Red River Bancshares Inc 10-Q for FY2024 Q2

Red River Bancshares Inc (RRBI)

10-Q 2024-08-09 For: 2024-06-30

Added on April 08, 2026

About this 10-Q

Red River Bancshares Inc filed this 10-Q on August 9, 2024, covering the quarter ended June 30, 2024 (FY2024 Q2).

Headline figures

Quarter ended June 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net income: $7.99M; down 10.9% from net income of $8.97M a year earlier
Diluted EPS: $1.16; down 7.2% from $1.25 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	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	52

PART II	Other Information
Item 1.	Legal Proceedings	53
Item 1A.	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	55


☒			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

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 area
NOW						Negotiable order of withdrawal
NPA(s)						Nonperforming asset(s)

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




(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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands, except per share data)	2024		2023		2024		2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	26,882	$	22,851	$	52,775	$	44,616
Interest on securities	4,068		3,665		8,132		7,231
Interest on federal funds sold	—		251		—		886
Interest on deposits in other banks	2,709		1,671		5,748		3,409
Dividends on stock	22		33		44		61
Total Interest and Dividend Income	33,681		28,471		66,699		56,203
INTEREST EXPENSE
Interest on deposits	11,894		6,933		23,549		11,756
Interest on other borrowed funds	—		28		—		28
Total Interest Expense	11,894		6,961		23,549		11,784
Net Interest Income	21,787		21,510		43,150		44,419
Provision for credit losses	300		300		600		300
Net Interest Income After Provision for Credit Losses	21,487		21,210		42,550		44,119
NONINTEREST INCOME
Service charges on deposit accounts	1,367		1,435		2,735		2,828
Debit card income, net	949		924		1,971		1,858
Mortgage loan income	650		645		1,106		920
Brokerage income	893		923		1,880		1,730
Loan and deposit income	492		517		984		995
Bank-owned life insurance income	216		188		418		366
Gain (Loss) on equity securities	(13)		(64)		(44)		(32)

SBIC income	454		1,380		806		1,559
Other income (loss)	90		59		170		123
Total Noninterest Income	5,098		6,007		10,026		10,347
OPERATING EXPENSES
Personnel expenses	9,603		9,547		19,154		18,547
Occupancy and equipment expenses	1,698		1,554		3,314		3,271
Technology expenses	724		642		1,433		1,390
Advertising	408		343		745		624
Other business development expenses	593		494		1,068		930
Data processing expense	651		638		998		1,038
Other taxes	500		693		1,237		1,378
Loan and deposit expenses	309		284		267		489
Legal and professional expenses	729		580		1,347		1,097
Regulatory assessment expenses	401		397		805		804
Other operating expenses	1,073		960		2,194		2,052
Total Operating Expenses	16,689		16,132		32,562		31,620
Income Before Income Tax Expense	9,896		11,085		20,014		22,846
Income tax expense	1,909		2,117		3,839		4,280
Net Income	$	7,987	$	8,968	$	16,175	$	18,566
EARNINGS PER SHARE
Basic	$	1.16	$	1.25	$	2.32	$	2.59
Diluted	$	1.16	$	1.25	$	2.31	$	2.58


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Net income	$	7,987	$	8,968	$	16,175	$	18,566
Other comprehensive income (loss):
Unrealized net gain (loss) on securities arising during period	872		(1,849)		(2,235)		1,108
Tax effect	(183)		389		470		(231)


Change in unrealized net loss on securities transferred to held-to-maturity	353		390		667		755
Tax effect	(74)		(82)		(140)		(159)
Total other comprehensive income (loss)	968		(1,152)		(1,238)		1,473
Comprehensive Income (Loss)	$	8,955	$	7,816	$	14,937	$	20,039


