|
Change from December 31, 2022 toMarch 31,
2023 |
(dollars in thousands) |
Balance |
|
% of Total |
|
Balance |
|
% of Total |
|
$ Change |
|
% Change |
Noninterest-bearing demand deposits |
$ |
1,060,042 |
|
38.8 |
% |
|
$ |
1,090,539 |
|
39.0 |
% |
|
$ |
(30,497 |
) |
|
(2.8 |
)% |
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
97,196 |
|
3.5 |
% |
|
|
89,144 |
|
3.2 |
% |
|
|
8,052 |
|
|
9.0 |
% |
NOW accounts |
|
440,224 |
|
16.1 |
% |
|
|
503,308 |
|
18.0 |
% |
|
|
(63,084 |
) |
|
(12.5 |
)% |
Money market accounts |
|
542,573 |
|
19.9 |
% |
|
|
578,161 |
|
20.6 |
% |
|
|
(35,588 |
) |
|
(6.2 |
)% |
Savings accounts |
|
190,119 |
|
7.0 |
% |
|
|
195,479 |
|
7.0 |
% |
|
|
(5,360 |
) |
|
(2.7 |
)% |
Time deposits less than or equal to $250,000 |
|
278,937 |
|
10.2 |
% |
|
|
250,875 |
|
8.9 |
% |
|
|
28,062 |
|
|
11.2 |
% |
Time deposits greater than $250,000 |
|
122,294 |
|
4.5 |
% |
|
|
91,430 |
|
3.3 |
% |
|
|
30,864 |
|
|
33.8 |
% |
Total interest-bearing deposits |
|
1,671,343 |
|
61.2 |
% |
|
|
1,708,397 |
|
61.0 |
% |
|
|
(37,054 |
) |
|
(2.2 |
)% |
Total deposits |
$ |
2,731,385 |
|
100.0 |
% |
|
$ |
2,798,936 |
|
100.0 |
% |
|
$ |
(67,551 |
) |
|
(2.4 |
)% |
Deposits by Customer Type |
|
March 31, 2023 |
|
December 31, 2022 |
|
Change from December 31, 2022 toMarch 31,
2023 |
|
(dollars in thousands) |
Balance |
|
% of Total |
|
Balance |
|
% of Total |
|
$ Change |
|
% Change |
|
Consumer |
$ |
1,313,245 |
|
48.1 |
% |
|
$ |
1,341,312 |
|
47.9 |
% |
|
$ |
(28,067 |
) |
|
(2.1 |
)% |
Commercial |
|
1,203,490 |
|
44.0 |
% |
|
|
1,231,949 |
|
44.0 |
% |
|
|
(28,459 |
) |
|
(2.3 |
)% |
Public |
|
214,650 |
|
7.9 |
% |
|
|
225,675 |
|
8.1 |
% |
|
|
(11,025 |
) |
|
(4.9 |
)% |
Total deposits |
$ |
2,731,385 |
|
100.0 |
% |
|
$ |
2,798,936 |
|
100.0 |
% |
|
$ |
(67,551 |
) |
|
(2.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits decreased in the first quarter of 2023 as a result of
the changing interest rate environment impacting customer deposit
movement and activity, combined with normal seasonal drawdowns by
public entity customers. Also during the first quarter of 2023,
there was a deposit mix shift between deposit categories as
customers moved funds from lower yielding categories to higher
yielding categories.
Red River Bank has a granular, diverse deposit portfolio with
customers in a variety of industries throughout Louisiana. As of
March 31, 2023, the average deposit account size was approximately
$29,000.
In 2022, we implemented the IntraFi Network Insured Cash Sweep
(“ICS”) and related reciprocal balance programs for qualified
commercial customers. The ICS program provides our customers a
demand deposit sweep account that has a competitive interest rate
as well as full FDIC insurance coverage. As of March 31, 2023, we
had $96.9 million swept off our balance sheet. The related
reciprocal program brings deposit balances back on to our balance
sheet as interest-bearing demand deposit accounts. As of March 31,
2023, we had $97.2 million of interest-bearing demand deposit
accounts.
