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Red River Bancshares, Inc. reports developments for a Louisiana bank holding company whose subsidiary, Red River Bank, provides commercial and retail banking products and services. Recurring updates cover unaudited quarterly results, net interest income and margin, loan and deposit activity, asset quality, and the performance of a diversified loan portfolio serving businesses, professionals, individuals, and public entities.
Company news also includes capital-management actions such as quarterly cash dividends, stock repurchase programs and private repurchases, along with organic expansion of banking centers and production offices in Louisiana markets including Alexandria, Shreveport-Bossier City, Baton Rouge, Lake Charles, Covington, Lafayette, and New Orleans.
Red River Bancshares, Inc. (Nasdaq: RRBI) has announced a private stock repurchase agreement and an amendment to its existing repurchase program. The company will repurchase 60,000 shares of its common stock from two shareholders in a privately-negotiated transaction for $3.0 million. This purchase price represents a discount to the 10-, 20-, and 30-day volume weighted average price as of July 31, 2024.
As a result of this transaction, Red River Bancshares has reduced the availability under its previously announced 2024 $5.0 million repurchase program by $3.0 million. Following the closure of this deal, the company will have approximately $1.2 million of remaining capacity under the Repurchase Program.
Red River Bancshares, holding company for Red River Bank, reported Q2 2024 net income of $8.0 million, or $1.16 EPS, a 2.5% decrease from Q1 and a 10.9% decrease YoY. Net interest income grew 2.0% QoQ to $21.8 million, driven by improved loan yields. Deposits fell 1.1% to $2.72 billion due to seasonal outflows. Loans HFI slightly increased to $2.05 billion.
Operating expenses rose 5.1% QoQ to $16.7 million. Noninterest income grew 3.4% QoQ to $5.1 million, boosted by mortgage and SBIC income. NPAs increased by 26.8% to $3.2 million. The company repurchased 16,220 shares for $764,000, with $4.2 million remaining in the buyback program.
Capital levels remained strong with a stockholders' equity to assets ratio of 10.07%. A new banking center opened in New Orleans, contributing to the company’s expansion plan. The firm was ranked 9th by Bank Director Magazine among top-performing financial institutions with assets under $5 billion.
Red River Bancshares, Inc. (Nasdaq: RRBI) has announced a quarterly cash dividend of $0.09 per share of common stock. The dividend was declared by the company's board of directors on July 25, 2024. Shareholders of record as of the close of business on September 9, 2024, will be eligible to receive the dividend, which is scheduled for payment on September 19, 2024. This announcement demonstrates Red River Bancshares' commitment to providing regular returns to its shareholders, potentially indicating financial stability and confidence in the company's performance.
Red River Bancshares (Nasdaq: RRBI) announced a quarterly cash dividend of $0.09 per common share, declared by the board of directors on May 23, 2024.
This dividend is payable on June 20, 2024, to shareholders who are on record as of June 10, 2024.
Red River Bancshares, Inc. (Nasdaq: RRBI) mourns the passing of Director Robert A. Nichols, a key figure in the growth and success of Red River Bank. Nichols, who passed away on May 6, 2024, played a vital role in the bank's expansion into Northwest Louisiana and its subsequent statewide growth. His contributions, business acumen, and unwavering support will be sorely missed by the Red River Bank family.
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