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 2024.
Net income for the first quarter of 2024 was $8.2 million, or
$1.16 per diluted common share (“EPS”), a decrease of $104,000, or
1.3%, compared to $8.3 million, or $1.16 EPS, for the fourth
quarter of 2023, and a decrease of $1.4 million, or 14.7%, compared
to $9.6 million, or $1.33 EPS, for the first quarter of 2023. For
the first quarter of 2024, the quarterly return on assets was
1.07%, and the quarterly return on equity was 10.77%.
First Quarter
2024 Performance and Operational
Highlights
In the first quarter of 2024, the Company had a consistent net
interest margin and consistent earnings, higher loans, and slightly
lower deposits and assets. A significant stock buyback transaction
was completed, and the quarterly dividend was increased to $0.09
per common share.
- Net income for the first quarter of
2024 was $8.2 million compared to $8.3 million for the prior
quarter. Net income in the first quarter benefited from
approximately $800,000 of nonrecurring noninterest income payments
and operating expense reduction items.
- Net interest income and net interest
margin fully tax equivalent (“FTE”) were fairly consistent between
the first quarter of 2024 and the prior quarter. Net interest
income for the first quarter of 2024 was $21.4 million compared to
$21.3 million for the prior quarter. Net interest margin FTE for
the first quarter of 2024 was 2.83% compared to 2.82% for the prior
quarter. These results were due to improved yields on securities
and loans offset by higher deposit costs.
- As of March 31, 2024, assets were $3.07
billion, which was $55.5 million, or 1.8%, lower than December 31,
2023. The decrease was due to a $56.0 million decrease in
deposits.
- Deposits totaled $2.75 billion as of
March 31, 2024, a decrease of $56.0 million, or 2.0%, compared to
$2.80 billion as of December 31, 2023. This decrease was mainly due
to the seasonal outflow of funds from public entity customers.
- As of March 31, 2024, loans held for
investment (“HFI”) were $2.04 billion, an increase of $45.2
million, or 2.3%, compared to $1.99 billion as of December 31,
2023. The growth in loans HFI was primarily a result of new loan
activity in various markets across Louisiana.
- In the first quarter of 2024, average
liquid assets, which are cash and cash equivalents, decreased $26.6
million to $254.7 million, compared to $281.3 million for the
fourth quarter of 2023. The liquid assets to assets ratio was 7.48%
as of March 31, 2024.
- As of March 31, 2024, nonperforming
assets (“NPA(s)”) were $2.5 million, or 0.08% of assets, and the
allowance for credit losses (“ACL”) was $21.6 million, or 1.06% of
loans HFI.
- We paid a quarterly cash dividend of
$0.09 per common share in the first quarter of 2024, up from $0.08
per common share for each quarter in 2023.
- On March 13, 2024, the Company entered
into a privately negotiated stock repurchase agreement for the
purchase of 200,000 shares of the Company’s common stock for a
total purchase price of $10.0 million. This repurchase was
supplemental to the Company’s stock repurchase program, and as of
March 31, 2024, all $5.0 million of the 2024 stock repurchase
program was available. The stock repurchase program is effective
through December 31, 2024.
- As of March 31, 2024, capital levels
were strong with a stockholders’ equity to assets ratio of 9.74%, a
leverage ratio of 11.44%, and a total risk-based capital ratio of
17.84%.
- In January of 2024, Michael J. Brown,
CFA, was appointed to the boards of directors of each the Company
and the Bank. Mr. Brown’s most recent roles include serving as
President of Regional Banking for First Horizon Bank and Chief
Operating Officer for IBERIABANK.
- Recently, S&P Global Market
Intelligence ranked the Bank 15th of the top 50 best-performing
community banks in 2023 with assets between $3.0 and $10.0
billion.
Blake Chatelain, President and Chief Executive Officer, stated,
“The first quarter of 2024 was one of steady, consistent
performance by the Company. Also, we were pleased to increase the
quarterly cash dividend, complete a significant stock buyback
transaction, and welcome Michael J. Brown, CFA to the board of
directors.
“Our financial results included having a consistent net interest
margin and earnings, solid loan growth, and strong capital ratios.
Over the past three quarters, the net interest margin has slowly
increased as we have improved loan yields while diligently managing
deposit rate pressures and costs. Our bankers have done an
outstanding job with providing lending services to new and existing
customers. For the second quarter in a row, new loan activity has
been solid, and loans HFI crossed the $2.0 billion mark in the
first quarter of 2024. As expected, deposits and assets decreased
with normal seasonal public entity deposit activity, while other
customer deposit balances remained fairly consistent. Due to having
strong capital levels, we increased the quarterly cash dividend per
common share from $0.08 in 2023 to $0.09 for the first quarter of
2024 and completed a large stock buyback transaction.
“For the second year, Red River Bank was selected as a Top 50
Community Bank by S&P Market Intelligence. Our ranking of 15th
for 2023 is an honor and reflection of our financial performance
and strength.
“As we move through 2024, we believe we are well positioned for
the year ahead. The Company is well capitalized, has consistent
earnings, excellent asset quality, and plenty of opportunity to
expand our services in the Louisiana markets that we serve. We look
forward to taking care of our customers, employees, and
shareholders.”
Net Interest Income and Net Interest Margin
FTE
Net interest income and net interest margin FTE for the first
quarter of 2024 were fairly consistent with the prior quarter. In
the first quarter of 2024, improved yields on earning assets were
offset by higher deposit costs. The Federal Open Market Committee
(“FOMC”) kept the federal funds rate consistent between the third
quarter of 2023 and the first quarter of 2024.
