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Red River Bancshares, Inc. Reports Third Quarter 2020 Financial Results
ALEXANDRIA, La., Oct. 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., Oct. 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 third quarter of 2020.\n Net income for the third quarter of 2020 was $7.3 million, or $0.99 per diluted common share (\"EPS\"), an increase of $431,000, or 6.3%, compared to $6.9 million, or $0.93 EPS, for the second quarter of 2020, and an increase of $438,000, or 6.4%, compared to $6.8 million, or $0.93 EPS, for the third quarter of 2019. Net income for the nine months ended September 30, 2020, was $20.9 million, or $2.84 EPS, an increase of $2.8 million, or 15.5%, compared to $18.1 million, or $2.57 EPS, for the nine months ended September 30, 2019. Third Quarter 2020 Performance and Operational Highlights The third quarter of 2020 included a new Company high level of mortgage lending activity, approval of a stock repurchase program, entrance into a new market, and the impact of Hurricane Laura. The Louisiana COVID-19 pandemic response restrictions transitioned from Phase Two to Phase Three, easing restrictions and allowing increased economic activity.The quarterly return on assets was 1.20%, and the quarterly return on equity was 10.50%.Assets increased $129.1 million in the third quarter of 2020 to $2.49 billion as of September 30, 2020, driven by a $124.6 million increase in deposits. Deposits increased due to strong deposit account opening activity and a large, temporary deposit, along with commercial customers maintaining larger deposit balances.Mortgage loan production and income in 2020 were at record-high levels for the Company. Mortgage loan income for the third quarter of 2020 was $2.9 million, surpassing $1.9 million recorded in the prior quarter. For the nine months ended September 30, 2020, mortgage loan income was $5.7 million, which was $3.5 million, or 161.7%, higher than the same period in 2019.As of September 30, 2020, active pandemic-related loan deferrals were $23.3 million, or 1.6% of non-PPP loans held for investment (\"HFI\") (non-GAAP), down from $152.8 million, or 10.7% of non-PPP loans HFI (non-GAAP) as of June 30, 2020.Nonperforming assets (\"NPA(s)\") increased $921,000 and were $5.2 million, or 0.21% of assets as of September 30, 2020. The provision for loan losses for the third q...