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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 Bank has recently expanded its operations into Lafayette, Louisiana, marking a significant growth step. The bank has opened a combined loan and deposit production office at 91 Settlers Trace, Suite C. CEO Blake Chatelain expressed enthusiasm for serving local customers in the Acadiana market, emphasizing a focus on building financial relationships. Established in 1999, Red River Bank is the seventh largest community bank in Louisiana, primarily catering to consumers and small to mid-sized businesses. It operates 25 centers across the state and trades under the symbol RRBI.
Red River Bank continues to provide banking services following Hurricane Laura's impact on Louisiana. As of August 28, 2020, most banking centers and ATMs remain operational, particularly in Central Louisiana, Shreveport/Bossier City, Baton Rouge, and Covington. Power restoration is expected in Central Louisiana by the weekend, although the situation in Southwest Louisiana is still uncertain. CEO Blake Chatelain noted that all employees are safe and no bank locations were damaged, emphasizing their commitment to helping customers during this challenging time.
Red River Bancshares, Inc. (Nasdaq: RRBI) announced a stock repurchase program authorizing up to $3 million in share buybacks through August 27, 2021. The program aims to enhance shareholder value and promote liquidity. Additionally, the company declared a quarterly cash dividend of $0.06 per share, payable on September 24, 2020, to shareholders of record by September 14, 2020. CEO Blake Chatelain emphasized the commitment to shareholders through these initiatives.
Red River Bank is expanding into the Lafayette market by opening a loan production office, with plans for a full-service banking center in the future. Ben Smith has been appointed as Market President to lead this initiative. With $2.4 billion in assets, Red River Bank emphasizes organic growth over acquisitions and aims to offer personalized banking services in Acadiana. This strategic move aligns with the bank's mission to serve Louisiana consumers and businesses, leveraging Smith’s 15 years of commercial banking experience in the region.
Red River Bancshares, Inc. (Nasdaq: RRBI) reported a net income of $6.9 million for Q2 2020, or $0.93 EPS, marking a 1.6% increase from Q1 2020 and a 23.8% increase year-over-year. The Company originated $199.0 million in Paycheck Protection Program (PPP) loans, generating $730,000 in origination fees. Despite a challenging economic landscape due to COVID-19, assets grew 17.5% to $2.36 billion. However, the net interest margin decreased to 3.12% from 3.41% in the previous quarter, negatively impacted by the low-interest-rate environment.
Red River Bancshares (Nasdaq: RRBI) declared a quarterly cash dividend of $0.06 per share on May 28, 2020. This dividend is payable on June 25, 2020, to shareholders recorded by June 15, 2020. The bank, established in 1999, operates 25 banking centers across several regions in Louisiana, offering a full suite of banking services for both commercial and retail customers.
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