(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, 2022	7,183,915	$	60,050	$	2,088	$	274,781	$	(71,166)	$	265,753
Net income	—	—		—		9,598		—		9,598
Stock incentive plan	—	—		69		—		—		69
Forfeiture of restricted shares of common stock	(1,130)	—		—		—		—		—
Issuance of shares of common stock as board compensation	1,660	84		—		—		—		84
Repurchase of common stock	(6,795)	(346)		—		—		—		(346)
Cash dividend - $0.08 per share	—	—		—		(574)		—		(574)
Cumulative effect of change in accounting principle	—	—		—		(569)		—		(569)
Other comprehensive income (loss)	—	—		—		—		2,625		2,625
Balance as of March 31, 2023	7,177,650	$	59,788	$	2,157	$	283,236	$	(68,541)	$	276,640
Net income	—	—		—		8,968		—		8,968
Stock incentive plan	—	—		91		—		—		91
Issuance of restricted shares of common stock through stock incentive plan	9,300	—		—		—		—		—

Repurchase of common stock	(11,894)	(601)		—		—		—		(601)
Cash dividend - $0.08 per share	—	—		—		(574)		—		(574)
Other comprehensive income (loss)	—	—		—		—		(1,152)		(1,152)
Balance as of June 30, 2023	7,175,056	$	59,187	$	2,248	$	291,630	$	(69,693)	$	283,372



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
Net income	—	—		—		7,987		—		7,987
Stock incentive plan	—	—		105		—		—		105

Issuance of restricted shares of common stock through stock incentive plan	10,700	—		—		—		—		—
Repurchase of common stock	(16,220)	(764)		—		—		—		(764)
Cash dividend - $0.09 per share	—	—		—		(620)		—		(620)
Other comprehensive income (loss)	—	—		—		—		968		968
Balance as of June 30, 2024	6,886,928	$	44,413	$	2,590	$	321,719	$	(61,732)	$	306,990


	June 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities AFS:
Mortgage-backed securities	$	288,908	$	311	$	(29,982)	$	259,237
Municipal bonds	204,724		—		(32,280)		172,444
U.S. Treasury securities	48,000		—		(719)		47,281
U.S. agency securities	49,659		18		(1,749)		47,928
Total Securities AFS	$	591,291	$	329	$	(64,730)	$	526,890

Securities HTM:
Mortgage-backed securities	$	135,897	$	—	$	(22,742)	$	113,155


U.S. agency securities	927		—		(107)		820
Total Securities HTM	$	136,824	$	—	$	(22,849)	$	113,975


	For the Six Months Ended June 30,
(in thousands)	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	16,175	$	18,566
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,202		1,068
Amortization	278		277
Share-based compensation earned	183		160
Share-based board compensation earned	42		22


Net (accretion) amortization on securities AFS	627		851
Net (accretion) amortization on securities HTM	(652)		(736)

(Gain) Loss on equity securities	44		32
Provision for credit losses	600		300
Deferred income tax (benefit) expense	38		(459)
Net (increase) decrease in loans HFS	(2,572)		(4,068)
Net (increase) decrease in accrued interest receivable	375		591
Net (increase) decrease in BOLI	(418)		(366)
Net increase (decrease) in accrued interest payable	747		2,535
Net increase (decrease) in accrued income taxes payable	(522)		(747)
Other operating activities, net	685		(108)
Net cash provided by (used in) operating activities	16,832		17,918
CASH FLOWS FROM INVESTING ACTIVITIES
Activity in securities AFS:

Maturities, principal repayments, and calls	75,248		54,754
Purchases	(34,908)		(28,568)
Activity in securities HTM:
Maturities, principal repayments, and calls	5,064		5,850
Sale of equity securities	—		6,000


Purchase of nonmarketable equity securities	—		(852)
Capital contribution in partnerships	(40)		(816)
Net (increase) decrease in loans HFI	(55,341)		(31,507)



(in thousands)	June 30, 2024		December 31, 2023
Real estate:
Commercial real estate	$	865,645	$	851,582
One-to-four family residential	611,904		599,487
Construction and development	129,197		125,238
Commercial and industrial	344,071		315,327

Tax-exempt	67,941		72,913
Consumer	29,132		28,311
Total loans HFI	$	2,047,890	$	1,992,858
Total loans HFS	$	3,878	$	1,306


