Red River Bancshares (NASDAQ: RRBI) H1 2026 earnings up 15.5%

Rhea-AI Filing Summary

Red River Bancshares, Inc. delivered solid profitability in the first half of 2026 with improved margins and strong capital. Net income was $11.8 million in Q2 2026 ($1.78 diluted EPS), slightly below Q1 but above the prior year, while six‑month net income rose to $23.7 million ($3.59 diluted EPS), up 15.5% from 2025.

Profitability metrics remained attractive, with Q2 return on assets of 1.43% and return on equity of 12.41%. Net interest income grew and net interest margin FTE increased to 3.61% in Q2 and 3.56% year‑to‑date, helped by higher loan and securities yields and lower deposit costs.

The balance sheet stayed conservative. Loans held for investment reached $2.26 billion, while deposits were $2.91 billion, down modestly due to seasonal outflows. Asset quality remained strong with nonperforming assets at 0.08% of assets and an ACL of 1.09% of loans. Capital ratios were well above Basel III requirements, and shareholders received $0.50 per share in dividends year‑to‑date, with a $10.0 million repurchase authorization still unused.

Positive

• Six‑month net income increased 15.5% to $23.7 million, with diluted EPS up to $3.59, driven by a $6.9 million rise in net interest income and a 27 bp expansion in net interest margin FTE to 3.56%.

Negative

• None.

Filing Explained

June 30 equity activity increased common shares to 6,584,696, while available-for-sale securities carried $45.5 million of net unrealized losses.

Red River Bancshares’s Form 10-Q is an unaudited quarterly report for the period ended June 30, 2026. Its structural effect for existing common holders is that reported shares outstanding rose to 6,584,696, reflecting board compensation, stock-plan issuances, and forfeitures.

At June 30, 2026, the company reported 6,584,696 common shares outstanding, compared with 6,576,609 at December 31, 2025. Under the supplied dilution definition, additional issued shares increase the total share count and reduce an existing holder’s percentage ownership absent offsetting changes; the filing also reports forfeited restricted shares.

The securities portfolio remains an important balance-sheet sensitivity: available-for-sale securities had a fair value of $617.0 million, producing a reported net unrealized loss of $45.5 million at June 30, 2026. Held-to-maturity securities had an amortized cost and a fair value reported at June 30, 2026; the company recorded no allowance for credit losses on either portfolio under its stated zero-credit-loss assumption.

The filing also reports $592.9 million of unfunded loan commitments and $14.6 million of standby letters of credit. These are conditional commitments, and the company states that unfunded commitments do not necessarily represent future cash requirements because many expire without being drawn.

Key Figures

Total assets: 3,311,325 (thousands of dollars) Q2 2026 net income: 11,763 (thousands of dollars) H1 2026 net income: 23,734 (thousands of dollars) +5 more

8 metrics

Total assets 3,311,325 (thousands of dollars) Balance sheet as of June 30, 2026

Q2 2026 net income 11,763 (thousands of dollars) Three months ended June 30, 2026

H1 2026 net income 23,734 (thousands of dollars) Six months ended June 30, 2026

Net interest margin FTE 3.61% Three months ended June 30, 2026

Return on average assets 1.43% Three months ended June 30, 2026

Loans held for investment 2,263,980 (thousands of dollars) Balance sheet as of June 30, 2026

Allowance for credit losses ratio 1.09% ACL to loans HFI at June 30, 2026

Total risk-based capital ratio 18.76% Company capital ratio at June 30, 2026

Key Terms

net interest margin FTE, allowance for credit losses, nonperforming assets, Basel III, +1 more

5 terms

net interest margin FTE financial

"Net interest margin FTE increased 10 bps to 3.61% for the second quarter of 2026"

allowance for credit losses financial

"The Company maintains an ACL on all loans that reflects management’s estimate of expected credit losses"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

nonperforming assets financial

"NPAs decreased $1.6 million, or 38.3%, to $2.6 million, or 0.08% of assets"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

Basel III regulatory

"The Company and the Bank are subject to Basel III capital guidelines"

An international set of banking rules that tells banks how much high-quality capital and readily available cash they must hold and how to manage risk, like a safety checklist for lenders. Investors care because these rules influence how safely banks can absorb losses, how much they can lend, and therefore their profits, dividend capacity and the chance of government support in a crisis — think of it as requirements that trade some short-term profit potential for longer-term financial stability.

Community bank leverage ratio regulatory

"an optional CBLR framework is available to the Company and the Bank"

Community bank leverage ratio is a regulatory measure that compares a bank’s core capital (its safety cushion) to the size of its balance sheet, showing what share of assets is backed by tangible equity rather than borrowed money. Investors use it like a health check: a higher ratio means the bank has more buffer to absorb losses, support lending and dividends, and face fewer regulatory limits, while a lower ratio signals greater risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10-Q Quarterly Reports: What Changes Quarter to Quarter →

Available on EDGAR 08/07/2026 - 06:02 AM Accepted by SEC EDGAR 08/06/2026 - 05:49 PM Learn about SEC filing dates

FAQ

How did Red River Bancshares (RRBI) perform financially in Q2 2026?

RRBI generated $11.8 million of net income in Q2 2026, or $1.78 diluted EPS. Return on assets was 1.43% and return on equity was 12.41%, reflecting strong profitability despite a modest increase in operating expenses.

How did RRBI’s first-half 2026 earnings compare with 2025?

For the six months ended June 30, 2026, RRBI reported net income of $23.7 million, up from $20.5 million in 2025, a 15.5% increase. Diluted EPS rose from $3.03 to $3.59, driven mainly by higher net interest income and better margins.

What were RRBI’s loan and deposit levels as of June 30, 2026?

As of June 30, 2026, RRBI had $2.26 billion in loans held for investment and $2.91 billion in total deposits. Deposits fell by $58.3 million from year‑end 2025, largely due to seasonal public‑entity outflows and customer income tax payments.

What is the asset quality and allowance coverage at RRBI?

Asset quality was strong, with nonperforming assets at 0.08% of total assets and nonperforming loans at 0.11% of loans held for investment. The allowance for credit losses totaled $24.8 million, equal to 1.09% of loans, and net charge‑offs were near zero.

How well capitalized is Red River Bancshares (RRBI)?

RRBI reported very strong capital ratios at June 30, 2026, including Total risk‑based capital of 18.76% and Common Equity Tier 1 of 17.71%. The Tier 1 leverage ratio was 12.77%, comfortably above Basel III minimums and well‑capitalized bank benchmarks.

Did RRBI pay dividends or repurchase stock in the first half of 2026?

RRBI paid cash dividends totaling $0.50 per share in the first half of 2026, including $0.25 in Q2. A $10.0 million stock repurchase program is authorized for 2026, but no shares were repurchased through June 30, 2026.

What happened to RRBI’s net interest margin in 2026?

Net interest margin FTE improved to 3.61% in Q2 2026 from 3.51% in Q1. For the first six months of 2026, net interest margin FTE was 3.56%, up from 3.29% a year earlier, helped by higher yields on loans and securities and lower deposit costs.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: June 30, 2026

or

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                     

Commission File Number: 001-38888 

Red River Bancshares, Inc.

(Exact name of registrant as specified in its charter)

Louisiana						72-1412058
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

1412 Centre Court Drive, Suite 301, Alexandria, Louisiana						71301
(Address of Principal Executive Offices)						(Zip Code)

Registrant’s telephone number, including area code: (318) 561-4000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, no par value			RRBI			The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☐			Accelerated filer			☒
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of July 31, 2026, the registrant had 6,584,106 shares of common stock, no par value, issued and outstanding. 

TABLE OF CONTENTS

						Page
Glossary of Terms						3
Cautionary Note Regarding Forward-Looking Statements						4
PART I			Financial Information
Item 1.			Financial Statements (Unaudited)
			Consolidated Balance Sheets			5
			Consolidated Statements of Income			6
			Consolidated Statements of Comprehensive Income			7
			Consolidated Statements of Changes in Stockholders’ Equity			8
			Consolidated Statements of Cash Flows			9
			Notes to Unaudited Consolidated Financial Statements			11
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			27
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			51
Item 4.			Controls and Procedures			52
PART II			Other Information
Item 1.			Legal Proceedings			53
Item 1A.			Risk Factors			53
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			53
Item 3.			Defaults Upon Senior Securities			53
Item 4.			Mine Safety Disclosures			53
Item 5.			Other Information			53
Item 6.			Exhibits			54
			Signatures			55

2

Table of Contents    

GLOSSARY OF TERMS

Unless the context indicates otherwise, references in this filing to “we,” “our,” “us,” “the Company,” and “our company” refer to Red River Bancshares, Inc., a Louisiana corporation and bank holding company, and its consolidated subsidiaries. All references in this filing to “Red River Bank,” “the bank,” and “the Bank” refer to Red River Bank, our wholly owned bank subsidiary.

Other abbreviations or acronyms used in this filing are defined below.

ABBREVIATION OR ACRONYM						DEFINITION
ACL						Allowance for credit losses
AFS						Available-for-sale
AOCI						Accumulated other comprehensive income or loss
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
Basel III						Basel Committee’s 2010 Regulatory Capital Framework (Third Accord)
BIC						Federal Reserve Bank’s Discount Window Borrower-in-Custody
BOLI						Bank-owned life insurance
bp(s)						Basis point(s)
CBLR						Community bank leverage ratio
CODM						Chief operating decision maker
CRA						Community Reinvestment Act
CRE						Commercial real estate
Director Compensation Program						Amended and Restated Director Compensation program, which allows directors of the Company and the Bank an opportunity to select how to receive their annual director fees.
Economic Growth Act						Economic Growth, Regulatory Relief, and Consumer Protection Act
EPS						Earnings per share
Exchange Act						Securities Exchange Act of 1934, as amended
FDIC						Federal Deposit Insurance Corporation
FHLB						Federal Home Loan Bank of Dallas
FOMC						Federal Open Market Committee
FTE						Fully taxable equivalent basis
GAAP						Generally Accepted Accounting Principles in the United States of America
HFI						Held for investment
HFS						Held for sale
HTM						Held-to-maturity
JAM FINTOP						JAM FINTOP Banktech, L.P. fund
LDPO						Loan and deposit production office
MSA						Metropolitan statistical area
NOW						Negotiable order of withdrawal
NPA(s)						Nonperforming asset(s)
PCD						Purchased credit deteriorated
Report						Quarterly Report on Form 10-Q
SBIC						Small Business Investment Company
Securities Act						Securities Act of 1933, as amended
SEC						Securities and Exchange Commission

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words, or such other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

•volatility and direction of market interest rates;

•business and economic conditions generally, in the financial services industry, nationally, and within our local market areas;

•government intervention in the U.S. financial system, including the effects of recent and future legislative, tax, accounting, and regulatory actions and reforms, including the Inflation Reduction Act of 2022, and other stimulus legislation or changes in banking, securities, accounting, and tax laws and regulations, and their application by our regulators;

•changes in management personnel;

•increased competition in the financial services industry, particularly from regional and national institutions;

•our ability to maintain important deposit customer relationships and our reputation, and to otherwise avoid liquidity risks;

•factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers, and the success of construction projects that we finance, including any loans acquired in acquisition transactions;

•changes in the value of collateral securing our loans;

•risks associated with system failures or failures to protect against cybersecurity threats, such as breaches of our network security;

•deterioration of our asset quality;

•the adequacy of our reserves, including our ACL;

•operational risks associated with our business;

•natural disasters and adverse weather, acts of terrorism, trade and tariff policies, trade wars, pandemics, wars, an outbreak of hostilities or tensions with other countries, or other international or domestic calamities, and other matters beyond our control;

•our ability to prudently manage our growth and execute our strategy;

•compliance with the extensive regulatory framework that applies to us;

•changes in the laws, rules, regulations, interpretations, or policies relating to financial institutions, accounting, tax, trade, monetary, and fiscal matters; and

•the risk factors found in “Part I - Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as well as in “Part II - Item 1A. Risk Factors” of this Report and other reports and documents we file from time to time with the SEC.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Report. Additional information on these and other risk factors can be found in “Part II - Item 1A. Risk Factors” of this Report and in “Part I - Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by applicable law. New risks emerge from time to time, and it is not possible for us to predict what risks will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

RED RIVER BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share amounts)			June 30, 2026						December 31, 2025
ASSETS
Cash and due from banks			$	33,327					$	25,685
Interest-bearing deposits in other banks			162,069						187,707
Total Cash and Cash Equivalents			195,396						213,392
Securities available-for-sale, at fair value (amortized cost of $662,512 and $690,485, respectively)			617,016						647,310
Securities held-to-maturity, at amortized cost (fair value of $99,157 and $104,371, respectively)			118,356						122,619
Equity securities, at fair value			3,000						3,031
Nonmarketable equity securities			2,442						2,407
Loans held for sale			2,512						3,148
Loans held for investment			2,263,980						2,248,669
Less: Allowance for credit losses			(24,771)						(23,399)
Loans held for investment, net			2,239,209						2,225,270
Premises and equipment, net			60,136						59,270
Accrued interest receivable			10,317						11,131
Bank-owned life insurance			31,724						31,267
Intangible assets			1,546						1,546
Right-of-use assets			1,326						1,487
Other assets			28,345						29,032
Total Assets			$	3,311,325					$	3,350,910
LIABILITIES
Noninterest-bearing deposits			$	910,457					$	913,868
Interest-bearing deposits			1,994,610						2,049,544
Total Deposits			2,905,067						2,963,412
Accrued interest payable			6,349						6,128
Lease liabilities			1,383						1,544
Accrued expenses and other liabilities			13,975						14,676
Total Liabilities			2,926,774						2,985,760
COMMITMENTS AND CONTINGENCIES			—						—
STOCKHOLDERS’ EQUITY
Preferred stock, no par value: Authorized - 1,000,000 shares; None Issued and Outstanding			—						—
Common stock, no par value: Authorized - 30,000,000 shares; Issued and Outstanding - 6,584,696 and 6,576,609 shares, respectively			27,591						27,543
Additional paid-in capital			3,473						3,217
Retained earnings			398,175						377,731
Accumulated other comprehensive income (loss)			(44,688)						(43,341)
Total Stockholders’ Equity			384,551						365,150
Total Liabilities and Stockholders’ Equity			$	3,311,325					$	3,350,910