Net interest income for the first quarter of 2024 was $21.4
million, which was $69,000, or 0.3%, higher than the fourth quarter
of 2023, due to a $977,000 increase in interest and dividend
income, offset by a $908,000 increase in interest expense. The
increase in interest and dividend income was due to higher interest
income on loans and securities, partially offset by lower interest
income on short-term liquid assets. Loan income increased $995,000
due to higher rates on new and renewed loans, combined with higher
balances in loans HFI. The average rate on new and renewed loans
was 7.56% for the first quarter of 2024, compared to 7.39% for the
prior quarter. Interest income on securities increased $408,000,
primarily due to higher yields on securities recently purchased.
Interest income on short-term liquid assets decreased due to lower
balances in these accounts during the first quarter. The increase
in interest expense was due to higher rates on new and renewed time
deposits and larger balances in certain higher cost deposit
accounts.
The net interest margin FTE increased one basis point (“bp(s)”)
to 2.83% for the first quarter of 2024, compared to 2.82% for the
prior quarter. This increase was due to improved yields on
securities and loans, offset by higher deposit costs. The yield on
securities increased 22 bps, due to reinvesting securities cash
flows received into new securities at higher yields. The yield on
loans increased 15 bps due to higher rates on new and renewed
loans. These increases were largely offset by a 33 bp increase in
the rate on time deposits during the first quarter. The cost of
deposits increased 15 bps to 1.70% for the first quarter of 2024,
compared to 1.55% for the previous quarter.
In the first quarter of 2024, the target range for the federal
funds rate remained at 5.25%-5.50%. The market’s expectation is
that the FOMC will lower the federal funds rate in 2024. During the
remainder of 2024, we anticipate receiving approximately $100.0
million in securities cash flows. We expect to redeploy these cash
flows into higher yielding assets, which should benefit both net
interest income and net interest margin FTE. As of March 31, 2024,
floating rate loans were 13.3% of loans HFI, and floating rate
transaction deposits were 6.4% of interest-bearing transaction
deposits. Depending on balance sheet activity and the movement in
interest rates, we expect the net interest margin FTE to improve
slightly throughout 2024.
Provision for Credit Losses
The provision for credit losses for the first quarter of 2024
was $300,000, which was $50,000 higher than the provision for
credit losses of $250,000 for the prior quarter. The provision in
the first quarter was 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 $4.9 million for the first quarter of
2024, a decrease of $259,000, or 5.0%, compared to $5.2 million for
the previous quarter. The decrease was mainly due to a loss on
equity securities and decreases in service charges on deposit
accounts, loan and deposit income, and Small Business Investment
Company (“SBIC”) income, partially offset by an increase in net
debit card income.
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 loss of $31,000 in the first quarter of 2024, compared to a
gain of $132,000 for the fourth quarter of 2023.
Services charges on deposit accounts for the first quarter of
2024 were $1.4 million, a decrease of $91,000, or 6.2%, compared to
$1.5 million for the prior quarter. This decrease was mainly due to
adjustments to the deposit fee schedule in the first quarter of
2024.
Loan and deposit income totaled $492,000 for the first quarter
of 2024, a decrease of $83,000, or 14.4%, compared to $575,000 for
the previous quarter. This decrease was primarily related to less
annual renewals of letters of credit in the first quarter of 2024,
compared to the fourth quarter of 2023.
SBIC income for the first quarter of 2024 was $352,000, a
decrease of $41,000, or 10.4%, compared to $393,000 for the prior
quarter. This decrease was primarily due to lower distributions
from these partnerships in the first quarter. We received
distribution payments of $114,000 in the first quarter of 2024 and
$166,000 in the fourth quarter of 2023, in addition to the normal
income from these partnerships.
Debit card income, net, totaled $1.0 million for the first
quarter of 2024, an increase of $147,000, or 16.8%, compared to
$875,000 for the previous quarter. We terminated our existing debit
card provider contract, which resulted in $145,000 of nonrecurring
income for the first quarter of 2024. In January 2024, a newly
negotiated debit card provider contract became effective.
Operating Expenses
Operating expenses for the first quarter of 2024 totaled $15.9
million, a decrease of $150,000, or 0.9%, compared to $16.0 million
for the previous quarter. This decrease was due to lower loan and
deposit expenses and data processing expense, partially offset by
higher personnel expenses and other taxes.
Loan and deposit expenses totaled ($42,000) for the first
quarter of 2024, a decrease of $298,000, or 116.4%, from the
previous quarter. This decrease was primarily due to the receipt of
a $262,000 negotiated, variable rebate from a vendor in the first
quarter of 2024.
Data processing expense totaled $347,000 for the first quarter
of 2024, a decrease of $284,000, or 45.0%, from the previous
quarter. This decrease was attributable to receipt of a $284,000
periodic refund from our data processing center in the first
quarter of 2024.
Personnel expenses totaled $9.6 million for the first quarter of
2024, an increase of $317,000, or 3.4%, from the previous quarter.
This increase was primarily due to net staff changes, restarting of
payroll tax expense, and increased revenue-based commission
compensation. As of March 31, 2024 and December 31, 2023, we had
358 and 362 total employees, respectively.
Other taxes totaled $737,000 for the first quarter of 2024, an
increase of $58,000, or 8.5%, from the previous quarter. This
increase was primarily due to higher stock repurchase tax expense
related to higher stock repurchases in the first quarter of
2024.
Asset Overview
As of March 31, 2024, assets were $3.07 billion, compared
to assets of $3.13 billion as of December 31, 2023, a decrease of
$55.5 million, or 1.8%. In the first quarter, assets were impacted
by a $56.0 million, or 2.0%, decrease in deposits. In the first
quarter of 2024, liquid assets decreased $75.6 million, or 24.8%,
to $229.8 million and averaged $254.7 million for the first
quarter. As of March 31, 2024, we had sufficient liquid assets
available and $1.65 billion accessible from other liquidity
sources. The liquid assets to assets ratio was 7.48% as of March
31, 2024. Total securities decreased $26.1 million, or 3.6%, to
$688.2 million in the first quarter and were 22.4% of assets as of
March 31, 2024. During the first quarter, loans HFI increased $45.2
million, or 2.3%, to $2.04 billion. The loans HFI to deposits ratio
was 74.22% as of March 31, 2024, compared to 71.13% as of
December 31, 2023.