(in thousands)	Beginning Balance December 31, 2023		Provision for Credit Losses		Charge-offs		Recoveries		Ending Balance June 30, 2024
Real estate:
Commercial real estate	$	9,118	$	(52)	$	—	$	—	$	9,066
One-to-four family residential	7,484		131		—		5		7,620
Construction and development	1,309		69		—		—		1,378
Commercial and industrial	2,553		348		(211)		54		2,744

Tax-exempt	575		(45)		—		—		530
Consumer	297		149		(231)		74		289
Total allowance for credit losses	$	21,336	$	600	$	(442)	$	133	$	21,627


(in thousands)	Beginning Balance December 31, 2022		Impact of ASC 326 Adoption		Provision for Credit Losses		Charge-offs		Recoveries		Ending Balance June 30, 2023
Real estate:
Commercial real estate	$	7,720	$	876	$	(293)	$	—	$	—	$	8,303
One-to-four family residential	5,682		1,231		91		—		5		7,009
Construction and development	1,654		(444)		184		(9)		—		1,385
Commercial and industrial	4,350		(822)		(18)		(33)		23		3,500

Tax-exempt	751		(427)		264		—		—		588
Consumer	471		(136)		72		(182)		75		300
Total allowance for credit losses	$	20,628	$	278	$	300	$	(224)	$	103	$	21,085


	June 30, 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	$	(133)	$	21,311	$	(29,849)	$	194,942
Municipal bonds	(115)		2,990		(32,165)		169,454
U.S. Treasury securities	—		—		(719)		47,281
U.S. agency securities	(116)		26,096		(1,633)		13,574
Total Securities AFS	$	(364)	$	50,397	$	(64,366)	$	425,251








	December 31, 2023
	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	$	(35)	$	19,383	$	(31,193)	$	206,518
Municipal bonds	(83)		4,815		(27,649)		176,098
U.S. Treasury securities	—		—		(1,912)		90,142
U.S. agency securities	(82)		19,301		(1,625)		14,475
Total Securities AFS	$	(200)	$	43,499	$	(62,379)	$	487,233


(in thousands)	Nonaccrual with No ACL		Nonaccrual with ACL		Total Nonaccrual
Real estate:
Commercial real estate	$	—	$	737	$	737
One-to-four family residential	—		700		700
Construction and development	—		920		920
Commercial and industrial	553		164		717

Tax-exempt	—		—		—
Consumer	—		94		94
Total loans HFI	$	553	$	2,615	$	3,168


	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	$	32	$	—	$	705	$	864,908	$	865,645	$	—
One-to-four family residential	124		378		577		610,825		611,904		39
Construction and development	—		—		918		128,279		129,197		—
Commercial and industrial	315		—		685		343,071		344,071		2

Tax-exempt	—		—		—		67,941		67,941		—
Consumer	11		7		13		29,101		29,132		—
Total loans HFI	$	482	$	385	$	2,898	$	2,044,125	$	2,047,890	$	41


(dollars in thousands)	Term Extension		Percent of Loan Category		Financial Effect
Real estate:
Commercial real estate	$	—	—	%
One-to-four family residential	$	485	0.1	%	Amortization period was extended by a weighted-average of 4.79 years
Construction and development	$	—	—	%
Commercial and industrial	$	—	—	%
Tax-exempt	$	—	—	%
Consumer	$	—	—	%
Total loans modified	$	485	0.1	%


	Year of Origination
(in thousands)	2024		2023		2022		2021		2020		Prior Years		Revolving Lines		Total
Real estate:
Commercial real estate
Pass	$	61,911	$	121,276	$	247,987	$	231,137	$	72,736	$	104,277	$	20,783	$	860,107
Special Mention	—		—		—		—		—		3,182		—		3,182
Substandard	—		183		756		680		—		737		—		2,356


Total	$	61,911	$	121,459	$	248,743	$	231,817	$	72,736	$	108,196	$	20,783	$	865,645

