Red River Bancshares Inc 10-Q for FY2025 Q1

Red River Bancshares Inc (RRBI)

10-Q 2025-05-09 For: 2025-03-31

Added on April 08, 2026

About this 10-Q

Red River Bancshares Inc filed this 10-Q on May 9, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net income: $10.35M; up 26.4% from net income of $8.19M a year earlier
Diluted EPS: $1.52; up 31.0% from $1.16 a year earlier

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Louisiana						72-1412058
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)


1412 Centre Court Drive, Suite 301, Alexandria, Louisiana						71301
(Address of Principal Executive Offices)						(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	RRBI	The Nasdaq Stock Market, LLC


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


		Page
Glossary of Terms		3
Cautionary Note Regarding Forward-Looking Statements		4

PART I	Financial Information
Item 1.	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	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	51

PART II	Other Information
Item 1.	Legal Proceedings	52
Item 1A.	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	54


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


			Red River Bancshares, Inc.
			(Exact name of registrant as specified in its charter)


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

CODM						Chief operating decision maker
CRA						Community Reinvestment Act
CRE						Commercial real estate
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 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 area
NOW						Negotiable order of withdrawal
NPA(s)						Nonperforming asset(s)

Policy Statement						Federal Reserve’s Small Bank Holding Company Policy Statement
Report						Quarterly Report on Form 10-Q
SBIC						Small Business Investment Company
Securities Act						Securities Act of 1933, as amended
SEC						Securities and Exchange Commission




(in thousands, except share amounts)	March 31, 2025		December 31, 2024
ASSETS
Cash and due from banks	$	36,438	$	30,558
Interest-bearing deposits in other banks	215,717		238,417
Total Cash and Cash Equivalents	252,155		268,975
Securities available-for-sale, at fair value (amortized cost of $625,524 and $613,393, respectively)	566,874		550,148
Securities held-to-maturity, at amortized cost (fair value of $107,927 and $108,990, respectively)	129,686		131,796
Equity securities, at fair value	2,981		2,937
Nonmarketable equity securities	2,349		2,328
Loans held for sale	2,178		2,547
Loans held for investment	2,114,742		2,075,013
Less: Allowance for credit losses	(21,835)		(21,731)
Loans held for investment, net	2,092,907		2,053,282
Premises and equipment, net	59,034		59,441
Accrued interest receivable	10,553		10,048
Bank-owned life insurance	30,593		30,380
Intangible assets	1,546		1,546
Right-of-use assets	2,611		2,733
Other assets	32,965		33,433
Total Assets	$	3,186,432	$	3,149,594
LIABILITIES
Noninterest-bearing deposits	$	906,540	$	866,496
Interest-bearing deposits	1,919,136		1,938,610
Total Deposits	2,825,676		2,805,106

Accrued interest payable	6,463		7,583
Lease liabilities	2,739		2,864
Accrued expenses and other liabilities	18,238		14,302
Total Liabilities	2,853,116		2,829,855
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 - 6,777,657 and 6,777,238 shares, respectively	38,710		38,655
Additional paid-in capital	2,871		2,777
Retained earnings	348,093		338,554
Accumulated other comprehensive income (loss)	(56,358)		(60,247)
Total Stockholders’ Equity	333,316		319,739
Total Liabilities and Stockholders’ Equity	$	3,186,432	$	3,149,594


	For the Three Months Ended March 31,
(in thousands, except per share data)	2025		2024
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	28,270	$	25,893
Interest on securities	4,856		4,064

Interest on deposits in other banks	2,661		3,039
Dividends on stock	21		22
Total Interest and Dividend Income	35,808		33,018
INTEREST EXPENSE
Interest on deposits	11,198		11,655

Total Interest Expense	11,198		11,655
Net Interest Income	24,610		21,363
Provision for credit losses	450		300
Net Interest Income After Provision for Credit Losses	24,160		21,063
NONINTEREST INCOME
Service charges on deposit accounts	1,383		1,368
Debit card income, net	992		1,022
Mortgage loan income	530		456
Brokerage income	1,325		987
Loan and deposit income	459		492
Bank-owned life insurance income	213		202
Gain (Loss) on equity securities	44		(31)

