Business
Red River Bancshares, Inc. Reports Fourth Quarter and Year-End 2019 Financial Results
ALEXANDRIA, La., Jan. 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., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (the “Company”), (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its financial results for the fourth quarter and year ended 2019.\n Net income for the fourth quarter of 2019 was $6.7 million, or $0.92 per diluted common share (\"EPS\"), a decrease of $104,000, or 1.5%, compared to $6.8 million, or $0.93 EPS, for the third quarter of 2019, and an increase of $592,000, or 9.6%, compared to $6.2 million, or $0.91 EPS, for the fourth quarter of 2018. Net income for the twelve months ended December 31, 2019, was $24.8 million, or $3.49 EPS, an increase of $1.8 million, or 7.7%, compared to $23.1 million, or $3.41 EPS, for the twelve months ended December 31, 2018. Fourth Quarter 2019 Performance and Operational Highlights Net income was $6.7 million, which was $104,000, or 1.5%, lower compared to the third quarter of 2019. This resulted in a quarterly return on assets of 1.37% and a quarterly return on equity of 10.72%.The fourth quarter of 2019 benefited from a $71,000 dividend from a Small Business Investment Company (\"SBIC\") limited partnership and $132,000 from nonrecurring operating expense reductions.The net interest margin, fully tax equivalent basis (\"FTE\"), decreased by five basis points to 3.50% for the fourth quarter of 2019 compared to 3.55% for the prior quarter. The net interest margin was negatively impacted by the three Federal Reserve rate decreases which occurred in the third and fourth quarters of 2019.As of December 31, 2019, the Company had $1.99 billion of assets. Assets increased 2.5% from September 30, 2019, and 6.9% from December 31, 2018.Loans held for investment (\"HFI\") increased 1.8% from September 30, 2019, and 8.3% from December 31, 2018.Deposits increased 2.6% from September 30, 2019, and 4.6% from December 31, 2018. The increase in deposits during the fourth quarter was primarily attributable to the seasonal inflow of funds from public entity customers.As of December 31, 2019, the loans HFI to deposits ratio was 83.60%, and the noninterest-bearing deposits to total deposits ratio was 33.98%.The nonperforming assets (\"NPA(s)\") to total assets ratio improved to 0.33% as of December 31, 2019, from 0.41% as of September 30, 2019.The net charge-offs to average loans ratio was 0.02% for...