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RED RIVER BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
(in thousands, except per share data)			2026						2025						2026						2025
INTEREST AND DIVIDEND INCOME
Interest and fees on loans			$	32,234					$	29,500					$	63,779					$	57,771
Interest on securities			5,778						5,148						11,622						10,003
Interest on deposits in other banks			1,294						2,063						3,031						4,724
Dividends on stock			17						19						36						40
Total Interest and Dividend Income			39,323						36,730						78,468						72,538
INTEREST EXPENSE
Interest on deposits			10,356						10,911						21,097						22,109
Total Interest Expense			10,356						10,911						21,097						22,109
Net Interest Income			28,967						25,819						57,371						50,429
Provision for credit losses			750						450						1,500						900
Net Interest Income After Provision for Credit Losses			28,217						25,369						55,871						49,529
NONINTEREST INCOME
Service charges on deposit accounts			1,388						1,337						2,783						2,719
Debit card income, net			1,067						1,081						1,983						2,074
Mortgage loan income			928						567						1,533						1,097
Brokerage income			874						989						1,812						2,314
Loan and deposit income			521						418						1,019						877
Bank-owned life insurance income			236						224						457						437
Gain (Loss) on equity securities			(13)						9						(31)						53
Gain (Loss) on sale and call of securities			(22)						—						(22)						—
SBIC income (loss)			(291)						47						(395)						327
Other income (loss)			50						46						132						92
Total Noninterest Income			4,738						4,718						9,271						9,990
OPERATING EXPENSES
Personnel expenses			10,711						10,216						21,228						20,239
Occupancy and equipment expenses			1,935						1,753						3,819						3,548
Technology expenses			955						821						1,818						1,655
Advertising			324						286						652						619
Other business development expenses			641						455						1,190						1,013
Data processing expense			758						721						1,135						1,009
Other taxes			553						609						1,113						1,221
Loan and deposit expenses			242						398						345						460
Legal and professional expenses			604						612						1,133						1,244
Regulatory assessment expenses			409						388						825						779
Other operating expenses			1,154						1,108						2,278						2,168
Total Operating Expenses			18,286						17,367						35,536						33,955
Income Before Income Tax Expense			14,669						12,720						29,606						25,564
Income tax expense			2,906						2,524						5,872						5,016
Net Income			$	11,763					$	10,196					$	23,734					$	20,548
EARNINGS PER SHARE
Basic			$	1.79					$	1.51					$	3.61					$	3.04
Diluted			$	1.78					$	1.51					$	3.59					$	3.03

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RED RIVER BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

			For the Three Months Ended June 30,															For the Six Months Ended June 30,
(in thousands)			2026						2025															2026						2025
Net income			$	11,763					$	10,196														$	23,734					$	20,548
Other comprehensive income (loss):
Unrealized net gain (loss) on securities arising during period			886						(2,444)															(2,343)						2,151
Tax effect			(187)						513															492						(451)
(Gain) Loss on sale and call of securities included in net income			22						—															22						—
Tax effect			(5)						—															(5)						—
Change in unrealized net loss on securities transferred to held-to-maturity			314						333															616						660
Tax effect			(66)						(70)															(129)						(139)
Total other comprehensive income (loss)			964						(1,668)															(1,347)						2,221
Comprehensive Income (Loss)			$	12,727					$	8,528														$	22,387					$	22,769

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RED RIVER BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

(dollars in thousands, except per share amounts)			Common Shares Issued						Common Stock						Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total Stockholders’ Equity
Balance as of December 31, 2024			6,777,238						$	38,655					$	2,777					$	338,554					$	(60,247)					$	319,739
Net income			—						—						—						10,352						—						10,352
Stock incentive plan			—						—						94						—						—						94
Forfeiture of restricted shares of common stock			(575)						—						—						—						—						—
Issuance of shares of common stock as board compensation			994						55						—						—						—						55
Cash dividend - $0.12 per share			—						—						—						(813)						—						(813)
Other comprehensive income (loss)			—						—						—						—						3,889						3,889
Balance as of March 31, 2025			6,777,657						$	38,710					$	2,871					$	348,093					$	(56,358)					$	333,316
Net income			—						—						—						10,196						—						10,196
Stock incentive plan			—						—						121						—						—						121
Forfeiture of restricted shares of common stock			(400)						—						—						—						—						—
Issuance of restricted shares of common stock through stock incentive plan			11,100						—						—						—						—						—
Repurchase of common stock, including excise tax			(111,748)						(5,814)						—						—						—						(5,814)
Cash dividend - $0.12 per share			—						—						—						(801)						—						(801)
Other comprehensive income (loss)			—						—						—						—						(1,668)						(1,668)
Balance as of June 30, 2025			6,676,609						$	32,896					$	2,992					$	357,488					$	(58,026)					$	335,350

(dollars in thousands, except per share amounts)			Common Shares Issued						Common Stock						Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total Stockholders’ Equity
Balance as of December 31, 2025			6,576,609						$	27,543					$	3,217					$	377,731					$	(43,341)					$	365,150
Net income			—						—						—						11,971						—						11,971
Stock incentive plan			—						—						112						—						—						112
Issuance of shares of common stock as board compensation			577						48						—						—						—						48
Cash dividend - $0.25 per share			—						—						—						(1,644)						—						(1,644)
Other comprehensive income (loss)			—						—						—						—						(2,311)						(2,311)
Balance as of March 31, 2026			6,577,186						$	27,591					$	3,329					$	388,058					$	(45,652)					$	373,326
Net income			—						—						—						11,763						—						11,763
Stock incentive plan			—						—						144						—						—						144
Forfeiture of restricted shares of common stock			(1,640)						—						—						—						—						—
Issuance of restricted shares of common stock through stock incentive plan			9,150						—						—						—						—						—
Cash dividend - $0.25 per share			—						—						—						(1,646)						—						(1,646)
Other comprehensive income (loss)			—						—						—						—						964						964
Balance as of June 30, 2026			6,584,696						$	27,591					$	3,473					$	398,175					$	(44,688)					$	384,551

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RED RIVER BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			For the Six Months Ended June 30,
(in thousands)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	23,734					$	20,548
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation			1,413						1,344
Amortization			457						385
Share-based compensation earned			256						215
Share-based board compensation earned			27						35
Net (accretion) amortization on securities AFS			528						543
Net (accretion) amortization on securities HTM			(602)						(642)
(Gain) Loss on sale and call of securities			22						—
(Gain) Loss on equity securities			31						(53)
(Gain) Loss on other real estate and foreclosed assets			41						40
(Gain) Loss on disposal of premises and equipment			(30)						(12)
Provision for credit losses			1,500						900
Deferred income tax (benefit) expense			(770)						(824)
Net (increase) decrease in loans HFS			636						(2,164)
Net (increase) decrease in accrued interest receivable			814						21
Net (increase) decrease in BOLI			(457)						(437)
Net increase (decrease) in accrued interest payable			221						(1,341)
Net increase (decrease) in accrued income taxes payable			(288)						(511)
Other operating activities, net			1,665						(337)
Net cash provided by (used in) operating activities			29,198						17,710
CASH FLOWS FROM INVESTING ACTIVITIES
Activity in securities AFS:
Sales			2,019						—
Maturities, principal repayments, and calls			61,999						53,245
Purchases			(36,595)						(68,470)
Activity in securities HTM:
Maturities, principal repayments, and calls			4,865						5,133
Capital contribution in partnerships			(399)						(50)
Return of capital in partnerships			450						476
Net (increase) decrease in loans HFI			(15,658)						(64,463)
Proceeds from sales of foreclosed assets			9						270
Proceeds from sales of premises and equipment			865						12
Insurance proceeds from premises and equipment			30						—
Purchases of premises and equipment			(3,144)						(525)
Net cash provided by (used in) investing activities			14,441						(74,372)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits			(58,345)						5,499
Repurchase of common stock, excluding excise tax			—						(5,756)
Cash dividends			(3,290)						(1,614)
Net cash provided by (used in) financing activities			(61,635)						(1,871)
Net change in cash and cash equivalents			(17,996)						(58,533)
Cash and cash equivalents - beginning of period			213,392						268,975
Cash and cash equivalents - end of period			$	195,396					$	210,442

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RED RIVER BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (UNAUDITED)

			For the Six Months Ended June 30,
(in thousands)			2026						2025
SUPPLEMENTAL DISCLOSURES
Cash paid during the period for:
Interest			$	20,876					$	23,450
Federal income taxes			$	6,925					$	6,350
State income taxes			$	15					$	12
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES
Assets acquired in settlement of loans			$	219					$	487

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RED RIVER BANCSHARES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with GAAP for interim financial information, general practices within the financial services industry, and instructions for Form 10-Q and Regulation S-X. Accordingly, these interim financial statements do not include all of the information or footnotes required by GAAP for annual financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company’s financial condition or results of operations.

Critical Accounting Policies and Estimates

In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in stockholders’ equity, and cash flows for the interim period presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.

Accounting Standards Adopted in 2026

ASU No. 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. The guidance issued in this update was designed to improve the decision usefulness of the financial reporting for acquired financial assets. This amendment allows the gross‑up method to apply to certain non‑PCD loans acquired in a business combination that qualify as purchased seasoned loans. These loans are now accounted for the same as PCD loans, with an ACL established at acquisition and recorded through a gross‑up to the loan’s amortized cost basis. This standard is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments in this update should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not been issued. The Company adopted this standard on January 1, 2026. Adoption of this ASU did not have an impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements

ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The guidance issued in this update was designed to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements.

2.    Securities

Securities are classified as AFS, HTM, and equity securities. Total securities were $738.4 million as of June 30, 2026.

Securities AFS and Securities HTM

Securities AFS and securities HTM are debt securities. Securities AFS are held for indefinite periods of time and are carried at estimated fair value. As of June 30, 2026, the estimated fair value of securities AFS was $617.0 million. The net unrealized loss on securities AFS increased $2.3 million for the six months ended June 30, 2026, resulting in a net unrealized loss of $45.5 million as of June 30, 2026.

Securities HTM, which the Company has the intent and ability to hold until maturity, are carried at amortized cost. As of June 30, 2026, the amortized cost of securities HTM was $118.4 million.

Investment activity for the six months ended June 30, 2026, included $66.9 million in maturities, principal repayments, and calls, and $2.0 million in sales, partially offset by $36.6 million of securities purchased. There were no purchases or sales of securities HTM for the same period.

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The amortized cost and estimated fair value of securities AFS and securities HTM are summarized in the following tables:

			June 30, 2026
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Securities AFS:
Mortgage-backed securities			$	411,393					$	764					$	(20,350)					$	391,807
Municipal bonds			191,081						1						(24,785)						166,297
U.S. agency securities			60,038						19						(1,145)						58,912
Total Securities AFS			$	662,512					$	784					$	(46,280)					$	617,016
Securities HTM:
Mortgage-backed securities			$	117,408					$	—					$	(19,126)					$	98,282
U.S. agency securities			948						—						(73)						875
Total Securities HTM			$	118,356					$	—					$	(19,199)					$	99,157

			December 31, 2025
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Securities AFS:
Mortgage-backed securities			$	426,732					$	1,846					$	(18,549)					$	410,029
Municipal bonds			196,607						4						(25,311)						171,300
U.S. agency securities			67,146						29						(1,194)						65,981
Total Securities AFS			$	690,485					$	1,879					$	(45,054)					$	647,310
Securities HTM:
Mortgage-backed securities			$	121,677					$	—					$	(18,189)					$	103,488
U.S. agency securities			942						—						(59)						883
Total Securities HTM			$	122,619					$	—					$	(18,248)					$	104,371

The amortized cost and estimated fair value of securities AFS and securities HTM as of June 30, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to call or repay obligations with or without call or prepayment penalties.

			June 30, 2026
(in thousands)			Amortized Cost						Fair Value
Securities AFS:
Within one year			$	6,063					$	6,045
After one year but within five years			21,213						20,594
After five years but within ten years			142,900						133,404
After ten years			492,336						456,973
Total Securities AFS			$	662,512					$	617,016
Securities HTM:
Within one year			$	—					$	—
After one year but within five years			948						875
After five years but within ten years			—						—
After ten years			117,408						98,282
Total Securities HTM			$	118,356					$	99,157

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Accounting for Credit Losses – Securities AFS and Securities HTM

The Company evaluates securities AFS for impairment when there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Due to the zero credit loss assumption and the evaluation of the considerations applied to the securities AFS, there was no ACL recorded for securities AFS as of June 30, 2026 and December 31, 2025. Also, as part of the Company’s evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers its investment strategy, cash flow needs, liquidity position, capital adequacy, and interest rate risk position. Management does not intend to sell these securities, and it is more likely than not that the Company will not have to sell these securities before each security has recovered its amortized cost basis.