SBIC income	280		352
Other income (loss)	46		80
Total Noninterest Income	5,272		4,928
OPERATING EXPENSES
Personnel expenses	10,023		9,550
Occupancy and equipment expenses	1,794		1,616
Technology expenses	835		709
Advertising	333		337
Other business development expenses	558		475
Data processing expense	288		347
Other taxes	612		737
Loan and deposit expenses	62		(42)
Legal and professional expenses	632		618
Regulatory assessment expenses	391		404
Other operating expenses	1,060		1,122
Total Operating Expenses	16,588		15,873
Income Before Income Tax Expense	12,844		10,118
Income tax expense	2,492		1,930
Net Income	$	10,352	$	8,188
EARNINGS PER SHARE
Basic	$	1.53	$	1.16
Diluted	$	1.52	$	1.16


	For the Three Months Ended March 31,
(in thousands)	2025		2024
Net income	$	10,352	$	8,188
Other comprehensive income (loss):
Unrealized net gain (loss) on securities arising during period	4,595		(3,107)
Tax effect	(964)		653


Change in unrealized net loss on securities transferred to held-to-maturity	327		314
Tax effect	(69)		(66)
Total other comprehensive income (loss)	3,889		(2,206)
Comprehensive Income (Loss)	$	14,241	$	5,982


(dollars in thousands, except per share amounts)	Common Shares Issued	Common Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
Balance as of December 31, 2023	7,091,637	$	55,136	$	2,407	$	306,802	$	(60,494)	$	303,851
Net income	—	—		—		8,188		—		8,188
Stock incentive plan	—	—		78		—		—		78

Issuance of shares of common stock as board compensation	811	41		—		—		—		41
Repurchase of common stock	(200,000)	(10,000)		—		—		—		(10,000)
Cash dividend - $0.09 per share	—	—		—		(638)		—		(638)

Other comprehensive income (loss)	—	—		—		—		(2,206)		(2,206)
Balance as of March 31, 2024	6,892,448	$	45,177	$	2,485	$	314,352	$	(62,700)	$	299,314



Balance as of December 31, 2024	6,777,238	$	38,655	$	2,777	$	338,554	$	(60,247)	$	319,739
Net income	—	—		—		10,352		—		10,352
Stock incentive plan	—	—		94		—		—		94
Forfeiture of restricted shares of common stock	(575)	—		—		—		—		—
Issuance of shares of common stock as board compensation	994	55		—		—		—		55

Cash dividend - $0.12 per share	—	—		—		(813)		—		(813)

Other comprehensive income (loss)	—	—		—		—		3,889		3,889
Balance as of March 31, 2025	6,777,657	$	38,710	$	2,871	$	348,093	$	(56,358)	$	333,316




SUPPLEMENTAL DISCLOSURES
Cash paid during the period for:
Interest	$	12,318	$	10,696


SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES
Assets acquired in settlement of loans	$	125	$	—


	For the Three Months Ended March 31,
(in thousands)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	10,352	$	8,188
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	665		600
Amortization	186		131
Share-based compensation earned	94		78
Share-based board compensation earned	17		23
(Gain) Loss on other assets owned	27		—

Net (accretion) amortization on securities AFS	291		329
Net (accretion) amortization on securities HTM	(318)		(306)

(Gain) Loss on equity securities	(44)		31
Provision for credit losses	450		300
Deferred income tax (benefit) expense	(483)		587
Net (increase) decrease in loans HFS	369		(347)
Net (increase) decrease in accrued interest receivable	(505)		(50)
Net (increase) decrease in BOLI	(213)		(202)
Net increase (decrease) in accrued interest payable	(1,120)		959
Net increase (decrease) in accrued income taxes payable	2,994		1,415
Other operating activities, net	1,152		2,683
Net cash provided by (used in) operating activities	13,914		14,419
CASH FLOWS FROM INVESTING ACTIVITIES
Activity in securities AFS:

