Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the
holding company for Red River Bank (the “Bank”), announced today
its unaudited financial results for the third quarter of 2024.
Net income for the third quarter of 2024 was $8.8 million,
or $1.27 per diluted common share (“EPS”), an increase of $767,000,
or 9.6%, compared to $8.0 million, or $1.16 EPS, for the
second quarter of 2024, and an increase of $733,000, or 9.1%,
compared to $8.0 million, or $1.12 EPS, for the third quarter
of 2023. For the third quarter of 2024, the quarterly return on
assets was 1.13%, and the quarterly return on equity was
11.11%.
Net income for the nine months ended September 30, 2024,
was $24.9 million, or $3.59 EPS, a decrease of
$1.7 million, or 6.2%, compared to $26.6 million, or
$3.70 EPS, for the nine months ended September 30, 2023. For
the nine months ended September 30, 2024, the return on assets
was 1.08%, and the return on equity was 10.86%.
Third Quarter
2024 Performance and Operational
Highlights
In the third quarter of 2024, the Company reported higher
earnings, an improved net interest margin, and fairly consistent
loans and deposits. We deployed excess funds into the securities
portfolio and completed a significant stock repurchase. In
mid-September, the target range of the federal funds rate was
reduced by 50 basis points (“bps”).
- Net income for the third quarter of
2024 was $8.8 million compared to $8.0 million for the
prior quarter. Net income for the third quarter benefited from
higher net interest income and an improved net interest margin
fully tax equivalent (“FTE”), along with higher noninterest
income.
- Net interest income and net interest
margin FTE increased for the third quarter of 2024 compared to the
prior quarter. Net interest income for the third quarter of 2024
was $22.5 million compared to $21.8 million for the prior
quarter. Net interest margin FTE for the third quarter of 2024 was
2.98% compared to 2.92% for the prior quarter. These increases were
due to improved yields on securities and loans outpacing higher
deposit rates.
- Noninterest income totaled
$5.4 million for the third quarter of 2024, an increase of
$321,000, or 6.3%, compared to $5.1 million for the previous
quarter. Noninterest income benefited from the receipt of a
$151,000 nonrecurring loan fee.
- As of September 30, 2024, assets
were $3.10 billion, which was $53.2 million, or 1.7%,
higher than June 30, 2024. The increase was mainly due to a
$30.5 million increase in deposits.
- Deposits totaled $2.75 billion as
of September 30, 2024, an increase of $30.5 million, or
1.1%, compared to $2.72 billion as of June 30, 2024. In the
third quarter of 2024, customer deposit balances remained
consistent, with normal activity.
- As of September 30, 2024, loans
held for investment (“HFI”) were $2.06 billion, slightly
higher than $2.05 billion as of June 30, 2024. In the third
quarter of 2024, we closed on a high level of loan commitments,
which should fund over time.
- As of September 30, 2024, total
securities were $697.7 million, which was $31.1 million, or 4.7%,
higher than June 30, 2024. In the third quarter of 2024, we
redeployed cash flows from lower yielding securities into higher
yielding securities, as well as deployed other liquid assets into
the securities portfolio.
- As of September 30, 2024, liquid
assets, which are cash and cash equivalents, were $232.6 million,
and the liquid assets to assets ratio was 7.50%. We do not have any
borrowings, brokered deposits, or internet-sourced deposits.
- In the third quarter of 2024, the
provision for credit losses totaled $300,000. This included
$200,000 for loans and $100,000 for unfunded loan commitments.
- As of September 30, 2024,
nonperforming assets (“NPA(s)”) were $3.1 million, or 0.10% of
assets, and the allowance for credit losses (“ACL”) was
$21.8 million, or 1.06% of loans HFI.
- We paid a quarterly cash dividend of
$0.09 per common share in the third quarter of 2024.
- The 2024 stock repurchase program
authorizes us to purchase up to $5.0 million of our outstanding
shares of common stock from January 1, 2024 through December 31,
2024. In the third quarter of 2024, we entered into a privately
negotiated stock repurchase agreement for the repurchase of 60,000
shares at an aggregate cost of $3.0 million. In connection with
this repurchase, we reduced the availability under the 2024
repurchase program by $3.0 million. We also repurchased 233 shares
at an aggregate cost of $11,000 from the open market. As of
September 30, 2024, the 2024 stock repurchase program had $1.2
million remaining.
- As of September 30, 2024, capital
levels were strong with a stockholders’ equity to assets ratio of
10.46%, a leverage ratio of 11.90%, and a total risk-based capital
ratio of 18.07%.
- The book value per share of common
stock was $47.51 as of September 30, 2024, compared to $44.58 as of
June 30, 2024. This improvement was primarily due to the decrease
in the accumulated other comprehensive loss related to securities
and net income added to stockholders’ equity, partially offset by
stock repurchases.
Blake Chatelain, President and Chief Executive Officer, stated,
“We are pleased with the financial results for the third quarter of
2024. We managed continued improvement to the net interest margin
FTE, higher earnings, solid asset quality, steady loan activity,
and continued strong liquidity and capital.
“Throughout the majority of the third quarter, until the Federal
Reserve reduced the federal funds rate, we continued to reprice
assets at a quicker pace than liabilities, which benefited net
interest margin FTE and net interest income. Loan demand continued
to be steady in the third quarter, despite some companies possibly
placing investment decisions on hold due to the pending
presidential election. We did, however, close on a significant
amount of construction loan commitments, which should fund over the
next year.
“On September 18, 2024, the Federal Reserve reduced the federal
funds rate by 50 bps. This marks the conclusion of one of the most
aggressive interest rate tightening cycles in many years. The rapid
increase in interest rates has been challenging for banks and their
customers. A lower interest rate environment should spur loan
demand and mortgage loan activity, as well as help moderate
accumulated other comprehensive loss in stockholders’ equity
related to securities. Overall, the Louisiana economy seems to be
faring well, and our customers’ balance sheets and earnings appear
solid.
“Our company is well-positioned for the future, with robust
capital and liquidity levels combined with a great team of
community bankers. As we gain more clarity regarding future
interest rates and the presidential election concludes, we remain
committed to providing steady financial results for the
company.”
Net Interest Income and Net Interest Margin
FTE
Net interest income and net interest margin FTE increased in the
third quarter of 2024 compared to the prior quarter. These
increases were due to improved yields on securities and loans
outpacing higher deposit rates. After keeping the federal funds
rate consistent since the third quarter of 2023, the Federal Open
Market Committee (“FOMC”) decreased the federal funds rate by 50
bps in September of 2024.