Securities
Total securities as of March 31, 2024, were $688.2 million,
a decrease of $26.1 million, or 3.6%, from December 31, 2023.
Securities decreased primarily due to maturities and principal
repayments exceeding purchases.
The estimated fair value of securities AFS totaled $546.0
million, net of $65.3 million of unrealized loss, as of
March 31, 2024, compared to $570.1 million, net of $62.2
million of unrealized loss, as of December 31, 2023. As of
March 31, 2024, the amortized cost of securities
held-to-maturity (“HTM”) totaled $139.3 million compared to $141.2
million as of December 31, 2023. As of March 31, 2024,
securities HTM had an unrealized loss of $24.5 million compared to
$22.2 million as of December 31, 2023.
As of March 31, 2024, equity securities, which is an
investment in a CRA mutual fund consisting primarily of bonds,
totaled $2.9 million compared to $3.0 million as of December 31,
2023.
Loans
Loans HFI as of March 31, 2024, were $2.04 billion, an
increase of $45.2 million, or 2.3%, from December 31, 2023,
primarily due to new loan activity in various markets across
Louisiana.
Loans HFI by Category |
|
March 31, 2024 |
|
December 31, 2023 |
|
Change from December 31, 2023 to
March 31, 2024 |
(dollars in thousands) |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
$ Change |
|
% Change |
Real
estate: |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
870,085 |
|
|
42.7 |
% |
|
$ |
851,582 |
|
|
42.7 |
% |
|
$ |
18,503 |
|
|
2.2 |
% |
One-to-four family residential |
|
608,617 |
|
|
29.9 |
% |
|
|
599,487 |
|
|
30.1 |
% |
|
|
9,130 |
|
|
1.5 |
% |
Construction and development |
|
116,181 |
|
|
5.7 |
% |
|
|
125,238 |
|
|
6.3 |
% |
|
|
(9,057 |
) |
|
(7.2 |
%) |
Commercial and industrial |
|
347,094 |
|
|
17.0 |
% |
|
|
315,327 |
|
|
15.8 |
% |
|
|
31,767 |
|
|
10.1 |
% |
Tax-exempt |
|
67,548 |
|
|
3.3 |
% |
|
|
72,913 |
|
|
3.7 |
% |
|
|
(5,365 |
) |
|
(7.4 |
%) |
Consumer |
|
28,547 |
|
|
1.4 |
% |
|
|
28,311 |
|
|
1.4 |
% |
|
|
236 |
|
|
0.8 |
% |
Total loans HFI |
$ |
2,038,072 |
|
|
100.0 |
% |
|
$ |
1,992,858 |
|
|
100.0 |
% |
|
$ |
45,214 |
|
|
2.3 |
% |
|
Commercial real estate (“CRE”) loans are collateralized by owner
occupied and non-owner occupied properties mainly in Louisiana.
Non-owner occupied office loans were $57.8 million, or 2.8% of
loans HFI, as of March 31, 2024, and are primarily centered in
low-rise suburban areas. The average CRE loan size was $950,000 as
of March 31, 2024.
Health care loans are our largest industry concentration and are
made up of a diversified portfolio of health care providers. As of
March 31, 2024, total health care loans were 8.3% of loans
HFI. Within the health care sector, loans to nursing and
residential care facilities were 4.6% of loans HFI, and loans to
physician and dental practices were 3.5% of loans HFI. The average
health care loan size was $368,000 as of March 31, 2024.
Asset Quality and Allowance for Credit
Losses
NPAs totaled $2.5 million as of March 31, 2024, a
decrease of $72,000, or 2.8%, from December 31, 2023, primarily due
to the sale of a foreclosed asset. The ratio of NPAs to assets was
0.08% as of March 31, 2024, and December 31, 2023.
As of March 31, 2024, the ACL was $21.6 million, and the
ratio of ACL to loans HFI was 1.06% compared to 1.07% as of
December 31, 2023. The net charge-offs to average loans ratio was
0.00% for the first quarter of 2024 and 0.01% for the fourth
quarter of 2023.
Deposits
As of March 31, 2024, deposits were $2.75 billion, a
decrease of $56.0 million, or 2.0%, compared to December 31, 2023.