Maturities, principal repayments, and calls	24,336		37,330
Purchases	(36,758)		(16,641)
Activity in securities HTM:
Maturities, principal repayments, and calls	2,428		2,214




Capital contribution in partnerships	(50)		(40)

Net (increase) decrease in loans HFI	(40,216)		(45,286)


	March 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	351,989	$	1,002	$	(24,708)	$	328,283
Municipal bonds	201,832		—		(33,443)		168,389
U.S. Treasury securities	3,498		—		(14)		3,484
U.S. agency securities	68,205		14		(1,501)		66,718
Total Securities AFS	$	625,524	$	1,016	$	(59,666)	$	566,874

Securities HTM:
Mortgage-backed securities	$	128,752	$	—	$	(21,671)	$	107,081


U.S. agency securities	934		—		(88)		846
Total Securities HTM	$	129,686	$	—	$	(21,759)	$	107,927


	December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	334,123	$	539	$	(27,562)	$	307,100
Municipal bonds	203,394		—		(34,551)		168,843
U.S. Treasury securities	10,995		—		(63)		10,932
U.S. agency securities	64,881		18		(1,626)		63,273
Total Securities AFS	$	613,393	$	557	$	(63,802)	$	550,148

Securities HTM:
Mortgage-backed securities	$	130,864	$	—	$	(22,698)	$	108,166


U.S. agency securities	932		—		(108)		824
Total Securities HTM	$	131,796	$	—	$	(22,806)	$	108,990


	March 31, 2025
(in thousands)	Amortized Cost		Fair Value
Securities AFS:
Within one year	$	11,048	$	10,981
After one year but within five years	25,126		24,496
After five years but within ten years	126,954		118,862
After ten years	462,396		412,535
Total Securities AFS	$	625,524	$	566,874

Securities HTM:
Within one year	$	—	$	—
After one year but within five years	—		—
After five years but within ten years	934		846
After ten years	128,752		107,081
Total Securities HTM	$	129,686	$	107,927


	March 31, 2025
	Less than twelve months				Twelve months or more
(in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	(417)	$	61,515	$	(24,291)	$	175,263
Municipal bonds	(85)		1,968		(33,358)		166,421
U.S. Treasury securities	—		—		(14)		3,484
U.S. agency securities	(103)		37,138		(1,398)		21,540
Total Securities AFS	$	(605)	$	100,621	$	(59,061)	$	366,708








	December 31, 2024
	Less than twelve months				Twelve months or more
(in thousands)	Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	(642)	$	66,986	$	(26,920)	$	179,644
Municipal bonds	(136)		2,863		(34,415)		165,980
U.S. Treasury securities	—		—		(63)		10,932
U.S. agency securities	(82)		27,329		(1,544)		19,801
Total Securities AFS	$	(860)	$	97,178	$	(62,942)	$	376,357


(in thousands)	Beginning Balance December 31, 2024		Provision for Credit Losses		Charge-offs		Recoveries		Ending Balance March 31, 2025
Real estate:
Commercial real estate	$	9,047	$	112	$	—	$	—	$	9,159
One-to-four family residential	6,452		22		(22)		3		6,455
Construction and development	1,653		202		(250)		—		1,605
Commercial and industrial	4,123		117		(39)		7		4,208
Tax-exempt	103		(4)		—		—		99
Consumer	353		1		(76)		31		309
Total allowance for credit losses	$	21,731	$	450	$	(387)	$	41	$	21,835