Net interest income for the third quarter of 2024 was
$22.5 million, which was $670,000, or 3.1%, higher than the
second quarter of 2024, due to a $1.2 million increase in interest
and dividend income, partially offset by a $550,000 increase in
interest expense. The increase in interest and dividend income was
due to higher interest income on loans and securities. Loan income
increased $1.0 million primarily due to higher rates on new and
renewed loans compared to the existing portfolio. The average rate
on new and renewed loans was 7.89% for the third quarter of 2024
and 7.98% for the prior quarter. Securities income increased
$266,000 due to reinvesting lower yielding securities cash flows
into higher yielding securities. The increase in interest expense
was primarily due to higher rates on interest-bearing transaction
deposits and time deposits.
The net interest margin FTE increased six bps to 2.98% for the
third quarter of 2024, compared to 2.92% for the prior quarter.
This increase was due to improved yields on securities and loans,
partially offset by higher deposit costs. The yield on securities
increased 15 bps due to reinvesting lower yielding securities cash
flows into higher yielding securities. The yield on loans increased
11 bps due to higher rates on new and renewed loans compared to the
existing portfolio. The cost of deposits increased six bps to 1.81%
for the third quarter of 2024, compared to 1.75% for the previous
quarter, primarily due to a nine bp increase in the rate on
interest-bearing deposits during the third quarter, partially
offset by our adjustment to certain transaction deposit rates late
in the third quarter.
Late in the third quarter of 2024, the target range of the
federal funds rate was reduced 50 bps to 4.75%-5.00%. At that time,
we adjusted rates on transaction and time deposits, and we expect
to continue lowering these rates in conjunction with future federal
funds rate decreases. The market’s expectation is that the FOMC
will continue lowering the target federal funds rate in the fourth
quarter of 2024. During the twelve months ending September 30,
2025, we anticipate receiving approximately $134.0 million in
securities cash flows with an average yield of 2.86%, and we
project approximately $194.2 million of fixed rate loans will
mature with an average yield of 5.95%. We expect to redeploy these
balances into higher yielding assets. Additionally, during the
twelve months ending September 30, 2025, we expect $558.5 million
of time deposits to mature with an average rate of 4.47%, which we
anticipate repricing into lower cost deposits. As of
September 30, 2024, floating rate loans were 14.9% of loans
HFI, and floating rate transaction deposits were 7.2% 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 in
the fourth quarter of 2024.
Provision for Credit Losses
The provision for credit losses for the third quarter of 2024
totaled $300,000, which included $200,000 for loans and $100,000
for unfunded loan commitments. The provision for credit losses in
the second quarter was $300,000 for loans. The provision in the
second and third quarters was due to potential economic challenges
resulting from the recent inflationary environment, changing
monetary policy, and loan growth. In the third quarter 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 $5.4 million for the third
quarter of 2024, an increase of $321,000, or 6.3%, compared to
$5.1 million for the previous quarter. The increase was mainly
due to a gain on equity securities and increases in service charges
on deposit accounts, loan and deposit income, and brokerage income,
partially offset by a decrease in Small Business Investment Company
(“SBIC”) 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 gain of $107,000 in the third quarter of 2024, compared to a
loss of $13,000 for the previous quarter.
Service charges on deposit accounts totaled $1.5 million for the
third quarter of 2024, an increase of $119,000, or 8.7%, compared
to $1.4 million for the previous quarter. This increase was mainly
due to a larger number of non-sufficient fund transactions and
related fee income in the third quarter of 2024.
Loan and deposit income totaled $588,000 for the third quarter
of 2024, an increase of $96,000, or 19.5%, compared to $492,000 for
the previous quarter. The third quarter of 2024 benefited from the
receipt of a $151,000 nonrecurring loan fee.
Brokerage income was $987,000 for the third quarter of 2024, an
increase of $94,000, or 10.5%, compared to $893,000 for the
previous quarter. The higher income in the third quarter of 2024
was mainly due to increased investing activity by clients. Assets
under management were $1.13 billion as of September 30, 2024.
SBIC income for the third quarter of 2024 was $301,000, a
decrease of $153,000, or 33.7%, compared to $454,000 for the
previous quarter. This decrease was primarily due to lower normal
income received from these partnerships in the third quarter. We
expect SBIC income to be slightly higher in the fourth quarter of
2024 when compared to the third quarter.
Operating Expenses
Operating expenses totaled $16.8 million for the third
quarter of 2024, an increase of $63,000, or 0.4%, compared to
$16.7 million for the previous quarter. This increase was
mainly due to higher technology expenses and other tax
expenses.
Technology expenses totaled $865,000 for the third quarter of
2024, an increase of $141,000, or 19.5%, compared to $724,000 for
the previous quarter. This increase was primarily due to continued
upgrades to our core banking systems and other software technology
enhancements.
Other taxes totaled $622,000 for the third quarter of 2024, an
increase of $122,000, or 24.4%, compared to $500,000 for the
previous quarter. The second quarter benefited from the reversal of
$145,000 of stock repurchase tax expense due to finalized
guidelines.
Asset Overview
As of September 30, 2024, assets were $3.10 billion,
compared to assets of $3.05 billion as of June 30, 2024, an
increase of $53.2 million, or 1.7%. In the third quarter, assets
were mainly impacted by a $30.5 million, or 1.1%, increase in
deposits. In the third quarter of 2024, liquid assets increased
$19.6 million, or 9.2%, to $232.6 million and averaged $224.0
million for the third quarter. As of September 30, 2024, we
had sufficient liquid assets available and $1.69 billion accessible
from other liquidity sources. The liquid assets to assets ratio was
7.50% as of September 30, 2024. Total securities increased
$31.1 million, or 4.7%, to $697.7 million in the third quarter and
were 22.5% of assets as of September 30, 2024. During the
third quarter, loans HFI increased $8.2 million, or 0.4%, to $2.06
billion. The loans HFI to deposits ratio was 74.84% as of
September 30, 2024, compared to 75.38% as of June 30,
2024.
Securities
Total securities as of September 30, 2024, were
$697.7 million, an increase of $31.1 million, or 4.7%,
from June 30, 2024. Securities increased primarily due to $52.9
million in purchases combined with a $14.9 million reduction in net
unrealized loss on securities AFS. This was partially offset by
maturities and principal repayments.