As of March 31, 2023, our estimated uninsured deposits, which
are the portion of deposit accounts that exceed the FDIC insurance
limit (currently $250,000), were approximately $871.6 million, or
31.9% of total deposits. This amount was estimated based on the
same methodologies and assumptions used for regulatory reporting
purposes. Also, as of March 31, 2023, our estimated uninsured
deposits, excluding collateralized public deposits, were
approximately $698.0 million, or 25.6% of total deposits. Our cash
and cash equivalents of $229.2 million combined with our available
borrowing capacity of $1.35 billion equaled 181.6% of our estimated
uninsured deposits and 226.8% of our estimated uninsured deposits,
excluding collateralized public deposits.
Stockholders’ Equity
Total stockholders’ equity as of March 31, 2023, was $276.6
million compared to $265.8 million as of December 31, 2022. The
$10.9 million, or 4.1%, increase in stockholders’ equity was
attributed to $9.6 million of net income for the three months ended
March 31, 2023, a $2.6 million, net of tax, decrease to
accumulated other comprehensive loss related to securities, and
$153,000 of stock compensation, partially offset by $574,000 in
cash dividends, a $569,000, net of tax, adjustment to retained
earnings due to the adoption of CECL, and the repurchase of 6,795
shares of common stock for $346,000. We paid a quarterly cash
dividend of $0.08 per share on March 23, 2023.
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 SEC’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.
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.
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 27 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, CGMAExecutive Vice President
and Chief Financial
Officer318-561-4023icarriere@redriverbank.net
FINANCIAL HIGHLIGHTS (UNAUDITED) |
|
|
|
As of and for theThree Months
Ended |
(Dollars in thousands, except
per share data) |
|
March 31,2023 |
|
December 31,2022 |
|
March 31,2022 |
Net Income |
|
$ |
9,598 |
|
|
$ |
10,191 |
|
|
$ |
7,392 |
|
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
|
Earnings per share, basic |
|
$ |
1.34 |
|
|
$ |
1.42 |
|
|
$ |
1.03 |
|
Earnings per share, diluted |
|
$ |
1.33 |
|
|
$ |
1.42 |
|
|
$ |
1.03 |
|
Book value per share |
|
$ |
38.54 |
|
|
$ |
36.99 |
|
|
$ |
36.91 |
|
Tangible book value per share(1) |
|
$ |
38.33 |
|
|
$ |
36.78 |
|
|
$ |
36.69 |
|
Realized book value per share(1) |
|
$ |
48.09 |
|
|
$ |
46.90 |
|
|
$ |
43.02 |
|
Cash dividends per share |
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
0.07 |
|
Shares outstanding |
|
|
7,177,650 |
|
|
|
7,183,915 |
|
|
|
7,176,365 |
|
Weighted average shares outstanding, basic |
|
|
7,182,782 |
|
|
|
7,183,915 |
|
|
|
7,179,624 |
|
Weighted average shares outstanding, diluted |
|
|
7,196,354 |
|
|
|
7,199,247 |
|
|
|
7,198,616 |
|
|
|
|
|
|
|
|
Summary Performance
Ratios: |
|
|
|
|
|
|
Return on average assets |
|
|
1.28 |
% |
|
|
1.33 |
% |
|
|
0.93 |
% |
Return on average equity |
|
|
14.33 |
% |
|
|
16.34 |
% |
|
|
10.27 |
% |
Net interest margin |