One-to-four family residential
Pass	$	52,186	$	113,509	$	126,497	$	120,471	$	84,617	$	94,952	$	17,082	$	609,314
Special Mention	136		—		—		—		—		257		—		393
Substandard	—		—		368		43		35		941		810		2,197


Total	$	52,322	$	113,509	$	126,865	$	120,514	$	84,652	$	96,150	$	17,892	$	611,904

Construction and development
Pass	$	30,381	$	62,017	$	27,265	$	4,411	$	1,015	$	1,978	$	954	$	128,021
Special Mention	—		918		—		—		—		—		—		918
Substandard	—		—		—		—		—		258		—		258


Total	$	30,381	$	62,935	$	27,265	$	4,411	$	1,015	$	2,236	$	954	$	129,197

Commercial and industrial
Pass	$	48,828	$	63,218	$	37,570	$	47,195	$	10,767	$	6,206	$	128,585	$	342,369
Special Mention	—		26		891		—		—		—		—		917
Substandard	—		3		—		44		2		93		643		785


Total	$	48,828	$	63,247	$	38,461	$	47,239	$	10,769	$	6,299	$	129,228	$	344,071









Tax-exempt
Pass	$	2,116	$	1,031	$	14,977	$	6,634	$	13,229	$	29,954	$	—	$	67,941
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—


Total	$	2,116	$	1,031	$	14,977	$	6,634	$	13,229	$	29,954	$	—	$	67,941

Consumer
Pass	$	10,583	$	10,253	$	4,477	$	1,805	$	548	$	282	$	1,082	$	29,030
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		95		7		102


Total	$	10,583	$	10,253	$	4,477	$	1,805	$	548	$	377	$	1,089	$	29,132

Total loans HFI	$	206,141	$	372,434	$	460,788	$	412,420	$	182,949	$	243,212	$	169,946	$	2,047,890

Gross charge-offs	$	1	$	25	$	24	$	—	$	—	$	153	$	239	$	442


(in thousands)	Fair Value		Level 1		Level 2		Level 3
June 30, 2024
Loans HFS	$	3,878	$	—	$	3,059	$	—
Securities AFS:
Mortgage-backed securities	$	259,237	$	—	$	259,237	$	—
Municipal bonds	$	172,444	$	—	$	172,444	$	—
U.S. Treasury securities	$	47,281	$	—	$	47,281	$	—
U.S. agency securities	$	47,928	$	—	$	47,928	$	—
Equity securities	$	2,921	$	2,921	$	—	$	—

December 31, 2023
Loans HFS	$	1,306	$	—	$	1,306	$	—
Securities AFS:
Mortgage-backed securities	$	257,960	$	—	$	257,960	$	—
Municipal bonds	$	184,129	$	—	$	184,129	$	—
U.S. Treasury securities	$	90,142	$	—	$	90,142	$	—
U.S. agency securities	$	37,861	$	—	$	37,861	$	—
Equity securities	$	2,965	$	2,965	$	—	$	—


(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
June 30, 2024
Financial assets:
Cash and due from banks	$	35,035	$	35,035	$	35,035	$	—	$	—
Interest-bearing deposits in other banks	$	178,038	$	178,038	$	178,038	$	—	$	—
Securities AFS	$	526,890	$	526,890	$	—	$	526,890	$	—
Securities HTM	$	136,824	$	113,975	$	—	$	113,975	$	—
Equity securities	$	2,921	$	2,921	$	2,921	$	—	$	—
Nonmarketable equity securities	$	2,283	$	2,283	$	—	$	2,283	$	—
Loans HFS	$	3,878	$	3,878	$	—	$	3,878	$	—
Loans HFI, net of allowance	$	2,026,263	$	1,881,756	$	—	$	—	$	1,881,756
Accrued interest receivable	$	9,570	$	9,570	$	—	$	—	$	9,570
Financial liabilities:
Deposits	$	2,716,646	$	2,710,924	$	—	$	2,710,924	$	—