Due to the zero credit loss assumption on the securities HTM portfolio, there was no ACL recorded for securities HTM as of June 30, 2026 and December 31, 2025.

For securities AFS and securities HTM, accrued interest receivable totaled $3.0 million and $3.2 million as of June 30, 2026 and December 31, 2025, respectively, and was reported in accrued interest receivable on the accompanying consolidated balance sheets.

Information pertaining to securities AFS with gross unrealized losses as of June 30, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is described as follows:

			June 30, 2026
			Less than twelve months												Twelve months or more
(in thousands)			Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value
Securities AFS:
Mortgage-backed securities			$	(1,729)					$	134,447					$	(18,621)					$	155,236
Municipal bonds			(77)						7,893						(24,708)						155,119
U.S. agency securities			(11)						13,987						(1,134)						32,605
Total Securities AFS			$	(1,817)					$	156,327					$	(44,463)					$	342,960
			December 31, 2025
			Less than twelve months												Twelve months or more
(in thousands)			Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value
Securities AFS:
Mortgage-backed securities			$	(313)					$	81,682					$	(18,236)					$	166,631
Municipal bonds			(14)						3,330						(25,297)						163,876
U.S. agency securities			(26)						16,972						(1,168)						36,542
Total Securities AFS			$	(353)					$	101,984					$	(44,701)					$	367,049

As of June 30, 2026, the Company held 483 securities AFS that were in unrealized loss positions. The aggregate unrealized loss of these securities AFS as of June 30, 2026, was 6.99% of the amortized cost basis of securities AFS.

The proceeds from sales and calls of debt securities and their gross gain (loss) for the three and six months ended June 30, 2026 and 2025, are presented in the table below:

			Three Months Ended June 30,												Six Months Ended June 30,
(in thousands)			2026						2025						2026						2025
Proceeds (1)			$	2,019					$	—					$	2,019					$	—
Gross gain			$	—					$	—					$	—					$	—
Gross loss			$	22					$	—					$	22					$	—

(1)The proceeds include the gross gain and loss.

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Equity Securities

Equity securities are an investment in a CRA mutual fund, consisting primarily of bonds. Equity securities are carried at fair value on the consolidated balance sheets with periodic changes in value recorded through the consolidated statements of income. As of June 30, 2026, equity securities had a fair value of $3.0 million with a recognized loss of $31,000 for the six months ended June 30, 2026. As of December 31, 2025, equity securities had a fair value of $3.0 million with a recognized gain of $94,000 for the year ended December 31, 2025.

Pledged Securities

Securities with carrying values of approximately $215.9 million and $228.0 million were used as collateral as of June 30, 2026 and December 31, 2025, respectively.

3.    Loans and Asset Quality

Loans

Loans HFI by category and loans HFS are summarized below:

(in thousands)			June 30, 2026						December 31, 2025
Real estate:
Commercial real estate			$	914,002					$	920,294
One-to-four family residential			637,566						628,762
Construction and development			234,190						221,214
Commercial and industrial			399,933						392,824
Tax-exempt			51,539						57,541
Consumer			26,750						28,034
Total loans HFI			$	2,263,980					$	2,248,669
Total loans HFS			$	2,512					$	3,148

Accrued interest receivable on loans HFI totaled $7.2 million and $7.8 million as of June 30, 2026 and December 31, 2025, respectively, and was reported in accrued interest receivable on the accompanying consolidated balance sheets.

Allowance for Credit Losses

The Company maintains an ACL on all loans that reflects management’s estimate of expected credit losses for the full life of the loan portfolio.

The following table summarizes the activity in the ACL by category for the six months ended June 30, 2026:

(in thousands)			Beginning Balance December 31, 2025												Provision for Credit Losses						Charge-offs						Recoveries						Ending Balance June 30, 2026
Real estate:
Commercial real estate			$	9,359											$	551					$	—					$	—					$	9,910
One-to-four family residential			6,962												563						(56)						—						7,469
Construction and development			1,751												51						—						—						1,802
Commercial and industrial			4,939												157						(40)						94						5,150
Tax-exempt			91												(3)						—						—						88
Consumer			297												181						(178)						52						352
Total allowance for credit losses			$	23,399											$	1,500					$	(274)					$	146					$	24,771

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The following table summarizes the activity in the ACL by category for the six months ended June 30, 2025:

(in thousands)			Beginning Balance December 31, 2024												Provision for Credit Losses						Charge-offs						Recoveries						Ending Balance June 30, 2025
Real estate:
Commercial real estate			$	9,047											$	24					$	(19)					$	—					$	9,052
One-to-four family residential			6,452												356						(22)						12						6,798
Construction and development			1,653												212						(250)						—						1,615
Commercial and industrial			4,123												258						(46)						11						4,346
Tax-exempt			103												(5)						—						—						98
Consumer			353												55						(161)						66						313
Total allowance for credit losses			$	21,731											$	900					$	(498)					$	89					$	22,222

Nonaccrual and Past Due Loans

The following table presents nonaccrual loans as of June 30, 2026:

(in thousands)			Nonaccrual with No ACL						Nonaccrual with ACL						Total Nonaccrual
Real estate:
Commercial real estate			$	147					$	—					$	147
One-to-four family residential			424						1,690						2,114
Construction and development			67						—						67
Commercial and industrial			—						68						68
Tax-exempt			—						—						—
Consumer			—						—						—
Total loans HFI			$	638					$	1,758					$	2,396

For the three and six months ended June 30, 2026, interest income of $105,000 and $108,000, respectively, was recognized in the consolidated statements of income on nonaccrual loans.

The following table presents nonaccrual loans as of December 31, 2025:

(in thousands)			Nonaccrual with No ACL						Nonaccrual with ACL						Total Nonaccrual
Real estate:
Commercial real estate			$	—					$	—					$	—
One-to-four family residential			294						1,723						2,017
Construction and development			—						1,189						1,189
Commercial and industrial			—						19						19
Tax-exempt			—						—						—
Consumer			56						—						56
Total loans HFI			$	350					$	2,931					$	3,281

No material interest income was recognized in the consolidated statements of income on nonaccrual loans for the three and six months ended June 30, 2025.

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The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of June 30, 2026:

			Past Due
(in thousands)			30-59 Days						60-89 Days						90 Days or More												Current						Total Loans HFI						90 Days or More Past Due and Accruing
Real estate:
Commercial real estate			$	1,070					$	576					$	—											$	912,356					$	914,002					$	—
One-to-four family residential			561						622						1,420												634,963						637,566						22
Construction and development			—						—						—												234,190						234,190						—
Commercial and industrial			266						22						74												399,571						399,933						6
Tax-exempt			—						—						—												51,539						51,539						—
Consumer			39						5						3												26,703						26,750						3
Total loans HFI			$	1,936					$	1,225					$	1,497											$	2,259,322					$	2,263,980					$	31

The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of December 31, 2025:

			Past Due
(in thousands)			30-59 Days						60-89 Days						90 Days or More												Current						Total Loans HFI						90 Days or More Past Due and Accruing
Real estate:
Commercial real estate			$	174					$	—					$	—											$	920,120					$	920,294					$	—
One-to-four family residential			1,993						658						1,530												624,581						628,762						211
Construction and development			—						—						1,189												220,025						221,214						—
Commercial and industrial			306						68						19												392,431						392,824						—
Tax-exempt			—						—						—												57,541						57,541						—
Consumer			22						4						8												28,000						28,034						8
Total loans HFI			$	2,495					$	730					$	2,746											$	2,242,698					$	2,248,669					$	219

Loan Modifications

Modifications are made to a borrower experiencing financial difficulty, and the modified terms are in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, or a term extension in the current reporting period. For the periods ended June 30, 2026 and 2025, modifications were made to certain borrowers by granting term extensions. These term extensions were not significant to the consolidated financial statements.

Credit Quality Indicators

Loans are categorized based on the degree of risk inherent in the credit and the ability of the borrower to service the debt. A description of the general characteristics of the Bank’s risk rating grades follows:

Pass - These loans are of satisfactory quality and do not require a more severe classification.

Special mention - This category includes loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan. However, the loss potential does not warrant substandard classification.

Substandard - Loans in this category have well-defined weaknesses that jeopardize normal repayment of principal and interest. Prompt corrective action is required to reduce exposure and to assure adequate remedial actions are taken by the borrower. If these weaknesses do not improve, loss is possible.

Doubtful - Loans in this category have well-defined weaknesses that make full collection improbable.

Loss - Loans classified in this category are considered uncollectible and charged-off to the ACL.

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As of June 30, 2026, the Company had no loans classified as doubtful or loss. The following table summarizes loans by risk rating and year of origination as of June 30, 2026, and gross charge-offs for the six months ended June 30, 2026:

			Year of Origination
(in thousands)			2026						2025						2024						2023						2022						Prior Years						Revolving Lines						Total
Real estate:
Commercial real estate
Pass			$	93,507					$	147,249					$	131,327					$	79,866					$	190,056					$	226,121					$	23,116					$	891,242
Special Mention			—						1,918						1,052						2,029						7,145						7,038						—						19,182
Substandard			—						—						662						355						1,901						660						—						3,578
Total			$	93,507					$	149,167					$	133,041					$	82,250					$	199,102					$	233,819					$	23,116					$	914,002
One-to-four family residential
Pass			$	54,176					$	103,073					$	63,803					$	82,063					$	92,723					$	208,985					$	26,344					$	631,167
Special Mention			81						—						89						—						1,313						—						—						1,483
Substandard			—						338						135						1,163						607						1,903						770						4,916
Total			$	54,257					$	103,411					$	64,027					$	83,226					$	94,643					$	210,888					$	27,114					$	637,566
Construction and development
Pass			$	15,027					$	104,800					$	52,115					$	44,117					$	5,933					$	2,897					$	9,047					$	233,936
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						67						187						—						254
Total			$	15,027					$	104,800					$	52,115					$	44,117					$	6,000					$	3,084					$	9,047					$	234,190
Commercial and industrial
Pass			$	78,501					$	86,872					$	39,514					$	22,357					$	16,193					$	13,348					$	140,800					$	397,585
Special Mention			—						160						—						—						697						—						493						1,350
Substandard			50						767						21						68						92						—						—						998
Total			$	78,551					$	87,799					$	39,535					$	22,425					$	16,982					$	13,348					$	141,293					$	399,933
Tax-exempt
Pass			$	—					$	—					$	523					$	2,107					$	13,406					$	35,503					$	—					$	51,539
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Total			$	—					$	—					$	523					$	2,107					$	13,406					$	35,503					$	—					$	51,539
Consumer
Pass			$	8,135					$	8,228					$	3,015					$	2,888					$	1,019					$	193					$	3,271					$	26,749
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						1						1
Total			$	8,135					$	8,228					$	3,015					$	2,888					$	1,019					$	193					$	3,272					$	26,750
Total loans HFI			$	249,477					$	453,405					$	292,256					$	237,013					$	331,152					$	496,835					$	203,842					$	2,263,980
Gross charge-offs			$	2					$	19					$	66					$	14					$	—					$	6					$	167					$	274

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As of December 31, 2025, the Company had no loans classified as doubtful or loss. The following table summarizes loans by risk rating and year of origination as of December 31, 2025, and gross charge-offs for the year ended December 31, 2025:

			Year of Origination
(in thousands)			2025						2024						2023						2022						2021						Prior Years						Revolving Lines						Total
Real estate:
Commercial real estate
Pass			$	170,649					$	145,282					$	87,583					$	211,897					$	187,813					$	92,842					$	17,771					$	913,837
Special Mention			2,153						—						—						—						89						—						—						2,242
Substandard			—						680						211						1,971						688						665						—						4,215
Total			$	172,802					$	145,962					$	87,794					$	213,868					$	188,590					$	93,507					$	17,771					$	920,294
One-to-four family residential
Pass			$	110,358					$	70,297					$	89,416					$	99,726					$	94,963					$	133,883					$	23,855					$	622,498
Special Mention			—						103						—						1,337						—						—						—						1,440
Substandard			339						356						911						624						779						1,076						739						4,824
Total			$	110,697					$	70,756					$	90,327					$	101,687					$	95,742					$	134,959					$	24,594					$	628,762
Construction and development
Pass			$	88,310					$	66,981					$	49,648					$	6,934					$	2,583					$	1,263					$	4,103					$	219,822
Special Mention			—						—						—						—						—						—						—						—
Substandard			1,189						—						—						—						—						203						—						1,392
Total			$	89,499					$	66,981					$	49,648					$	6,934					$	2,583					$	1,466					$	4,103					$	221,214
Commercial and industrial
Pass			$	120,525					$	52,973					$	27,599					$	21,001					$	16,086					$	2,769					$	149,734					$	390,687
Special Mention			160						—						—						748						—						—						99						1,007
Substandard			855						36						68						101						6						—						64						1,130
Total			$	121,540					$	53,009					$	27,667					$	21,850					$	16,092					$	2,769					$	149,897					$	392,824
Tax-exempt
Pass			$	—					$	2,481					$	2,187					$	13,731					$	6,036					$	33,106					$	—					$	57,541
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—
Total			$	—					$	2,481					$	2,187					$	13,731					$	6,036					$	33,106					$	—					$	57,541
Consumer
Pass			$	13,697					$	5,504					$	3,687					$	1,586					$	417					$	37					$	3,049					$	27,977
Special Mention			—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						56						1						57
Total			$	13,697					$	5,504					$	3,687					$	1,586					$	417					$	93					$	3,050					$	28,034
Total loans HFI			$	508,235					$	344,693					$	261,310					$	359,656					$	309,460					$	265,900					$	199,415					$	2,248,669
Gross charge-offs			$	22					$	40					$	264					$	83					$	5					$	20					$	337					$	771

Commitments to Extend Credit

Commitments to extend credit are agreements to lend to a customer if all conditions of the commitment have been met. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s evaluation of the customer’s ability to repay. As of June 30, 2026 and December 31, 2025, unfunded loan commitments totaled approximately $592.9 million and $545.7 million, respectively.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including

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commercial paper, bond financing, and similar transactions. As of June 30, 2026 and December 31, 2025, commitments under standby letters of credit totaled approximately $14.6 million and $14.5 million, respectively. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.