(in thousands)	Beginning Balance December 31, 2023		Provision for Credit Losses		Charge-offs		Recoveries		Ending Balance March 31, 2024
Real estate:
Commercial real estate	$	9,118	$	115	$	—	$	—	$	9,233
One-to-four family residential	7,484		49		—		3		7,536
Construction and development	1,309		(117)		—		—		1,192
Commercial and industrial	2,553		258		(51)		15		2,775
Tax-exempt	575		(50)		—		—		525
Consumer	297		45		(80)		41		303
Total allowance for credit losses	$	21,336	$	300	$	(131)	$	59	$	21,564


(in thousands)	Nonaccrual with No ACL		Nonaccrual with ACL		Total Nonaccrual
Real estate:
Commercial real estate	$	486	$	276	$	762
One-to-four family residential	391		183		574
Construction and development	—		702		702
Commercial and industrial	410		98		508
Tax-exempt	—		—		—
Consumer	—		79		79
Total loans HFI	$	1,287	$	1,338	$	2,625


	Past Due
(in thousands)	30-59 Days		60-89 Days		90 Days or More		Current		Total Loans HFI		90 Days or More Past Due and Accruing
Real estate:
Commercial real estate	$	20	$	—	$	735	$	891,450	$	892,205	$	—
One-to-four family residential	2,240		252		2,961		612,226		617,679		2,434
Construction and development	31		—		699		174,845		175,575		—
Commercial and industrial	82		—		403		338,630		339,115		—
Tax-exempt	—		—		—		61,722		61,722		—
Consumer	30		3		4		28,409		28,446		4
Total loans HFI	$	2,403	$	255	$	4,802	$	2,107,282	$	2,114,742	$	2,438


	Year of Origination
(in thousands)	2025		2024		2023		2022		2021		Prior Years		Revolving Lines		Total
Real estate:
Commercial real estate
Pass	$	31,867	$	145,755	$	107,665	$	237,741	$	201,864	$	135,289	$	24,822	$	885,003
Special Mention	—		2,688		216		1,455		—		684		—		5,043
Substandard	—		713		—		—		684		762		—		2,159


Total	$	31,867	$	149,156	$	107,881	$	239,196	$	202,548	$	136,735	$	24,822	$	892,205

One-to-four family residential
Pass	$	22,569	$	94,305	$	100,019	$	110,405	$	106,117	$	158,334	$	20,095	$	611,844
Special Mention	—		121		—		2,435		793		254		—		3,603
Substandard	37		183		184		298		—		779		751		2,232


Total	$	22,606	$	94,609	$	100,203	$	113,138	$	106,910	$	159,367	$	20,846	$	617,679

Construction and development
Pass	$	11,388	$	89,114	$	53,649	$	13,441	$	3,278	$	1,928	$	1,851	$	174,649
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		699		—		—		227		—		926


Total	$	11,388	$	89,114	$	54,348	$	13,441	$	3,278	$	2,155	$	1,851	$	175,575

Commercial and industrial
Pass	$	24,721	$	75,386	$	38,333	$	28,968	$	33,148	$	7,631	$	128,475	$	336,662
Special Mention	—		605		—		1,144		—		—		95		1,844
Substandard	75		25		2		21		9		—		477		609


Total	$	24,796	$	76,016	$	38,335	$	30,133	$	33,157	$	7,631	$	129,047	$	339,115

Tax-exempt
Pass	$	—	$	2,504	$	2,295	$	14,305	$	6,170	$	36,448	$	—	$	61,722
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—


Total	$	—	$	2,504	$	2,295	$	14,305	$	6,170	$	36,448	$	—	$	61,722

Consumer
Pass	$	5,411	$	10,757	$	5,950	$	2,562	$	739	$	304	$	2,638	$	28,361
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		9		—		—		70		6		85


Total	$	5,411	$	10,757	$	5,959	$	2,562	$	739	$	374	$	2,644	$	28,446

Total loans HFI	$	96,068	$	422,156	$	309,021	$	412,775	$	352,802	$	342,710	$	179,210	$	2,114,742

Gross charge-offs	$	—	$	5	$	251	$	48	$	5	$	—	$	78	$	387


	As of and For the Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Reserve for unfunded commitments at beginning of period	$	642	$	442
Provision for credit losses	—		—

