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 fourth quarter of 2024.
Net income for the fourth quarter of 2024 was $9.3 million,
or $1.37 per diluted common share (“EPS”), an increase of $552,000,
or 6.3%, compared to $8.8 million, or $1.27 EPS, for the third
quarter of 2024, and an increase of $1.0 million, or 12.2%,
compared to $8.3 million, or $1.16 EPS, for the fourth quarter
of 2023. For the fourth quarter of 2024, the quarterly return on
assets was 1.18%, and the quarterly return on equity was
11.46%.
Net income for the year ended December 31, 2024, was
$34.2 million, or $4.95 EPS, a decrease of $644,000, or 1.8%,
compared to $34.9 million, or $4.86 EPS, for the year ended
December 31, 2023. For the year ended December 31, 2024,
the return on assets was 1.11%, and the return on equity was
11.02%.
Fourth Quarter
2024 Performance and Operational
Highlights
In the fourth quarter of 2024, the Company had an improved net
interest margin, which resulted in higher net interest income and
earnings, along with slightly higher loans and deposits. A
significant stock repurchase transaction was completed, and a stock
repurchase program for 2025 was renewed. During the fourth quarter,
the target range of the federal funds rate was reduced by 50 basis
points (“bps”).
- Net income for the fourth quarter of
2024 was $9.3 million compared to $8.8 million for the
prior quarter. Net income for the fourth quarter benefited from an
improved net interest margin fully tax equivalent (“FTE”) and
higher net interest income.
- Net interest income and net interest
margin FTE increased for the fourth quarter of 2024 compared to the
prior quarter. Net interest income for the fourth quarter of 2024
was $23.7 million compared to $22.5 million for the prior
quarter. Net interest margin FTE for the fourth quarter of 2024 was
3.09% compared to 2.98% for the prior quarter. These improvements
were due to higher loan balances, combined with higher securities
yields and lower deposit rates.
- As of December 31, 2024, assets
were $3.15 billion, which was $47.8 million, or 1.5%,
higher than September 30, 2024. The increase was mainly due to a
$58.0 million increase in deposits.
- Deposits totaled $2.81 billion as
of December 31, 2024, an increase of $58.0 million, or
2.1%, compared to $2.75 billion as of September 30, 2024. This
increase was mainly due to the seasonal inflow of funds from public
entity customers.
- As of December 31, 2024, loans
held for investment (“HFI”) were $2.08 billion, slightly
higher than $2.06 billion as of September 30, 2024. In the
third and fourth quarters of 2024, we closed on a high level of
loan commitments, which we expect to fund over time.
- As of December 31, 2024, total
securities were $684.9 million, which was $12.8 million, or
1.8%, lower than September 30, 2024. Securities decreased mainly
due to having a larger net unrealized loss on securities
available-for-sale (“AFS”). New securities purchased were offset by
securities maturities and principal repayments.
- As of December 31, 2024, liquid
assets, which are cash and cash equivalents, were
$269.0 million, and the liquid assets to assets ratio was
8.54%. We do not have any borrowings, brokered deposits, or
internet-sourced deposits.
- In the fourth quarter of 2024, the
provision for credit losses totaled $300,000. This included
$200,000 for loans and $100,000 for unfunded loan commitments.
- As of December 31, 2024,
nonperforming assets (“NPA(s)”) were $3.3 million, or 0.10% of
assets, and the allowance for credit losses (“ACL”) was
$21.7 million, or 1.05% of loans HFI.
- We paid a quarterly cash dividend of
$0.09 per common share in the fourth quarter of 2024.
- The 2024 stock repurchase program
authorized us to purchase up to $5.0 million of our outstanding
shares of common stock from January 1, 2024 through December 31,
2024. Under this plan, in the fourth quarter of 2024, we
repurchased 632 shares on the open market at an aggregate cost of
$33,000. The 2024 stock repurchase program expired on December 31,
2024, with $1.1 million of remaining availability. On December 19,
2024, our Board of Directors approved the renewal of our stock
repurchase program for 2025. The 2025 stock repurchase program
authorizes us to purchase up to $5.0 million of our outstanding
shares of common stock from January 1, 2025 through December 31,
2025.
- On November 5, 2024, we entered into a
privately negotiated stock repurchase agreement for the repurchase
of 50,000 shares of our common stock at a purchase price of $2.5
million. This repurchase was supplemental to our 2024 stock
repurchase program.
- In 2024, we repurchased 327,085 shares
of our common stock. For the year ended December 31, 2024, these
repurchases benefited earnings per share by $0.14.
- As of December 31, 2024, capital
levels were strong, with a stockholders’ equity to assets ratio of
10.15%, a leverage ratio of 11.86%, and a total risk-based capital
ratio of 18.28%.
- In the fourth quarter of 2024, we
continued implementing our organic expansion plan. We purchased
property in Lafayette, Louisiana and plan to build a new banking
center at that location, which would be our second banking center
in the Acadiana market.
- The American Banker publication
included Red River Bank in its “2024 Best Banks To Work For”
ranking.
Blake Chatelain, President and Chief Executive Officer, stated,
“We are pleased to finish out 2024 with a strong fourth quarter,
which included steady net interest margin improvement, higher net
income, solid loan activity, and good liquidity.
“In the fourth quarter, the Federal Reserve lowered short-term
interest rates; however, longer term rates remained fairly
consistent. Due to diligent balance sheet management, our net
interest margin FTE increased by 11 bps and net interest income
increased by 5.5% in the fourth quarter. New loan activity was very
good in the fourth quarter; however, the loan portfolio was
impacted by higher than normal paydowns on loans. For the second
quarter in a row, we closed on a significant amount of construction
loan commitments, which we expect to fund over time. Our balance
sheet is well positioned for the forecasted interest rate
environment and a normal shaped yield curve. This should enable us
to continue improving the net interest margin slightly in the first
half of 2025.
“In the fourth quarter of 2024, we completed a third,
significant private stock repurchase transaction. In 2024, we
repurchased 4.6% of outstanding shares, which positively impacted
earnings per share, while also maintaining strong capital levels
and ratios.
“The fourth quarter of 2024 wrapped up a good year for our
Company and our communities. Our Company is well positioned for the
future, with robust capital and liquidity levels combined with a
great team of community bankers. We look forward to 2025 as we
continue to grow and build value for our shareholders.”