Average deposits for the first quarter of 2024 were $2.76 billion,
an increase of $12.0 million, or 0.4%, from the prior quarter. The
following tables provide details on our deposit portfolio:
Deposits by Account Type |
|
March 31, 2024 |
|
December 31, 2023 |
|
Change from December 31, 2023 to
March 31, 2024 |
(dollars in thousands) |
Balance |
|
% of Total |
|
Balance |
|
% of Total |
|
$ Change |
|
% Change |
Noninterest-bearing demand deposits |
$ |
895,439 |
|
|
32.6 |
% |
|
$ |
916,456 |
|
|
32.7 |
% |
|
$ |
(21,017 |
) |
|
(2.3 |
%) |
Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
132,523 |
|
|
4.9 |
% |
|
|
138,380 |
|
|
5.0 |
% |
|
|
(5,857 |
) |
|
(4.2 |
%) |
NOW accounts |
|
385,585 |
|
|
14.0 |
% |
|
|
468,483 |
|
|
16.7 |
% |
|
|
(82,898 |
) |
|
(17.7 |
%) |
Money market accounts |
|
557,139 |
|
|
20.3 |
% |
|
|
541,607 |
|
|
19.3 |
% |
|
|
15,532 |
|
|
2.9 |
% |
Savings accounts |
|
176,777 |
|
|
6.4 |
% |
|
|
173,741 |
|
|
6.2 |
% |
|
|
3,036 |
|
|
1.7 |
% |
Time deposits less than or equal to $250,000 |
|
406,369 |
|
|
14.8 |
% |
|
|
392,094 |
|
|
14.0 |
% |
|
|
14,275 |
|
|
3.6 |
% |
Time deposits greater than $250,000 |
|
192,059 |
|
|
7.0 |
% |
|
|
171,127 |
|
|
6.1 |
% |
|
|
20,932 |
|
|
12.2 |
% |
Total interest-bearing deposits |
|
1,850,452 |
|
|
67.4 |
% |
|
|
1,885,432 |
|
|
67.3 |
% |
|
|
(34,980 |
) |
|
(1.9 |
%) |
Total deposits |
$ |
2,745,891 |
|
|
100.0 |
% |
|
$ |
2,801,888 |
|
|
100.0 |
% |
|
$ |
(55,997 |
) |
|
(2.0 |
%) |
Deposits by Customer Type |
|
March 31, 2024 |
|
December 31, 2023 |
|
Change from December 31, 2023 to
March 31, 2024 |
(dollars in thousands) |
Balance |
|
% of Total |
|
Balance |
|
% of Total |
|
$ Change |
|
% Change |
Consumer |
$ |
1,367,713 |
|
|
49.8 |
% |
|
$ |
1,343,448 |
|
|
47.9 |
% |
|
$ |
24,265 |
|
|
1.8 |
% |
Commercial |
|
1,160,663 |
|
|
42.3 |
% |
|
|
1,170,670 |
|
|
41.8 |
% |
|
|
(10,007 |
) |
|
(0.9 |
%) |
Public |
|
217,515 |
|
|
7.9 |
% |
|
|
287,770 |
|
|
10.3 |
% |
|
|
(70,255 |
) |
|
(24.4 |
%) |
Total deposits |
$ |
2,745,891 |
|
|
100.0 |
% |
|
$ |
2,801,888 |
|
|
100.0 |
% |
|
$ |
(55,997 |
) |
|
(2.0 |
%) |
|
Deposits decreased in the first quarter of 2024, mainly as a
result of the seasonal outflow of funds from public entity
customers, partially offset by an increase in new consumer time
deposit activity.
The Bank has a granular, diverse deposit portfolio with
customers in a variety of industries throughout Louisiana. As of
March 31, 2024, the average deposit account size was
approximately $28,000.
As of March 31, 2024, our estimated uninsured deposits,
which are the portion of deposit accounts that exceed the FDIC
insurance limit (currently $250,000), were approximately $809.5
million, or 29.5% of total deposits. This amount was estimated
based on the same methodologies and assumptions used for regulatory
reporting purposes. Also, as of March 31, 2024, our estimated
uninsured deposits, excluding collateralized public entity
deposits, were approximately $635.7 million, or 23.2% of total
deposits. Our cash and cash equivalents of $229.8 million
combined with our available borrowing capacity of
$1.65 billion equaled 232.2% of our estimated uninsured
deposits and 295.7% of our estimated uninsured deposits, excluding
collateralized public entity deposits.
Stockholders’ Equity
Total stockholders’ equity as of March 31, 2024, was $299.3
million compared to $303.9 million as of December 31, 2023. The
$4.5 million, or 1.5%, decrease in stockholders’ equity during the
first quarter of 2024 was attributable to the repurchase of 200,000
shares of common stock for $10.0 million, a $2.2 million, net of
tax, market adjustment to accumulated other comprehensive loss
related to securities, and $638,000 in cash dividends, partially
offset by $8.2 million of net income and $119,000 of stock
compensation. We paid a quarterly cash dividend of $0.09 per share
on March 21, 2024.
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 our 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,