Reserve for unfunded commitments at end of period	$	642	$	442


(in thousands)	Fair Value		Level 1		Level 2		Level 3
March 31, 2025
Loans HFS	$	2,178	$	—	$	2,178	$	—
Securities AFS:
Mortgage-backed securities	$	328,283	$	—	$	328,283	$	—
Municipal bonds	$	168,389	$	—	$	168,389	$	—
U.S. Treasury securities	$	3,484	$	—	$	3,484	$	—
U.S. agency securities	$	66,718	$	—	$	66,718	$	—
Equity securities	$	2,981	$	2,981	$	—	$	—

December 31, 2024
Loans HFS	$	2,547	$	—	$	2,547	$	—
Securities AFS:
Mortgage-backed securities	$	307,100	$	—	$	307,100	$	—
Municipal bonds	$	168,843	$	—	$	168,843	$	—
U.S. Treasury securities	$	10,932	$	—	$	10,932	$	—
U.S. agency securities	$	63,273	$	—	$	63,273	$	—
Equity securities	$	2,937	$	2,937	$	—	$	—


(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
March 31, 2025
Financial assets:
Cash and due from banks	$	36,438	$	36,438	$	36,438	$	—	$	—
Interest-bearing deposits in other banks	$	215,717	$	215,717	$	215,717	$	—	$	—
Securities AFS	$	566,874	$	566,874	$	—	$	566,874	$	—
Securities HTM	$	129,686	$	107,927	$	—	$	107,927	$	—
Equity securities	$	2,981	$	2,981	$	2,981	$	—	$	—
Nonmarketable equity securities	$	2,349	$	2,349	$	—	$	2,349	$	—
Loans HFS	$	2,178	$	2,178	$	—	$	2,178	$	—
Loans HFI, net of allowance	$	2,092,907	$	1,985,734	$	—	$	—	$	1,985,734
Accrued interest receivable	$	10,553	$	10,553	$	—	$	—	$	10,553
Financial liabilities:
Deposits	$	2,825,676	$	2,822,511	$	—	$	2,822,511	$	—

Accrued interest payable	$	6,463	$	6,463	$	—	$	6,463	$	—

December 31, 2024
Financial assets:
Cash and due from banks	$	30,558	$	30,558	$	30,558	$	—	$	—
Interest-bearing deposits in other banks	$	238,417	$	238,417	$	238,417	$	—	$	—
Securities AFS	$	550,148	$	550,148	$	—	$	550,148	$	—
Securities HTM	$	131,796	$	108,990	$	—	$	108,990	$	—
Equity securities	$	2,937	$	2,937	$	2,937	$	—	$	—
Nonmarketable equity securities	$	2,328	$	2,328	$	—	$	2,328	$	—
Loans HFS	$	2,547	$	2,547	$	—	$	2,547	$	—
Loans HFI, net of allowance	$	2,053,282	$	1,923,754	$	—	$	—	$	1,923,754
Accrued interest receivable	$	10,048	$	10,048	$	—	$	—	$	10,048
Financial liabilities:
Deposits	$	2,805,106	$	2,801,310	$	—	$	2,801,310	$	—


Accrued interest payable	$	7,583	$	7,583	$	—	$	7,583	$	—


	Actual				Basel III Minimum
(dollars in thousands)	Amount		Ratio		Amount		Ratio
March 31, 2025
Total Risk-Based Capital	$	410,605	18.25	%	$	236,258	10.50	%
Tier I Risk-Based Capital	$	388,128	17.25	%	$	191,256	8.50	%
Common Equity Tier I Capital	$	388,128	17.25	%	$	157,505	7.00	%
Tier I Leverage Capital	$	388,128	12.01	%	$	129,253	4.00	%