Net Interest Income and Net Interest Margin
FTE
Net interest income and net interest margin FTE increased in the
fourth quarter of 2024 compared to the prior quarter. These
measures were both impacted by improved yields on securities, as
well as lower deposit rates. After keeping the federal funds rate
consistent since the third quarter of 2023, the Federal Open Market
Committee (“FOMC”) decreased the federal funds rate by 50 bps in
September of 2024, and by an additional 50 bps during the fourth
quarter of 2024.
Net interest income for the fourth quarter of 2024 was
$23.7 million, which was $1.2 million, or 5.5%, higher
than the third quarter of 2024, due to a $729,000 increase in
interest and dividend income, combined with a $501,000 decrease in
interest expense. The increase in interest and dividend income was
due to higher interest income on loans and securities. Loan income
increased $376,000 primarily due to higher average loan balances
during the fourth quarter. Securities income increased $289,000 due
to reinvesting lower yielding securities cash flows into higher
yielding securities. The decrease in interest expense was primarily
due to lower rates on interest-bearing transaction deposits and
time deposits.
The net interest margin FTE increased 11 bps to 3.09% for the
fourth quarter of 2024, compared to 2.98% for the prior quarter.
This increase was due to improved yields on securities, combined
with lower deposit costs. The yield on securities increased 13 bps
due to reinvesting lower yielding securities cash flows into higher
yielding securities. The yield on loans increased 2 bps due to
higher rates on new and renewed loans compared to the existing
portfolio yield. The average rate on new and renewed loans was
7.25% for the fourth quarter of 2024 and 7.89% for the prior
quarter. The cost of deposits decreased 10 bps to 1.71% for the
fourth quarter of 2024, compared to 1.81% for the previous quarter,
due to our lowering of selected deposit rates. As a result of this
change, there was a 17 bp decrease in the rate on interest-bearing
transaction deposits and a 9 bp decrease on time deposits during
the fourth quarter.
The FOMC lowered the federal funds rate by 50 bps in the fourth
quarter of 2024, reducing the target federal funds range to
4.25%-4.50%. The market’s expectation is that the FOMC may lower
the target range of the federal funds rate by at least 25 bps in
2025. In 2025, we anticipate receiving approximately $101.0 million
in securities cash flows with an average yield of 3.01%, and we
project approximately $194.0 million of fixed rate loans will
mature with an average yield of 6.04%. We expect to redeploy these
balances into higher yielding assets. Additionally, in 2025, we
expect $541.9 million of time deposits to mature with an average
rate of 4.10%, which we anticipate repricing into lower cost
deposits. As of December 31, 2024, floating rate loans were
16.0% of loans HFI, and floating rate transaction deposits were
8.1% of interest-bearing transaction deposits. Depending on balance
sheet activity and the movement in interest rates, we expect the
net interest income and net interest margin FTE to improve slightly
during the first half of 2025.
Provision for Credit Losses
The provision for credit losses for the third and fourth
quarters of 2024 was $300,000, which included $200,000 for loans
and $100,000 for unfunded loan commitments for each quarter. The
provision in the third and fourth quarters was due to potential
economic challenges resulting from the recent inflationary
environment, changing monetary policy, and loan growth. In the
second half of 2024, we had an increase in unfunded loan
commitments. 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 $5.0 million for the fourth
quarter of 2024, a decrease of $424,000, or 7.8%, compared to
$5.4 million for the previous quarter. The decrease was mainly
due to a loss on equity securities and lower loan and deposit
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 $91,000 in the fourth quarter of 2024, compared to a
gain of $107,000 for the previous quarter.
Loan and deposit income totaled $463,000 for the fourth quarter
of 2024, a decrease of $125,000, or 21.3%, compared to $588,000 for
the previous quarter. The third quarter of 2024 benefited from the
receipt of a $151,000 nonrecurring loan related fee.
Operating Expenses
Operating expenses totaled $16.8 million for the fourth
quarter of 2024, which was fairly consistent with the previous
quarter. Higher occupancy and equipment expenses were offset by
lower other taxes.
Occupancy and equipment expenses totaled $1.7 million for the
fourth quarter of 2024, which was $55,000, or 3.3% higher than the
previous quarter. In the fourth quarter of 2024, there was $35,000
of nonrecurring expenses related to a new administrative office in
the New Orleans market.
Other taxes totaled $547,000 for the fourth quarter of 2024, a
decrease of $75,000, or 12.1%, compared to $622,000 for the
previous quarter. In the fourth quarter of 2024, the State of
Louisiana bank stock tax expense was lower due to a $68,000
adjustment with receipt of the year-end bank stock tax
invoices.
Asset Overview
As of December 31, 2024, assets were $3.15 billion,
compared to assets of $3.10 billion as of September 30, 2024, an
increase of $47.8 million, or 1.5%. In the fourth quarter, assets
were mainly impacted by a $58.0 million, or 2.1%, increase in
deposits. In the fourth quarter of 2024, liquid assets increased
$36.3 million, or 15.6%, to $269.0 million and averaged $256.2
million for the fourth quarter. As of December 31, 2024, we
had sufficient liquid assets available and $1.62 billion accessible
from other liquidity sources. The liquid assets to assets ratio was
8.54% as of December 31, 2024. Total securities decreased
$12.8 million, or 1.8%, to $684.9 million in the fourth quarter and
were 21.7% of assets as of December 31, 2024. During the
fourth quarter, loans HFI increased $19.0 million, or 0.9%, to
$2.08 billion. The loans HFI to deposits ratio was 73.97% as of
December 31, 2024, compared to 74.84% as of September 30,
2024.
Securities
Total securities as of December 31, 2024, were
$684.9 million, a decrease of $12.8 million, or 1.8%,
from September 30, 2024. Securities decreased mainly due to having
a larger net unrealized loss on securities AFS. New securities
purchased were offset by securities maturities and principal
repayments.
The estimated fair value of securities AFS totaled
$550.1 million, net of $63.2 million of unrealized loss, as of
December 31, 2024, compared to $560.6 million, net of
$49.5 million of unrealized loss, as of September 30, 2024. As
of December 31, 2024, the amortized cost of securities
held-to-maturity (“HTM”) totaled $131.8 million compared to
$134.1 million as of September 30, 2024. As of
December 31, 2024, securities HTM had an unrealized loss of
$22.8 million compared to $17.3 million as of September
30, 2024.
As of December 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 September
30, 2024.