The Company estimates expected credit losses for unfunded commitments over the contractual period in which the Company is exposed to credit risk through a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments is recorded within accrued expenses and other liabilities on the consolidated balance sheets, and the related provision is recorded in provision for credit losses on the consolidated statements of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded commitment balance to obtain the reserve amount. As of June 30, 2026 and December 31, 2025, the reserve on unfunded commitments was $642,000.

The following table summarizes the reserve for unfunded commitments for the periods indicated:

			As of and For the Six Months Ended
(in thousands)			June 30, 2026									June 30, 2025
Reserve for unfunded commitments at beginning of period			$	642								$	642
Provision for credit losses			—									—
Reserve for unfunded commitments at end of period			$	642								$	642

4.    Deposits

Deposits were $2.91 billion and $2.96 billion as of June 30, 2026 and December 31, 2025, respectively. The $58.3 million decrease was primarily due to the seasonal outflow of funds from public entity customers and customer income tax payments. Deposits are summarized below:

(in thousands)			June 30, 2026						December 31, 2025
Noninterest-bearing demand deposits			$	910,457					$	913,868
Interest-bearing deposits:
Interest-bearing demand deposits			183,384						198,724
NOW accounts			439,093						490,376
Money market accounts			590,414						580,949
Savings accounts			173,277						168,889
Time deposits less than or equal to $250,000			402,423						407,539
Time deposits greater than $250,000			206,019						203,067
Total interest-bearing deposits			$	1,994,610					$	2,049,544
Total deposits			$	2,905,067					$	2,963,412

Collateral for Deposits

As of June 30, 2026 and December 31, 2025, securities and FHLB letters of credit with values of approximately $223.8 million and $302.4 million, respectively, were pledged as collateral to secure public entity deposits.

5.    Other Borrowed Funds

The Company has established borrowing capacity with the FHLB, the Federal Reserve Bank’s Discount Window facility, and other correspondent banks to provide additional sources of operating funds. As of June 30, 2026 and December 31, 2025, the Company had no outstanding borrowings under these agreements.

6.     Contingencies

The Company and the Bank are involved, from time to time, in various legal matters arising in the ordinary course of business. While the outcome of these claims or litigation cannot be determined at this time, in the opinion of management, neither the Company nor the Bank are involved in such legal proceedings that the resolution is expected to have a material adverse effect on the consolidated results of operations, financial condition, or cash flows.

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7.     Fair Value

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Disclosure

Securities AFS, loans HFS, and equity securities are recorded at fair value on a recurring basis. Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent loans, foreclosed assets, and certain other assets. The nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets.

ASC 820, Fair Value Measurements and Disclosures indicates that assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels:

•Level 1 pricing represents quotes on the exact financial instrument that is traded in active markets. Quoted prices on actively traded equities, for example, are in this category.

•Level 2 pricing is derived from observable data including market spreads, current and projected rates, prepayment data, and credit quality. The valuation may be based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

•Level 3 pricing is derived without the use of observable data. In such cases, mark-to-model strategies are typically employed. Often, these types of instruments have no active market, possess unique characteristics, and are thinly traded.

The Company used the following methods and significant assumptions to estimate fair value:

Securities AFS and Equity Securities: The fair values for securities AFS are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).

Loans HFS: Residential mortgage loans originated and held for sale are carried at the lower of cost or estimated fair value on an individual basis. The fair values of mortgage loans HFS are based on commitments on hand from investors within the secondary market for loans with similar characteristics. As such, the fair value adjustments for mortgage loans HFS are recurring Level 2.

Loans HFI: The Company does not record loans HFI at fair value on a recurring basis. Loans for which it was probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are evaluated individually to determine if any credit loss exists. For loans evaluated on an individual basis that are collateral dependent, the fair value is estimated by applying a discount factor to the collateral value then deducting the estimated cost to sell. For loans evaluated on an individual basis that are not collateral dependent, the discounted cash flow method is utilized to determine the fair value. When a loan experiences a credit loss with specific allocated losses determined by the fair value method, the Company considers the collateral dependent loan as nonrecurring Level 3.

Foreclosed Assets: Foreclosed assets, consisting of properties obtained through foreclosure or in satisfaction of loans, are reported at fair value, determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources, adjusted for estimated selling costs (Level 2). However, foreclosed assets are considered Level 3 in the fair value hierarchy because management has qualitatively applied a discount due to the size, supply of inventory, and the incremental discounts applied to the appraisals. Management also considers other factors, including changes in absorption rates, length of time the property has been on the market, and anticipated sales values, which have resulted in adjustments to the collateral value estimates indicated in certain appraisals.

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Fair Value of Assets Measured on a Recurring Basis

The table below presents the recorded amount of assets measured at fair value on a recurring basis:

(in thousands)			Fair Value						Level 1						Level 2						Level 3
June 30, 2026
Loans HFS			$	2,512					$	—					$	2,512					$	—
Securities AFS:
Mortgage-backed securities			$	391,807					$	—					$	391,807					$	—
Municipal bonds			$	166,297					$	—					$	166,297					$	—
U.S. agency securities			$	58,912					$	—					$	58,912					$	—
Equity securities			$	3,000					$	3,000					$	—					$	—
December 31, 2025
Loans HFS			$	3,148					$	—					$	3,148					$	—
Securities AFS:
Mortgage-backed securities			$	410,029					$	—					$	410,029					$	—
Municipal bonds			$	171,300					$	—					$	171,300					$	—
U.S. agency securities			$	65,981					$	—					$	65,981					$	—
Equity securities			$	3,031					$	3,031					$	—					$	—

There were no transfers between Level 1, 2, or 3 during the six months ended June 30, 2026 or the year ended December 31, 2025.

Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis

Financial Assets and Financial Liabilities: Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a nonrecurring basis include certain individually evaluated collateral dependent loans reported at fair value of the underlying collateral if repayment is expected solely from the collateral. Prior to foreclosure of these loans, fair value of the collateral is estimated using Level 3 inputs based on customized discounting criteria.

The table below presents certain collateral dependent loans that were remeasured and reported at fair value through the ACL based upon the fair value of the underlying collateral as of the dates indicated:

(in thousands)			June 30, 2026						December 31, 2025
Carrying value of collateral dependent loans before allowance			$	737					$	9,797
Specific allowance			(102)						(845)
Fair value of collateral dependent loans			$	635					$	8,952

The Company had no financial liabilities measured at fair value on a nonrecurring basis as of June 30, 2026 and December 31, 2025.

Nonfinancial Assets and Liabilities: Certain nonfinancial assets and nonfinancial liabilities are measured at fair value on a nonrecurring basis. These include certain foreclosed assets, which are remeasured and reported at fair value through a charge-off to the ACL upon initial recognition as a foreclosed asset. Subsequent to their initial recognition, certain foreclosed assets are remeasured at fair value through an adjustment included in other noninterest income. The fair value of foreclosed assets is estimated using Level 3 inputs based on customized discounting criteria less estimated selling costs.

The following table presents foreclosed assets that were remeasured and reported at fair value as of the dates indicated:

(in thousands)			June 30, 2026						December 31, 2025
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement			$	217					$	40
Charge-offs			(48)						(4)
Fair value of foreclosed assets			$	169					$	36

There were no foreclosed assets that were remeasured subsequent to initial recognition as of June 30, 2026 and December 31, 2025.

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The Company had no nonfinancial liabilities measured at fair value on a nonrecurring basis as of June 30, 2026 and December 31, 2025.

The unobservable inputs used for the Level 3 fair value measurements on a nonrecurring basis were as follows:

(dollars in thousands)			Fair Value						Valuation Technique						Unobservable Input						Discount Ranges						Weighted Average Discount
June 30, 2026
Collateral dependent loans			$	12,618					Discounted appraisals						Collateral discounts and costs to sell						0% - 100%						5.45%
Foreclosed assets			$	205					Discounted appraisals						Collateral discounts and costs to sell						0% - 39%						23.15%
December 31, 2025
Collateral dependent loans			$	14,409					Discounted appraisals						Collateral discounts and costs to sell						0% - 100%						6.04%
Foreclosed assets			$	36					Discounted appraisals						Collateral discounts and costs to sell						0% - 12%						11.11%

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Fair Value of Financial Instruments

The carrying amounts and estimated fair values of financial instruments as of June 30, 2026 and December 31, 2025, were as follows:

(in thousands)			Carrying Amount						Fair Value						Level 1						Level 2						Level 3
June 30, 2026
Financial assets:
Cash and due from banks			$	33,327					$	33,327					$	33,327					$	—					$	—
Interest-bearing deposits in other banks			$	162,069					$	162,069					$	162,069					$	—					$	—
Securities AFS			$	617,016					$	617,016					$	—					$	617,016					$	—
Securities HTM			$	118,356					$	99,157					$	—					$	99,157					$	—
Equity securities			$	3,000					$	3,000					$	3,000					$	—					$	—
Nonmarketable equity securities			$	2,442					$	2,442					$	—					$	2,442					$	—
Loans HFS			$	2,512					$	2,512					$	—					$	2,512					$	—
Loans HFI, net of allowance			$	2,239,209					$	2,182,444					$	—					$	—					$	2,182,444
Accrued interest receivable			$	10,317					$	10,317					$	—					$	—					$	10,317
Financial liabilities:
Deposits			$	2,905,067					$	2,902,352					$	—					$	2,902,352					$	—
Accrued interest payable			$	6,349					$	6,349					$	—					$	6,349					$	—
December 31, 2025
Financial assets:
Cash and due from banks			$	25,685					$	25,685					$	25,685					$	—					$	—
Interest-bearing deposits in other banks			$	187,707					$	187,707					$	187,707					$	—					$	—
Securities AFS			$	647,310					$	647,310					$	—					$	647,310					$	—
Securities HTM			$	122,619					$	104,371					$	—					$	104,371					$	—
Equity securities			$	3,031					$	3,031					$	3,031					$	—					$	—
Nonmarketable equity securities			$	2,407					$	2,407					$	—					$	2,407					$	—
Loans HFS			$	3,148					$	3,148					$	—					$	3,148					$	—
Loans HFI, net of allowance			$	2,225,270					$	2,151,923					$	—					$	—					$	2,151,923
Accrued interest receivable			$	11,131					$	11,131					$	—					$	—					$	11,131
Financial liabilities:
Deposits			$	2,963,412					$	2,961,310					$	—					$	2,961,310					$	—
Accrued interest payable			$	6,128					$	6,128					$	—					$	6,128					$	—

8.    Regulatory Capital Requirements

The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies.

Basel III Capital Requirements

The Company and the Bank are subject to Basel III capital guidelines. Basel III requires the Company and the Bank to maintain certain minimum ratios to meet capital adequacy requirements. It is management’s belief that, as of June 30, 2026, both the Company and the Bank met all capital adequacy requirements under Basel III. Management expects that the capital ratios for the Company and the Bank under Basel III will continue to exceed capital adequacy requirements. Management believes that, as of June 30, 2026, the Bank is well-capitalized under the regulatory framework for prompt corrective action.

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Capital amounts and ratios for the Company as of June 30, 2026 and December 31, 2025, are presented in the following table (Basel III Minimum includes the capital conservation buffer):

			Actual												Basel III Minimum
(dollars in thousands)			Amount						Ratio						Amount						Ratio
June 30, 2026
Total Risk-Based Capital			$	453,106					18.76		%				$	253,614					10.50		%
Tier I Risk-Based Capital			$	427,693					17.71		%				$	205,306					8.50		%
Common Equity Tier I Capital			$	427,693					17.71		%				$	169,076					7.00		%
Tier I Leverage Capital			$	427,693					12.77		%				$	133,948					4.00		%
December 31, 2025
Total Risk-Based Capital			$	430,986					18.03		%				$	250,995					10.50		%
Tier I Risk-Based Capital			$	406,945					17.02		%				$	203,186					8.50		%
Common Equity Tier I Capital			$	406,945					17.02		%				$	167,330					7.00		%
Tier I Leverage Capital			$	406,945					12.21		%				$	133,321					4.00		%

Capital amounts and ratios for the Bank as of June 30, 2026 and December 31, 2025, are presented in the following table (Basel III Minimum includes the capital conservation buffer):

															Regulatory Requirements
			Actual												Basel III Minimum												Well-Capitalized(1)
(dollars in thousands)			Amount						Ratio						Amount						Ratio						Amount						Ratio
June 30, 2026
Total Risk-Based Capital			$	443,564					18.37		%				$	253,528					10.50		%				$	241,455					10.00		%
Tier I Risk-Based Capital			$	418,151					17.32		%				$	205,237					8.50		%				$	193,164					8.00		%
Common Equity Tier I Capital			$	418,151					17.32		%				$	169,019					7.00		%				$	156,946					6.50		%
Tier I Leverage Capital			$	418,151					12.49		%				$	133,896					4.00		%				$	167,371					5.00		%
December 31, 2025
Total Risk-Based Capital			$	421,929					17.66		%				$	250,916					10.50		%				$	238,968					10.00		%
Tier I Risk-Based Capital			$	397,888					16.65		%				$	203,123					8.50		%				$	191,174					8.00		%
Common Equity Tier I Capital			$	397,888					16.65		%				$	167,277					7.00		%				$	155,329					6.50		%
Tier I Leverage Capital			$	397,888					11.94		%				$	133,274					4.00		%				$	166,593					5.00		%

(1)This column refers to the prompt corrective action requirements applicable to banks.