Accrued interest payable	$	8,747	$	8,747	$	—	$	8,747	$	—

December 31, 2023
Financial assets:
Cash and due from banks	$	53,062	$	53,062	$	53,062	$	—	$	—
Interest-bearing deposits in other banks	$	252,364	$	252,364	$	252,364	$	—	$	—
Securities AFS	$	570,092	$	570,092	$	—	$	570,092	$	—
Securities HTM	$	141,236	$	119,029	$	—	$	119,029	$	—
Equity securities	$	2,965	$	2,965	$	2,965	$	—	$	—
Nonmarketable equity securities	$	2,239	$	2,239	$	—	$	2,239	$	—
Loans HFS	$	1,306	$	1,306	$	—	$	1,306	$	—
Loans HFI, net of allowance	$	1,971,522	$	1,820,573	$	—	$	—	$	1,820,573
Accrued interest receivable	$	9,945	$	9,945	$	—	$	—	$	9,945
Financial liabilities:
Deposits	$	2,801,888	$	2,796,303	$	—	$	2,796,303	$	—


Accrued interest payable	$	8,000	$	8,000	$	—	$	8,000	$	—


	Actual				Basel III Minimum
(dollars in thousands)	Amount		Ratio		Amount		Ratio
June 30, 2024
Total Risk-Based Capital	$	389,245	18.01	%	$	226,894	10.50	%
Tier I Risk-Based Capital	$	367,176	16.99	%	$	183,676	8.50	%
Common Equity Tier I Capital	$	367,176	16.99	%	$	151,263	7.00	%
Tier I Leverage Capital	$	367,176	11.74	%	$	125,098	4.00	%

December 31, 2023
Total Risk-Based Capital	$	384,577	18.28	%	$	220,905	10.50	%
Tier I Risk-Based Capital	$	362,799	17.24	%	$	178,828	8.50	%
Common Equity Tier I Capital	$	362,799	17.24	%	$	147,270	7.00	%
Tier I Leverage Capital	$	362,799	11.56	%	$	125,575	4.00	%


					Regulatory Requirements
	Actual				Basel III Minimum				Well-Capitalized(1)
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
June 30, 2024
Total Risk-Based Capital	$	381,452	17.66	%	$	226,818	10.50	%	$	216,017	10.00	%
Tier I Risk-Based Capital	$	359,383	16.64	%	$	183,615	8.50	%	$	172,814	8.00	%
Common Equity Tier I Capital	$	359,383	16.64	%	$	151,212	7.00	%	$	140,411	6.50	%
Tier I Leverage Capital	$	359,383	11.49	%	$	125,062	4.00	%	$	156,328	5.00	%

December 31, 2023
Total Risk-Based Capital	$	378,582	18.00	%	$	220,850	10.50	%	$	210,333	10.00	%
Tier I Risk-Based Capital	$	356,804	16.96	%	$	178,783	8.50	%	$	168,266	8.00	%
Common Equity Tier I Capital	$	356,804	16.96	%	$	147,233	7.00	%	$	136,716	6.50	%
Tier I Leverage Capital	$	356,804	11.37	%	$	125,538	4.00	%	$	156,923	5.00	%


	As of				Change from December 31, 2023 to June 30, 2024
(in thousands)	June 30, 2024		December 31, 2023		$ Change	% Change
Selected Period End Balance Sheet Data:
Total assets	$	3,048,528	$	3,128,810	(80,282)	(2.6)	%
Interest-bearing deposits in other banks	$	178,038	$	252,364	(74,326)	(29.5)	%
Securities available-for-sale, at fair value	$	526,890	$	570,092	(43,202)	(7.6)	%
Securities held-to-maturity, at amortized cost	$	136,824	$	141,236	(4,412)	(3.1)	%
Loans held for investment	$	2,047,890	$	1,992,858	55,032	2.8	%
Total deposits	$	2,716,646	$	2,801,888	(85,242)	(3.0)	%
Total stockholders’ equity	$	306,990	$	303,851	3,139	1.0	%


	As of and for the Three Months Ended									As of and for the Six Months Ended
(dollars in thousands, except per share data)	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Net Income	$	7,987		$	8,188		$	8,968		$	16,175		$	18,566