Loans
Loans HFI as of December 31, 2024, were $2.08 billion,
slightly higher than $2.06 billion as of September 30, 2024.
In the third and fourth quarters of 2024, we closed on a high level
of loan commitments, which, depending on customer activity, we
expect to fund over time. Unfunded loan commitments that originated
in the fourth quarter of 2024 totaled $106.2 million.
|
Loans HFI by Category |
| |
December 31, 2024 |
|
September 30, 2024 |
|
Change from September 30, 2024 to
December 31, 2024 |
| (dollars in thousands) |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
$ Change |
|
% Change |
| Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
884,641 |
|
42.6 |
% |
|
$ |
875,590 |
|
42.6 |
% |
|
$ |
9,051 |
|
|
1.0 |
% |
|
One-to-four family residential |
|
614,551 |
|
29.6 |
% |
|
|
616,467 |
|
30.0 |
% |
|
|
(1,916 |
) |
|
(0.3 |
%) |
|
Construction and development |
|
155,229 |
|
7.5 |
% |
|
|
141,525 |
|
6.9 |
% |
|
|
13,704 |
|
|
9.7 |
% |
| Commercial and industrial |
|
327,086 |
|
15.8 |
% |
|
|
327,069 |
|
15.9 |
% |
|
|
17 |
|
|
— |
% |
| Tax-exempt |
|
64,930 |
|
3.1 |
% |
|
|
66,436 |
|
3.2 |
% |
|
|
(1,506 |
) |
|
(2.3 |
%) |
| Consumer |
|
28,576 |
|
1.4 |
% |
|
|
28,961 |
|
1.4 |
% |
|
|
(385 |
) |
|
(1.3 |
%) |
|
Total loans HFI |
$ |
2,075,013 |
|
100.0 |
% |
|
$ |
2,056,048 |
|
100.0 |
% |
|
$ |
18,965 |
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate (“CRE”) loans are collateralized by owner
occupied and non-owner occupied properties mainly in Louisiana.
Non-owner occupied office loans were $56.4 million, or 2.7% of
loans HFI, as of December 31, 2024, and are primarily centered
in low-rise suburban areas. The average CRE loan size was $953,000
as of December 31, 2024.
Health care loans are our largest industry concentration and are
made up of a diversified portfolio of health care providers. As of
December 31, 2024, total health care loans were 8.1% of loans
HFI. Within the health care sector, loans to nursing and
residential care facilities were 4.4% of loans HFI, and loans to
physician and dental practices were 3.4% of loans HFI. The average
health care loan size was $372,000 as of December 31,
2024.
Asset Quality and Allowance for Credit
Losses
NPAs totaled $3.3 million as of December 31, 2024, an
increase of $166,000, or 5.3%, from September 30, 2024, primarily
due to an increase in past due loans, partially offset by payoffs
and charge-offs of nonaccrual loans. The ratio of NPAs to assets
was 0.10% as of December 31, 2024 and September 30, 2024.
As of December 31, 2024, the ACL was $21.7 million.
The ratio of ACL to loans HFI was 1.05% as of December 31,
2024 and 1.06% as of September 30, 2024. The net charge-offs to
average loans ratio was 0.01% for the fourth quarter of 2024 and
0.00% for the third quarter of 2024.
Deposits
As of December 31, 2024, deposits were $2.81 billion,
an increase of $58.0 million, or 2.1%, compared to September
30, 2024. Average deposits for the fourth quarter of 2024 were
$2.78 billion, an increase of $53.5 million, or 2.0%,
from the prior quarter. The following tables provide details on our
deposit portfolio:
|
Deposits by Account Type |
| |
December 31, 2024 |
|
September 30, 2024 |
|
Change from September 30, 2024 to
December 31, 2024 |
| (dollars in thousands) |
Balance |
|
% of Total |
|
Balance |
|
% of Total |
|
$ Change |
|
% Change |
|
Noninterest-bearing demand deposits |
$ |
866,496 |
|
30.9 |
% |
|
$ |
882,394 |
|
32.1 |
% |
|
$ |
(15,898 |
) |
|
(1.8 |
%) |
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
154,720 |
|
5.5 |
% |
|
|
163,787 |
|
6.0 |
% |
|
|
(9,067 |
) |
|
(5.5 |
%) |
|
NOW accounts |
|
467,118 |
|
16.7 |
% |
|
|
379,566 |
|
13.8 |
% |
|
|
87,552 |
|
|
23.1 |
% |
|
Money market accounts |
|
556,769 |
|
19.8 |
% |
|
|
551,229 |
|
20.0 |
% |
|
|
5,540 |
|
|
1.0 |
% |
|
Savings accounts |
|
169,894 |
|
6.1 |
% |
|
|
166,723 |
|
6.1 |
% |
|
|
3,171 |
|
|
1.9 |
% |
|
Time deposits less than or equal to $250,000 |
|
403,096 |
|
14.3 |
% |
|
|
411,361 |
|
15.0 |
% |
|
|
(8,265 |
) |
|
(2.0 |
%) |
|
Time deposits greater than $250,000 |
|
187,013 |
|
6.7 |
% |
|
|
192,065 |
|
7.0 |
% |
|
|
(5,052 |
) |
|
(2.6 |
%) |
|
Total interest-bearing deposits |
|
1,938,610 |
|
69.1 |
% |
|
|
1,864,731 |
|
67.9 |
% |
|
|
73,879 |
|
|
4.0 |
% |
| Total deposits |
$ |
2,805,106 |
|
100.0 |
% |
|
$ |
2,747,125 |
|
100.0 |
% |
|
$ |
57,981 |
|
|
2.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits by Customer Type |
| |
December 31, 2024 |
|
September 30, 2024 |
|
Change from September 30, 2024 to
December 31, 2024 |
| (dollars in thousands) |
Balance |
|
% of Total |
|
Balance |
|
% of Total |
|
$ Change |
|
% Change |
|
Consumer |
$ |
1,362,740 |
|
48.6 |
% |
|
$ |
1,348,281 |
|
49.1 |
% |
|
$ |
14,459 |
|
|
1.1 |
% |
| Commercial |
|
1,178,488 |
|
42.0 |
% |
|
|
1,191,625 |
|
43.4 |
% |
|
|
(13,137 |
) |
|
(1.1 |
%) |
| Public |
|
263,878 |
|
9.4 |
% |
|
|
207,219 |
|
7.5 |
% |
|
|
56,659 |
|
|
27.3 |
% |
|
Total deposits |
$ |
2,805,106 |
|
100.0 |
% |
|
$ |
2,747,125 |
|
100.0 |
% |
|
$ |
57,981 |
|
|
2.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The increase in deposits in the fourth quarter of 2024 was
mainly due to the seasonal inflow of funds from public entity
customers, partially offset by a decrease in commercial customer
deposit balances related to normal business activity.