The estimated fair value of securities available for sale
(“AFS”) totaled $560.6 million, net of $49.5 million of
unrealized loss, as of September 30, 2024, compared to
$526.9 million, net of $64.4 million of unrealized loss,
as of June 30, 2024. As of September 30, 2024, the amortized
cost of securities held-to-maturity (“HTM”) totaled
$134.1 million compared to $136.8 million as of June 30,
2024. As of September 30, 2024, securities HTM had an
unrealized loss of $17.3 million compared to
$22.8 million as of June 30, 2024.
As of September 30, 2024, equity securities, which is an
investment in a CRA mutual fund consisting primarily of bonds,
totaled $3.0 million compared to $2.9 million as of June 30,
2024.
Loans
Loans HFI as of September 30, 2024, were
$2.06 billion, slightly higher than $2.05 billion as of
June 30, 2024. In the third quarter of 2024, we closed on a high
level of loan commitments, which, depending on customer activity,
should fund over time. Unfunded loan commitments that originated in
the third quarter of 2024 totaled $76.4 million.
|
Loans HFI by Category |
| |
September 30, 2024 |
|
June 30, 2024 |
|
Change from June 30, 2024 to
September 30, 2024 |
| (dollars in thousands) |
Amount |
|
Percent |
|
Amount |
|
Percent |
|
$ Change |
|
% Change |
| Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
$ |
875,590 |
|
42.6% |
|
|
$ |
865,645 |
|
42.3% |
|
|
$ |
9,945 |
|
|
1.1% |
|
|
One-to-four family residential |
|
616,467 |
|
30.0% |
|
|
|
611,904 |
|
29.9% |
|
|
|
4,563 |
|
|
0.7% |
|
|
Construction and development |
|
141,525 |
|
6.9% |
|
|
|
129,197 |
|
6.3% |
|
|
|
12,328 |
|
|
9.5% |
|
| Commercial and industrial |
|
327,069 |
|
15.9% |
|
|
|
344,071 |
|
16.8% |
|
|
|
(17,002) |
|
|
(4.9%) |
|
| Tax-exempt |
|
66,436 |
|
3.2% |
|
|
|
67,941 |
|
3.3% |
|
|
|
(1,505) |
|
|
(2.2%) |
|
| Consumer |
|
28,961 |
|
1.4% |
|
|
|
29,132 |
|
1.4% |
|
|
|
(171) |
|
|
(0.6%) |
|
|
Total loans HFI |
$ |
2,056,048 |
|
100.0% |
|
|
$ |
2,047,890 |
|
100.0% |
|
|
$ |
8,158 |
|
|
0.4% |
|
Commercial real estate (“CRE”) loans are collateralized by owner
occupied and non-owner occupied properties mainly in Louisiana.
Non-owner occupied office loans were $57.2 million, or 2.8% of
loans HFI, as of September 30, 2024, and are primarily
centered in low-rise suburban areas. The average CRE loan size was
$947,000 as of September 30, 2024.
Health care loans are our largest industry concentration and are
made up of a diversified portfolio of health care providers. As of
September 30, 2024, total health care loans were 8.0% 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 $399,000 as of September 30,
2024.
Asset Quality and Allowance for Credit
Losses
NPAs totaled $3.1 million as of September 30, 2024, a
decrease of $103,000, or 3.2%, from June 30, 2024, primarily due to
changes to nonaccrual loans. The ratio of NPAs to assets was 0.10%
as of September 30, 2024, and 0.11% as of June 30, 2024.
As of September 30, 2024, the ACL was $21.8 million.
The ratio of ACL to loans HFI was 1.06% as of September 30,
2024 and June 30, 2024. The net charge-offs to average loans ratio
was 0.00% for the third quarter of 2024 and 0.01% for the second
quarter of 2024.
Deposits
As of September 30, 2024, deposits were $2.75 billion,
an increase of $30.5 million, or 1.1%, compared to June 30,
2024. Average deposits for the third quarter of 2024 were
$2.73 billion, a decrease of $5.6 million, or 0.2%, from
the prior quarter. The following tables provide details on our
deposit portfolio:
|
Deposits by Account Type |
| |
September 30, 2024 |
|
June 30, 2024 |
|
Change from June 30, 2024 to
September 30, 2024 |
| (dollars in thousands) |
Balance |
|
% of Total |
|
Balance |
|
% of Total |
|
$ Change |
|
% Change |
|
Noninterest-bearing demand deposits |
$ |
882,394 |
|
32.1% |
|
|
$ |
892,942 |
|
32.9% |
|
|
$ |
(10,548) |
|
|
(1.2%) |
|
| Interest-bearing
deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
|
163,787 |
|
6.0% |
|
|
|
135,543 |
|
5.0% |
|
|
|
28,244 |
|
|
20.8% |
|
|
NOW accounts |
|
379,566 |
|
13.8% |
|
|
|
377,385 |
|
13.9% |
|
|
|
2,181 |
|
|
0.6% |
|
|
Money market accounts |
|
551,229 |
|
20.0% |
|
|
|
547,715 |
|
20.1% |
|
|
|
3,514 |
|
|
0.6% |
|
|
Savings accounts |
|
166,723 |
|
6.1% |
|
|
|
170,050 |
|
6.3% |
|
|
|
(3,327) |
|
|
(2.0%) |
|
|
Time deposits less than or equal to $250,000 |
|
411,361 |
|
15.0% |
|
|
|
399,981 |
|
14.7% |
|
|
|
11,380 |
|
|
2.8% |
|
|
Time deposits greater than $250,000 |
|
192,065 |
|
7.0% |
|
|
|
193,030 |
|
7.1% |
|
|
|
(965) |
|
|
(0.5%) |
|
|
Total interest-bearing deposits |
|
1,864,731 |
|
67.9% |
|
|
|
1,823,704 |
|
67.1% |
|
|
|
41,027 |
|
|
2.2% |
|
| Total deposits |
$ |
2,747,125 |
|
100.0% |
|
|
$ |
2,716,646 |
|
100.0% |
|
|
$ |
30,479 |
|
|
1.1% |
|
|
Deposits by Customer Type |
| |
September 30, 2024 |
|
June 30, 2024 |
|
Change from June 30, 2024 to
September 30, 2024 |
| (dollars in thousands) |
Balance |
|
% of Total |
|
Balance |
|
% of Total |
|
$ Change |
|
% Change |
|
Consumer |
$ |
1,348,281 |
|
49.1% |
|
|
$ |
1,351,709 |
|
49.8% |
|
|
$ |
(3,428) |
|
|
(0.3%) |
|
| Commercial |
|
1,191,625 |
|
43.4% |
|
|
|
1,149,023 |
|
42.3% |
|
|
|
42,602 |
|
|
3.7% |
|
| Public |
|
207,219 |
|
7.5% |
|
|
|
215,914 |
|
7.9% |
|
|
|
(8,695) |
|
|
(4.0%) |
|
|
Total deposits |
$ |
2,747,125 |
|
100.0% |
|
|
$ |
2,716,646 |
|
100.0% |
|
|
$ |
30,479 |
|
|
1.1% |
|
|
|
In the third quarter of 2024, customer deposit balances remained
consistent, with normal activity.