Per Common Share Data:
Earnings per share, basic	$	1.16		$	1.16		$	1.25		$	2.32		$	2.59
Earnings per share, diluted	$	1.16		$	1.16		$	1.25		$	2.31		$	2.58
Book value per share	$	44.58		$	43.43		$	39.49		$	44.58		$	39.49
Tangible book value per share (1,2)	$	44.35		$	43.20		$	39.28		$	44.35		$	39.28
Realized book value per share (1,3)	$	53.54		$	52.52		$	49.21		$	53.54		$	49.21
Cash dividends per share	$	0.09		$	0.09		$	0.08		$	0.18		$	0.16
Shares outstanding	6,886,928			6,892,448			7,175,056			6,886,928			7,175,056
Weighted average shares outstanding, basic	6,896,030			7,050,048			7,177,621			6,973,039			7,180,187
Weighted average shares outstanding, diluted	6,914,140			7,066,709			7,194,634			6,991,618			7,197,412

Summary Performance Ratios:
Return on average assets	1.05		%	1.07		%	1.20		%	1.06		%	1.24		%
Return on average equity	10.69		%	10.77		%	12.78		%	10.73		%	13.54		%
Net interest margin	2.87		%	2.80		%	2.91		%	2.83		%	2.99		%
Net interest margin FTE(4)	2.92		%	2.83		%	2.96		%	2.89		%	3.04		%
Efficiency ratio(5)	62.07		%	60.37		%	58.63		%	61.23		%	57.74		%
Loans HFI to deposits ratio	75.38		%	74.22		%	73.10		%	75.38		%	73.10		%
Noninterest-bearing deposits to deposits ratio	32.87		%	32.61		%	37.14		%	32.87		%	37.14		%
Noninterest income to average assets	0.67		%	0.64		%	0.81		%	0.66		%	0.69		%
Operating expense to average assets	2.19		%	2.07		%	2.16		%	2.13		%	2.11		%

Summary Credit Quality Ratios:
NPAs to assets	0.11		%	0.08		%	0.07		%	0.11		%	0.07		%
Nonperforming loans to loans HFI	0.16		%	0.12		%	0.10		%	0.16		%	0.10		%
ACL to loans HFI	1.06		%	1.06		%	1.08		%	1.06		%	1.08		%
Net charge-offs to average loans	0.01		%	0.00		%	0.00		%	0.02		%	0.01		%

Capital Ratios:
Stockholders’ equity to assets	10.07		%	9.74		%	9.36		%	10.07		%	9.36		%
Tangible common equity to tangible assets(1,6)	10.02		%	9.69		%	9.31		%	10.02		%	9.31		%
Total risk-based capital to risk-weighted assets	18.01		%	17.84		%	18.13		%	18.01		%	18.13		%
Tier 1 risk-based capital to risk-weighted assets	16.99		%	16.82		%	17.09		%	16.99		%	17.09		%
Common equity Tier 1 capital to risk-weighted assets	16.99		%	16.82		%	17.09		%	16.99		%	17.09		%
Tier 1 risk-based capital to average assets	11.74		%	11.44		%	11.48		%	11.74		%	11.48		%


	For the Three Months Ended
	June 30, 2024						March 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)	$	2,042,602	$	26,882	5.21	%	$	2,015,063	$	25,893	5.09	%
Securities - taxable	546,466		3,069		2.25	%	569,600		3,048		2.14	%
Securities - tax-exempt	193,954		999		2.06	%	197,817		1,016		2.05	%

Interest-bearing deposits in other banks	199,668		2,709		5.43	%	224,301		3,039		5.42	%
Nonmarketable equity securities	2,262		22		3.96	%	2,240		22		3.95	%

Total interest-earning assets	2,984,952		$	33,681	4.48	%	3,009,021		$	33,018	4.35	%
Allowance for credit losses	(21,653)						(21,402)
Noninterest-earning assets	96,631						100,486
Total assets	$	3,059,930					$	3,088,105
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,230,474	$	5,701	1.86	%	$	1,261,361	$	5,680	1.81	%
Time deposits	595,120		6,193		4.19	%	582,847		5,975		4.12	%
Total interest-bearing deposits	1,825,594		11,894		2.62	%	1,844,208		11,655		2.54	%