The Bank has a granular, diverse deposit portfolio with
customers in a variety of industries throughout Louisiana. As of
December 31, 2024, the average deposit account size was
approximately $28,000.
As of December 31, 2024, our estimated uninsured deposits,
which are the portion of deposit accounts that exceed the FDIC
insurance limit (currently $250,000), were approximately
$879.8 million, or 31.4% of total deposits. This amount was
estimated based on the same methodologies and assumptions used for
regulatory reporting purposes. Also, as of December 31, 2024,
our estimated uninsured deposits, excluding collateralized public
entity deposits, were approximately $667.6 million, or 23.8%
of total deposits. Our cash and cash equivalents of
$269.0 million, combined with our available borrowing capacity
of $1.62 billion, equaled 214.6% of our estimated uninsured
deposits and 282.8% of our estimated uninsured deposits, excluding
collateralized public entity deposits.
Stockholders’ Equity
Total stockholders’ equity as of December 31, 2024, was
$319.7 million compared to $324.3 million as of September 30, 2024.
The $4.6 million, or 1.4%, decrease in stockholders’ equity during
the fourth quarter of 2024 was attributable to a $10.6 million, net
of tax, market adjustment to accumulated other comprehensive loss
related to securities, the repurchase of 50,632 shares of common
stock for $2.7 million, and $610,000 in cash dividends related to a
$0.09 per share cash dividend that we paid on December 19, 2024.
The common stock repurchase of $2.7 million includes $213,000 of
stock repurchase excise tax related to our 2023 and 2024 stock
repurchases, which tax regulations require to be recorded as a
reduction to shareholders’ equity. These decreases in stockholders’
equity were partially offset by $9.3 million of net income and
$95,000 of stock compensation.
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 we calculate the non-GAAP financial measures
that are discussed may differ from that of other companies’
reporting measures with similar names. It is important to
understand how such other banking organizations calculate and name
their financial measures similar to the non-GAAP financial measures
discussed by us when comparing such non-GAAP financial
measures.
A reconciliation of non-GAAP financial measures to the
comparable GAAP financial measures is included within the following
financial statement tables.
About Red River Bancshares, Inc.
Red River Bancshares, Inc. is the bank holding company for Red
River Bank, a Louisiana state-chartered bank established in 1999
that provides a fully integrated suite of banking products and
services tailored to the needs of commercial and retail customers.
Red River Bank operates from a network of 28 banking centers
throughout Louisiana and one combined loan and deposit production
office in New Orleans, Louisiana. Banking centers are located in
the following Louisiana markets: Central, which includes the
Alexandria metropolitan statistical area (“MSA”); Northwest, which
includes the Shreveport-Bossier City MSA; Capital, which includes
the Baton Rouge MSA; Southwest, which includes the Lake Charles
MSA; the Northshore, which includes Covington; Acadiana, which
includes the Lafayette MSA; and New Orleans.
Forward-Looking Statements
Statements in this news release regarding our expectations and
beliefs about our future financial performance and financial
condition, as well as trends in our business, interest rates, 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 |
|
As of and for theYears Ended |
| (dollars in thousands, except
per share data) |
|
December 31,2024 |
|
September 30,2024 |
|
December 31,2023 |
|
December 31,2024 |
|
December 31,2023 |
|
Net Income |
|
$ |
9,306 |
|
|
$ |
8,754 |
|
|
$ |
8,292 |
|
|
$ |
34,235 |
|
|
$ |
34,879 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Per Common Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
|
$ |
1.37 |
|
|
$ |
1.28 |
|
|
$ |
1.16 |
|
|
$ |
4.96 |
|
|
$ |
4.87 |
|
|
Earnings per share, diluted |
|
$ |
1.37 |
|
|
$ |
1.27 |
|
|
$ |
1.16 |
|
|
$ |
4.95 |
|
|
$ |
4.86 |
|
|
Book value per share |
|
$ |
47.18 |
|
|
$ |
47.51 |
|
|
$ |
42.85 |
|
|
$ |
47.18 |
|
|
$ |
42.85 |
|
|
Tangible book value per share (1) |
|
$ |
46.95 |
|
|
$ |
47.28 |
|
|
$ |
42.63 |
|
|
$ |
46.95 |
|
|
$ |
42.63 |
|
|
Realized book value per share (1) |
|
$ |
56.07 |
|
|
$ |
54.78 |