|
|
3.07 |
% |
|
|
3.11 |
% |
|
|
2.41 |
% |
Net interest margin FTE |
|
|
3.13 |
% |
|
|
3.17 |
% |
|
|
2.46 |
% |
Efficiency ratio |
|
|
56.84 |
% |
|
|
54.76 |
% |
|
|
60.80 |
% |
Loans HFI to deposits ratio |
|
|
70.36 |
% |
|
|
68.46 |
% |
|
|
59.47 |
% |
Noninterest-bearing deposits to deposits ratio |
|
|
38.81 |
% |
|
|
38.96 |
% |
|
|
40.34 |
% |
Noninterest income to average assets |
|
|
0.58 |
% |
|
|
0.60 |
% |
|
|
0.56 |
% |
Operating expense to average assets |
|
|
2.06 |
% |
|
|
1.97 |
% |
|
|
1.77 |
% |
|
|
|
|
|
|
|
Summary Credit Quality
Ratios: |
|
|
|
|
|
|
Nonperforming assets to assets |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.03 |
% |
Nonperforming loans to loans HFI |
|
|
0.12 |
% |
|
|
0.12 |
% |
|
|
0.02 |
% |
Allowance for credit losses to loans HFI |
|
|
1.09 |
% |
|
|
1.08 |
% |
|
|
1.11 |
% |
Net charge-offs to average loans |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
Capital
Ratios: |
|
|
|
|
|
|
Stockholders’ equity to assets |
|
|
9.13 |
% |
|
|
8.62 |
% |
|
|
8.25 |
% |
Tangible common equity to tangible assets(1) |
|
|
9.08 |
% |
|
|
8.57 |
% |
|
|
8.20 |
% |
Total risk-based capital to risk-weighted assets |
|
|
17.89 |
% |
|
|
17.39 |
% |
|
|
17.28 |
% |
Tier 1 risk-based capital to risk-weighted assets |
|
|
16.85 |
% |
|
|
16.38 |
% |
|
|
16.26 |
% |
Common equity Tier 1 capital to risk-weighted assets |
|
|
16.85 |
% |
|
|
16.38 |
% |
|
|
16.26 |
% |
Tier 1 risk-based capital to average assets |
|
|
11.02 |
% |
|
|
10.71 |
% |
|
|
9.51 |
% |
(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) |
March 31,2023 |
|
December 31,2022 |
|
September 30, 2022 |
|
June 30, 2022 |
|
March 31,2022 |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
34,491 |
|
|
$ |
37,824 |
|
|
$ |
39,465 |
|
|
$ |
39,339 |
|
|
$ |
40,137 |
|
Interest-bearing deposits in other banks |
|
194,727 |
|
|
|
240,568 |
|
|
|
261,608 |
|
|
|
317,061 |
|
|
|
506,982 |
|
Securities available-for-sale, at fair value |
|
611,794 |
|
|
|
614,407 |
|
|
|
609,748 |
|
|
|
651,125 |
|
|
|
810,804 |
|
Securities held-to-maturity, at amortized cost |
|
149,417 |
|
|
|
151,683 |
|
|
|
154,736 |
|
|
|
159,562 |
|
|
|
— |
|
Equity securities, at fair value |
|
4,010 |
|
|
|
9,979 |
|
|
|
— |
|
|
|
— |
|
|
|
7,481 |
|
Nonmarketable equity securities |
|
3,506 |
|
|
|
3,478 |
|
|
|
3,460 |
|
|
|
3,452 |
|
|
|
3,451 |
|
Loans held for sale |
|
2,046 |
|
|
|
518 |
|
|
|
1,536 |
|
|
|
4,524 |
|
|
|
6,641 |
|
Loans held for investment |
|
1,921,850 |
|
|
|
1,916,267 |
|
|
|
1,879,669 |
|
|
|
1,841,585 |
|
|
|
1,741,026 |
|
Allowance for credit losses |
|
(20,854 |
) |
|
|
(20,628 |
) |
|
|
(19,953 |
) |
|
|
(19,395 |
) |
|
|
(19,244 |
) |
Premises and equipment, net |
|
55,065 |
|
|
|
54,383 |
|
|
|
52,820 |
|
|
|
52,172 |
|
|
|
50,605 |
|
Accrued interest receivable |
|
8,397 |
|
|
|
8,830 |
|
|
|
7,782 |
|
|
|
7,356 |
|
|
|
6,654 |
|
Bank-owned life insurance |
|
28,954 |
|
|
|
28,775 |
|
|
|
28,594 |
|
|
|
28,413 |
|
|
|
28,233 |
|
Intangible assets |
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
Right-of-use assets |