Other borrowings	1		—		5.78	%	—		—		—	%
Total interest-bearing liabilities	1,825,595		$	11,894	2.62	%	1,844,208		$	11,655	2.54	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits	908,930						913,114
Accrued interest and other liabilities	24,868						25,055
Total noninterest-bearing liabilities	933,798						938,169
Stockholders’ equity	300,537						305,728
Total liabilities and stockholders’ equity	$	3,059,930					$	3,088,105
Net interest income			$	21,787					$	21,363
Net interest spread					1.86	%					1.81	%
Net interest margin					2.87	%					2.80	%
Net interest margin FTE(3)					2.92	%					2.83	%
Cost of deposits					1.75	%					1.70	%
Cost of funds					1.60	%					1.56	%


	For the Six Months Ended
	June 30, 2024						June 30, 2023
(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)	$	2,028,833	$	52,775	5.15	%	$	1,925,821	$	44,616	4.61	%
Securities - taxable	558,032		6,117		2.19	%	635,640		5,160		1.63	%
Securities - tax-exempt	195,886		2,015		2.06	%	204,856		2,071		2.02	%
Federal funds sold	—		—		—	%	37,497		886		4.70	%
Interest-bearing deposits in other banks	211,985		5,748		5.42	%	142,452		3,409		4.77	%
Nonmarketable equity securities	2,251		44		3.94	%	3,506		61		3.48	%

Total interest-earning assets	2,996,987		$	66,699	4.41	%	2,949,772		$	56,203	3.79	%
Allowance for credit losses	(21,528)						(20,854)
Noninterest-earning assets	98,559						89,026
Total assets	$	3,074,018					$	3,017,944
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	1,245,917	$	11,381	1.84	%	$	1,283,073	$	7,042	1.11	%
Time deposits	588,984		12,168		4.15	%	399,848		4,714		2.38	%
Total interest-bearing deposits	1,834,901		23,549		2.58	%	1,682,921		11,756		1.41	%

Other borrowings	1		—		4.78	%	995		28		5.50	%
Total interest-bearing liabilities	1,834,902		$	23,549	2.58	%	1,683,916		$	11,784	1.41	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits	911,022						1,037,540
Accrued interest and other liabilities	24,961						19,914
Total noninterest-bearing liabilities	935,983						1,057,454
Stockholders’ equity	303,133						276,574
Total liabilities and stockholders’ equity	$	3,074,018					$	3,017,944
Net interest income			$	43,150					$	44,419
Net interest spread					1.83	%					2.38	%
Net interest margin					2.83	%					2.99	%
Net interest margin FTE(3)					2.89	%					3.04	%
Cost of deposits					1.72	%					0.87	%
Cost of funds					1.58	%					0.81	%


	For the Three Months Ended						For the Six Months Ended
	June 30, 2024 vs. March 31, 2024						June 30, 2024 vs. June 30, 2023
	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	$	354	$	635	$	989	$	2,387	$	5,772	$	8,159
Securities - taxable	(124)		145		21		(631)		1,588		957
Securities - tax-exempt	(20)		3		(17)		(91)		35		(56)
Federal funds sold	—		—		—		(886)		—		(886)
Interest-bearing deposits in other banks	(332)		2		(330)		1,644		695		2,339
Nonmarketable equity securities	—		—		—		(22)		5		(17)

Total interest-earning assets	$	(122)	$	785	$	663	$	2,401	$	8,095	$	10,496
Interest-bearing liabilities:
Interest-bearing transaction deposits	$	(139)	$	160	$	21	$	(204)	$	4,543	$	4,339
Time deposits	126		92		218		2,230		5,224		7,454
Total interest-bearing deposits	(13)		252		239		2,026		9,767		11,793