|
|
$ |
51.38 |
|
|
$ |
56.07 |
|
|
$ |
51.38 |
|
|
Cash dividends per share |
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.08 |
|
|
$ |
0.36 |
|
|
$ |
0.32 |
|
|
Shares outstanding |
|
|
6,777,238 |
|
|
|
6,826,120 |
|
|
|
7,091,637 |
|
|
|
6,777,238 |
|
|
|
7,091,637 |
|
|
Weighted average shares outstanding, basic |
|
|
6,797,469 |
|
|
|
6,851,223 |
|
|
|
7,128,988 |
|
|
|
6,898,286 |
|
|
|
7,164,314 |
|
|
Weighted average shares outstanding, diluted |
|
|
6,816,299 |
|
|
|
6,867,474 |
|
|
|
7,145,870 |
|
|
|
6,918,060 |
|
|
|
7,181,728 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Summary Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.18 |
% |
|
|
1.13 |
% |
|
|
1.08 |
% |
|
|
1.11 |
% |
|
|
1.15 |
% |
|
Return on average equity |
|
|
11.46 |
% |
|
|
11.11 |
% |
|
|
11.63 |
% |
|
|
11.02 |
% |
|
|
12.44 |
% |
|
Net interest margin |
|
|
3.04 |
% |
|
|
2.93 |
% |
|
|
2.78 |
% |
|
|
2.91 |
% |
|
|
2.87 |
% |
|
Net interest margin FTE |
|
|
3.09 |
% |
|
|
2.98 |
% |
|
|
2.82 |
% |
|
|
2.96 |
% |
|
|
2.91 |
% |
|
Efficiency ratio |
|
|
58.71 |
% |
|
|
60.09 |
% |
|
|
60.51 |
% |
|
|
60.29 |
% |
|
|
59.39 |
% |
|
Loans HFI to deposits ratio |
|
|
73.97 |
% |
|
|
74.84 |
% |
|
|
71.13 |
% |
|
|
73.97 |
% |
|
|
71.13 |
% |
|
Noninterest-bearing deposits to deposits ratio |
|
|
30.89 |
% |
|
|
32.12 |
% |
|
|
32.71 |
% |
|
|
30.89 |
% |
|
|
32.71 |
% |
|
Noninterest income to average assets |
|
|
0.63 |
% |
|
|
0.70 |
% |
|
|
0.67 |
% |
|
|
0.66 |
% |
|
|
0.70 |
% |
|
Operating expense to average assets |
|
|
2.14 |
% |
|
|
2.17 |
% |
|
|
2.08 |
% |
|
|
2.14 |
% |
|
|
2.11 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| Summary Credit Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
NPAs to assets |
|
|
0.10 |
% |
|
|
0.10 |
% |
|
|
0.08 |
% |
|
|
0.10 |
% |
|
|
0.08 |
% |
|
Nonperforming loans to loans HFI |
|
|
0.16 |
% |
|
|
0.15 |
% |
|
|
0.13 |
% |
|
|
0.16 |
% |
|
|
0.13 |
% |
|
ACL to loans HFI |
|
|
1.05 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.05 |
% |
|
|
1.07 |
% |
|
Net charge-offs to average loans |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.01 |
% |
|
|
0.03 |
% |
|
|
0.02 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to assets |
|
|
10.15 |
% |
|
|
10.46 |
% |
|
|
9.71 |
% |
|
|
10.15 |
% |
|
|
9.71 |
% |
|
Tangible common equity to tangible assets(1) |
|
|
10.11 |
% |
|
|
10.41 |
% |
|
|
9.67 |
% |
|
|
10.11 |
% |
|
|
9.67 |
% |
|
Total risk-based capital to risk-weighted assets |
|
|
18.28 |
% |
|
|
18.07 |
% |
|
|
18.28 |
% |
|
|
18.28 |
% |
|
|
18.28 |
% |
|
Tier 1 risk-based capital to risk-weighted assets |
|
|
17.12 |
% |
|
|
17.05 |
% |
|
|
17.24 |
% |
|
|
17.12 |
% |
|
|
17.24 |
% |
|
Common equity Tier 1 capital to risk-weighted assets |
|
|
17.12 |
% |
|
|
17.05 |
% |
|
|
17.24 |
% |
|
|
17.12 |
% |
|
|
17.24 |
% |
|
Tier 1 risk-based capital to average assets |
|
|
11.86 |
% |
|
|
11.90 |
% |
|
|
11.56 |
% |
|
|
11.86 |
% |
|
|
11.56 |
% |
(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) |
December 31,2024 |
|
September 30,2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|
December 31,2023 |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
30,558 |
|
|
$ |
39,664 |
|
|
$ |
35,035 |
|
|
$ |
19,401 |
|
|
$ |
53,062 |
|
|
Interest-bearing deposits in other banks |
|
238,417 |
|
|
|
192,983 |
|
|
|
178,038 |
|
|
|
210,404 |
|
|
|
252,364 |
|
|
Securities available-for-sale, at fair value |
|
550,148 |
|
|
|
560,555 |
|
|
|
526,890 |
|
|
|
545,967 |
|
|
|
570,092 |
|
|
Securities held-to-maturity, at amortized cost |
|
131,796 |
|
|
|
134,145 |
|
|
|
136,824 |
|
|
|
139,328 |
|
|
|
141,236 |
|
|
Equity securities, at fair value |
|
2,937 |
|
|
|
3,028 |
|
|
|
2,921 |
|
|
|
2,934 |
|
|
|
2,965 |
|
|
Nonmarketable equity securities |
|
2,328 |
|
|
|
2,305 |
|
|
|
2,283 |
|
|
|
2,261 |
|
|
|
2,239 |
|
|
Loans held for sale |
|
2,547 |
|
|
|
1,805 |
|
|
|
3,878 |
|
|
|
1,653 |
|
|
|
1,306 |
|
|
Loans held for investment |
|
2,075,013 |
|
|
|
2,056,048 |
|
|
|
2,047,890 |
|
|
|
2,038,072 |
|
|
|
1,992,858 |
|
|
Allowance for credit losses |
|
(21,731 |
) |
|
|
(21,757 |
) |
|
|
(21,627 |
) |
|
|
(21,564 |
) |
|
|
(21,336 |
) |
|
Premises and equipment, net |
|
59,441 |
|
|
|
57,661 |
|
|
|
57,910 |
|
|
|
57,539 |
|
|
|
57,088 |
|
|
Accrued interest receivable |
|
10,048 |
|
|
|
9,465 |
|
|
|
9,570 |
|
|
|
9,995 |
|
|
|
9,945 |
|
|
Bank-owned life insurance |