December 31, 2024
Total Risk-Based Capital	$	400,813	18.13	%	$	232,161	10.50	%
Tier I Risk-Based Capital	$	378,440	17.12	%	$	187,940	8.50	%
Common Equity Tier I Capital	$	378,440	17.12	%	$	154,774	7.00	%
Tier I Leverage Capital	$	378,440	11.86	%	$	127,615	4.00	%


					Regulatory Requirements
	Actual				Basel III Minimum				Well-Capitalized(1)
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
March 31, 2025
Total Risk-Based Capital	$	402,506	17.89	%	$	236,193	10.50	%	$	224,946	10.00	%
Tier I Risk-Based Capital	$	380,029	16.89	%	$	191,204	8.50	%	$	179,957	8.00	%
Common Equity Tier I Capital	$	380,029	16.89	%	$	157,462	7.00	%	$	146,215	6.50	%
Tier I Leverage Capital	$	380,029	11.76	%	$	129,220	4.00	%	$	161,256	5.00	%

December 31, 2024
Total Risk-Based Capital	$	393,743	17.81	%	$	232,092	10.50	%	$	221,040	10.00	%
Tier I Risk-Based Capital	$	371,370	16.80	%	$	187,884	8.50	%	$	176,832	8.00	%
Common Equity Tier I Capital	$	371,370	16.80	%	$	154,728	7.00	%	$	143,676	6.50	%
Tier I Leverage Capital	$	371,370	11.64	%	$	127,582	4.00	%	$	159,477	5.00	%


	As of				Change from December 31, 2024 to March 31, 2025
(in thousands)	March 31, 2025		December 31, 2024		$ Change	% Change
Selected Period End Balance Sheet Data:
Total assets	$	3,186,432	$	3,149,594	36,838	1.2	%
Interest-bearing deposits in other banks	$	215,717	$	238,417	(22,700)	(9.5	%)
Securities available-for-sale, at fair value	$	566,874	$	550,148	16,726	3.0	%
Securities held-to-maturity, at amortized cost	$	129,686	$	131,796	(2,110)	(1.6	%)
Loans held for investment	$	2,114,742	$	2,075,013	39,729	1.9	%
Total deposits	$	2,825,676	$	2,805,106	20,570	0.7	%
Total stockholders’ equity	$	333,316	$	319,739	13,577	4.2	%


	As of and for the Three Months Ended
(dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			March 31, 2024
Net Income	$	10,352		$	9,306		$	8,188

Per Common Share Data:
Earnings per share, basic	$	1.53		$	1.37		$	1.16
Earnings per share, diluted	$	1.52		$	1.37		$	1.16
Book value per share	$	49.18		$	47.18		$	43.43
Tangible book value per share (1,2)	$	48.95		$	46.95		$	43.20
Realized book value per share (1,3)	$	57.49		$	56.07		$	52.52
Cash dividends per share	$	0.12		$	0.09		$	0.09
Shares outstanding	6,777,657			6,777,238			6,892,448
Weighted average shares outstanding, basic	6,777,332			6,797,469			7,050,048
Weighted average shares outstanding, diluted	6,796,707			6,816,299			7,066,709

Summary Performance Ratios:
Return on average assets	1.32		%	1.18		%	1.07		%
Return on average equity	12.85		%	11.46		%	10.77		%
Net interest margin	3.17		%	3.04		%	2.80		%
Net interest margin FTE(4)	3.22		%	3.09		%	2.83		%
Efficiency ratio(5)	55.51		%	58.71		%	60.37		%
Loans HFI to deposits ratio	74.84		%	73.97		%	74.22		%
Noninterest-bearing deposits to deposits ratio	32.08		%	30.89		%	32.61		%
Noninterest income to average assets	0.67		%	0.63		%	0.64		%
Operating expense to average assets	2.12		%	2.14		%	2.07		%

Summary Credit Quality Ratios:
NPAs to assets	0.16		%	0.10		%	0.08		%
Nonperforming loans to loans HFI	0.24		%	0.16		%	0.12		%
ACL to loans HFI	1.03		%	1.05		%	1.06		%
Net charge-offs to average loans	0.02		%	0.01		%	0.00		%