Chief Financial Officer, and Assistant Corporate
Secretary318-561-4023icarriere@redriverbank.net
FINANCIAL HIGHLIGHTS (UNAUDITED) |
|
|
|
As of and for theThree Months
Ended |
(dollars in thousands, except
per share data) |
|
March 31,2024 |
|
December 31,2023 |
|
March 31,2023 |
Net Income |
|
$ |
8,188 |
|
|
$ |
8,292 |
|
|
$ |
9,598 |
|
|
|
|
|
|
|
|
Per Common Share Data: |
|
|
|
|
|
|
Earnings per share, basic |
|
$ |
1.16 |
|
|
$ |
1.16 |
|
|
$ |
1.34 |
|
Earnings per share, diluted |
|
$ |
1.16 |
|
|
$ |
1.16 |
|
|
$ |
1.33 |
|
Book value per share |
|
$ |
43.43 |
|
|
$ |
42.85 |
|
|
$ |
38.54 |
|
Tangible book value per share(1) |
|
$ |
43.20 |
|
|
$ |
42.63 |
|
|
$ |
38.33 |
|
Realized book value per share(1) |
|
$ |
52.52 |
|
|
$ |
51.38 |
|
|
$ |
48.09 |
|
Cash dividends per share |
|
$ |
0.09 |
|
|
$ |
0.08 |
|
|
$ |
0.08 |
|
Shares outstanding |
|
|
6,892,448 |
|
|
|
7,091,637 |
|
|
|
7,177,650 |
|
Weighted average shares outstanding, basic |
|
|
7,050,048 |
|
|
|
7,128,988 |
|
|
|
7,182,782 |
|
Weighted average shares outstanding, diluted |
|
|
7,066,709 |
|
|
|
7,145,870 |
|
|
|
7,196,354 |
|
|
|
|
|
|
|
|
Summary Performance Ratios: |
|
|
|
|
|
|
Return on average assets |
|
|
1.07 |
% |
|
|
1.08 |
% |
|
|
1.28 |
% |
Return on average equity |
|
|
10.77 |
% |
|
|
11.63 |
% |
|
|
14.33 |
% |
Net interest margin |
|
|
2.80 |
% |
|
|
2.78 |
% |
|
|
3.07 |
% |
Net interest margin FTE |
|
|
2.83 |
% |
|
|
2.82 |
% |
|
|
3.13 |
% |
Efficiency ratio |
|
|
60.37 |
% |
|
|
60.51 |
% |
|
|
56.84 |
% |
Loans HFI to deposits ratio |
|
|
74.22 |
% |
|
|
71.13 |
% |
|
|
70.36 |
% |
Noninterest-bearing deposits to deposits ratio |
|
|
32.61 |
% |
|
|
32.71 |
% |
|
|
38.81 |
% |
Noninterest income to average assets |
|
|
0.64 |
% |
|
|
0.67 |
% |
|
|
0.58 |
% |
Operating expense to average assets |
|
|
2.07 |
% |
|
|
2.08 |
% |
|
|
2.06 |
% |
|
|
|
|
|
|
|
Summary Credit Quality Ratios: |
|
|
|
|
|
|
Nonperforming assets to assets |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
Nonperforming loans to loans HFI |
|
|
0.12 |
% |
|
|
0.13 |
% |
|
|
0.12 |
% |
Allowance for credit losses to loans HFI |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.09 |
% |
Net charge-offs to average loans |
|
|
0.00 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
Stockholders’ equity to assets |
|
|
9.74 |
% |
|
|
9.71 |
% |
|
|
9.13 |
% |
Tangible common equity to tangible assets(1) |
|
|
9.69 |
% |
|
|
9.67 |
% |
|
|
9.08 |
% |
Total risk-based capital to risk-weighted assets |
|
|
17.84 |
% |
|
|
18.28 |
% |
|
|
17.89 |
% |
Tier 1 risk-based capital to risk-weighted assets |
|
|
16.82 |
% |
|
|
17.24 |
% |
|
|
16.85 |
% |
Common equity Tier 1 capital to risk-weighted assets |
|
|
16.82 |
% |
|
|
17.24 |
% |
|
|
16.85 |
% |
Tier 1 risk-based capital to average assets |
|
|
11.44 |
% |
|
|
11.56 |
% |
|
|
11.02 |
% |
(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 31,2024 |
|
December 31,2023 |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31,2023 |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
19,401 |
|
|
$ |
53,062 |
|
|
$ |
42,413 |
|
|
$ |
36,662 |
|
|
$ |
34,491 |
|
Interest-bearing deposits in other banks |
|
210,404 |
|
|
|
252,364 |
|
|
|
279,786 |
|
|
|
185,409 |
|
|
|
194,727 |
|
Securities available-for-sale, at fair value |
|
545,967 |
|
|
|
570,092 |
|
|
|
529,046 |
|
|
|
588,478 |
|
|
|
611,794 |
|
Securities held-to-maturity, at amortized cost |
|
139,328 |
|
|
|
141,236 |
|
|
|
143,420 |
|
|
|
146,569 |
|
|
|
149,417 |
|
Equity securities, at fair value |
|
2,934 |
|
|
|
2,965 |
|
|
|
2,833 |
|
|
|
3,946 |
|
|
|
4,010 |
|
Nonmarketable equity securities |
|
2,261 |
|
|
|
2,239 |
|
|
|
2,190 |
|
|
|
4,330 |
|
|
|
3,506 |
|
Loans held for sale |
|
1,653 |
|
|
|
1,306 |
|
|
|
2,348 |
|
|
|
4,586 |
|
|
|
2,046 |
|
Loans held for investment |
|
2,038,072 |
|
|
|
1,992,858 |
|
|
|
1,948,606 |
|
|
|
1,947,631 |
|
|
|
1,921,850 |
|
Allowance for credit losses |
|
(21,564 |
) |
|
|
