Red River Bancshares, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Red River Bancshares, Inc. has submitted its 2023 10-K report, detailing financial performance and corporate structure for the fiscal year ending December 31, 2023.</b>

AI Summary

RED RIVER BANCSHARES INC (RRBI) filed a Annual Report (10-K) with the SEC on March 15, 2024. Red River Bancshares, Inc. filed its 2023 Form 10-K on March 15, 2024, reporting on the fiscal year ending December 31, 2023. The company is incorporated in Louisiana (LA) and operates under the SIC code 6022 for State Commercial Banks. Key financial data for the fiscal years 2021, 2022, and 2023 are included in the filing. The filing details various equity components including Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income. Specific segments like 'bankingCenter' and 'RealEstatePortfolioSegmentMember' are mentioned, with data points for 2023.

Why It Matters

For investors and stakeholders tracking RED RIVER BANCSHARES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Red River Bancshares' financial health and operational activities for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and segment information offer insights into the company's revenue streams, asset management, and profitability, enabling a deeper understanding of its market position within the commercial banking sector.

Risk Assessment

Risk Level: low — RED RIVER BANCSHARES INC shows low risk based on this filing. The risk is low as this is a standard annual financial disclosure (10-K) providing historical data and does not contain forward-looking statements or immediate operational changes that would significantly alter the company's risk profile.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-K to identify trends in revenue, net income, and asset growth for Red River Bancshares.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-15 — Filing Date (Date the 10-K was submitted)
• 2023 — Fiscal Year (Year covered by the report)
• 2022 — Prior Fiscal Year (Previous year's data for comparison)
• 2021 — Prior Fiscal Year (Data from two years prior)

Key Players & Entities

• RED RIVER BANCSHARES INC (company) — Filer name
• 2024-03-15 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• LA (location) — State of incorporation
• 6022 (industry) — Standard Industrial Classification
• 1412 CENTRE COURT DRIVE (address) — Business address
• Alexandria (location) — City in business address
• USD (currency) — Currency used in filing

FAQ

Industry Context

Red River Bancshares operates within the commercial banking industry, providing financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, Red River Bancshares is subject to regulations from federal and state authorities governing financial institutions.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the risk factors section for any new or updated disclosures regarding potential business risks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, providing updated financial data compared to previous filings.

Key Financial Figures

• $3.13 b — a based on assets, with total assets of $3.13 billion, loans HFI of $1.99 billion, tota
• $1.99 b — l assets of $3.13 billion, loans HFI of $1.99 billion, total deposits of $2.80 billion,
• $2.80 b — HFI of $1.99 billion, total deposits of $2.80 billion, and total stockholders' equity o
• $303.9 million — lion, and total stockholders' equity of $303.9 million. OUR MARKETS As of December 31, 2023

Filing Documents

• rrbi-20231231.htm (10-K) — 3680KB
• rrbiexhibit211202310-k.htm (EX-21.1) — 3KB
• rrbiexhibit231202310-k.htm (EX-23.1) — 5KB
• rrbiexhibit232202310-k.htm (EX-23.2) — 4KB
• rrbiexhibit311202310-k.htm (EX-31.1) — 11KB
• rrbiexhibit312202310-k.htm (EX-31.2) — 11KB
• rrbiexhibit321202310-k.htm (EX-32.1) — 5KB
• rrbiexhibit322202310-k.htm (EX-32.2) — 5KB
• rrbiexhibit971202310-k.htm (EX-97.1) — 61KB
• rrbi-20231231_g1.jpg (GRAPHIC) — 122KB
• 0001071236-24-000035.txt (&nbsp;) — 18001KB
• rrbi-20231231.xsd (EX-101.SCH) — 75KB
• rrbi-20231231_cal.xml (EX-101.CAL) — 161KB
• rrbi-20231231_def.xml (EX-101.DEF) — 476KB
• rrbi-20231231_lab.xml (EX-101.LAB) — 996KB
• rrbi-20231231_pre.xml (EX-101.PRE) — 817KB
• rrbi-20231231_htm.xml (XML) — 3648KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 34 Item 1C. Cybersecurity 34 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 35 Item 6. [Reserved] 37 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 64 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 65 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 109 Item 9A.