|
4,011 |
|
|
|
4,137 |
|
|
|
4,262 |
|
|
|
4,385 |
|
|
|
4,506 |
|
Other assets |
|
31,622 |
|
|
|
30,919 |
|
|
|
34,405 |
|
|
|
29,988 |
|
|
|
23,638 |
|
Total Assets |
$ |
3,030,582 |
|
|
$ |
3,082,686 |
|
|
$ |
3,059,678 |
|
|
$ |
3,121,113 |
|
|
$ |
3,212,460 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
1,060,042 |
|
|
$ |
1,090,539 |
|
|
$ |
1,172,157 |
|
|
$ |
1,181,781 |
|
|
$ |
1,181,136 |
|
Interest-bearing deposits |
|
1,671,343 |
|
|
|
1,708,397 |
|
|
|
1,624,337 |
|
|
|
1,668,414 |
|
|
|
1,746,592 |
|
Total Deposits |
|
2,731,385 |
|
|
|
2,798,936 |
|
|
|
2,796,494 |
|
|
|
2,850,195 |
|
|
|
2,927,728 |
|
Accrued interest payable |
|
2,433 |
|
|
|
1,563 |
|
|
|
1,194 |
|
|
|
1,176 |
|
|
|
1,329 |
|
Lease liabilities |
|
4,136 |
|
|
|
4,258 |
|
|
|
4,377 |
|
|
|
4,494 |
|
|
|
4,610 |
|
Accrued expenses and other liabilities |
|
15,988 |
|
|
|
12,176 |
|
|
|
14,200 |
|
|
|
11,652 |
|
|
|
13,919 |
|
Total Liabilities |
|
2,753,942 |
|
|
|
2,816,933 |
|
|
|
2,816,265 |
|
|
|
2,867,517 |
|
|
|
2,947,586 |
|
COMMITMENTS AND
CONTINGENCIES |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Preferred stock, no par value |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, no par value |
|
59,788 |
|
|
|
60,050 |
|
|
|
60,050 |
|
|
|
60,050 |
|
|
|
60,050 |
|
Additional paid-in capital |
|
2,157 |
|
|
|
2,088 |
|
|
|
2,014 |
|
|
|
1,940 |
|
|
|
1,877 |
|
Retained earnings |
|
283,236 |
|
|
|
274,781 |
|
|
|
265,093 |
|
|
|
255,410 |
|
|
|
246,766 |
|
Accumulated other comprehensive income (loss) |
|
(68,541 |
) |
|
|
(71,166 |
) |
|
|
(83,744 |
) |
|
|
(63,804 |
) |
|
|
(43,819 |
) |
Total Stockholders’ Equity |
|
276,640 |
|
|
|
265,753 |
|
|
|
243,413 |
|
|
|
253,596 |
|
|
|
264,874 |
|
Total Liabilities and Stockholders’ Equity |
$ |
3,030,582 |
|
|
$ |
3,082,686 |
|
|
$ |
3,059,678 |
|
|
$ |
3,121,113 |
|
|
$ |
3,212,460 |
|
RED RIVER BANCSHARES, INC. |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
(in thousands) |
|
March 31,2023 |
|
December 31,2022 |
|
March 31,2022 |
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
21,764 |
|
$ |
21,284 |
|
|
$ |
16,770 |
|
Interest on securities |
|
|
3,567 |
|
|
3,524 |
|
|
|
2,962 |
|
Interest on federal funds sold |
|
|
635 |
|
|
634 |
|
|
|
25 |
|
Interest on deposits in other banks |
|
|
1,738 |
|
|
1,522 |
|
|
|
251 |
|
Dividends on stock |
|
|
28 |
|
|
18 |
|
|
|
1 |
|
Total Interest and Dividend Income |
|
|
27,732 |
|
|
26,982 |
|
|
|
20,009 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
Interest on deposits |
|
|
4,823 |
|
|
3,308 |
|
|
|
1,281 |
|
Total Interest Expense |
|
|
4,823 |
|
|
3,308 |
|
|
|
1,281 |
|
Net Interest
Income |
|
|
22,909 |
|
|
23,674 |
|
|
|
18,728 |
|
Provision for credit losses |
|
|
— |
|
|
750 |
|
|
|
150 |
|
Net Interest Income
After Provision for Credit Losses |
|
|
22,909 |
|
|
22,924 |
|
|
|
18,578 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,393 |
|
|
1,359 |
|
|
|
1,308 |
|
Debit card income, net |
|
|
934 |
|
|
972 |
|
|
|
936 |
|
Mortgage loan income |
|
|
275 |
|
|
453 |
|
|
|
1,127 |
|
Brokerage income |