|
30,380 |
|
|
|
30,164 |
|
|
|
29,947 |
|
|
|
29,731 |
|
|
|
29,529 |
|
|
Intangible assets |
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
Right-of-use assets |
|
2,733 |
|
|
|
2,853 |
|
|
|
2,973 |
|
|
|
3,091 |
|
|
|
3,629 |
|
|
Other assets |
|
33,433 |
|
|
|
31,285 |
|
|
|
34,450 |
|
|
|
32,940 |
|
|
|
32,287 |
|
|
Total Assets |
$ |
3,149,594 |
|
|
$ |
3,101,750 |
|
|
$ |
3,048,528 |
|
|
$ |
3,073,298 |
|
|
$ |
3,128,810 |
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
866,496 |
|
|
$ |
882,394 |
|
|
$ |
892,942 |
|
|
$ |
895,439 |
|
|
$ |
916,456 |
|
|
Interest-bearing deposits |
|
1,938,610 |
|
|
|
1,864,731 |
|
|
|
1,823,704 |
|
|
|
1,850,452 |
|
|
|
1,885,432 |
|
|
Total Deposits |
|
2,805,106 |
|
|
|
2,747,125 |
|
|
|
2,716,646 |
|
|
|
2,745,891 |
|
|
|
2,801,888 |
|
|
Accrued interest payable |
|
7,583 |
|
|
|
11,751 |
|
|
|
8,747 |
|
|
|
8,959 |
|
|
|
8,000 |
|
|
Lease liabilities |
|
2,864 |
|
|
|
2,982 |
|
|
|
3,100 |
|
|
|
3,215 |
|
|
|
3,767 |
|
|
Accrued expenses and other liabilities |
|
14,302 |
|
|
|
15,574 |
|
|
|
13,045 |
|
|
|
15,919 |
|
|
|
11,304 |
|
|
Total Liabilities |
|
2,829,855 |
|
|
|
2,777,432 |
|
|
|
2,741,538 |
|
|
|
2,773,984 |
|
|
|
2,824,959 |
|
| COMMITMENTS AND
CONTINGENCIES |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock, no par value |
|
38,655 |
|
|
|
41,402 |
|
|
|
44,413 |
|
|
|
45,177 |
|
|
|
55,136 |
|
|
Additional paid-in capital |
|
2,777 |
|
|
|
2,682 |
|
|
|
2,590 |
|
|
|
2,485 |
|
|
|
2,407 |
|
|
Retained earnings |
|
338,554 |
|
|
|
329,858 |
|
|
|
321,719 |
|
|
|
314,352 |
|
|
|
306,802 |
|
|
Accumulated other comprehensive income (loss) |
|
(60,247 |
) |
|
|
(49,624 |
) |
|
|
(61,732 |
) |
|
|
(62,700 |
) |
|
|
(60,494 |
) |
|
Total Stockholders’ Equity |
|
319,739 |
|
|
|
324,318 |
|
|
|
306,990 |
|
|
|
299,314 |
|
|
|
303,851 |
|
|
Total Liabilities and Stockholders’ Equity |
$ |
3,149,594 |
|
|
$ |
3,101,750 |
|
|
$ |
3,048,528 |
|
|
$ |
3,073,298 |
|
|
$ |
3,128,810 |
|
|
RED RIVER BANCSHARES, INC. |
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
For the Years Ended |
|
(in thousands) |
|
|
December 31,2024 |
|
|
|
September 30,2024 |
|
|
December 31,2023 |
|
|
December 31,2024 |
|
|
|
December 31,2023 |
|
| INTEREST AND DIVIDEND
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
28,285 |
|
|
$ |
27,909 |
|
$ |
24,898 |
|
$ |
108,969 |
|
|
$ |
93,439 |
|
|
Interest on securities |
|
|
4,623 |
|
|
|
4,334 |
|
|
3,656 |
|
|
17,089 |
|
|
|
14,291 |
|
|
Interest on federal funds sold |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
886 |
|
|
Interest on deposits in other banks |
|
|
2,699 |
|
|
|
2,630 |
|
|
3,438 |
|
|
11,077 |
|
|
|
9,797 |
|
|
Dividends on stock |
|
|
23 |
|
|
|
28 |
|
|
49 |
|
|
95 |
|
|
|
155 |
|
|
Total Interest and Dividend Income |
|
|
35,630 |
|
|
|
34,901 |
|
|
32,041 |
|
|
137,230 |
|
|
|
118,568 |
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
11,943 |
|
|
|
12,444 |
|
|
10,747 |
|
|
47,936 |
|
|
|
32,066 |
|
|
Interest on other borrowed funds |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
64 |
|
|
Total Interest Expense |
|
|
11,943 |
|
|
|
12,444 |
|
|
10,747 |
|
|
47,936 |
|
|
|
32,130 |
|
| Net Interest
Income |
|
|
23,687 |
|
|
|
22,457 |
|
|
21,294 |
|
|
89,294 |
|
|
|
86,438 |
|
|
Provision for credit losses |
|
|
300 |
|
|
|
300 |
|
|
250 |
|
|
1,200 |
|
|
|
735 |
|
| Net Interest Income
After Provision for Credit Losses |
|
|
23,387 |
|
|
|
22,157 |
|
|
21,044 |
|
|
88,094 |
|
|
|
85,703 |
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,452 |
|
|
|
1,486 |
|
|
1,459 |
|
|
5,674 |
|
|
|
5,776 |
|
|
Debit card income, net |
|
|
960 |
|
|
|
905 |
|
|
875 |
|
|
3,836 |
|
|
|
3,563 |
|
|
Mortgage loan income |
|
|
652 |
|
|
|
732 |
|
|
441 |
|
|
2,490 |
|
|
|
1,965 |
|
|
Brokerage income |
|
|
924 |
|
|
|
987 |
|
|
1,039 |
|
|
3,791 |
|
|
|
3,798 |
|
|
Loan and deposit income |
|
|
463 |
|
|
|
588 |
|
|
575 |
|
|
2,034 |
|
|
|
2,140 |
|
|
Bank-owned life insurance income |
|
|
216 |
|
|
|
217 |
|
|
197 |
|
|
851 |
|
|
|
754 |
|
|
Gain (Loss) on equity securities |
|
|
(91 |
) |
|
|
107 |
|
|
132 |
|
|
(28 |
) |
|
|
(14 |
) |
|
SBIC income |
|
|
346 |
|
|
|
301 |
|
|
393 |
|
|
1,453 |
|
|
|
2,873 |
|
|
Other income (loss) |
|
|
73 |
|
|
|
96 |
|
|
76 |
|
|
340 |
|
|
|
259 |
|
|
Total Noninterest Income |
|
|
4,995 |
|
|
|
5,419 |
|
|
5,187 |
|
|
20,441 |
|
|
|
21,114 |