Controls and Procedures

Controls and Procedures 109 Item 9B. Other Information 109 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 110 PART III Item 10. Directors, Executive Officers and Corporate Governance 110 Item 11.

Executive Compensation

Executive Compensation 110 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110 Item 13. Certain Relationships and Related Transactions, and Director Independence 110 Item 14. Principal Accountant Fees and Services 110 PART IV Item 15. Exhibit and Financial Statement Schedules 111 Item 16. Form 10-K Summary 113

Signatures

Signatures 114 3 Table of Contents GLOSSARY OF TERMS Unless the context indicates otherwise, references in this filing to "we," "our," "us," "the Company," and "our company" refer to Red River Bancshares, Inc., a Louisiana corporation and bank holding company, and its consolidated subsidiaries. All references in this Report to "Red River Bank," "the bank," and "the Bank" refer to Red River Bank, our wholly owned bank subsidiary. Other abbreviations or acronyms used in this Report are defined below. ABBREVIATION OR ACRONYM DEFINITION 2008 Plan 2008 Equity Incentive Plan 2018 Plan 2018 Equity Incentive Plan 401(k) Plan Red River Bank 401(k) Profit Sharing Plan ACL Allowance for credit losses AFS Available-for-sale ALL Allowance for loan losses AOCI Accumulated other comprehensive income or loss ASC Accounting Standards Codification ASU Accounting Standards Update Basel III Basel Committee's 2010 Regulatory Capital Framework (Third Accord) BHCA The Bank Holding Company Act of 1956, as amended BOLI Bank-owned life insurance bp(s) Basis point(s) CBLR Community bank leverage ratio CCB Capital conservation buffer CECL Current Expected Credit Losses, related to ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments CFPB Consumer Financial Protection Bureau CRA Community Reinvestment Act Director Compensation Program Amended and Restated Director Compensation Program, which allows directors of the Company and the Bank an opportunity to select how to receive their annual director fees. Dodd-Frank Act Dodd-Frank and Wall Street Consumer Protection Act of 2010 Economic Aid Act Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act Economic Growth Act Economic Growth, Regulatory Relief, and Consumer Protection Act EPS Earnings per share ERM Enterprise risk management Exchange Act Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Bo

Business

Item 1. Business OUR COMPANY Red River Bancshares, Inc., a Louisiana corporation, was founded in 1998 and is a bank holding company headquartered in Alexandria, Louisiana. Through our wholly owned subsidiary, Red River Bank, a Louisiana state-chartered bank, we provide a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Our mission is to be the premier statewide banking organization in Louisiana. We completed an initial public offering of our common stock in May 2019 as an emerging growth company under the JOBS Act. Our common stock is listed on the Nasdaq Global Select Market under the symbol "RRBI." As of December 31, 2023, we were the sixth largest financial institution headquartered in Louisiana based on assets, with total assets of $3.13 billion, loans HFI of $1.99 billion, total deposits of $2.80 billion, and total stockholders' equity of $303.9 million. OUR MARKETS As of December 31, 2023, we operated from a network of 27 banking centers throughout Louisiana and one combined LDPO in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria 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. We believe our markets offer us an attractive combination of growth opportunities and core deposit stability, as well as loan diversity. We operate nine banking centers, including our main office, in the Central Louisiana market, which we define to include Rapides and Avoyelles Parishes. We operate seven banking centers in our Northwest Louisiana market, which we define to include Caddo, Bossier, and DeSoto Parishes. In our Capital market, which we define to include East Baton Rouge and Ascension Parishes, we operate six bank

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View this 10-K filing on SEC EDGAR