(21,336 |
) |
|
|
(21,183 |
) |
|
|
(21,085 |
) |
|
|
(20,854 |
) |
Premises and equipment, net |
|
57,539 |
|
|
|
57,088 |
|
|
|
56,466 |
|
|
|
55,566 |
|
|
|
55,065 |
|
Accrued interest receivable |
|
9,995 |
|
|
|
9,945 |
|
|
|
8,778 |
|
|
|
8,239 |
|
|
|
8,397 |
|
Bank-owned life insurance |
|
29,731 |
|
|
|
29,529 |
|
|
|
29,332 |
|
|
|
29,141 |
|
|
|
28,954 |
|
Intangible assets |
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
Right-of-use assets |
|
3,091 |
|
|
|
3,629 |
|
|
|
3,757 |
|
|
|
3,885 |
|
|
|
4,011 |
|
Other assets |
|
32,940 |
|
|
|
32,287 |
|
|
|
36,815 |
|
|
|
32,291 |
|
|
|
31,622 |
|
Total Assets |
$ |
3,073,298 |
|
|
$ |
3,128,810 |
|
|
$ |
3,066,153 |
|
|
$ |
3,027,194 |
|
|
$ |
3,030,582 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
895,439 |
|
|
$ |
916,456 |
|
|
$ |
972,155 |
|
|
$ |
989,509 |
|
|
$ |
1,060,042 |
|
Interest-bearing deposits |
|
1,850,452 |
|
|
|
1,885,432 |
|
|
|
1,787,738 |
|
|
|
1,674,674 |
|
|
|
1,671,343 |
|
Total Deposits |
|
2,745,891 |
|
|
|
2,801,888 |
|
|
|
2,759,893 |
|
|
|
2,664,183 |
|
|
|
2,731,385 |
|
Other borrowed funds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60,000 |
|
|
|
— |
|
Accrued interest payable |
|
8,959 |
|
|
|
8,000 |
|
|
|
6,800 |
|
|
|
4,098 |
|
|
|
2,433 |
|
Lease liabilities |
|
3,215 |
|
|
|
3,767 |
|
|
|
3,892 |
|
|
|
4,015 |
|
|
|
4,136 |
|
Accrued expenses and other liabilities |
|
15,919 |
|
|
|
11,304 |
|
|
|
13,617 |
|
|
|
11,526 |
|
|
|
15,988 |
|
Total Liabilities |
|
2,773,984 |
|
|
|
2,824,959 |
|
|
|
2,784,202 |
|
|
|
2,743,822 |
|
|
|
2,753,942 |
|
COMMITMENTS AND CONTINGENCIES |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Preferred stock, no par value |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common stock, no par value |
|
45,177 |
|
|
|
55,136 |
|
|
|
58,031 |
|
|
|
59,187 |
|
|
|
59,788 |
|
Additional paid-in capital |
|
2,485 |
|
|
|
2,407 |
|
|
|
2,327 |
|
|
|
2,248 |
|
|
|
2,157 |
|
Retained earnings |
|
314,352 |
|
|
|
306,802 |
|
|
|
299,079 |
|
|
|
291,630 |
|
|
|
283,236 |
|
Accumulated other comprehensive income (loss) |
|
(62,700 |
) |
|
|
(60,494 |
) |
|
|
(77,486 |
) |
|
|
(69,693 |
) |
|
|
(68,541 |
) |
Total Stockholders’ Equity |
|
299,314 |
|
|
|
303,851 |
|
|
|
281,951 |
|
|
|
283,372 |
|
|
|
276,640 |
|
Total Liabilities and Stockholders’ Equity |
$ |
3,073,298 |
|
|
$ |
3,128,810 |
|
|
$ |
3,066,153 |
|
|
$ |
3,027,194 |
|
|
$ |
3,030,582 |
|
RED RIVER BANCSHARES, INC. |
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
(in
thousands) |
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|
|
INTEREST AND DIVIDEND
INCOME |
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
25,893 |
|
|
$ |
24,898 |
|
|
$ |
21,764 |
|
Interest on securities |
|
|
4,064 |
|
|
|
3,656 |
|
|
|
3,567 |
|
Interest on federal funds sold |
|
|
— |
|
|
|
— |
|
|
|
635 |
|
Interest on deposits in other banks |
|
|
3,039 |
|
|
|
3,438 |
|
|
|
1,738 |
|
Dividends on stock |
|
|
22 |
|
|
|
49 |
|
|
|
28 |
|
Total Interest and Dividend Income |
|
|
33,018 |
|
|
|
32,041 |
|
|
|
27,732 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
Interest on deposits |
|
|
11,655 |
|
|
|
10,747 |
|
|
|
4,823 |
|
Total Interest Expense |
|
|
11,655 |
|
|
|
10,747 |
|
|
|
4,823 |
|
Net Interest
Income |
|
|
21,363 |
|
|
|
21,294 |
|
|
|
22,909 |
|
Provision for credit losses |
|
|
300 |
|
|
|
250 |
|
|
|
— |
|
Net Interest Income
After Provision for Credit Losses |
|
|
21,063 |
|
|
|
21,044 |
|
|
|
22,909 |
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,368 |
|
|
|
1,459 |
|
|
|
1,393 |
|
Debit card income, net |
|
|
1,022 |
|
|
|
875 |
|
|
|
934 |
|
Mortgage loan income |
|
|
456 |
|
|
|
441 |
|
|
|
275 |
|
Brokerage income |
|
|
987 |
|
|
|
1,039 |
|
|
|
807 |
|
Loan and deposit income |
|
|
492 |
|
|
|
575 |
|
|
|
477 |
|
Bank-owned life insurance income |
|
|
202 |
|
|
|
197 |
|
|
|
179 |
|
Gain (Loss) on equity securities |
|
|
(31 |
) |
|
|
132 |
|
|
|
31 |
|
SBIC income |
|
|
352 |
|
|
|
393 |
|
|
|
