Business
Red River Bancshares, Inc. Reports First Quarter 2020 Financial Results and Updates on the Coronavirus Pandemic and the Paycheck Protection Program
ALEXANDRIA, La., April 29, 2020 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (the “Company”), (Nasdaq: RRBI), the holding company for Red River Bank (the
About this update from Red River Bancshares, Inc.
[{"type":"text","content":"ALEXANDRIA, La., April 29, 2020 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (the “Company”), (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the first quarter of 2020 and provided an update on the Bank's response to the outbreak of the novel coronavirus (\"COVID-19\") pandemic and its participation in the Small Business Administration (\"SBA\") Paycheck Protection Program (\"PPP\").\n Net income for the first quarter of 2020 was $6.7 million, or $0.92 per diluted common share (\"EPS\"), which was consistent with $6.7 million, or $0.92 EPS, for the fourth quarter of 2019, and an increase of $1.0 million, or 18.4%, compared to $5.7 million, or $0.85 EPS, for the first quarter of 2019. COVID-19 Pandemic and the Paycheck Protection Program Update In January and February of 2020, Red River Bank had normal banking operations. However, March and April of 2020 were dominated by the global outbreak of the COVID-19 pandemic, the passage of the Coronavirus Aid, Relief, and Economic Security (\"CARES\") Act, and the implementation of the PPP. During March 2020, the governor of Louisiana closed schools, required nonessential businesses to reduce operations or to close, and recommended that residents self-quarantine at home. In order to support our customers and communities during this crisis, our bankers promptly assisted our customers with loan adjustments, monitored the CARES Act, implemented the PPP, and adjusted customers' fees. On Saturday, April 4, 2020, Red River Bank began accepting PPP loan applications with an easy to use, efficient, and digital process. Additionally, we suspended or reduced various fees to assist our customers during this crisis. Blake Chatelain, President and Chief Executive Officer stated, \"The coronavirus pandemic has been an unprecedented event for Louisiana, the United States, and the world. This health crisis and the resulting economic disruption has had a significant impact on our customers and communities. We recognize that community banks are an essential part of the local economy, and we have been determined to support our customers, while also protecting our team members. In March and April, we continued offering full banking services while allowing lobby access through appointments, updated customers on relief loan programs, o...