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
9,769 |
|
|
|
9,700 |
|
|
9,233 |
|
|
38,623 |
|
|
|
37,241 |
|
|
Occupancy and equipment expenses |
|
|
1,716 |
|
|
|
1,661 |
|
|
1,647 |
|
|
6,691 |
|
|
|
6,581 |
|
|
Technology expenses |
|
|
884 |
|
|
|
865 |
|
|
693 |
|
|
3,182 |
|
|
|
2,759 |
|
|
Advertising |
|
|
313 |
|
|
|
317 |
|
|
347 |
|
|
1,374 |
|
|
|
1,302 |
|
|
Other business development expenses |
|
|
486 |
|
|
|
521 |
|
|
537 |
|
|
2,076 |
|
|
|
1,987 |
|
|
Data processing expense |
|
|
681 |
|
|
|
652 |
|
|
631 |
|
|
2,331 |
|
|
|
2,320 |
|
|
Other taxes |
|
|
547 |
|
|
|
622 |
|
|
679 |
|
|
2,407 |
|
|
|
2,721 |
|
|
Loan and deposit expenses |
|
|
334 |
|
|
|
294 |
|
|
256 |
|
|
895 |
|
|
|
984 |
|
|
Legal and professional expenses |
|
|
658 |
|
|
|
653 |
|
|
664 |
|
|
2,657 |
|
|
|
2,378 |
|
|
Regulatory assessment expenses |
|
|
428 |
|
|
|
421 |
|
|
423 |
|
|
1,654 |
|
|
|
1,645 |
|
|
Other operating expenses |
|
|
1,024 |
|
|
|
1,046 |
|
|
913 |
|
|
4,264 |
|
|
|
3,955 |
|
|
Total Operating Expenses |
|
|
16,840 |
|
|
|
16,752 |
|
|
16,023 |
|
|
66,154 |
|
|
|
63,873 |
|
| Income Before Income
Tax Expense |
|
|
11,542 |
|
|
|
10,824 |
|
|
10,208 |
|
|
42,381 |
|
|
|
42,944 |
|
|
Income tax expense |
|
|
2,236 |
|
|
|
2,070 |
|
|
1,916 |
|
|
8,146 |
|
|
|
8,065 |
|
| Net
Income |
|
$ |
9,306 |
|
|
$ |
8,754 |
|
$ |
8,292 |
|
$ |
34,235 |
|
|
$ |
34,879 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RED RIVER BANCSHARES, INC. |
|
NET INTEREST INCOME AND NET INTEREST MARGIN
(UNAUDITED) |
| |
| |
For the Three Months Ended |
| |
December 31, 2024 |
|
September 30, 2024 |
| (dollars in thousands) |
Average Balance Outstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
|
Average Balance Outstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1,2) |
$ |
2,072,858 |
|
|
$ |
28,285 |
|
5.34 |
% |
|
$ |
2,054,451 |
|
|
$ |
27,909 |
|
5.32 |
% |
|
Securities - taxable |
|
555,622 |
|
|
|
3,636 |
|
2.62 |
% |
|
|
545,171 |
|
|
|
3,344 |
|
2.45 |
% |
|
Securities - tax-exempt |
|
190,470 |
|
|
|
987 |
|
2.07 |
% |
|
|
191,285 |
|
|
|
990 |
|
2.07 |
% |
|
Interest-bearing deposits in other banks |
|
225,660 |
|
|
|
2,699 |
|
4.74 |
% |
|
|
194,229 |
|
|
|
2,630 |
|
5.36 |
% |
|
Nonmarketable equity securities |
|
2,307 |
|
|
|
23 |
|
3.99 |
% |
|
|
2,284 |
|
|
|
28 |
|
4.85 |
% |
|
Total interest-earning assets |
|
3,046,917 |
|
|
$ |
35,630 |
|
4.60 |
% |
|
|
2,987,420 |
|
|
$ |
34,901 |
|
4.59 |
% |
| Allowance for credit
losses |
|
(21,824 |
) |
|
|
|
|
|
|
(21,702 |
) |
|
|
|
|
| Noninterest-earning
assets |
|
109,992 |
|
|
|
|
|
|
|
104,599 |
|
|
|
|
|
|
Total assets |
$ |
3,135,085 |
|
|
|
|
|
|
$ |
3,070,317 |
|
|
|
|
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction deposits |
$ |
1,263,775 |
|
|
$ |
5,658 |
|
1.78 |
% |
|
$ |
1,230,487 |
|
|
$ |
6,042 |
|
1.95 |
% |
|
Time deposits |
|
599,910 |
|
|
|
6,285 |
|
4.17 |
% |
|
|
597,286 |
|
|
|
6,402 |
|
4.26 |
% |
|
Total interest-bearing deposits |
|
1,863,685 |
|
|
|
11,943 |
|
2.55 |
% |
|
|
1,827,773 |
|
|
|
12,444 |
|
2.71 |
% |
|
Other borrowings |
|
— |
|
|
|
— |
|
— |
% |
|
|
— |
|
|
|
— |
|
— |
% |
|
Total interest-bearing liabilities |
|
1,863,685 |
|
|
$ |
11,943 |
|
2.55 |
% |
|
|
1,827,773 |
|
|
$ |
12,444 |
|
2.71 |
% |
| Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
918,804 |
|
|
|
|
|
|
|
901,192 |
|
|
|
|
|
|
Accrued interest and other liabilities |
|
29,567 |
|
|
|
|
|
|
|
28,006 |
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
948,371 |
|
|
|
|
|
|
|
929,198 |
|
|
|
|
|
| Stockholders’ equity |
|
323,029 |
|
|
|
|
|
|
|
313,346 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
3,135,085 |
|
|
|
|
|
|
$ |
3,070,317 |
|
|
|
|
|
| Net interest income |
|
|
$ |
23,687 |
|
|
|
|
|
$ |
22,457 |
|
|
| Net interest spread |
|
|
|
|
2.05 |
% |
|
|
|
|
|
1.88 |
% |
| Net interest margin |
|
|
|
|
3.04 |
% |
|
|
|
|
|
2.93 |
% |
| Net interest margin
FTE(3) |
|
|
|
|
3.09 |
% |
|
|
|
|
|
2.98 |
% |
| Cost of deposits |
|
|
|
|
1.71 |
% |
|
|
|
|
|
1.81 |
% |
| Cost of funds |
|
|
|
|
1.56 |
% |
|
|
|
|
|
1.66 |
% |
(1) Includes average outstanding balances of loans held for
sale of $3.2 million and $3.0 million for the three
months ended December 31, 2024 and September 30, 2024,
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 Years Ended |
| |
December 31, 2024 |
|
December 31, 2023 |
| (dollars in thousands) |