180 |
|
Other income (loss) |
|
|
80 |
|
|
|
76 |
|
|
|
64 |
|
Total Noninterest Income |
|
|
4,928 |
|
|
|
5,187 |
|
|
|
4,340 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
Personnel expenses |
|
|
9,550 |
|
|
|
9,233 |
|
|
|
9,000 |
|
Occupancy and equipment expenses |
|
|
1,616 |
|
|
|
1,647 |
|
|
|
1,717 |
|
Technology expenses |
|
|
709 |
|
|
|
693 |
|
|
|
748 |
|
Advertising |
|
|
337 |
|
|
|
347 |
|
|
|
281 |
|
Other business development expenses |
|
|
475 |
|
|
|
537 |
|
|
|
436 |
|
Data processing expense |
|
|
347 |
|
|
|
631 |
|
|
|
400 |
|
Other taxes |
|
|
737 |
|
|
|
679 |
|
|
|
686 |
|
Loan and deposit expenses |
|
|
(42 |
) |
|
|
256 |
|
|
|
205 |
|
Legal and professional expenses |
|
|
618 |
|
|
|
664 |
|
|
|
516 |
|
Regulatory assessment expenses |
|
|
404 |
|
|
|
423 |
|
|
|
406 |
|
Other operating expenses |
|
|
1,122 |
|
|
|
913 |
|
|
|
1,093 |
|
Total Operating Expenses |
|
|
15,873 |
|
|
|
16,023 |
|
|
|
15,488 |
|
Income Before Income
Tax Expense |
|
|
10,118 |
|
|
|
10,208 |
|
|
|
11,761 |
|
Income tax expense |
|
|
1,930 |
|
|
|
1,916 |
|
|
|
2,163 |
|
Net
Income |
|
$ |
8,188 |
|
|
$ |
8,292 |
|
|
$ |
9,598 |
|
RED RIVER BANCSHARES, INC. |
NET INTEREST INCOME AND NET INTEREST MARGIN
(UNAUDITED) |
|
|
For the Three Months Ended |
|
March 31, 2024 |
|
December 31, 2023 |
(dollars in thousands) |
AverageBalanceOutstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
|
AverageBalanceOutstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans(1,2) |
$ |
2,015,063 |
|
|
$ |
25,893 |
|
|
5.09 |
% |
|
$ |
1,973,513 |
|
|
$ |
24,898 |
|
|
4.94 |
% |
Securities - taxable |
|
569,600 |
|
|
|
3,048 |
|
|
2.14 |
% |
|
|
568,147 |
|
|
|
2,634 |
|
|
1.85 |
% |
Securities - tax-exempt |
|
197,817 |
|
|
|
1,016 |
|
|
2.05 |
% |
|
|
199,480 |
|
|
|
1,022 |
|
|
2.05 |
% |
Interest-bearing deposits in other banks |
|
224,301 |
|
|
|
3,039 |
|
|
5.42 |
% |
|
|
250,483 |
|
|
|
3,438 |
|
|
5.41 |
% |
Nonmarketable equity securities |
|
2,240 |
|
|
|
22 |
|
|
3.95 |
% |
|
|
2,192 |
|
|
|
49 |
|
|
8.95 |
% |
Total interest-earning assets |
|
3,009,021 |
|
|
$ |
33,018 |
|
|
4.35 |
% |
|
|
2,993,815 |
|
|
$ |
32,041 |
|
|
4.20 |
% |
Allowance for credit
losses |
|
(21,402 |
) |
|
|
|
|
|
|
(21,158 |
) |
|
|
|
|
Noninterest-earning
assets |
|
100,486 |
|
|
|
|
|
|
|
82,225 |
|
|
|
|
|
Total assets |
$ |
3,088,105 |
|
|
|
|
|
|
$ |
3,054,882 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction deposits |
$ |
1,261,361 |
|
|
$ |
5,680 |
|
|
1.81 |
% |
|
$ |
1,219,766 |
|
|
$ |
5,430 |
|
|
1.77 |
% |
Time deposits |
|
582,847 |
|
|
|
5,975 |
|
|
4.12 |
% |
|
|
556,815 |
|
|
|
5,317 |
|
|
3.79 |
% |
Total interest-bearing deposits |
|
1,844,208 |
|
|
|
11,655 |
|
|
2.54 |
% |
|
|
1,776,581 |
|
|
|
10,747 |
|
|
2.40 |
% |
Other borrowings |
|
— |
|
|
|
— |
|
|
— |
% |
|
|
— |
|
|
|
— |
|
|
— |
% |
Total interest-bearing liabilities |
|
1,844,208 |
|
|
$ |
11,655 |
|
|
2.54 |
% |
|
|
1,776,581 |
|
|
$ |
10,747 |
|
|
2.40 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
913,114 |
|
|
|
|
|
|
|
968,715 |
|
|
|
|
|
Accrued interest and other liabilities |
|
25,055 |
|
|
|
|
|
|
|
26,637 |
|
|
|
|
|
Total noninterest-bearing liabilities |
|
938,169 |
|
|
|
|
|
|
|
995,352 |
|
|
|
|
|
Stockholders’ equity |
|
305,728 |
|
|
|
|
|
|
|
282,949 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
3,088,105 |
|
|
|
|
|
|
$ |
3,054,882 |
|
|
|
|
|
Net interest income |
|
|
$ |
21,363 |
|
|
|
|
|
|
$ |
21,294 |
|
|
|
Net interest spread |
|
|
|
|
1.81 |
% |
|
|
|
|
|
1.80 |
% |
Net interest margin |
|
|
|
|
2.80 |
% |
|
|
|
|
|
2.78 |
% |
Net interest margin
FTE(3) |
|
|
|
|
2.83 |
% |
|
|
|
|
|
2.82 |
% |
Cost of deposits |
|
|
|
|
1.70 |
% |
|
|
|
|
|
1.55 |
% |
Cost of funds |
|
|
|
|
1.56 |
% |
|
|
|
|
|
1.42 |
% |
(1) Includes average outstanding balances of loans
held for sale of $2.0 million and $2.3 million for the three
months ended March 31, 2024 and December 31, 2023,
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.