Community Bank Leverage Ratio Framework

As part of the Economic Growth Act, an optional CBLR framework is available to the Company and the Bank as an alternative to the Basel III risk-based capital framework. The CBLR framework provides for a simple measure of capital adequacy for certain community banking organizations. Specifically, depository institutions and depository institution holding companies that have less than $10.0 billion in total consolidated assets and meet other qualifying criteria, including a Tier 1 leverage ratio of greater than 9.00%, are considered qualifying community banking organizations eligible to opt into the CBLR framework and replace the applicable Basel III risk-based capital requirements. In April 2026, the federal banking agencies issued a final rule that, among other things, lowered the 9.00% leverage ratio requirement to 8.00%.

As of June 30, 2026, the Company and the Bank qualify for the CBLR framework. Management does not intend to utilize the CBLR framework.

9.    Equity

Stock Repurchases

On December 18, 2025, the Company’s board of directors approved the renewal and increase of the 2025 stock repurchase program that expired on December 31, 2025. The renewed and increased 2026 stock repurchase program authorizes the Company to purchase up to $10.0 million of its outstanding shares of common stock from January 1, 2026

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through December 31, 2026. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions.

For the three and six months ended June 30, 2026, the Company did not repurchase any shares of its common stock under the stock repurchase program. As of June 30, 2026, the Company had $10.0 million available for repurchasing its common stock under the 2026 stock repurchase program.

Effective January 1, 2023, stock repurchases are subject to a nondeductible excise tax under the Inflation Reduction Act of 2022 equal to 1.0% of the fair market value of the shares repurchased, subject to certain limitations.

AOCI - Transfer of Unrealized Gain (Loss) of Securities AFS and HTM

In 2022, the Company reclassified $166.3 million, net of $17.9 million of unrealized loss, from securities AFS to securities HTM. The securities were transferred at fair value, which became the cost basis for the securities HTM. At the date of the transfer, the net unrealized loss of $17.9 million, of which $14.2 million, net of tax, was included in AOCI and is being amortized over the remaining life of the securities as a yield adjustment, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. As of June 30, 2026, the net unamortized, unrealized loss remaining on the transferred securities included in the consolidated balance sheets totaled $11.1 million, of which $8.7 million, net of tax, was included in AOCI.

10.    Earnings Per Common Share

Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits. Diluted EPS includes accrued but unissued shares relating to the Director Compensation Program, stock options, and restricted stock determined using the treasury stock method. The dilutive EPS calculation assumes all outstanding stock options to purchase common stock have been exercised at the beginning of the year, and the pro forma proceeds from the exercised options and restricted stock are used to purchase common stock at the average fair market valuation price.

The computations of basic and diluted earnings per common share for the Company were as follows:

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
(in thousands, except share amounts)			2026						2025						2026						2025
Numerator:
Net income - basic			$	11,763					$	10,196					$	23,734					$	20,548
Net income - diluted			$	11,763					$	10,196					$	23,734					$	20,548
Denominator:
Weighted average shares outstanding - basic			6,584,696						6,740,312						6,580,866						6,758,720
Plus: Effect of Director Compensation Program			164						307						296						588
Plus: Effect of restricted stock			30,275						24,267						30,275						24,267
Weighted average shares outstanding - diluted			6,615,135						6,764,886						6,611,437						6,783,575
Earnings per common share:
Basic			$	1.79					$	1.51					$	3.61					$	3.04
Diluted			$	1.78					$	1.51					$	3.59					$	3.03

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11.    Segment Reporting

The Company is engaged primarily in providing a fully integrated suite of banking products and services consistently across all of its markets. The CODM assesses performance and decides how to allocate resources based on net income as reported in the accompanying consolidated statements of income. While the CODM monitors the revenue streams of the various banking products, services, and markets, banking operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment.

Financial results for the banking operations segment are presented in the table below:

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
(in thousands)			2026						2025						2026						2025
Interest and dividend income			$	39,323					$	36,730					$	78,468					$	72,538
Interest expense			10,356						10,911						21,097						22,109
Provision for credit losses			750						450						1,500						900
Noninterest income			4,738						4,718						9,271						9,990
Depreciation and amortization			954						878						1,870						1,729
Other operating expenses			17,332						16,489						33,666						32,226
Income before income tax expense			$	14,669					$	12,720					$	29,606					$	25,564
Income tax expense			2,906						2,524						5,872						5,016
Segment net income			$	11,763					$	10,196					$	23,734					$	20,548
Adjustments and reconciling items			—						—						—						—
Consolidated net income			$	11,763					$	10,196					$	23,734					$	20,548

Banking operations segment assets were $3.31 billion and $3.35 billion as of June 30, 2026 and December 31, 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The purpose of this discussion and analysis is to focus on significant changes in the financial condition of Red River Bancshares, Inc. on a consolidated basis from December 31, 2025 through June 30, 2026, and on our results of operations for the quarters ended June 30, 2026 and March 31, 2026, and for the six months ended June 30, 2026 and June 30, 2025.

This discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K for the year ended December 31, 2025, and information presented elsewhere in this Report, particularly the unaudited consolidated financial statements and related notes appearing in Item 1.

The following discussion contains forward-looking statements that reflect our current views with respect to, among other things, future events and our financial performance. We caution that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. See “Cautionary Note Regarding Forward-Looking Statements” and “Part II - Item 1A. Risk Factors” in this Report. Also, see risk factors and other cautionary statements described in “Part I - Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025.

CORPORATE SUMMARY

Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and two combined LDPOs, one each in Lafayette, Louisiana, and Shreveport, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria MSA; Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes the Slidell-Mandeville-Covington MSA; Acadiana, which includes the Lafayette MSA; and New Orleans, which includes the New Orleans-Metairie MSA.

Our priority is to drive shareholder value through the establishment of a market-leading commercial banking franchise based in Louisiana. We provide our services through relationship-oriented bankers who are committed to their customers and the communities where we offer our products and services. Our strategy is to expand market share in existing markets and engage in opportunistic new market de novo expansion, supplemented by strategic acquisitions of financial institutions with customer-oriented, compatible philosophies located in desirable geographic areas.

SECOND QUARTER 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS

The second quarter of 2026 financial results included an improved net interest margin and net interest income, as well as slightly lower assets and net income. We completed our Northwest market expansion and banking center relocation project. Also, one of our founding directors retired, and we welcomed two new directors to our board.

•Net income for the second quarter of 2026 was $11.8 million, or $1.78 diluted EPS, a decrease of $208,000, or 1.7%, compared to $12.0 million, or $1.81 diluted EPS, for the first quarter of 2026. Net income for the second quarter was impacted by an expected $1.0 million increase in operating expenses, partially offset by a $563,000 increase in net interest income. Net income for the first quarter of 2026 benefited from approximately $590,000 of periodic items that reduced operating expenses.

•For the second quarter of 2026, the return on assets was 1.43%, and the return on equity was 12.41%.

•Net interest income increased $563,000, or 2.0%, and net interest margin FTE increased 10 bps to 3.61% for the second quarter of 2026, compared to 3.51% for the prior quarter.

•As of June 30, 2026, assets were $3.31 billion, a decrease of $35.3 million, or 1.1%, from $3.35 billion as of March 31, 2026, as a result of a $40.9 million decrease in deposits.

•Deposits totaled $2.91 billion as of June 30, 2026, a decrease of $40.9 million, or 1.4%, from $2.95 billion as of March 31, 2026. This decrease was primarily due to the seasonal outflow of funds from customer income tax payments, along with fluctuations in lawyer trust accounts due to the timing of legal settlements.

•As of June 30, 2026, loans HFI were $2.26 billion, a slight increase from $2.25 billion as of March 31, 2026. In the second quarter of 2026, new loan originations and construction commitment fundings exceeded payments and payoffs.

•In the second quarter of 2026, NPA’s decreased $1.6 million, or 38.3%, to $2.6 million, or 0.08% of assets, as of June 30, 2026. This improvement was due to the successful resolution of problem loans, which resulted in the receipt of $180,000 of related interest income and collection expense reimbursements.

•We paid a quarterly cash dividend of $0.25 per common share in the second quarter of 2026.

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•The 2026 stock repurchase program authorizes us to purchase up to $10.0 million of our outstanding shares of common stock from January 1, 2026 through December 31, 2026. There was no stock repurchase activity in the first half of 2026. As of June 30, 2026, the 2026 stock repurchase program had $10.0 million of available capacity.

•We continued to implement our organic expansion plan with the following projects:

◦In the Northwest market, we completed our relocation projects. In May 2026, we relocated our Northwest market leadership and lenders to our newly constructed Shreveport Commercial and Private Banking LDPO, which is adjacent to our East Kings banking center. We also relocated the Market Street banking center, serving our retail customers, to the nearby American Tower building, which has a more efficient cost structure.

◦In the New Orleans market, we recently completed remodeling a portion of the ground floor of the Energy Centre Building on Poydras Street. On July 20, 2026, we relocated the Baronne Street retail banking center and the New Orleans market leadership and lenders to this updated, convenient, and visible location.

◦In the Acadiana market, construction is in process on our second full-service banking center in this market, located on Camellia Boulevard in Lafayette, Louisiana. We expect this location to open early in 2027.

•In May 2026, there were changes to the boards of directors of the Company and the Bank. Founding board member Kirk D. Cooper retired, and A. Peyton Bush, IV and R. Chance DeWitt, M.D. were appointed as new directors of both the Company and the Bank.

•In June 2026, RRBI was added to the State Street SPDR S&P Regional Banking ETF (ticker: “KRE”) as part of its quarterly fund rebalance.

The following tables contain selected financial information regarding our financial position and performance as of and for the periods indicated:

			As of												Change from December 31, 2025 to June 30, 2026
(in thousands)			June 30, 2026												December 31, 2025						$ Change						% Change
Selected Period End Balance Sheet Data:
Total assets			$	3,311,325											$	3,350,910					(39,585)						(1.2		%)
Interest-bearing deposits in other banks			$	162,069											$	187,707					(25,638)						(13.7		%)
Securities available-for-sale, at fair value			$	617,016											$	647,310					(30,294)						(4.7		%)
Securities held-to-maturity, at amortized cost			$	118,356											$	122,619					(4,263)						(3.5		%)
Loans held for investment			$	2,263,980											$	2,248,669					15,311						0.7		%
Total deposits			$	2,905,067											$	2,963,412					(58,345)						(2.0		%)
Total stockholders’ equity			$	384,551											$	365,150					19,401						5.3		%

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			As of and for the Three Months Ended																		As of and for the Six Months Ended
(dollars in thousands, except per share data)			June 30, 2026						March 31, 2026						June 30, 2025						June 30, 2026						June 30, 2025
Net Income			$	11,763					$	11,971					$	10,196					$	23,734					$	20,548
Per Common Share Data:
Earnings per share, basic			$	1.79					$	1.82					$	1.51					$	3.61					$	3.04
Earnings per share, diluted			$	1.78					$	1.81					$	1.51					$	3.59					$	3.03
Book value per share			$	58.40					$	56.76					$	50.23					$	58.40					$	50.23
Tangible book value per share(1,2)			$	58.17					$	56.53					$	50.00					$	58.17					$	50.00
Realized book value per share(1,3)			$	65.19					$	63.70					$	58.92					$	65.19					$	58.92
Cash dividends per share			$	0.25					$	0.25					$	0.12					$	0.50					$	0.24
Shares outstanding			6,584,696						6,577,186						6,676,609						6,584,696						6,676,609
Weighted average shares outstanding, basic			6,584,696						6,576,994						6,740,312						6,580,866						6,758,720
Weighted average shares outstanding, diluted			6,615,135						6,609,208						6,764,886						6,611,437						6,783,575
Summary Performance Ratios:
Return on average assets			1.43		%				1.44		%				1.30		%				1.44		%				1.31		%
Return on average equity			12.41		%				12.95		%				12.27		%				12.68		%				12.55		%
Net interest margin			3.56		%				3.47		%				3.31		%				3.51		%				3.24		%
Net interest margin FTE(4)			3.61		%				3.51		%				3.36		%				3.56		%				3.29		%
Efficiency ratio(5)			54.25		%				52.37		%				56.87		%				53.32		%				56.20		%
Loans HFI to deposits ratio			77.93		%				76.53		%				76.09		%				77.93		%				76.09		%
Noninterest-bearing deposits to deposits ratio			31.34		%				31.11		%				31.95		%				31.34		%				31.95		%
Noninterest income to average assets			0.58		%				0.55		%				0.60		%				0.56		%				0.64		%
Operating expense to average assets			2.22		%				2.08		%				2.21		%				2.15		%				2.16		%
Summary Credit Quality Ratios:
NPAs to assets			0.08		%				0.13		%				0.04		%				0.08		%				0.04		%
Nonperforming loans to loans HFI			0.11		%				0.18		%				0.05		%				0.11		%				0.05		%
ACL to loans HFI			1.09		%				1.07		%				1.04		%				1.09		%				1.04		%
Net charge-offs to average loans			0.00		%				0.00		%				0.00		%				0.00		%				0.02		%
Capital Ratios:
Stockholders’ equity to assets			11.61		%				11.16		%				10.59		%				11.61		%				10.59		%
Tangible common equity to tangible assets(1,6)			11.57		%				11.11		%				10.54		%				11.57		%				10.54		%
Total risk-based capital to risk-weighted assets			18.76		%				18.51		%				18.33		%				18.76		%				18.33		%
Tier I risk-based capital to risk-weighted assets			17.71		%				17.47		%				17.32		%				17.71		%				17.32		%
Common equity Tier I capital to risk-weighted assets			17.71		%				17.47		%				17.32		%				17.71		%				17.32		%
Tier I risk-based capital to average assets			12.77		%				12.26		%				12.18		%				12.77		%				12.18		%

(1)Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in “- Non-GAAP Financial Measures” in this Report. This measure has not been audited.