The Bank has a granular, diverse deposit portfolio with
customers in a variety of industries throughout Louisiana. As of
September 30, 2024, the average deposit account size was
approximately $27,000.
As of September 30, 2024, our estimated uninsured deposits,
which are the portion of deposit accounts that exceed the FDIC
insurance limit (currently $250,000), were approximately
$832.2 million, or 30.3% of total deposits. This amount was
estimated based on the same methodologies and assumptions used for
regulatory reporting purposes. Also, as of September 30, 2024,
our estimated uninsured deposits, excluding collateralized public
entity deposits, were approximately $674.8 million, or 24.6%
of total deposits. Our cash and cash equivalents of
$232.6 million, combined with our available borrowing capacity
of $1.69 billion, equaled 231.3% of our estimated uninsured
deposits and 285.2% of our estimated uninsured deposits, excluding
collateralized public entity deposits.
Stockholders’ Equity
Total stockholders’ equity as of September 30, 2024, was
$324.3 million compared to $307.0 million as of June 30, 2024. The
$17.3 million, or 5.6%, increase in stockholders’ equity during the
third quarter of 2024 was attributable to a $12.1 million, net of
tax, market adjustment to accumulated other comprehensive loss
related to securities, $8.8 million of net income, and $92,000 of
stock compensation, partially offset by the repurchase of 60,233
shares of common stock for $3.0 million and $615,000 in cash
dividends. We paid a quarterly cash dividend of $0.09 per share on
September 19, 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 commercial and retail customers.
Red River Bank operates from a network of 28 banking centers
throughout Louisiana and one combined loan and deposit production
office in New Orleans, Louisiana. Banking centers are located in
the following Louisiana markets: Central, which includes the
Alexandria metropolitan statistical area (“MSA”); Northwest, which
includes the Shreveport-Bossier City MSA; Capital, which includes
the Baton Rouge MSA; Southwest, which includes the Lake Charles
MSA; the Northshore, which includes Covington; Acadiana, which
includes the Lafayette MSA; and New Orleans.
Forward-Looking Statements
Statements in this news release regarding our expectations and
beliefs about our future financial performance and financial
condition, as well as trends in our business and markets, are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements often include words such as “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,”
or words of similar meaning, or future or conditional verbs such as
“will,” “would,” “should,” “could,” or “may.” The forward-looking
statements in this news release are based on current information
and on assumptions that we make about future events and
circumstances that are subject to a number of risks and
uncertainties that are often difficult to predict and beyond our
control. As a result of those risks and uncertainties, our actual
financial results in the future could differ, possibly materially,
from those expressed in or implied by the forward-looking
statements contained in this news release and could cause us to
make changes to our future plans. Additional information regarding
these and other risks and uncertainties to which our business and
future financial performance are subject is contained in the
section titled “Risk Factors” in our most recent Annual Report on
Form 10-K and any subsequent quarterly reports on Form 10-Q, and in
other documents that we file with the SEC from time to time. In
addition, our actual financial results in the future may differ
from those currently expected due to additional risks and
uncertainties of which we are not currently aware or which we do
not currently view as, but in the future may become, material to
our business or operating results. Due to these and other possible
uncertainties and risks, readers are cautioned not to place undue
reliance on the forward-looking statements contained in this news
release or to make predictions based solely on historical financial
performance. Any forward-looking statement speaks only as of the
date on which it is made, and we do not undertake any obligation to
update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as
required by law. All forward-looking statements, express or
implied, included in this news release are qualified in their
entirety by this cautionary statement.
Contact:Isabel V. Carriere, CPA, 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 theNine Months