|
|
807 |
|
|
1,013 |
|
|
|
775 |
|
Loan and deposit income |
|
|
477 |
|
|
440 |
|
|
|
371 |
|
Bank-owned life insurance income |
|
|
179 |
|
|
180 |
|
|
|
172 |
|
Gain (Loss) on equity securities |
|
|
31 |
|
|
(21 |
) |
|
|
(365 |
) |
Gain (Loss) on sale and call of securities |
|
|
— |
|
|
— |
|
|
|
39 |
|
SBIC income |
|
|
180 |
|
|
162 |
|
|
|
20 |
|
Other income (loss) |
|
|
64 |
|
|
61 |
|
|
|
19 |
|
Total Noninterest Income |
|
|
4,340 |
|
|
4,619 |
|
|
|
4,402 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
Personnel expenses |
|
|
9,000 |
|
|
8,681 |
|
|
|
8,452 |
|
Occupancy and equipment expenses |
|
|
1,717 |
|
|
1,613 |
|
|
|
1,492 |
|
Technology expenses |
|
|
748 |
|
|
645 |
|
|
|
771 |
|
Advertising |
|
|
281 |
|
|
293 |
|
|
|
219 |
|
Other business development expenses |
|
|
436 |
|
|
566 |
|
|
|
303 |
|
Data processing expense |
|
|
400 |
|
|
609 |
|
|
|
316 |
|
Other taxes |
|
|
686 |
|
|
781 |
|
|
|
636 |
|
Loan and deposit expenses |
|
|
205 |
|
|
180 |
|
|
|
130 |
|
Legal and professional expenses |
|
|
516 |
|
|
550 |
|
|
|
418 |
|
Regulatory assessment expenses |
|
|
406 |
|
|
277 |
|
|
|
250 |
|
Other operating expenses |
|
|
1,093 |
|
|
887 |
|
|
|
1,075 |
|
Total Operating Expenses |
|
|
15,488 |
|
|
15,082 |
|
|
|
14,062 |
|
Income Before Income
Tax Expense |
|
|
11,761 |
|
|
12,461 |
|
|
|
8,918 |
|
Income tax expense |
|
|
2,163 |
|
|
2,270 |
|
|
|
1,526 |
|
Net
Income |
|
$ |
9,598 |
|
$ |
10,191 |
|
|
$ |
7,392 |
|
RED RIVER BANCSHARES, INC. |
NET INTEREST INCOME AND NET INTEREST MARGIN
(UNAUDITED) |
|
|
For the Three Months Ended |
|
March 31, 2023 |
|
December 31, 2022 |
(dollars in thousands) |
AverageBalanceOutstanding |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageBalanceOutstanding |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans(1,2) |
$ |
1,918,336 |
|
|
$ |
21,764 |
|
4.54 |
% |
|
$ |
1,904,592 |
|
|
$ |
21,284 |
|
4.38 |
% |
Securities - taxable |
|
641,237 |
|
|
|
2,533 |
|
1.59 |
% |
|
|
642,121 |
|
|
|
2,495 |
|
1.55 |
% |
Securities - tax-exempt |
|
205,512 |
|
|
|
1,034 |
|
2.01 |
% |
|
|
206,141 |
|
|
|
1,029 |
|
2.00 |
% |
Federal funds sold |
|
55,411 |
|
|
|
635 |
|
4.58 |
% |
|
|
66,044 |
|
|
|
634 |
|
3.75 |
% |
Interest-bearing deposits in other banks |
|
153,667 |
|
|
|
1,738 |
|
4.53 |
% |
|
|
161,558 |
|
|
|
1,522 |
|
3.69 |
% |
Nonmarketable equity securities |
|
3,478 |
|
|
|
28 |
|
3.24 |
% |
|
|
3,460 |
|
|
|
18 |
|
2.08 |
% |
Total interest-earning assets |
|
2,977,641 |
|
|
$ |
27,732 |
|
3.73 |
% |
|
|
2,983,916 |
|
|
$ |
26,982 |
|
3.55 |
% |
Allowance for credit
losses |
|
(20,885 |
) |
|
|
|
|
|
|
(20,255 |
) |
|
|
|
|
Noninterest-earning
assets |
|
89,031 |
|
|
|
|
|
|
|
78,047 |
|
|
|
|
|
Total assets |
$ |
3,045,787 |
|
|
|
|
|
|
$ |
3,041,708 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction deposits |
$ |
1,326,547 |
|
|
$ |
3,029 |
|
0.93 |
% |
|
$ |
1,292,313 |
|
|
$ |
2,131 |
|
0.65 |
% |
Time deposits |
|
366,214 |
|
|
|
1,794 |
|
1.99 |
% |
|
|
335,424 |
|
|
|
1,177 |
|
1.39 |
% |
Total interest-bearing deposits |
|
1,692,761 |
|
|