(2)We calculate tangible book value per share as total stockholders’ equity, less intangible assets, divided by the outstanding number of shares of our common stock at the end of the relevant period.

(3)We calculate realized book value per share as total stockholders’ equity, less AOCI, divided by the outstanding number of shares of our common stock at the end of the relevant period.

(4)Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

(5)Efficiency ratio represents operating expenses divided by the sum of net interest income and noninterest income.

(6)We calculate tangible common equity as total stockholders’ equity, less intangible assets, net of accumulated amortization, and we calculate tangible assets as total assets, less intangible assets, net of accumulated amortization.

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RESULTS OF OPERATIONS

Net income for the second quarter of 2026 was $11.8 million, or $1.78 diluted EPS, a decrease of $208,000, or 1.7%, compared to $12.0 million, or $1.81 diluted EPS, for the first quarter of 2026. The decrease in net income was due to a $1.0 million increase in operating expenses, partially offset by a $563,000 increase in net interest income, a $205,000 increase in noninterest income, and a $60,000 decrease in income tax expense. The return on assets for the second quarter of 2026 was 1.43%, compared to 1.44% for the first quarter of 2026. The return on equity was 12.41% for the second quarter of 2026, compared to 12.95% for the first quarter of 2026. Our efficiency ratio for the second quarter of 2026 was 54.25%, compared to 52.37% for the first quarter of 2026.

Net income for the six months ended June 30, 2026, was $23.7 million, or $3.59 diluted EPS, an increase of $3.2 million, or 15.5%, compared to $20.5 million, or $3.03 diluted EPS, for the six months ended June 30, 2025. The increase in net income was due to a $6.9 million increase in net interest income, partially offset by a $1.6 million increase in operating expenses, a $856,000 increase in income tax expense, a $719,000 decrease in noninterest income, and a $600,000 increase in the provision for credit losses. The return on assets for the six months ended June 30, 2026, was 1.44%, compared to 1.31% for the six months ended June 30, 2025. The return on equity was 12.68% for the six months ended June 30, 2026, compared to 12.55% for the six months ended June 30, 2025. Our efficiency ratio for the six months ended June 30, 2026, was 53.32%, compared to 56.20% for the six months ended June 30, 2025.

Net Interest Income and Net Interest Margin

Our operating results depend primarily on our net interest income. Fluctuations in market interest rates impact the yield on interest-earning assets and the rate paid on interest-bearing liabilities. Changes in the amount and type of interest-earning assets and interest-bearing liabilities impact our net interest income. To evaluate net interest income, we measure and monitor: (1) yields on loans and other interest-earning assets; (2) the cost of deposits and other funding sources; (3) net interest spread; and (4) net interest margin. Since noninterest-bearing sources of funds, such as noninterest-bearing deposits and stockholders’ equity, also fund interest-earning assets, net interest margin includes the benefit of these noninterest-bearing funding sources.

In the first half of 2025, the target range for the federal funds rate was consistent at 4.25%-4.50%. In the second half of 2025, the FOMC decreased the federal funds rate by 25 bps in the third quarter and an additional 50 bps in the fourth quarter, reducing the target federal funds range to 3.50%-3.75%. The target range for the federal funds rate was unchanged in the first half of 2026. The average effective federal funds rate was 3.63% for the second quarter of 2026, compared to 3.64% for the first quarter of 2026. The average effective federal funds rate was 3.64% for the first six months of 2026, compared to 4.33% for the first six months of 2025. Net interest income and net interest margin FTE increased in the second quarter of 2026, compared to the prior quarter. Also, net interest income and net interest margin FTE increased for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Second Quarter of 2026 vs. First Quarter of 2026

Net interest income for the second quarter of 2026 was $29.0 million, which was $563,000, or 2.0%, higher than the first quarter of 2026, due to a $385,000 decrease in interest expense and a $178,000 increase in interest and dividend income. The decrease in interest expense was primarily due to lower average interest-bearing deposit balances. The increase in interest and dividend income was driven by a $689,000 increase in loan income due to higher yields, and included $98,000 of additional interest income resulting from the successful resolution of nonaccrual loans in the second quarter. The increase in interest and dividend income was partially offset by a $443,000 decrease in income on short-term liquid assets and a $66,000 decrease in securities income, resulting from lower average balances in these assets.

The net interest margin FTE was 3.61% for the second quarter of 2026, which was 10 bps higher than the prior quarter. The net interest margin FTE was impacted by a higher yield on loans and lower deposit costs. The average rate on new and renewed loans was 6.38% for the second quarter of 2026 and 6.71% for the prior quarter. The cost of deposits decreased 4 bps to 1.43%, compared to 1.47% for the previous quarter, driven by lower time deposit rates.

As of June 30, 2026, the target federal funds range was 3.50%-3.75%. Due to uncertainty regarding the forecasted interest rate environment, we are modeling a consistent federal funds range for the second half of 2026. During the remainder of 2026, we project $157.4 million of fixed rate loans at 5.91% to mature, which we expect to redeploy into loans with slightly higher rates. We have $489.1 million of floating rate loans at 6.14%, which we expect to remain at a consistent rate. Based on the current rate forecast, we expect the total loan yield to be slightly higher in the third quarter of 2026. During the remainder of 2026, we also expect to receive $56.8 million in securities cash flows at 3.69%, for which we are currently evaluating reinvestment options as we consider balance sheet management strategies. We project $449.6 million in time deposits at 3.44% to mature, which may reprice at slightly lower rates considering maturity volumes and renewal pricing. As of June 30, 2026, floating rate loans were 21.6% of loans HFI, and floating rate transaction deposits were 9.7% of interest-bearing transaction deposits. Depending on balance sheet activity and interest rate competition, we expect net interest income and net interest margin FTE to increase slightly in the second half of 2026.

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The following table presents average balance sheet information, interest income, interest expense, and the corresponding average yields earned and rates paid for the three months ended June 30, 2026 and March 31, 2026:

			For the Three Months Ended
			June 30, 2026																		March 31, 2026
(dollars in thousands)			Average Balance Outstanding						Interest Income/ Expense						Average Yield/ Rate						Average Balance Outstanding						Interest Income/ Expense						Average Yield/ Rate
Assets
Interest-earning assets:
Loans(1,2)			$	2,262,588					$	32,234					5.64		%				$	2,255,394					$	31,545					5.60		%
Securities - taxable			620,153						4,808						3.10		%				629,550						4,872						3.10		%
Securities - tax-exempt			181,703						970						2.14		%				182,996						972						2.12		%
Interest-bearing deposits in other banks			141,318						1,294						3.63		%				191,843						1,737						3.62		%
Nonmarketable equity securities			2,427						17						2.81		%				2,409						19						3.10		%
Total interest-earning assets			3,208,189						$	39,323					4.86		%				3,262,192						$	39,145					4.80		%
Allowance for credit losses			(24,334)																		(23,647)
Noninterest-earning assets			120,368																		127,068
Total assets			$	3,304,223																	$	3,365,613
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits			$	1,349,934					$	5,192					1.54		%				$	1,440,118					$	5,558					1.57		%
Time deposits			607,580						5,164						3.41		%				607,964						5,183						3.46		%
Total interest-bearing deposits			1,957,514						10,356						2.12		%				2,048,082						10,741						2.13		%
Other borrowings			—						—						—		%				—						—						—		%
Total interest-bearing liabilities			1,957,514						$	10,356					2.12		%				2,048,082						$	10,741					2.13		%
Noninterest-bearing liabilities:
Noninterest-bearing deposits			945,138																		917,623
Accrued interest and other liabilities			21,481																		24,986
Total noninterest-bearing liabilities			966,619																		942,609
Stockholders’ equity			380,090																		374,922
Total liabilities and stockholders’ equity			$	3,304,223																	$	3,365,613
Net interest income									$	28,967																	$	28,404
Net interest spread															2.74		%																2.67		%
Net interest margin															3.56		%																3.47		%
Net interest margin FTE(3)															3.61		%																3.51		%
Cost of deposits															1.43		%																1.47		%
Cost of funds															1.29		%																1.34		%

(1)Includes average outstanding balances of loans HFS of $4.7 million and $2.7 million for the three months ended June 30, 2026 and March 31, 2026, respectively.

(2)Nonaccrual loans are included as loans carrying a zero yield.

(3)Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025

Net interest income for the six months ended June 30, 2026 was $57.4 million, which was $6.9 million, or 13.8%, higher than $50.4 million for the six months ended June 30, 2025. Net interest income increased due to a $5.9 million increase in interest and dividend income, combined with a $1.0 million decrease in interest expense.

The increase in interest and dividend income for the six months ended June 30, 2026, when compared to the six months ended June 30, 2025, was due to higher interest income on loans and securities, partially offset by a decrease in interest income on short-term liquid assets. Loan income increased $6.0 million due to higher average loan balances, combined with higher rates on new and renewed loans compared to the existing portfolio yield. Securities income increased $1.6 million primarily due to purchasing higher yielding securities, combined with higher average securities balances. Interest income on short-term liquid assets decreased $1.7 million due to lower average balances on these assets, combined with the FOMC lowering the federal funds rate in the second half of 2025.

Net interest margin FTE increased 27 bps to 3.56% for the six months ended June 30, 2026, from 3.29% for the six months ended June 30, 2025, primarily due to higher yields on securities and loans, combined with lower deposit costs. These positive variances were partially offset by a 76 bp decrease to the yield on short-term liquid assets, due to the FOMC lowering the federal funds rate in the second half of 2025.

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The yield on securities increased 23 bps mainly due to purchasing $113.6 million of securities in the second half of 2025 and an additional $36.6 million of securities in the first half of 2026, at favorable rates. The yield on loans increased 16 bps due to higher rates on new and renewed loans compared to the existing portfolio yield. The cost of deposits decreased 14 bps to 1.45% for the six months ended June 30, 2026, from 1.59% for the six months ended June 30, 2025, due to a 22 bp decrease in the rate on interest-bearing deposits. Within total interest-bearing deposits, the rate on time deposits and interest-bearing transaction deposits decreased 30 and 16 bps, respectively. These decreases occurred as we adjusted rates on selected transaction and time deposits during the second half of 2025 in response to the federal funds rate decreases by the FOMC.

The following table presents average balance sheet information, interest income, interest expense, and the corresponding average yields earned and rates paid for the six months ended June 30, 2026 and 2025:

			For the Six Months Ended
			June 30, 2026																		June 30, 2025
(dollars in thousands)			Average Balance Outstanding						Interest Income/ Expense						Average Yield/ Rate						Average Balance Outstanding						Interest Income/ Expense						Average Yield/ Rate
Assets
Interest-earning assets:
Loans(1,2)			$	2,259,011					$	63,779					5.62		%				$	2,106,756					$	57,771					5.46		%
Securities - taxable			624,825						9,680						3.10		%				566,448						8,040						2.84		%
Securities - tax-exempt			182,346						1,942						2.13		%				188,480						1,963						2.08		%
Interest-bearing deposits in other banks			166,441						3,031						3.62		%				214,858						4,724						4.38		%
Nonmarketable equity securities			2,418						36						2.95		%				2,340						40						3.41		%
Total interest-earning assets			3,235,041						$	78,468					4.83		%				3,078,882						$	72,538					4.69		%
Allowance for credit losses			(23,992)																		(21,892)
Noninterest-earning assets			123,700																		106,126
Total assets			$	3,334,749																	$	3,163,116
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits			$	1,394,777					$	10,750					1.55		%				$	1,311,898					$	11,113					1.71		%
Time deposits			607,771						10,347						3.43		%				594,914						10,996						3.73		%
Total interest-bearing deposits			2,002,548						21,097						2.12		%				1,906,812						22,109						2.34		%
Other borrowings			—						—						—		%				—						—						—		%
Total interest-bearing liabilities			2,002,548						$	21,097					2.12		%				1,906,812						$	22,109					2.34		%
Noninterest-bearing liabilities:
Noninterest-bearing deposits			931,456																		902,224
Accrued interest and other liabilities			23,225																		24,014
Total noninterest-bearing liabilities			954,681																		926,238
Stockholders’ equity			377,520																		330,066
Total liabilities and stockholders’ equity			$	3,334,749																	$	3,163,116
Net interest income									$	57,371																	$	50,429
Net interest spread															2.71		%																2.35		%
Net interest margin															3.51		%																3.24		%
Net interest margin FTE(3)															3.56		%																3.29		%
Cost of deposits															1.45		%																1.59		%
Cost of funds															1.32		%																1.45		%

(1)Includes average outstanding balances of loans HFS of $3.7 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.

