Business
Red River Bancshares, Inc. Reports Third Quarter 2021 Financial Results
ALEXANDRIA, La., Oct. 29, 2021 (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, 2021 (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 2021. Net income for the third quarter of 2021 was $8.1 million, or $1.12 per diluted common share (\"EPS\"), a decrease of $101,000, or 1.2%, compared to $8.2 million, or $1.13 EPS, for the second quarter of 2021, and an increase of $853,000, or 11.7%, compared to $7.3 million, or $0.99 EPS, for the third quarter of 2020. For the third quarter of 2021, the quarterly return on assets was 1.11%, and the quarterly return on equity was 10.83%. Net income for the nine months ended September 30, 2021, was $24.4 million, or $3.34 EPS, an increase of $3.6 million, or 17.0%, compared to $20.9 million, or $2.84 EPS, for the nine months ended September 30, 2020. For the nine months ended September 30, 2021, the return on assets was 1.15%, and the return on equity was 11.17%. Third Quarter 2021 Performance and Operational Highlights In the third quarter of 2021, the Company maintained consistent net income, had robust deposit and asset growth, and continued a high level of liquidity. The Company also continued its organic expansion, renewed its stock repurchase program, and managed the impacts from Hurricane Ida. During the third quarter of 2021, Louisiana experienced a significant increase in COVID-19 pandemic cases and hospitalizations, resulting in the reinstatement of some pandemic-related restrictions such as mask mandates and vaccination requirements for certain activities. However, capacity restrictions were not reinstated. Economic activity in Louisiana remained relatively consistent with the second quarter of 2021, but challenges persist due to supply chain disruptions and labor shortages. Net income for the third quarter of 2021 was $8.1 million, $101,000 lower than the prior quarter primarily due to lower mortgage loan income, partially offset by higher PPP loan income.Assets increased $142.3 million in the third quarter of 2021 to $3.02 billion as of September 30, 2021, primarily driven by a $135.0 million increase in deposits. The deposit growth was mainly due to customers maintaining higher deposit balances.Mortgage loan income for the third quarter of 2021 was $1.8 million, $587,000 lower than...