Other borrowings	—		—		—		(27)		(1)		(28)
Total interest-bearing liabilities	$	(13)	$	252	$	239	$	1,999	$	9,766	$	11,765
Increase (decrease) in net interest income	$	(109)	$	533	$	424	$	402	$	(1,671)	$	(1,269)


	Contractual Maturity as of June 30, 2024
	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	$	1,886	3.73	%	$	10,158	4.80	%	$	46,299	1.61	%	$	200,894	2.54	%	$	259,237	2.47	%
Municipal bonds	5,495		1.69	%	11,862		1.99	%	25,985		2.23	%	129,102		2.08	%	172,444		2.09	%
U.S. Treasury securities	47,281		1.36	%	—		—	%	—		—	%	—		—	%	47,281		1.36	%
U.S. agency securities	815		5.35	%	4,403		2.73	%	35,011		5.63	%	7,699		2.50	%	47,928		4.79	%
Total Securities AFS	$	55,477	1.53	%	$	26,423	3.16	%	$	107,295	3.00	%	$	337,695	2.35	%	$	526,890	2.44	%


	As of and For the Six Months Ended
(dollars in thousands)	June 30, 2024			June 30, 2023
Loans HFI	$	2,047,890		$	1,947,631
Nonaccrual loans	$	3,168		$	1,840
Average loans	$	2,028,833		$	1,925,821

Allowance at beginning of period	$	21,336		$	20,628
Impact of adopting ASC 326	—			278
Provision for credit losses	600			300
Charge-offs:
Real estate:


Construction and development	—			(9)
Commercial and industrial	(211)			(33)
Consumer	(231)			(182)
Total charge-offs	(442)			(224)
Recoveries:
Real estate:
One-to-four family residential	5			5

Commercial and industrial	54			23
Consumer	74			75
Total recoveries	133			103
Net (charge-offs)/recoveries	(309)			(121)
Allowance at end of period	$	21,627		$	21,085

ACL to loans HFI	1.06		%	1.08		%
ACL to nonaccrual loans	682.67%			1,145.92%
Net charge-offs to average loans	0.02		%	0.01		%


(in thousands)	June 30, 2024
Three months or less	$	10,856
Over three months through six months	46,168
Over six months through 12 months	31,746
Over 12 months	4,510
Total	$	93,280


	June 30, 2024				December 31, 2023
	% 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	2.5	%	(8.7	%)	4.8	%	(5.3	%)
+200	1.7	%	(5.5	%)	3.5	%	(3.0	%)
+100	1.0	%	(2.5	%)	2.3	%	(1.0	%)
Base	—	%	—	%	—	%	—	%
-100	(0.9	%)	3.5	%	(0.4	%)	0.3	%
-200	(3.2	%)	2.7	%	(3.5	%)	(1.4	%)


(dollars in thousands, except per share data)
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program(1)(2)
April 1 - April 30, 2024	—	$	—	—	$	5,000
May 1 - May 31, 2024	14,295	$	47.33	14,295	$	4,323
June 1 - June 30, 2024	1,925	$	45.15	1,925	$	4,236
Total	16,220	$	47.07	16,220	$	4,236


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						Amended and Restated Supplemental Executive Retirement Benefits Agreement between Red River Bank and R. Blake Chatelain*+#
10.2						Composite Form of Amended and Restated Supplemental Executive Retirement Benefits Agreement between Red River Bank and each of Isabel V. Carriere, Andrew B. Cutrer, G. Bridges Hall, Bryon C. Salazar, Tammi R. Salazar, and Debbie B. Triche*+#
10.3						Stock Repurchase Agreement, dated August 8, 2024, by and between Red River Bancshares, Inc., the Angela Katherine Simpson Irrevocable Trust UA 25-NOV-03, and the John Charles Simpson Jr. Irrevocable Trust UA 25-NOV-03 (incorporated by reference to Exhibit 10.1 to Red River Bancshares, Inc.’s Current Report on Form 8-K filed with the SEC on August 8, 2024, file number 001-38888)
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 June 30, 2024, 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.