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Red River Bancshares, Inc. Reports Second Quarter 2023 Financial Results
ALEXANDRIA, La., July 28, 2023 (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., July 28, 2023 (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 second quarter of 2023. Net income for the second quarter of 2023 was $9.0 million, or $1.25 per diluted common share (“EPS”), a decrease of $630,000, or 6.6%, compared to $9.6 million, or $1.33 EPS, for the first quarter of 2023. For the second quarter of 2023, the quarterly return on assets was 1.20%, and the quarterly return on equity was 12.78%. Net income for the six months ended June 30, 2023, was $18.6 million, or $2.58 EPS, an increase of $2.0 million, or 12.3%, compared to $16.5 million, or $2.30 EPS, for the six months ended June 30, 2022. For the six months ended June 30, 2023, the return on assets was 1.24%, and the return on equity was 13.54%. Second Quarter 2023 Performance and Operational Highlights In the second quarter of 2023, the Company had a fairly consistent balance sheet, increased capital ratios, steady liquidity, and reduced earnings. Net interest income, net interest margin, and net income decreased as a result of higher interest expense on deposits. Activity in the stock repurchase program was higher than in the prior quarter. As of June 30, 2023, assets were $3.03 billion, consistent with March 31, 2023. Total assets were impacted by a $67.2 million decrease in deposits, offset by $60.0 million of new Federal Home Loan Bank (“FHLB”) advances.Deposits totaled $2.66 billion as of June 30, 2023, a decrease of $67.2 million, or 2.5%, compared to $2.73 billion as of March 31, 2023. During the second quarter of 2023, in addition to the slight decrease in total deposits, there was also a shift of balances between deposit categories due to customers moving funds from lower yielding categories to higher yielding categories.As of June 30, 2023, loans held for investment (“HFI”) were $1.95 billion, an increase of $25.8 million, or 1.3%, compared to $1.92 billion as of March 31, 2023. During the second quarter of 2023, new loan originations were partially offset by loan payments and paydowns.As of June 30, 2023, total securities were $739.0 million compared to $765.2 million as of March 31, 2023. Securities decreased $26.2 million primarily due to maturities and principal repayments exceeding purch...