Average Balance Outstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
|
Average Balance Outstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1,2) |
$ |
2,046,339 |
|
|
$ |
108,969 |
|
5.24 |
% |
|
$ |
1,943,381 |
|
|
$ |
93,439 |
|
4.74 |
% |
|
Securities - taxable |
|
554,194 |
|
|
|
13,098 |
|
2.36 |
% |
|
|
605,692 |
|
|
|
10,169 |
|
1.68 |
% |
|
Securities - tax-exempt |
|
193,368 |
|
|
|
3,991 |
|
2.06 |
% |
|
|
202,673 |
|
|
|
4,122 |
|
2.03 |
% |
|
Federal funds sold |
|
— |
|
|
|
— |
|
— |
% |
|
|
18,594 |
|
|
|
886 |
|
4.70 |
% |
|
Interest-bearing deposits in other banks |
|
210,959 |
|
|
|
11,077 |
|
5.22 |
% |
|
|
188,199 |
|
|
|
9,797 |
|
5.17 |
% |
|
Nonmarketable equity securities |
|
2,273 |
|
|
|
95 |
|
4.19 |
% |
|
|
3,353 |
|
|
|
155 |
|
4.61 |
% |
|
Total interest-earning assets |
|
3,007,133 |
|
|
$ |
137,230 |
|
4.50 |
% |
|
|
2,961,892 |
|
|
$ |
118,568 |
|
3.96 |
% |
| Allowance for credit
losses |
|
(21,646 |
) |
|
|
|
|
|
|
(20,980 |
) |
|
|
|
|
| Noninterest-earning
assets |
|
102,951 |
|
|
|
|
|
|
|
86,939 |
|
|
|
|
|
|
Total assets |
$ |
3,088,438 |
|
|
|
|
|
|
$ |
3,027,851 |
|
|
|
|
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction deposits |
$ |
1,246,528 |
|
|
$ |
23,082 |
|
1.85 |
% |
|
$ |
1,249,259 |
|
|
$ |
17,555 |
|
1.41 |
% |
|
Time deposits |
|
593,817 |
|
|
|
24,854 |
|
4.19 |
% |
|
|
470,522 |
|
|
|
14,511 |
|
3.08 |
% |
|
Total interest-bearing deposits |
|
1,840,345 |
|
|
|
47,936 |
|
2.60 |
% |
|
|
1,719,781 |
|
|
|
32,066 |
|
1.86 |
% |
|
Other borrowings |
|
— |
|
|
|
— |
|
— |
% |
|
|
1,151 |
|
|
|
64 |
|
5.49 |
% |
|
Total interest-bearing liabilities |
|
1,840,345 |
|
|
$ |
47,936 |
|
2.60 |
% |
|
|
1,720,932 |
|
|
$ |
32,130 |
|
1.87 |
% |
| Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
910,507 |
|
|
|
|
|
|
|
1,004,107 |
|
|
|
|
|
|
Accrued interest and other liabilities |
|
26,884 |
|
|
|
|
|
|
|
22,385 |
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
937,391 |
|
|
|
|
|
|
|
1,026,492 |
|
|
|
|
|
| Stockholders’ equity |
|
310,702 |
|
|
|
|
|
|
|
280,427 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
3,088,438 |
|
|
|
|
|
|
$ |
3,027,851 |
|
|
|
|
|
| Net interest income |
|
|
$ |
89,294 |
|
|
|
|
|
$ |
86,438 |
|
|
| Net interest spread |
|
|
|
|
1.90 |
% |
|
|
|
|
|
2.09 |
% |
| Net interest margin |
|
|
|
|
2.91 |
% |
|
|
|
|
|
2.87 |
% |
| Net interest margin
FTE(3) |
|
|
|
|
2.96 |
% |
|
|
|
|
|
2.91 |
% |
| Cost of deposits |
|
|
|
|
1.74 |
% |
|
|
|
|
|
1.18 |
% |
| Cost of funds |
|
|
|
|
1.59 |
% |
|
|
|
|
|
1.08 |
% |
(1) Includes average outstanding balances of loans held for
sale of $2.9 million and $2.4 million for the years ended
December 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) |
December 31,2024 |
|
September 30,2024 |
|
December 31,2023 |
| Tangible common equity |
|
|
|
|
|
|
Total stockholders’ equity |
$ |
319,739 |
|
|
$ |
324,318 |
|
|
$ |
303,851 |
|
|
Adjustments: |
|
|
|
|
|
|
Intangible assets |
|
(1,546 |
) |
|
|
(1,546 |
) |
|
|
(1,546 |
) |
|
Total tangible common equity (non-GAAP) |
$ |
318,193 |
|
|
$ |
322,772 |
|
|
$ |
302,305 |
|
| Realized common equity |
|
|
|
|
|
|
Total stockholders’ equity |
$ |
319,739 |
|
|
$ |
324,318 |
|
|
$ |
303,851 |
|
|
Adjustments: |
|
|
|
|
|
|
Accumulated other comprehensive (income) loss |
|
60,247 |
|
|
|
49,624 |
|
|
|
60,494 |
|
|
Total realized common equity (non-GAAP) |
$ |
379,986 |
|
|
$ |
373,942 |
|
|
$ |
364,345 |
|
| Common shares outstanding |
|
6,777,238 |
|
|
|
6,826,120 |
|
|
|
7,091,637 |
|
| Book value per share |
$ |
47.18 |
|
|
$ |
47.51 |
|
|
$ |
42.85 |
|
| Tangible book value per share
(non-GAAP) |
$ |
46.95 |
|
|
$ |
47.28 |
|
|
$ |
42.63 |
|
| Realized book value per share
(non-GAAP) |
$ |
56.07 |
|
|
$ |
54.78 |
|
|
$ |
51.38 |
|
| |
|
|
|
|
|
| Tangible assets |
|
|
|
|
|
|
Total assets |
$ |
3,149,594 |
|
|
$ |
3,101,750 |
|
|
$ |
3,128,810 |
|
|
Adjustments: |
|
|
|
|
|
|
Intangible assets |
|
(1,546 |
) |
|
|
(1,546 |
) |
|
|
(1,546 |
) |
|
Total tangible assets (non-GAAP) |
$ |
3,148,048 |
|
|
$ |
3,100,204 |
|
|
$ |
3,127,264 |
|
| Total stockholders’ equity to
assets |
|
10.15 |
% |
|
|
10.46 |
% |
|
|
9.71 |
% |
| Tangible common equity to
tangible assets (non-GAAP) |
|
10.11 |
% |
|
|
10.41 |
% |
|
|
9.67 |
% |
Red River Bancshares (NASDAQ:RRBI)
Historical Stock Chart
From Jan 2025 to Feb 2025
Red River Bancshares (NASDAQ:RRBI)
Historical Stock Chart
From Feb 2024 to Feb 2025