|
4,823 |
|
1.16 |
% |
|
|
1,627,737 |
|
|
|
3,308 |
|
0.81 |
% |
Other borrowings |
|
1 |
|
|
|
— |
|
5.08 |
% |
|
|
— |
|
|
|
— |
|
— |
|
Total interest-bearing liabilities |
|
1,692,762 |
|
|
$ |
4,823 |
|
1.16 |
% |
|
|
1,627,737 |
|
|
$ |
3,308 |
|
0.81 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
1,061,135 |
|
|
|
|
|
|
|
1,145,920 |
|
|
|
|
|
Accrued interest and other liabilities |
|
20,219 |
|
|
|
|
|
|
|
20,686 |
|
|
|
|
|
Total noninterest-bearing liabilities |
|
1,081,354 |
|
|
|
|
|
|
|
1,166,606 |
|
|
|
|
|
Stockholders’ equity |
|
271,671 |
|
|
|
|
|
|
|
247,365 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
3,045,787 |
|
|
|
|
|
|
$ |
3,041,708 |
|
|
|
|
|
Net interest income |
|
|
$ |
22,909 |
|
|
|
|
|
$ |
23,674 |
|
|
Net interest spread |
|
|
|
|
2.57 |
% |
|
|
|
|
|
2.74 |
% |
Net interest margin |
|
|
|
|
3.07 |
% |
|
|
|
|
|
3.11 |
% |
Net interest margin
FTE(3) |
|
|
|
|
3.13 |
% |
|
|
|
|
|
3.17 |
% |
Cost of deposits |
|
|
|
|
0.71 |
% |
|
|
|
|
|
0.47 |
% |
Cost of funds |
|
|
|
|
0.66 |
% |
|
|
|
|
|
0.44 |
% |
(1) Includes average outstanding balances of loans
held for sale of $1.3 million and $2.3 million for the three
months ended March 31, 2023 and December 31, 2022,
respectively.(2) Nonaccrual loans are included as loans
carrying a zero yield.(3) Net interest margin FTE
includes an FTE adjustment using a 21.0% federal income tax rate on
tax-exempt securities and tax-exempt loans.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED) |
|
(dollars in thousands, except
per share data) |
March 31,2023 |
|
December 31,2022 |
|
March 31,2022 |
Tangible common equity |
|
|
|
|
|
Total stockholders’ equity |
$ |
276,640 |
|
|
$ |
265,753 |
|
|
$ |
264,874 |
|
Adjustments: |
|
|
|
|
|
Intangible assets |
|
(1,546) |
|
|
|
(1,546) |
|
|
|
(1,546) |
|
Total tangible common equity (non-GAAP) |
$ |
275,094 |
|
|
$ |
264,207 |
|
|
$ |
263,328 |
|
Realized common equity |
|
|
|
|
|
Total stockholders’ equity |
$ |
276,640 |
|
|
$ |
265,753 |
|
|
$ |
264,874 |
|
Adjustments: |
|
|
|
|
|
Accumulated other comprehensive (income) loss |
|
68,541 |
|
|
|
71,166 |
|
|
|
43,819 |
|
Total realized common equity (non-GAAP) |
$ |
345,181 |
|
|
$ |
336,919 |
|
|
$ |
308,693 |
|
Common shares outstanding |
|
7,177,650 |
|
|
|
7,183,915 |
|
|
|
7,176,365 |
|
Book value per share |
$ |
38.54 |
|
|
$ |
36.99 |
|
|
$ |
36.91 |
|
Tangible book value per share
(non-GAAP) |
$ |
38.33 |
|
|
$ |
36.78 |
|
|
$ |
36.69 |
|
Realized book value per share
(non-GAAP) |
$ |
48.09 |
|
|
$ |
46.90 |
|
|
$ |
43.02 |
|
|
|
|
|
|
|
Tangible assets |
|
|
|
|
|
Total assets |
$ |
3,030,582 |
|
|
$ |
3,082,686 |
|
|
$ |
3,212,460 |
|
Adjustments: |
|
|
|
|
|
Intangible assets |
|
(1,546) |
|
|
|
(1,546) |
|
|
|
(1,546) |
|
Total tangible assets (non-GAAP) |
$ |
3,029,036 |
|
|
$ |
3,081,140 |
|
|
$ |
3,210,914 |
|
Total stockholders’ equity to
assets |
|
9.13 |
% |
|
|
8.62 |
% |
|
|
8.25 |
% |
Tangible common equity to
tangible assets (non-GAAP) |
|
9.08 |
% |
|
|
8.57 |
% |
|
|
8.20 |
% |
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