Ended |
| (dollars in thousands, except
per share data) |
|
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
|
September 30,2024 |
|
September 30,2023 |
|
Net Income |
|
$ |
8,754 |
|
|
$ |
7,987 |
|
|
$ |
8,021 |
|
|
$ |
24,929 |
|
|
$ |
26,587 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Per Common Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
|
$ |
1.28 |
|
|
$ |
1.16 |
|
|
$ |
1.12 |
|
|
$ |
3.60 |
|
|
$ |
3.70 |
|
|
Earnings per share, diluted |
|
$ |
1.27 |
|
|
$ |
1.16 |
|
|
$ |
1.12 |
|
|
$ |
3.59 |
|
|
$ |
3.70 |
|
|
Book value per share |
|
$ |
47.51 |
|
|
$ |
44.58 |
|
|
$ |
39.43 |
|
|
$ |
47.51 |
|
|
$ |
39.43 |
|
|
Tangible book value per share (1) |
|
$ |
47.28 |
|
|
$ |
44.35 |
|
|
$ |
39.21 |
|
|
$ |
47.28 |
|
|
$ |
39.21 |
|
|
Realized book value per share (1) |
|
$ |
54.78 |
|
|
$ |
53.54 |
|
|
$ |
50.27 |
|
|
$ |
54.78 |
|
|
$ |
50.27 |
|
|
Cash dividends per share |
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.08 |
|
|
$ |
0.27 |
|
|
$ |
0.24 |
|
|
Shares outstanding |
|
|
6,826,120 |
|
|
|
6,886,928 |
|
|
|
7,150,685 |
|
|
|
6,826,120 |
|
|
|
7,150,685 |
|
|
Weighted average shares outstanding, basic |
|
|
6,851,223 |
|
|
|
6,896,030 |
|
|
|
7,168,413 |
|
|
|
6,932,137 |
|
|
|
7,176,219 |
|
|
Weighted average shares outstanding, diluted |
|
|
6,867,474 |
|
|
|
6,914,140 |
|
|
|
7,180,084 |
|
|
|
6,949,196 |
|
|
|
7,188,371 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Summary Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.13% |
|
|
|
1.05% |
|
|
|
1.05% |
|
|
|
1.08% |
|
|
|
1.18% |
|
|
Return on average equity |
|
|
11.11% |
|
|
|
10.69% |
|
|
|
11.15% |
|
|
|
10.86% |
|
|
|
12.71% |
|
|
Net interest margin |
|
|
2.93% |
|
|
|
2.87% |
|
|
|
2.74% |
|
|
|
2.87% |
|
|
|
2.91% |
|
|
Net interest margin FTE |
|
|
2.98% |
|
|
|
2.92% |
|
|
|
2.78% |
|
|
|
2.92% |
|
|
|
2.94% |
|
|
Efficiency ratio |
|
|
60.09% |
|
|
|
62.07% |
|
|
|
61.70% |
|
|
|
60.84% |
|
|
|
59.02% |
|
|
Loans HFI to deposits ratio |
|
|
74.84% |
|
|
|
75.38% |
|
|
|
70.60% |
|
|
|
74.84% |
|
|
|
70.60% |
|
|
Noninterest-bearing deposits to deposits ratio |
|
|
32.12% |
|
|
|
32.87% |
|
|
|
35.22% |
|
|
|
32.12% |
|
|
|
35.22% |
|
|
Noninterest income to average assets |
|
|
0.70% |
|
|
|
0.67% |
|
|
|
0.73% |
|
|
|
0.67% |
|
|
|
0.71% |
|
|
Operating expense to average assets |
|
|
2.17% |
|
|
|
2.19% |
|
|
|
2.13% |
|
|
|
2.14% |
|
|
|
2.12% |
|
| |
|
|
|
|
|
|
|
|
|
|
| Summary Credit Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
NPAs to assets |
|
|
0.10% |
|
|
|
0.11% |
|
|
|
0.07% |
|
|
|
0.10% |
|
|
|
0.07% |
|
|
Nonperforming loans to loans HFI |
|
|
0.15% |
|
|
|
0.16% |
|
|
|
0.10% |
|
|
|
0.15% |
|
|
|
0.10% |
|
|
ACL to loans HFI |
|
|
1.06% |
|
|
|
1.06% |
|
|
|
1.09% |
|
|
|
1.06% |
|
|
|
1.09% |
|
|
Net charge-offs to average loans |
|
|
0.00% |
|
|
|
0.01% |
|
|
|
0.00% |
|
|
|
0.02% |
|
|
|
0.01% |
|
| |
|
|
|
|
|
|
|
|
|
|
| Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity to assets |
|
|
10.46% |
|
|
|
10.07% |
|
|
|
9.20% |
|
|
|
10.46% |
|
|
|
9.20% |
|
|
Tangible common equity to tangible assets(1) |
|
|
10.41% |
|
|
|
10.02% |
|
|
|
9.15% |
|
|
|
10.41% |
|
|
|
9.15% |
|
|
Total risk-based capital to risk-weighted assets |
|
|
18.07% |
|
|
|
18.01% |
|
|
|
18.35% |
|
|
|
18.07% |
|
|
|
18.35% |
|
|
Tier 1 risk-based capital to risk-weighted assets |
|
|
17.05% |
|
|
|
16.99% |
|
|
|
17.31% |
|
|
|
17.05% |
|
|
|
17.31% |
|
|
Common equity Tier 1 capital to risk-weighted assets |
|
|
17.05% |
|
|
|
16.99% |
|
|
|
17.31% |
|
|
|
17.05% |
|
|
|
17.31% |
|
|
Tier 1 risk-based capital to average assets |
|
|
11.90% |
|
|
|
11.74% |
|
|
|
11.56% |
|
|
|
11.90% |
|
|
|
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) |
September 30,2024 |
|
June 30,2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30,2023 |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
39,664 |
|
|
$ |
35,035 |
|
|
$ |
19,401 |
|
|
$ |
53,062 |
|
|
$ |
42,413 |
|
|
Interest-bearing deposits in other banks |
|
192,983 |
|
|
|
178,038 |
|
|
|
210,404 |
|
|
|
252,364 |
|
|
|
279,786 |
|
|
Securities available-for-sale, at fair value |
|
560,555 |
|
|
|
526,890 |
|
|
|
545,967 |
|
|
|
570,092 |
|
|
|
529,046 |
|
|
Securities held-to-maturity, at amortized cost |
|
134,145 |
|
|
|
136,824 |
|
|
|
139,328 |
|
|
|
141,236 |
|
|
|
143,420 |
|
|
Equity securities, at fair value |
|
3,028 |
|
|
|
2,921 |
|
|
|
2,934 |
|
|
|
2,965 |
|
|
|
2,833 |
|
|
Nonmarketable equity securities |
|
2,305 |