Capital Ratios:
Stockholders’ equity to assets	10.46		%	10.15		%	9.74		%
Tangible common equity to tangible assets(1,6)	10.42		%	10.11		%	9.69		%
Total risk-based capital to risk-weighted assets	18.25		%	18.13		%	17.84		%
Tier I risk-based capital to risk-weighted assets	17.25		%	17.12		%	16.82		%
Common equity Tier I capital to risk-weighted assets	17.25		%	17.12		%	16.82		%
Tier I risk-based capital to average assets	12.01		%	11.86		%	11.44		%


	For the Three Months Ended
	March 31, 2025						December 31, 2024
(dollars in thousands)	Average Balance Outstanding		Interest Income/ Expense		Average Yield/ Rate		Average Balance Outstanding		Interest Income/ Expense		Average Yield/ Rate
Assets
Interest-earning assets:
Loans(1,2)	$	2,089,712	$	28,270	5.41	%	$	2,072,858	$	28,285	5.34	%
Securities - taxable	559,752		3,871		2.77	%	555,622		3,636		2.62	%
Securities - tax-exempt	189,729		985		2.08	%	190,470		987		2.07	%

Interest-bearing deposits in other banks	243,751		2,661		4.37	%	225,660		2,699		4.74	%
Nonmarketable equity securities	2,330		21		3.56	%	2,307		23		3.99	%

Total interest-earning assets	3,085,274		$	35,808	4.64	%	3,046,917		$	35,630	4.60	%
Allowance for credit losses	(21,789)						(21,824)
Noninterest-earning assets	107,295						109,992
Total assets	$	3,170,780					$	3,135,085
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,341,885	$	5,641	1.70	%	$	1,263,775	$	5,658	1.78	%
Time deposits	592,368		5,557		3.80	%	599,910		6,285		4.17	%
Total interest-bearing deposits	1,934,253		11,198		2.35	%	1,863,685		11,943		2.55	%

Other borrowings	—		—		—	%	—		—		—	%
Total interest-bearing liabilities	1,934,253		$	11,198	2.35	%	1,863,685		$	11,943	2.55	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits	884,484						918,804
Accrued interest and other liabilities	25,336						29,567
Total noninterest-bearing liabilities	909,820						948,371
Stockholders’ equity	326,707						323,029
Total liabilities and stockholders’ equity	$	3,170,780					$	3,135,085
Net interest income			$	24,610					$	23,687
Net interest spread					2.29	%					2.05	%
Net interest margin					3.17	%					3.04	%
Net interest margin FTE(3)					3.22	%					3.09	%
Cost of deposits					1.61	%					1.71	%
Cost of funds					1.47	%					1.56	%


	For the Three Months Ended						For the Three Months Ended
	March 31, 2025 vs. December 31, 2024						March 31, 2025 vs. March 31, 2024
	Increase (Decrease) Due to Change in				Total Increase		Increase (Decrease) Due to Change in				Total Increase
(in thousands)	Volume		Rate		(Decrease)(1)		Volume		Rate		(Decrease)(1)
Interest-earning assets:
Loans	$	230	$	(245)	$	(15)	$	960	$	1,417	$	2,377
Securities - taxable	27		208		235		(53)		876		823
Securities - tax-exempt	(4)		2		(2)		(42)		11		(31)
Federal funds sold	—		—		—		—		—		—
Interest-bearing deposits in other banks	219		(257)		(38)		266		(644)		(378)
Nonmarketable equity securities	—		(2)		(2)		1		(2)		(1)

Total interest-earning assets	$	472	$	(294)	$	178	$	1,132	$	1,658	$	2,790
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	350	$	(367)	$	(17)	$	363	$	(402)	$	(39)
Time deposits	(79)		(649)		(728)		98		(516)		(418)
Total interest-bearing deposits	271		(1,016)		(745)		461		(918)		(457)

