Red River Bancshares Q2 2024 Financial Update

TL;DR

RRBI filed its Q2 2024 10-Q. Financials look solid, check details on common stock & retained earnings.

AI Summary

Red River Bancshares Inc. reported its financial results for the quarter ended June 30, 2024. The company's filing covers the period from January 1, 2024, to June 30, 2024, and includes comparative data from previous periods. Key financial data points and disclosures related to its common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed.

Why It Matters

This filing provides investors with a detailed look at Red River Bancshares' financial health and performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) that provides standard financial disclosures without immediate red flags.

Key Numbers

• 20240630 — Period End Date (Financial reporting period)
• 20240809 — Filing Date (Date the report was submitted)
• 2024-01-01 to 2024-06-30 — Reporting Period (First six months of 2024)

Key Players & Entities

• RED RIVER BANCSHARES INC (company) — Filer
• 0001071236-24-000075 (filing_id) — Accession Number
• 20240630 (date) — Period of Report
• 20240809 (date) — Filing Date
• LA (location) — State of Incorporation
• 721412058 (tax_id) — IRS Number
• 001-38888 (filing_id) — SEC File Number

FAQ

Filing Documents

• rrbi-20240630.htm (10-Q) — 2677KB
• rrbiexhibit101q22024.htm (EX-10.1) — 96KB
• rrbiexhibit102q22024.htm (EX-10.2) — 119KB
• rrbiexhibit311q22024.htm (EX-31.1) — 11KB
• rrbiexhibit312q22024.htm (EX-31.2) — 11KB
• rrbiexhibit321q22024.htm (EX-32.1) — 5KB
• rrbiexhibit322q22024.htm (EX-32.2) — 5KB
• 0001071236-24-000075.txt ( ) — 11304KB
• rrbi-20240630.xsd (EX-101.SCH) — 39KB
• rrbi-20240630_cal.xml (EX-101.CAL) — 105KB
• rrbi-20240630_def.xml (EX-101.DEF) — 234KB
• rrbi-20240630_lab.xml (EX-101.LAB) — 558KB
• rrbi-20240630_pre.xml (EX-101.PRE) — 421KB
• rrbi-20240630_htm.xml (XML) — 2452KB

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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 52 PART II Other Information Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A.

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

Signatures

Signatures 55 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 statistica

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) June 30, 2024 December 31, 2023 ASSETS Cash and due from banks $ 35,035 $ 53,062 Interest-bearing deposits in other banks 178,038 252,364 Total Cash and Cash Equivalents 213,073 305,426 Securities available-for-sale, at fair value (amortized cost of $ 591,291 and $ 632,258 , respectively) 526,890 570,092 Securities held-to-maturity, at amortized cost (fair value of $ 113,975 and $ 119,029 , respectively) 136,824 141,236 Equity securities, at fair value 2,921 2,965 Nonmarketable equity securities 2,283 2,239 Loans held for sale 3,878 1,306 Loans held for investment 2,047,890 1,992,858 Less: Allowance for credit losses ( 21,627 ) ( 21,336 ) Loans held for investment, net 2,026,263 1,971,522 Premises and equipment, net 57,910 57,088 Accrued interest receivable 9,570 9,945 Bank-owned life insurance 29,947 29,529 Intangible assets 1,546 1,546 Right-of-use assets 2,973 3,629 Other assets 34,450 32,287 Total Assets $ 3,048,528 $ 3,128,810 LIABILITIES Noninterest-bearing deposits $ 892,942 $ 916,456 Interest-bearing deposits 1,823,704 1,885,432 Total Deposits 2,716,646 2,801,888 Accrued interest payable 8,747 8,000 Lease liabilities 3,100 3,767 Accrued expenses and other liabilities 13,045 11,304 Total Liabilities 2,741,538 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 - 6,886,928 and 7,091,637 shares, respectively 44,413 55,136 Additional paid-in capital 2,590 2,407 Retained earnings 321,719 306,802 Accumulated other comprehensive income (loss) ( 61,732 ) ( 60,494 ) Total Stockholders' Equity 306,990 303,851 Total Liabilities and Stockholders' Equity $ 3,048,528 $ 3,128,810 The accompanying notes are

View Full Filing

View this 10-Q filing on SEC EDGAR