|
|
|
2,283 |
|
|
|
2,261 |
|
|
|
2,239 |
|
|
|
2,190 |
|
|
Loans held for sale |
|
1,805 |
|
|
|
3,878 |
|
|
|
1,653 |
|
|
|
1,306 |
|
|
|
2,348 |
|
|
Loans held for investment |
|
2,056,048 |
|
|
|
2,047,890 |
|
|
|
2,038,072 |
|
|
|
1,992,858 |
|
|
|
1,948,606 |
|
|
Allowance for credit losses |
|
(21,757) |
|
|
|
(21,627) |
|
|
|
(21,564) |
|
|
|
(21,336) |
|
|
|
(21,183) |
|
|
Premises and equipment, net |
|
57,661 |
|
|
|
57,910 |
|
|
|
57,539 |
|
|
|
57,088 |
|
|
|
56,466 |
|
|
Accrued interest receivable |
|
9,465 |
|
|
|
9,570 |
|
|
|
9,995 |
|
|
|
9,945 |
|
|
|
8,778 |
|
|
Bank-owned life insurance |
|
30,164 |
|
|
|
29,947 |
|
|
|
29,731 |
|
|
|
29,529 |
|
|
|
29,332 |
|
|
Intangible assets |
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
|
1,546 |
|
|
Right-of-use assets |
|
2,853 |
|
|
|
2,973 |
|
|
|
3,091 |
|
|
|
3,629 |
|
|
|
3,757 |
|
|
Other assets |
|
31,285 |
|
|
|
34,450 |
|
|
|
32,940 |
|
|
|
32,287 |
|
|
|
36,815 |
|
|
Total Assets |
$ |
3,101,750 |
|
|
$ |
3,048,528 |
|
|
$ |
3,073,298 |
|
|
$ |
3,128,810 |
|
|
$ |
3,066,153 |
|
| |
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
$ |
882,394 |
|
|
$ |
892,942 |
|
|
$ |
895,439 |
|
|
$ |
916,456 |
|
|
$ |
972,155 |
|
|
Interest-bearing deposits |
|
1,864,731 |
|
|
|
1,823,704 |
|
|
|
1,850,452 |
|
|
|
1,885,432 |
|
|
|
1,787,738 |
|
|
Total Deposits |
|
2,747,125 |
|
|
|
2,716,646 |
|
|
|
2,745,891 |
|
|
|
2,801,888 |
|
|
|
2,759,893 |
|
|
Accrued interest payable |
|
11,751 |
|
|
|
8,747 |
|
|
|
8,959 |
|
|
|
8,000 |
|
|
|
6,800 |
|
|
Lease liabilities |
|
2,982 |
|
|
|
3,100 |
|
|
|
3,215 |
|
|
|
3,767 |
|
|
|
3,892 |
|
|
Accrued expenses and other liabilities |
|
15,574 |
|
|
|
13,045 |
|
|
|
15,919 |
|
|
|
11,304 |
|
|
|
13,617 |
|
|
Total Liabilities |
|
2,777,432 |
|
|
|
2,741,538 |
|
|
|
2,773,984 |
|
|
|
2,824,959 |
|
|
|
2,784,202 |
|
| COMMITMENTS AND
CONTINGENCIES |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock, no par value |
|
41,402 |
|
|
|
44,413 |
|
|
|
45,177 |
|
|
|
55,136 |
|
|
|
58,031 |
|
|
Additional paid-in capital |
|
2,682 |
|
|
|
2,590 |
|
|
|
2,485 |
|
|
|
2,407 |
|
|
|
2,327 |
|
|
Retained earnings |
|
329,858 |
|
|
|
321,719 |
|
|
|
314,352 |
|
|
|
306,802 |
|
|
|
299,079 |
|
|
Accumulated other comprehensive income (loss) |
|
(49,624) |
|
|
|
(61,732) |
|
|
|
(62,700) |
|
|
|
(60,494) |
|
|
|
(77,486) |
|
|
Total Stockholders’ Equity |
|
324,318 |
|
|
|
306,990 |
|
|
|
299,314 |
|
|
|
303,851 |
|
|
|
281,951 |
|
|
Total Liabilities and Stockholders’ Equity |
$ |
3,101,750 |
|
|
$ |
3,048,528 |
|
|
$ |
3,073,298 |
|
|
$ |
3,128,810 |
|
|
$ |
3,066,153 |
|
|
RED RIVER BANCSHARES, INC. |
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
For the NineMonths Ended |
| (in thousands) |
|
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
|
September 30,2024 |
|
September 30,2023 |
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
27,909 |
|
$ |
26,882 |
|
|
$ |
23,925 |
|
|
$ |
80,684 |
|
$ |
68,541 |
|
|
Interest on securities |
|
|
4,334 |
|
|
4,068 |
|
|
|
3,404 |
|
|
|
12,465 |
|
|
10,635 |
|
|
Interest on federal funds sold |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
886 |
|
|
Interest on deposits in other banks |
|
|
2,630 |
|
|
2,709 |
|
|
|
2,950 |
|
|
|
8,378 |
|
|
6,359 |
|
|
Dividends on stock |
|
|
28 |
|
|
22 |
|
|
|
45 |
|
|
|
73 |
|
|
106 |
|
|
Total Interest and Dividend Income |
|
|
34,901 |
|
|
33,681 |
|
|
|
30,324 |
|
|
|
101,600 |
|
|
86,527 |
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
12,444 |
|
|
11,894 |
|
|
|
9,562 |
|
|
|
35,993 |
|
|
21,319 |
|
|
Interest on other borrowed funds |
|
|
— |
|
|
— |
|
|
|
37 |
|
|
|
— |
|
|
64 |
|
|
Total Interest Expense |
|
|
12,444 |
|
|
11,894 |
|
|
|
9,599 |
|
|
|
35,993 |
|
|
21,383 |
|
| Net Interest
Income |
|
|
22,457 |
|
|
21,787 |
|
|
|
20,725 |
|
|
|
65,607 |
|
|
65,144 |
|
|
Provision for credit losses |
|
|
300 |
|
|
300 |
|
|
|
185 |
|
|
|
900 |
|
|
485 |
|
| Net Interest Income
After Provision for Credit Losses |
|
|
22,157 |
|
|
21,487 |
|
|
|
20,540 |
|
|
|
64,707 |
|
|
64,659 |
|
| NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
1,486 |
|
|
1,367 |
|
|
|
1,489 |
|
|
|
4,223 |
|
|
4,317 |
|
|
Debit card income, net |
|
|
905 |
|
|
949 |
|
|
|
830 |
|
|
|
2,875 |
|
|
2,687 |
|
|
Mortgage loan income |
|
|
732 |
|
|
650 |
|
|
|
604 |
|
|
|
1,838 |
|
|
1,524 |
|
|
Brokerage income |
|
|
987 |
|
|
893 |
|
|
|
1,029 |
|
|
|
2,867 |
|
|
2,759 |
|
|
Loan and deposit income |
|
|
588 |
|
|
492 |
|
|
|
571 |
|
|
|
1,572 |
|
|
1,566 |
|
|