RED RIVER BANCSHARES, INC. |
NET INTEREST INCOME AND NET INTEREST MARGIN
(UNAUDITED) |
|
|
For the Three Months Ended
March 31, |
|
|
2024 |
|
|
|
2023 |
|
(dollars in thousands) |
AverageBalanceOutstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
|
AverageBalanceOutstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans(1,2) |
$ |
2,015,063 |
|
|
$ |
25,893 |
|
|
5.09 |
% |
|
$ |
1,918,336 |
|
|
$ |
21,764 |
|
|
4.54 |
% |
Securities - taxable |
|
569,600 |
|
|
|
3,048 |
|
|
2.14 |
% |
|
|
641,237 |
|
|
|
2,533 |
|
|
1.59 |
% |
Securities - tax-exempt |
|
197,817 |
|
|
|
1,016 |
|
|
2.05 |
% |
|
|
205,512 |
|
|
|
1,034 |
|
|
2.01 |
% |
Federal funds sold |
|
— |
|
|
|
— |
|
|
— |
% |
|
|
55,411 |
|
|
|
635 |
|
|
4.58 |
% |
Interest-bearing deposits in other banks |
|
224,301 |
|
|
|
3,039 |
|
|
5.42 |
% |
|
|
153,667 |
|
|
|
1,738 |
|
|
4.53 |
% |
Nonmarketable equity securities |
|
2,240 |
|
|
|
22 |
|
|
3.95 |
% |
|
|
3,478 |
|
|
|
28 |
|
|
3.24 |
% |
Total interest-earning assets |
|
3,009,021 |
|
|
$ |
33,018 |
|
|
4.35 |
% |
|
|
2,977,641 |
|
|
$ |
27,732 |
|
|
3.73 |
% |
Allowance for credit
losses |
|
(21,402 |
) |
|
|
|
|
|
|
(20,885 |
) |
|
|
|
|
Noninterest-earning
assets |
|
100,486 |
|
|
|
|
|
|
|
89,031 |
|
|
|
|
|
Total assets |
$ |
3,088,105 |
|
|
|
|
|
|
$ |
3,045,787 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction deposits |
$ |
1,261,361 |
|
|
$ |
5,680 |
|
|
1.81 |
% |
|
$ |
1,326,547 |
|
|
$ |
3,029 |
|
|
0.93 |
% |
Time deposits |
|
582,847 |
|
|
|
5,975 |
|
|
4.12 |
% |
|
|
366,214 |
|
|
|
1,794 |
|
|
1.99 |
% |
Total interest-bearing deposits |
|
1,844,208 |
|
|
|
11,655 |
|
|
2.54 |
% |
|
|
1,692,761 |
|
|
|
4,823 |
|
|
1.16 |
% |
Other borrowings |
|
— |
|
|
|
— |
|
|
— |
% |
|
|
1 |
|
|
|
— |
|
|
5.08 |
% |
Total interest-bearing liabilities |
|
1,844,208 |
|
|
$ |
11,655 |
|
|
2.54 |
% |
|
|
1,692,762 |
|
|
$ |
4,823 |
|
|
1.16 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
913,114 |
|
|
|
|
|
|
|
1,061,135 |
|
|
|
|
|
Accrued interest and other liabilities |
|
25,055 |
|
|
|
|
|
|
|
20,219 |
|
|
|
|
|
Total noninterest-bearing liabilities |
|
938,169 |
|
|
|
|
|
|
|
1,081,354 |
|
|
|
|
|
Stockholders’ equity |
|
305,728 |
|
|
|
|
|
|
|
271,671 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
3,088,105 |
|
|
|
|
|
|
$ |
3,045,787 |
|
|
|
|
|
Net interest income |
|
|
$ |
21,363 |
|
|
|
|
|
|
$ |
22,909 |
|
|
|
Net interest spread |
|
|
|
|
1.81 |
% |
|
|
|
|
|
2.57 |
% |
Net interest margin |
|
|
|
|
2.80 |
% |
|
|
|
|
|
3.07 |
% |
Net interest margin
FTE(3) |
|
|
|
|
2.83 |
% |
|
|
|
|
|
3.13 |
% |
Cost of deposits |
|
|
|
|
1.70 |
% |
|
|
|
|
|
0.71 |
% |
Cost of funds |
|
|
|
|
1.56 |
% |
|
|
|
|
|
0.66 |
% |
(1) Includes average outstanding balances of loans
held for sale of $2.0 million and $1.3 million for the three months
ended March 31, 2024 and 2023,
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 31,2024 |
|
December 31,2023 |
|
March 31,2023 |
Tangible common equity |
|
|
|
|
|
Total stockholders’ equity |
$ |
299,314 |
|
|
$ |
303,851 |
|
|
$ |
276,640 |
|
Adjustments: |
|
|
|
|
|
Intangible assets |
|
(1,546 |
) |
|
|
(1,546 |
) |
|
|
(1,546 |
) |
Total tangible common equity (non-GAAP) |
$ |
297,768 |
|
|
$ |
302,305 |
|
|
$ |
275,094 |
|
Realized common equity |
|
|
|
|
|
Total stockholders’ equity |
$ |
299,314 |
|
|
$ |
303,851 |
|
|
$ |
276,640 |
|
Adjustments: |
|
|
|
|
|
Accumulated other comprehensive (income) loss |
|
62,700 |
|
|
|
60,494 |
|
|
|
68,541 |
|
Total realized common equity (non-GAAP) |
$ |
362,014 |
|
|
$ |
364,345 |
|
|
$ |
345,181 |
|
Common shares outstanding |
|
6,892,448 |
|
|
|
7,091,637 |
|
|
|
7,177,650 |
|
Book
value per share |
$ |
43.43 |
|
|
$ |
42.85 |
|
|
$ |
38.54 |
|
Tangible book value per share (non-GAAP) |
$ |
43.20 |
|
|
$ |
42.63 |
|
|
$ |
38.33 |
|
Realized book value per share (non-GAAP) |
$ |
52.52 |
|
|
$ |
51.38 |
|
|
$ |
48.09 |
|
|
|
|
|
|
|
Tangible assets |
|
|
|
|
|
Total assets |
$ |
3,073,298 |
|
|
$ |
3,128,810 |
|
|
$ |
3,030,582 |
|
Adjustments: |
|
|
|
|
|
Intangible assets |
|
(1,546 |
) |
|
|
(1,546 |
) |
|
|
(1,546 |
) |
Total tangible assets (non-GAAP) |
$ |
3,071,752 |
|
|
$ |
3,127,264 |
|
|
$ |
3,029,036 |
|
Total
stockholders’ equity to assets |
|
9.74 |
% |
|
|
9.71 |
% |
|
|
9.13 |
% |
Tangible common equity to tangible assets (non-GAAP) |
|
9.69 |
% |
|
|
9.67 |
% |
|
|
9.08 |
% |
Red River Bancshares (NASDAQ:RRBI)
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