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Red River Bancshares, Inc. Reports Fourth Quarter and Year-End 2021 Financial Results
ALEXANDRIA, La., Jan. 28, 2022 (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. 28, 2022 (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 2021. Net income for the fourth quarter of 2021 was $8.5 million, or $1.17 per diluted common share (\"EPS\"), an increase of $372,000, or 4.6%, compared to $8.1 million, or $1.12 EPS, for the third quarter of 2021, and an increase of $1.2 million, or 17.2%, compared to $7.3 million, or $0.99 EPS, for the fourth quarter of 2020. For the fourth quarter of 2021, the quarterly return on assets was 1.09% and the quarterly return on equity was 11.33%. Net income for the year ended December 31, 2021, was $33.0 million, or $4.51 EPS, an increase of $4.8 million, or 17.1%, compared to $28.1 million, or $3.83 EPS, for the year ended December 31, 2020. For the year ended December 31, 2021, the return on assets was 1.13% and the return on equity was 11.21%. Fourth Quarter and Year-End 2021 Performance and Operational Highlights In the fourth quarter of 2021, the Company had robust deposit and asset growth, solid earnings, and a continued high level of liquidity. The Company began providing banking services in New Orleans, Louisiana, our newest market, through a combined loan and deposit production office (\"LPO/DPO\"). The Company also finalized a large private stock repurchase that completed the stock repurchase program announced on August 31, 2021. The fourth quarter of 2021 began with a declining trend of COVID-19 cases and hospitalizations in the Louisiana markets served by Red River Bank. However, as a result of the emergence of the Omicron variant in December 2021, the number of cases and hospitalizations increased toward the end of the quarter. Economic activity in Louisiana remained relatively stable, although the economy is still impacted by supply chain disruptions and labor shortages. Net income for the fourth quarter of 2021 was $8.5 million, $372,000 higher than the prior quarter, primarily due to higher net interest income, partially offset by higher personnel expenses.Assets increased $203.9 million in the fourth quarter of 2021 to $3.22 billion as of December 31, 2021, primarily driven by a $205.8 million increase in deposits. The deposit growth was largely the result of customers maintain...