Bank-owned life insurance income |
|
|
217 |
|
|
216 |
|
|
|
191 |
|
|
|
635 |
|
|
557 |
|
|
Gain (Loss) on equity securities |
|
|
107 |
|
|
(13) |
|
|
|
(113) |
|
|
|
63 |
|
|
(145) |
|
|
SBIC income |
|
|
301 |
|
|
454 |
|
|
|
920 |
|
|
|
1,107 |
|
|
2,479 |
|
|
Other income (loss) |
|
|
96 |
|
|
90 |
|
|
|
60 |
|
|
|
266 |
|
|
184 |
|
|
Total Noninterest Income |
|
|
5,419 |
|
|
5,098 |
|
|
|
5,581 |
|
|
|
15,446 |
|
|
15,928 |
|
| OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
9,700 |
|
|
9,603 |
|
|
|
9,461 |
|
|
|
28,854 |
|
|
28,008 |
|
|
Occupancy and equipment expenses |
|
|
1,661 |
|
|
1,698 |
|
|
|
1,663 |
|
|
|
4,975 |
|
|
4,933 |
|
|
Technology expenses |
|
|
865 |
|
|
724 |
|
|
|
675 |
|
|
|
2,298 |
|
|
2,066 |
|
|
Advertising |
|
|
317 |
|
|
408 |
|
|
|
331 |
|
|
|
1,061 |
|
|
955 |
|
|
Other business development expenses |
|
|
521 |
|
|
593 |
|
|
|
522 |
|
|
|
1,589 |
|
|
1,451 |
|
|
Data processing expense |
|
|
652 |
|
|
651 |
|
|
|
651 |
|
|
|
1,650 |
|
|
1,689 |
|
|
Other taxes |
|
|
622 |
|
|
500 |
|
|
|
664 |
|
|
|
1,859 |
|
|
2,042 |
|
|
Loan and deposit expenses |
|
|
294 |
|
|
309 |
|
|
|
238 |
|
|
|
561 |
|
|
728 |
|
|
Legal and professional expenses |
|
|
653 |
|
|
729 |
|
|
|
616 |
|
|
|
2,000 |
|
|
1,714 |
|
|
Regulatory assessment expenses |
|
|
421 |
|
|
401 |
|
|
|
419 |
|
|
|
1,226 |
|
|
1,223 |
|
|
Other operating expenses |
|
|
1,046 |
|
|
1,073 |
|
|
|
990 |
|
|
|
3,241 |
|
|
3,041 |
|
|
Total Operating Expenses |
|
|
16,752 |
|
|
16,689 |
|
|
|
16,230 |
|
|
|
49,314 |
|
|
47,850 |
|
| Income Before Income
Tax Expense |
|
|
10,824 |
|
|
9,896 |
|
|
|
9,891 |
|
|
|
30,839 |
|
|
32,737 |
|
|
Income tax expense |
|
|
2,070 |
|
|
1,909 |
|
|
|
1,870 |
|
|
|
5,910 |
|
|
6,150 |
|
| Net
Income |
|
$ |
8,754 |
|
$ |
7,987 |
|
|
$ |
8,021 |
|
|
$ |
24,929 |
|
$ |
26,587 |
|
|
RED RIVER BANCSHARES, INC. |
|
NET INTEREST INCOME AND NET INTEREST MARGIN
(UNAUDITED) |
| |
| |
For the Three Months Ended |
| |
September 30, 2024 |
|
June 30, 2024 |
| (dollars in thousands) |
Average Balance Outstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
|
Average Balance Outstanding |
|
InterestIncome/Expense |
|
AverageYield/Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans(1,2) |
$ |
2,054,451 |
|
|
$ |
27,909 |
|
5.32% |
|
|
$ |
2,042,602 |
|
|
$ |
26,882 |
|
5.21% |
|
|
Securities - taxable |
|
545,171 |
|
|
|
3,344 |
|
2.45% |
|
|
|
546,466 |
|
|
|
3,069 |
|
2.25% |
|
|
Securities - tax-exempt |
|
191,285 |
|
|
|
990 |
|
2.07% |
|
|
|
193,954 |
|
|
|
999 |
|
2.06% |
|
|
Interest-bearing deposits in other banks |
|
194,229 |
|
|
|
2,630 |
|
5.36% |
|
|
|
199,668 |
|
|
|
2,709 |
|
5.43% |
|
|
Nonmarketable equity securities |
|
2,284 |
|
|
|
28 |
|
4.85% |
|
|
|
2,262 |
|
|
|
22 |
|
3.96% |
|
|
Total interest-earning assets |
|
2,987,420 |
|
|
$ |
34,901 |
|
4.59% |
|
|
|
2,984,952 |
|
|
$ |
33,681 |
|
4.48% |
|
| Allowance for credit
losses |
|
(21,702) |
|
|
|
|
|
|
|
(21,653) |
|
|
|
|
|
| Noninterest-earning
assets |
|
104,599 |
|
|
|
|
|
|
|
96,631 |
|
|
|
|
|
|
Total assets |
$ |
3,070,317 |
|
|
|
|
|
|
$ |
3,059,930 |
|
|
|
|
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction deposits |
$ |
1,230,487 |
|
|
$ |
6,042 |
|
1.95% |
|
|
$ |
1,230,474 |
|
|
$ |
5,701 |
|
1.86% |
|
|
Time deposits |
|
597,286 |
|
|
|
6,402 |
|
4.26% |
|
|
|
595,120 |
|
|
|
6,193 |
|
4.19% |
|
|
Total interest-bearing deposits |
|
1,827,773 |
|
|
|
12,444 |
|
2.71% |
|
|
|
1,825,594 |
|
|
|
11,894 |
|
2.62% |
|
|
Other borrowings |
|
— |
|
|
|
— |
|
—% |
|
|
|
1 |
|
|
|
— |
|
5.78% |
|
|
Total interest-bearing liabilities |
|
1,827,773 |
|
|
$ |
12,444 |
|
2.71% |
|
|
|
1,825,595 |
|
|
$ |
11,894 |
|
2.62% |
|
| Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
901,192 |
|
|
|
|
|
|
|
908,930 |
|
|
|
|
|
|
Accrued interest and other liabilities |
|
28,006 |
|
|
|
|
|
|
|
24,868 |
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
929,198 |
|
|
|
|
|
|
|
933,798 |
|
|
|
|
|
| Stockholders’ equity |
|
313,346 |
|
|
|
|
|
|
|
300,537 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
3,070,317 |
|
|
|
|
|
|
$ |
3,059,930 |
|
|
|
|
|
| Net interest income |
|
|
$ |
22,457 |
|
|
|
|
|
$ |
21,787 |
|
|
| Net interest spread |
|
|
|
|
1.88% |
|
|
|
|
|
|
1.86% |
|
| Net interest margin |
|
|
|
|
2.93% |
|
|
|
|
|
|
2.87% |
|
| Net interest margin
FTE(3) |
|
|
|
|
2.98% |
|
|
|
|
|
|
2.92% |
|
| Cost of deposits |
|
|
|
|
1.81% |
|
|
|
|
|
|
1.75% |
|
| Cost of funds |
|
|
|
|
1.66% |
|
|
|
|
|
|
1.60% |
|
(1) Includes average outstanding balances of loans