(2)Nonaccrual loans are included as loans carrying a zero yield.

(3)Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

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Rate/Volume Analysis

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities for the periods presented.

			For the Three Months Ended																		For the Six Months Ended
			June 30, 2026 vs. March 31, 2026																		June 30, 2026 vs. June 30, 2025
			Increase (Decrease) Due to Change in												Total Increase (Decrease)(1)						Increase (Decrease) Due to Change in												Total Increase (Decrease)(1)
(in thousands)			Volume						Rate												Volume						Rate
Interest-earning assets:
Loans			$	101					$	588					$	689					$	4,177					$	1,831					$	6,008
Securities - taxable			(73)						9						(64)						829						811						1,640
Securities - tax-exempt			(7)						5						(2)						(64)						43						(21)
Interest-bearing deposits in other banks			(458)						15						(443)						(1,065)						(628)						(1,693)
Nonmarketable equity securities			—						(2)						(2)						1						(5)						(4)
Total interest-earning assets			$	(437)					$	615					$	178					$	3,878					$	2,052					$	5,930
Interest-bearing liabilities:
Interest-bearing transaction deposits			$	(348)					$	(18)					$	(366)					$	702					$	(1,065)					$	(363)
Time deposits			(3)						(16)						(19)						238						(887)						(649)
Total interest-bearing deposits			(351)						(34)						(385)						940						(1,952)						(1,012)
Other borrowings			—						—						—						—						—						—
Total interest-bearing liabilities			$	(351)					$	(34)					$	(385)					$	940					$	(1,952)					$	(1,012)
Increase (decrease) in net interest income			$	(86)					$	649					$	563					$	2,938					$	4,004					$	6,942

(1)The change in interest attributable to rate has been determined by applying the change in rate between periods to average balances outstanding in the earlier period. The change in interest due to volume has been determined by applying the rate from the earlier period to the change in average balances outstanding between periods. Changes attributable to both rate and volume that cannot be segregated have been allocated to rate.

Provision for Credit Losses

The provision for credit losses is the amount necessary to maintain the ACL and the reserve for unfunded commitments at a level considered appropriate by management. Factors impacting the provision include loan portfolio growth, changes in the quality and composition of the loan portfolio, the level of nonperforming loans, delinquency and charge-off trends, the level of unfunded commitments, and current economic conditions.

The table below presents, for the periods indicated, the provision for credit losses:

			For the Three Months Ended
(dollars in thousands)			June 30, 2026						March 31, 2026						Increase (Decrease)
Provision for credit losses			$	750					$	750					$	—					—		%

The provision for credit losses for the second quarter of 2026 was $750,000 for loans, which was consistent with the prior quarter. The provision in the first and second quarters of 2026 was due to lingering impacts related to inflation and tariffs, geopolitical uncertainty, greater uncertainty with future labor market trends, and slight loan growth. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.

The table below presents, for the periods indicated, the provision for credit losses:

			For the Six Months Ended
(dollars in thousands)			June 30, 2026						June 30, 2025						Increase (Decrease)
Provision for credit losses			$	1,500					$	900					$	600					66.7		%

The provision for credit losses for the six months ended June 30, 2026 was $1.5 million for loans, an increase of $600,000, or 66.7%, from $900,000 for the six months ended June 30, 2025. The increase for the first six months of 2026

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was due to lingering impacts related to inflation and tariffs, geopolitical uncertainty, greater uncertainty with future labor market trends, and slight loan growth. The provision for the first six months of 2025 was related to loan growth, combined with uncertainty regarding tariffs and trade.

Noninterest Income

Our primary sources of noninterest income are fees related to the sale of mortgage loans, service charges on deposit accounts, debit card fees, brokerage income from advisory services, and other loan and deposit fees.

Second Quarter of 2026 vs. First Quarter of 2026

Noninterest income increased $205,000 to $4.7 million for the second quarter of 2026, compared to $4.5 million for the first quarter of 2026. The increase in noninterest income was mainly due to higher mortgage loan income and net debit card income, partially offset by lower SBIC income.

The table below presents, for the periods indicated, the major categories of noninterest income:

			For the Three Months Ended
(dollars in thousands)			June 30, 2026						March 31, 2026						Increase (Decrease)
Noninterest income:
Service charges on deposit accounts			$	1,388					$	1,395					$	(7)					(0.5		%)
Debit card income, net			1,067						916						151						16.5		%
Mortgage loan income			928						605						323						53.4		%
Brokerage income			874						939						(65)						(6.9		%)
Loan and deposit income			521						498						23						4.6		%
Bank-owned life insurance income			236						221						15						6.8		%
Gain (Loss) on equity securities			(13)						(19)						6						31.6		%
Gain (Loss) on sale and call of securities			(22)						—						(22)						(100.0		%)
SBIC income (loss)			(291)						(105)						(186)						(177.1		%)
Other income (loss)			50						83						(33)						(39.8		%)
Total noninterest income			$	4,738					$	4,533					$	205					4.5		%

Mortgage loan income increased $323,000 to $928,000 for the second quarter of 2026, compared to the prior quarter due to increased purchase activity.

Debit card income, net, increased $151,000 to $1.1 million for the second quarter of 2026, compared to the prior quarter. This increase was mainly due to higher debit card activity and receipt of a $63,000 periodic refund from our debit card provider in the second quarter of 2026.

The SBIC partnerships reported a loss of $291,000 in the second quarter of 2026, compared to a loss of $105,000 in the previous quarter. These losses were mainly due to fund value adjustments as an SBIC fund continues its wind-down phase. We expect SBIC income or loss to fluctuate in future quarters.

Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025

Noninterest income decreased $719,000 to $9.3 million for the six months ended June 30, 2026, compared to $10.0 million for the six months ended June 30, 2025. The decrease in noninterest income was mainly due to lower SBIC income and brokerage income, partially offset by higher mortgage loan income.

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The table below presents, for the periods indicated, the major categories of noninterest income:

									For the Six Months Ended
(dollars in thousands)																					June 30, 2026						June 30, 2025						Increase (Decrease)
Noninterest income:
Service charges on deposit accounts																											$	2,783					$	2,719					$	64					2.4		%
Debit card income, net																											1,983						2,074						(91)						(4.4		%)
Mortgage loan income																											1,533						1,097						436						39.7		%
Brokerage income																											1,812						2,314						(502)						(21.7		%)
Loan and deposit income																											1,019						877						142						16.2		%
Bank-owned life insurance income																											457						437						20						4.6		%
Gain (Loss) on equity securities																											(31)						53						(84)						(158.5		%)
Gain (Loss) on sale and call of securities																											(22)						—						(22)						(100.0		%)
SBIC income (loss)																											(395)						327						(722)						(220.8		%)
Other income (loss)																											132						92						40						43.5		%
Total noninterest income																											$	9,271					$	9,990					$	(719)					(7.2		%)

SBIC partnerships reported a loss of $395,000 for the six months ended June 30, 2026, compared to $327,000 of income for the same period prior year. This variance was mainly due to fund value adjustments as an SBIC fund entered its wind-down phase in mid-2025.

Brokerage income decreased $502,000 to $1.8 million for the six months ended June 30, 2026, compared to the same period prior year, mainly due to decreased investing activity by clients. Also, the first six months of 2025 included $215,000 in incentive income related to a prior year investment group broker-dealer partner conversion. Assets under management were $1.41 billion and $1.19 billion as of June 30, 2026 and 2025, respectively.

Mortgage loan income increased $436,000 to $1.5 million for six months ended June 30, 2026, compared to the same period prior year, mainly due to increased purchase activity.

Operating Expenses

Operating expenses are composed of all employee expenses and costs associated with operating our facilities, obtaining and retaining customer relationships, and providing services.

Second Quarter of 2026 vs. First Quarter of 2026

Operating expenses increased $1.0 million to $18.3 million for the second quarter of 2026, compared to $17.3 million for the first quarter of 2026. The increase in operating expenses was mainly due to higher data processing expense, personnel expenses, loan and deposit expenses, and occupancy and equipment expenses.

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The following table presents, for the periods indicated, the major categories of operating expenses:

			For the Three Months Ended
(dollars in thousands)			June 30, 2026						March 31, 2026						Increase (Decrease)
Operating expenses:
Personnel expenses			$	10,711					$	10,517					$	194					1.8		%
Non-staff expenses:
Occupancy and equipment expenses			1,935						1,884						51						2.7		%
Technology expenses			955						863						92						10.7		%
Advertising			324						328						(4)						(1.2		%)
Other business development expenses			641						550						91						16.5		%
Data processing expense			758						377						381						101.1		%
Other taxes			553						560						(7)						(1.3		%)
Loan and deposit expenses			242						103						139						135.0		%
Legal and professional expenses			604						529						75						14.2		%
Regulatory assessment expenses			409						417						(8)						(1.9		%)
Other operating expenses			1,154						1,122						32						2.9		%
Total operating expenses			$	18,286					$	17,250					$	1,036					6.0		%

Data processing expense increased $381,000 to $758,000 for the second quarter of 2026, compared to the prior quarter. The first quarter of 2026 benefited from the receipt of a $389,000 periodic refund from our data processing center.

Personnel expenses increased $194,000 to $10.7 million for the second quarter of 2026, compared to the prior quarter. This increase was primarily due to annual raises effective April 2026 and an increase in headcount. As of June 30, 2026 and March 31, 2026, we had 381 and 375 total employees, respectively.

Loan and deposit expenses increased $139,000 to $242,000 for the second quarter of 2026, compared to the prior quarter. The second quarter of 2026 benefited from reimbursement of $82,000 of collection expenses due to the successful resolution of nonaccrual loans. The first quarter of 2026 benefited from receipt of a $201,000 negotiated, variable rebate from a vendor.

Occupancy and equipment expenses increased $51,000 to $1.9 million for the second quarter of 2026, compared to the prior quarter. This increase was primarily due to $78,000 of nonrecurring expenses related to our newly constructed Shreveport Commercial and Private Banking LDPO, as well as the relocation of a banking center, both in the Northwest market.

Six Months Ended June 30, 2026 vs. Six Months Ended June 30, 2025

Operating expenses increased $1.6 million to $35.5 million for the six months ended June 30, 2026, compared to $34.0 million for the six months ended June 30, 2025. The increase in operating expenses was mainly due to higher personnel expenses, occupancy and equipment expenses, other business development expenses, technology expenses, and data processing expense, partially offset by lower loan and deposit expenses and other taxes.

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The following table presents, for the periods indicated, the major categories of operating expenses:

			For the Six Months Ended
(dollars in thousands)			June 30, 2026						June 30, 2025						Increase (Decrease)
Operating expenses:
Personnel expenses			$	21,228					$	20,239					$	989					4.9		%
Non-staff expenses:
Occupancy and equipment expenses			3,819						3,548						271						7.6		%
Technology expenses			1,818						1,655						163						9.8		%
Advertising			652						619						33						5.3		%
Other business development expenses			1,190						1,013						177						17.5		%
Data processing expense			1,135						1,009						126						12.5		%
Other taxes			1,113						1,221						(108)						(8.8		%)
Loan and deposit expenses			345						460						(115)						(25.0		%)
Legal and professional expenses			1,133						1,244						(111)						(8.9		%)
Regulatory assessment expenses			825						779						46						5.9		%
Other operating expenses			2,278						2,168						110						5.1		%
Total operating expenses			$	35,536					$	33,955					$	1,581					4.7		%

Personnel expenses increased $989,000 to $21.2 million for the six months ended June 30, 2026, compared to the same period prior year. This increase was primarily due to an increase in headcount and higher personnel-related accruals and revenue-based commissions. As of June 30, 2026 and 2025, we had 381 and 374 total employees, respectively.

Occupancy and equipment expenses increased $271,000 to $3.8 million for the six months ended June 30, 2026, compared to the same period prior year. This increase was primarily due to higher occupancy expenses and $78,000 of nonrecurring expenses related to our newly constructed Shreveport Commercial and Private Banking LDPO, as well as the relocation of a banking center, both in the Northwest market.

Other business development expenses increased $177,000 to $1.2 million for the six months ended June 30, 2026, compared to the same period prior year. This variance was primarily due to an increase in SBIC expenses, including the addition of a third SBIC partnership in September 2025.

Technology expenses increased $163,000 to $1.8 million for the six months ended June 30, 2026, compared to the same period prior year. This increase was mainly due to continued computer hardware and software technology enhancements and upgrades, partially offset by lower technology communication expenses resulting from a new vendor relationship.

Data processing expense increased $126,000 to $1.1 million for the six months ended June 30, 2026, compared to the same period prior year. The first six months of 2026 included a full period of expenses related to online banking, mobile banking, and bill payment system upgrades completed in 2025. The first quarter of 2026 included the receipt of a $389,000 periodic refund from our data processing center, compared to a $447,000 similar refund in the same period prior year.

Loan and deposit expenses decreased $115,000 to $345,000 for the six months ended June 30, 2026, compared to the same period prior year. The first six months of 2026 benefited from reimbursement of $82,000 of collection expenses due to the successful resolution of nonaccrual loans. Also, in the first quarter of 2026, we received a $201,000 negotiated, variable rebate from a vendor, compared to a $173,000 similar rebate in the same period prior year.

Other taxes decreased $108,000 to $1.1 million for the six months ended June 30, 2026, compared to the same period prior year. In 2025, Louisiana corporate income tax rates were lowered. In order for financial institutions to be included in this benefit, the State of Louisiana bank stock tax calculation was adjusted effective 2026, which resulted in other taxes being lower in the first six months of 2026.

