Red River Bancshares, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Red River Bancshares, Inc. filed its Q1 2024 10-Q, detailing financial positions and investment portfolios.</b>

AI Summary

RED RIVER BANCSHARES INC (RRBI) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Filed a 10-Q report for the quarterly period ending March 31, 2024. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for various dates. Investment portfolio details include Mortgage-Backed Securities, Municipal Bonds, U.S. Treasury Securities, and U.S. Government Agencies Debt Securities as of March 31, 2024, and December 31, 2023. Real Estate Portfolio Segment data for Commercial Real Estate and Residential Real Estate is provided for March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking RED RIVER BANCSHARES INC, this filing contains several important signals. This 10-Q filing provides a detailed snapshot of Red River Bancshares' financial health and asset allocation as of the first quarter of 2024, crucial for investors assessing performance and stability. The inclusion of specific investment and real estate segment data allows stakeholders to understand the company's strategic holdings and potential exposure to market fluctuations in these areas.

Risk Assessment

Risk Level: low — RED RIVER BANCSHARES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in asset allocation, particularly within the investment and real estate portfolios, and compare key financial metrics against prior periods and industry benchmarks.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly period ending date)
• 2024-05-10 — Filed As Of Date (Date the report was filed)
• 2023-12-31 — Prior Year End (Financial data comparison point)
• 2023-03-31 — Prior Year Quarter End (Financial data comparison point)

Key Players & Entities

• RED RIVER BANCSHARES INC (company) — Filer name
• 10-Q (regulator) — Form type filed
• 20240331 (date) — Period of report
• 20240510 (date) — Filed as of date
• LA (location) — State of incorporation and business address
• 721412058 (dollar_amount) — IRS number
• 001-38888 (dollar_amount) — SEC file number
• 24932143 (dollar_amount) — Film number

FAQ

Risk Factors

• General Risk Factors [low — financial]: The filing is a standard 10-Q and does not contain specific new risk factors beyond those typically disclosed in such reports.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position between annual reports.)

Filing Documents

• rrbi-20240331.htm (10-Q) — 2536KB
• rrbiexhibit311q12024.htm (EX-31.1) — 11KB
• rrbiexhibit312q12024.htm (EX-31.2) — 11KB
• rrbiexhibit321q12024.htm (EX-32.1) — 5KB
• rrbiexhibit322q12024.htm (EX-32.2) — 5KB
• 0001071236-24-000050.txt (&nbsp;) — 10813KB
• rrbi-20240331.xsd (EX-101.SCH) — 39KB
• rrbi-20240331_cal.xml (EX-101.CAL) — 103KB
• rrbi-20240331_def.xml (EX-101.DEF) — 229KB
• rrbi-20240331_lab.xml (EX-101.LAB) — 557KB
• rrbi-20240331_pre.xml (EX-101.PRE) — 415KB
• rrbi-20240331_htm.xml (XML) — 2442KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets 5 Consolidated Statements of Income 6 Consolidated Statements of Comprehensive Income 7 Consolidated Statements of Changes in Stockholders' Equity 8 Consolidated Statements of Cash Flows 9 Notes to Unaudited Consolidated Financial Statements 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 51 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 53

Signatures

Signatures 54 2 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 filing 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 filing are defined below. ABBREVIATION OR ACRONYM DEFINITION ACL Allowance for credit losses AFS Available-for-sale 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) BOLI Bank-owned life insurance bp(s) Basis point(s) CBLR Community bank leverage ratio CECL Current Expected Credit Losses, related to ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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. 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 Exchange Act Securities Exchange Act of 1934, as amended FDIC Federal Deposit Insurance Corporation Federal Reserve Board of Governors of the Federal Reserve System FHLB Federal Home Loan Bank of Dallas FOMC Federal Open Market Committee FTE Fully taxable equivalent basis GAAP Generally Accepted Accounting Principles in the United States of America HFI Held for investment HFS Held for sale HTM Held-to-maturity LDPO Loan and deposit production office MSA Metropolitan statistical are

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RED RIVER BANCSHARES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share amounts) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 19,401 $ 53,062 Interest-bearing deposits in other banks 210,404 252,364 Total Cash and Cash Equivalents 229,805 305,426 Securities available-for-sale, at fair value (amortized cost of $ 611,240 and $ 632,258 , respectively) 545,967 570,092 Securities held-to-maturity, at amortized cost (fair value of $ 114,784 and $ 119,029 , respectively) 139,328 141,236 Equity securities, at fair value 2,934 2,965 Nonmarketable equity securities 2,261 2,239 Loans held for sale 1,653 1,306 Loans held for investment 2,038,072 1,992,858 Allowance for credit losses ( 21,564 ) ( 21,336 ) Premises and equipment, net 57,539 57,088 Accrued interest receivable 9,995 9,945 Bank-owned life insurance 29,731 29,529 Intangible assets 1,546 1,546 Right-of-use assets 3,091 3,629 Other assets 32,940 32,287 Total Assets $ 3,073,298 $ 3,128,810 LIABILITIES Noninterest-bearing deposits $ 895,439 $ 916,456 Interest-bearing deposits 1,850,452 1,885,432 Total Deposits 2,745,891 2,801,888 Accrued interest payable 8,959 8,000 Lease liabilities 3,215 3,767 Accrued expenses and other liabilities 15,919 11,304 Total Liabilities 2,773,984 2,824,959 COMMITMENTS AND CONTINGENCIES — — STOCKHOLDERS' EQUITY Preferred stock, no par value: Authorized - 1,000,000 shares; None Issued and Outstanding — — Common stock, no par value: Authorized - 30,000,000 shares; Issued and Outstanding - 6,892,448 and 7,091,637 shares, respectively 45,177 55,136 Additional paid-in capital 2,485 2,407 Retained earnings 314,352 306,802 Accumulated other comprehensive income (loss) ( 62,700 ) ( 60,494 ) Total Stockholders' Equity 299,314 303,851 Total Liabilities and Stockholders' Equity $ 3,073,298 $ 3,128,810 The accompanying notes are an integral part of these unaudited consolidated financ

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