held for sale of $3.0 million and $3.2 million for the
three months ended September 30, 2024 and June 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 Nine Months Ended |
| |
September 30, 2024 |
|
September 30, 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) |
$ |
2,037,435 |
|
|
$ |
80,684 |
|
5.21% |
|
|
$ |
1,933,226 |
|
|
$ |
68,541 |
|
4.68% |
|
|
Securities - taxable |
|
553,714 |
|
|
|
9,461 |
|
2.28% |
|
|
|
618,345 |
|
|
|
7,535 |
|
1.63% |
|
|
Securities - tax-exempt |
|
194,341 |
|
|
|
3,004 |
|
2.06% |
|
|
|
203,748 |
|
|
|
3,100 |
|
2.03% |
|
|
Federal funds sold |
|
— |
|
|
|
— |
|
—% |
|
|
|
24,861 |
|
|
|
886 |
|
4.70% |
|
|
Interest-bearing deposits in other banks |
|
206,023 |
|
|
|
8,378 |
|
5.40% |
|
|
|
167,210 |
|
|
|
6,359 |
|
5.05% |
|
|
Nonmarketable equity securities |
|
2,262 |
|
|
|
73 |
|
4.27% |
|
|
|
3,744 |
|
|
|
106 |
|
3.76% |
|
|
Total interest-earning assets |
|
2,993,775 |
|
|
$ |
101,600 |
|
4.47% |
|
|
|
2,951,134 |
|
|
$ |
86,527 |
|
3.88% |
|
| Allowance for credit
losses |
|
(21,586) |
|
|
|
|
|
|
|
(20,920) |
|
|
|
|
|
|
Noninterest-earning assets |
|
100,586 |
|
|
|
|
|
|
|
88,527 |
|
|
|
|
|
|
Total assets |
$ |
3,072,775 |
|
|
|
|
|
|
$ |
3,018,741 |
|
|
|
|
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction deposits |
$ |
1,240,737 |
|
|
$ |
17,424 |
|
1.88% |
|
|
$ |
1,259,198 |
|
|
$ |
12,126 |
|
1.29% |
|
|
Time deposits |
|
591,771 |
|
|
|
18,569 |
|
4.19% |
|
|
|
441,442 |
|
|
|
9,193 |
|
2.78% |
|
|
Total interest-bearing deposits |
|
1,832,508 |
|
|
|
35,993 |
|
2.62% |
|
|
|
1,700,640 |
|
|
|
21,319 |
|
1.68% |
|
|
Other borrowings |
|
— |
|
|
|
— |
|
—% |
|
|
|
1,539 |
|
|
|
64 |
|
5.49% |
|
|
Total interest-bearing liabilities |
|
1,832,508 |
|
|
$ |
35,993 |
|
2.62% |
|
|
|
1,702,179 |
|
|
$ |
21,383 |
|
1.68% |
|
| Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
907,722 |
|
|
|
|
|
|
|
1,016,034 |
|
|
|
|
|
|
Accrued interest and other liabilities |
|
25,983 |
|
|
|
|
|
|
|
20,951 |
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
933,705 |
|
|
|
|
|
|
|
1,036,985 |
|
|
|
|
|
| Stockholders’ equity |
|
306,562 |
|
|
|
|
|
|
|
279,577 |
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
$ |
3,072,775 |
|
|
|
|
|
|
$ |
3,018,741 |
|
|
|
|
|
| Net interest income |
|
|
$ |
65,607 |
|
|
|
|
|
$ |
65,144 |
|
|
| Net interest spread |
|
|
|
|
1.85% |
|
|
|
|
|
|
2.20% |
|
| Net interest margin |
|
|
|
|
2.87% |
|
|
|
|
|
|
2.91% |
|
| Net interest margin
FTE(3) |
|
|
|
|
2.92% |
|
|
|
|
|
|
2.94% |
|
| Cost of deposits |
|
|
|
|
1.75% |
|
|
|
|
|
|
1.05% |
|
| Cost of funds |
|
|
|
|
1.61% |
|
|
|
|
|
|
0.97% |
|
(1) Includes average outstanding balances of loans
held for sale of $2.7 million and $2.5 million for the
nine months ended September 30, 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) |
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
| Tangible common equity |
|
|
|
|
|
|
Total stockholders’ equity |
$ |
324,318 |
|
|
$ |
306,990 |
|
|
$ |
281,951 |
|
|
Adjustments: |
|
|
|
|
|
|
Intangible assets |
|
(1,546) |
|
|
|
(1,546) |
|
|
|
(1,546) |
|
|
Total tangible common equity (non-GAAP) |
$ |
322,772 |
|
|
$ |
305,444 |
|
|
$ |
280,405 |
|
| Realized common equity |
|
|
|
|
|
|
Total stockholders’ equity |
$ |
324,318 |
|
|
$ |
306,990 |
|
|
$ |
281,951 |
|
|
Adjustments: |
|
|
|
|
|
|
Accumulated other comprehensive (income) loss |
|
49,624 |
|
|
|
61,732 |
|
|
|
77,486 |
|
|
Total realized common equity (non-GAAP) |
$ |
373,942 |
|
|
$ |
368,722 |
|
|
$ |
359,437 |
|
| Common shares outstanding |
|
6,826,120 |
|
|
|
6,886,928 |
|
|
|
7,150,685 |
|
| Book value per share |
$ |
47.51 |
|
|
$ |
44.58 |
|
|
$ |
39.43 |
|
| Tangible book value per share
(non-GAAP) |
$ |
47.28 |
|
|
$ |
44.35 |
|
|
$ |
39.21 |
|
| Realized book value per share
(non-GAAP) |
$ |
54.78 |
|
|
$ |
53.54 |
|
|
$ |
50.27 |
|
| |
|
|
|
|
|
| Tangible assets |
|
|
|
|
|
|
Total assets |
$ |
3,101,750 |
|
|
$ |
3,048,528 |
|
|
$ |
3,066,153 |
|
|
Adjustments: |
|
|
|
|
|
|
Intangible assets |
|
(1,546) |
|
|
|
(1,546) |
|
|
|
(1,546) |
|
|
Total tangible assets (non-GAAP) |
$ |
3,100,204 |
|
|
$ |
3,046,982 |
|
|
$ |
3,064,607 |
|
| Total stockholders’ equity to
assets |
|
10.46% |
|
|
|
10.07% |
|
|
|
9.20% |
|
| Tangible common equity to
tangible assets (non-GAAP) |
|
10.41% |
|
|
|
10.02% |
|
|
|
9.15% |
|
Red River Bancshares (NASDAQ:RRBI)
Gráfico Histórico do Ativo
De Out 2024 até Nov 2024
Red River Bancshares (NASDAQ:RRBI)
Gráfico Histórico do Ativo
De Nov 2023 até Nov 2024