Other borrowings	—		—		—		—		—		—
Total interest-bearing liabilities	$	271	$	(1,016)	$	(745)	$	461	$	(918)	$	(457)
Increase (decrease) in net interest income	$	201	$	722	$	923	$	671	$	2,576	$	3,247


	Contractual Maturity as of March 31, 2025
	Within One Year				After One Year but Within Five Years				After Five Years but Within Ten Years				After Ten Years				Total
(dollars in thousands)	Amount		Yield(1)		Amount		Yield(1)		Amount		Yield(1)		Amount		Yield(1)		Amount		Yield(1)
Securities AFS:
Mortgage-backed securities	$	370	2.46	%	$	8,282	4.41	%	$	46,879	1.78	%	$	272,752	3.32	%	$	328,283	3.13	%
Municipal bonds	5,550		1.52	%	11,991		2.25	%	29,450		2.19	%	121,398		2.09	%	168,389		2.10	%
U.S. Treasury securities	3,484		1.04	%	—		—	%	—		—	%	—		—	%	3,484		1.04	%
U.S. agency securities	1,577		4.36	%	4,223		2.73	%	42,533		4.70	%	18,385		3.82	%	66,718		4.31	%
Total Securities AFS	$	10,981	1.81	%	$	24,496	3.04	%	$	118,862	2.88	%	$	412,535	2.94	%	$	566,874	2.91	%


(in thousands)	March 31, 2025
Three months or less	$	40,590
Over three months through six months	24,692
Over six months through 12 months	26,390
Over 12 months	2,361
Total	$	94,033


	March 31, 2025				December 31, 2024
	% Change in Net Interest Income		% Change in Fair Value of Equity		% Change in Net Interest Income		% Change in Fair Value of Equity
Change in Interest Rates (Bps)
+300	5.0	%	0.3	%	4.7	%	(0.4	%)
+200	3.4	%	0.9	%	3.2	%	0.3	%
+100	1.8	%	0.9	%	1.6	%	0.6	%
Base	—	%	—	%	—	%	—	%
-100	(1.5	%)	(1.0	%)	(1.5	%)	(0.2	%)
-200	(4.4	%)	(5.7	%)	(4.4	%)	(4.1	%)
-300	(7.3	%)	(13.2	%)	(7.2	%)	(11.1	%)


(dollars in thousands, except per share data)
Period	Total Number of Shares Purchased	Average Price Paid per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program(2)(3)
January 1 - January 31, 2025	—	$	—	—	$	5,000
February 1 - February 28, 2025	—	$	—	—	$	5,000
March 1 - March 31, 2025	—	$	—	—	$	5,000
Total	—	$	—	—	$	5,000


NUMBER						DESCRIPTION
3.1						Restated Articles of Incorporation of Red River Bancshares, Inc. (incorporated by reference to Exhibit 3.1 to Red River Bancshares, Inc.’s Registration Statement on Form S-1 filed with the SEC on April 10, 2019, file number 333-230798)
3.2						Red River Bancshares, Inc. Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to Red River Bancshares, Inc.’s Current Report on Form 8-K filed with the SEC on March 1, 2021, file number 001-38888)
10.1						Red River Bancshares, Inc. and Red River Bank Amended and Restated Director Compensation Program*+
31.1						Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2						Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1						Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2						Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101						The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, is formatted in Inline Extensible Business Reporting Language (XBRL): (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income, (iv) the Unaudited Consolidated Statements of Changes in Stockholders' Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Consolidated Financial Statements.
101.INS						Inline XBRL Instance Document* - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF						Inline XBRL Taxonomy Extension Definitions Linkbase Document*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104						Cover Page Interactive Data File* - Formatted as Inline XBRL and contained within the Inline XBRL Instance Document in Exhibit 101.
*						Filed herewith
**						These exhibits are furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.
+						Indicates a management contract or compensatory plan.
#						Certain exhibits to the Agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. We will furnish the omitted exhibits to the SEC upon request.