Income Tax Expense

The amount of income tax expense is influenced by the amounts of our pre-tax income, tax-exempt income, and other nondeductible expenses. Deferred tax assets and liabilities are reflected at currently enacted income tax rates in effect for the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.

Our accrued tax rate is based on an annualized projection and changes considering our most recent financial results and balances. Our effective income tax rates have differed from the U.S. statutory rate due to the effect of tax-exempt income

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from loans, securities, and life insurance policies, as well as income tax effects associated with stock-based compensation and permanent and temporary tax differences.

The table below presents, for the periods indicated, income tax expense:

			For the Three Months Ended
(dollars in thousands)			June 30, 2026						March 31, 2026						Increase (Decrease)
Income tax expense			$	2,906					$	2,966					$	(60)					(2.0		%)

For the quarters ended June 30, 2026 and March 31, 2026, income tax expense totaled $2.9 million and $3.0 million, respectively. The decrease in income tax expense was due to the decrease in pre-tax income. Our effective income tax rates for the quarters ended June 30, 2026 and March 31, 2026, were 19.8% and 19.9%, respectively.

The table below presents, for the periods indicated, income tax expense:

			For the Six Months Ended
(dollars in thousands)			June 30, 2026						June 30, 2025						Increase (Decrease)
Income tax expense			$	5,872					$	5,016					$	856					17.1		%

For the six months ended June 30, 2026 and 2025, income tax expense totaled $5.9 million and $5.0 million, respectively. The increase in income tax expense was primarily due to the increase in pre-tax income. Our effective income tax rates for the six months ended June 30, 2026 and 2025, were 19.8% and 19.6%, respectively.

FINANCIAL CONDITION

As of June 30, 2026, assets were $3.31 billion, which was $39.6 million, or 1.2%, lower than $3.35 billion as of December 31, 2025. Cash and cash equivalents decreased $18.0 million, or 8.4%, to $195.4 million and were 5.9% of assets as of June 30, 2026. Total securities decreased $34.6 million, or 4.5%, to $738.4 million and were 22.3% of assets as of June 30, 2026. Loans HFI increased $15.3 million, or 0.7%, to $2.26 billion as of June 30, 2026. Total deposits decreased $58.3 million, or 2.0%, to $2.91 billion as of June 30, 2026, from $2.96 billion as of December 31, 2025. As of June 30, 2026, and December 31, 2025, we had no borrowings. Stockholders’ equity increased $19.4 million during the first six months of 2026 to $384.6 million as of June 30, 2026. As of June 30, 2026, the loans HFI to deposits ratio was 77.93%, compared to 75.88% as of December 31, 2025, and the noninterest-bearing deposits to total deposits ratio was 31.34%, compared to 30.84% as of December 31, 2025.

Interest-bearing Deposits in Other Banks

Interest-bearing deposits in other banks were the third-largest component of earning assets as of June 30, 2026. Excess liquidity that is not being deployed into loans or securities is placed in these accounts. As of June 30, 2026, interest-bearing deposits in other banks were $162.1 million and 4.9% of assets, a decrease of $25.6 million, or 13.7%, compared to $187.7 million and 5.6% of assets as of December 31, 2025. This decrease was primarily due to the reduction in customer deposit balances and the funding of loans, partially offset by the net cash flow from securities during the first half of 2026.

Securities

Our securities portfolio is the second-largest component of earning assets and provides a significant source of revenue. Securities are classified as AFS, HTM, and equity securities. As of June 30, 2026, our total securities portfolio was 22.3% of assets. It is designed primarily to provide and maintain liquidity, generate a favorable return on investments without incurring unnecessary interest rate and credit risk, and complement our lending activities. We may invest in various types of liquid assets that are permissible under governing regulations and approved by our investment policy, which include U.S. Treasury obligations, U.S. government agency obligations, certificates of deposit of insured domestic banks, mortgage-backed and mortgage-related securities, corporate notes having an investment rating of “A” or better, municipal bonds, and certain equity securities.

Securities AFS and Securities HTM

Securities AFS and securities HTM are debt securities. Total debt securities on the consolidated balance sheets were $735.4 million as of June 30, 2026, a decrease of $34.6 million, or 4.5%, from $769.9 million as of December 31, 2025.

Securities AFS are held for indefinite periods of time and are carried at estimated fair value. As of June 30, 2026, the estimated fair value of securities AFS was $617.0 million. The carrying values of our securities AFS are adjusted for unrealized gain or loss, and any unrealized gain or loss is reported on an after-tax basis as a component of AOCI in stockholders’ equity. The net unrealized loss on securities AFS increased $2.3 million for the six months ended June 30,

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2026, resulting in a net unrealized loss of $45.5 million as of June 30, 2026, compared to a net unrealized loss of $43.2 million as of December 31, 2025.

Securities HTM, which we have the intent and ability to hold until maturity, are carried at amortized cost. As of June 30, 2026, the amortized cost of securities HTM was $118.4 million. Securities HTM had an unrealized loss of $19.2 million as of June 30, 2026, compared to an unrealized loss of $18.2 million as of December 31, 2025.

Investment activity for the six months ended June 30, 2026, included $66.9 million in maturities, principal repayments, and calls, and $2.0 million in sales, partially offset by $36.6 million of securities purchased. There were no purchases or sales of securities HTM for the same period.

The securities portfolio tax-equivalent yield was 3.01% for the six months ended June 30, 2026, compared to 2.79% for the six months ended June 30, 2025. The increase in yield was primarily due to reinvesting lower yielding securities cash flows received between June 30, 2025 and June 30, 2026, as well as other liquid funds, into higher yielding securities.

The contractual maturity of mortgage-backed securities and collateralized mortgage obligations is not a reliable indicator of their expected lives because borrowers have the right to prepay their obligations at any time. Mortgage-backed securities and collateralized mortgage obligations are typically issued with stated principal amounts and are backed by pools of mortgage loans and other loans with varying maturities. The term of the underlying mortgages and loans may vary significantly due to the ability of a borrower to prepay. Monthly pay downs on mortgage-backed securities may cause the average lives of the securities to be much different than the stated contractual maturity. During a period of rising interest rates, fixed rate mortgage-backed securities are not likely to experience heavy prepayments of principal, and consequently, the average lives of these securities are typically lengthened. If interest rates begin to fall, prepayments may increase, thereby shortening the estimated average lives of these securities. As of June 30, 2026, the average life of our securities portfolio was 6.2 years with an estimated effective duration of 4.3 years. As of December 31, 2025, the average life of our securities portfolio was 6.1 years with an estimated effective duration of 4.2 years.

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The following tables summarize the amortized cost and estimated fair value of our securities by type as of the dates indicated. As of June 30, 2026, other than securities issued by U.S. government agencies or government-sponsored enterprises, our securities portfolio did not contain securities of any one issuer with an aggregate book value in excess of 10.0% of our stockholders’ equity.

			June 30, 2026
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Securities AFS:
Mortgage-backed securities			$	411,393					$	764					$	(20,350)					$	391,807
Municipal bonds			191,081						1						(24,785)						166,297
U.S. agency securities			60,038						19						(1,145)						58,912
Total Securities AFS			$	662,512					$	784					$	(46,280)					$	617,016
Securities HTM:
Mortgage-backed securities			$	117,408					$	—					$	(19,126)					$	98,282
U.S. agency securities			948						—						(73)						875
Total Securities HTM			$	118,356					$	—					$	(19,199)					$	99,157

			December 31, 2025
(in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Securities AFS:
Mortgage-backed securities			$	426,732					$	1,846					$	(18,549)					$	410,029
Municipal bonds			196,607						4						(25,311)						171,300
U.S. agency securities			67,146						29						(1,194)						65,981
Total Securities AFS			$	690,485					$	1,879					$	(45,054)					$	647,310
Securities HTM:
Mortgage-backed securities			$	121,677					$	—					$	(18,189)					$	103,488
U.S. agency securities			942						—						(59)						883
Total Securities HTM			$	122,619					$	—					$	(18,248)					$	104,371

The following table shows the fair value of securities AFS that mature during each of the periods indicated. The contractual maturity of a mortgage-backed security is the date the last underlying mortgage matures. Yields are weighted-average tax equivalent yields calculated by dividing projected annual income by the average amortized cost of the applicable securities while using a 21.0% federal income tax rate, when applicable.

			Contractual Maturity as of June 30, 2026
			Within One Year												After One Year but Within Five Years												After Five Years but Within Ten Years												After Ten Years												Total
(dollars in thousands)			Amount						Yield(1)						Amount						Yield(1)						Amount						Yield(1)						Amount						Yield(1)						Amount						Yield(1)
Securities AFS:
Mortgage-backed securities			$	435					4.39		%				$	8,210					3.05		%				$	46,355					2.09		%				$	336,807					3.69		%				$	391,807					3.48		%
Municipal bonds			1,968						1.93		%				10,294						2.41		%				51,937						2.19		%				102,098						2.14		%				166,297						2.16		%
U.S. agency securities			3,642						3.93		%				2,090						1.43		%				35,112						3.91		%				18,068						3.81		%				58,912						3.79		%
Total Securities AFS			$	6,045					3.31		%				$	20,594					2.56		%				$	133,404					2.58		%				$	456,973					3.31		%				$	617,016					3.13		%

(1)Tax equivalent projected book yield as of June 30, 2026.

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The following table shows the amortized cost of securities HTM that mature during each of the periods indicated. The contractual maturity of a mortgage-backed security is the date the last underlying mortgage matures. Yields are weighted-average tax equivalent yields calculated by dividing projected annual income by the average amortized cost of the applicable securities while using a 21.0% federal income tax rate, when applicable.

			Contractual Maturity as of June 30, 2026
			Within One Year												After One Year but Within Five Years												After Five Years but Within Ten Years												After Ten Years												Total
(dollars in thousands)			Amount						Yield(1)						Amount						Yield(1)						Amount						Yield(1)						Amount						Yield(1)						Amount						Yield(1)
Securities HTM:
Mortgage-backed securities			$	—					—		%				$	—					—		%				$	—					—		%				$	117,408					2.47		%				$	117,408					2.47		%
U.S. agency securities			—						—		%				948						2.61		%				—						—		%				—						—		%				948						2.61		%
Total Securities HTM			$	—					—		%				$	948					2.61		%				$	—					—		%				$	117,408					2.47		%				$	118,356					2.47		%

(1)Tax equivalent projected book yield as of June 30, 2026.

Equity Securities

Equity securities are an investment in a CRA mutual fund, consisting primarily of bonds. Equity securities are carried at fair value on the consolidated balance sheets with periodic changes in value recorded through the consolidated statements of income. As of June 30, 2026, equity securities had a fair value of $3.0 million with a recognized loss of $31,000 for the six months ended June 30, 2026. As of December 31, 2025, equity securities had a fair value of $3.0 million with a recognized gain of $94,000 for the year ended December 31, 2025.

Loan Portfolio

Our loan portfolio is our largest category of earning assets, and interest income earned on our loan portfolio is our primary source of income. We maintain a diversified loan portfolio with a focus on CRE, one-to-four family residential, and commercial and industrial loans. As of June 30, 2026, loans HFI were $2.26 billion, an increase of $15.3 million, or 0.7%, compared to $2.25 billion as of December 31, 2025. During the six months ended June 30, 2026, new loan originations and construction commitment fundings exceeded payments and payoffs. As of June 30, 2026, we had $93.5 million of unfunded construction loan commitments, which we expect to fund over time.

Loans by Category

Loans HFI by category, loans HFI, and loans HFS are summarized below as of the dates indicated:

			June 30, 2026												December 31, 2025												Change from December 31, 2025 to June 30, 2026
(dollars in thousands)			Amount						Percent						Amount						Percent						Amount						Percent
Real estate:
Commercial real estate			$	914,002					40.4		%				$	920,294					40.9		%				$	(6,292)					(0.7		%)
One-to-four family residential			637,566						28.2		%				628,762						28.0		%				8,804						1.4		%
Construction and development			234,190						10.3		%				221,214						9.8		%				12,976						5.9		%
Commercial and industrial			399,933						17.7		%				392,824						17.5		%				7,109						1.8		%
Tax-exempt			51,539						2.3		%				57,541						2.6		%				(6,002)						(10.4		%)
Consumer			26,750						1.1		%				28,034						1.2		%				(1,284)						(4.6		%)
Total loans HFI			$	2,263,980					100.0		%				$	2,248,669					100.0		%				$	15,311					0.7		%
Total loans HFS			$	2,512											$	3,148											$	(636)					(20.2		%)
Average loan HFI size, excluding credit cards			$	280											$	274											$	6					2.2		%

CRE loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $52.3 million, or 2.3% of loans HFI, as of June 30, 2026, and $54.3 million, or 2.4% of loans HFI, as of December 31, 2025. The properties are primarily centered in low-rise suburban areas. As of June 30, 2026 and December 31, 2025, the average CRE loan size was $988,000 and $1.0 million, respectively.

Industry Concentrations

Health care loans are our largest loan industry concentration and are made up of a diversified portfolio of health care providers. As of June 30, 2026, health care loans were $208.0 million, or 9.2% of loans HFI, compared to $194.3 million, or 8.6% of loans HFI, as of December 31, 2025. The average health care loan size was $435,000 as of June 30, 2026 and

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$414,000 as of December 31, 2025. Within the health care sector, loans to nursing and residential care facilities were 4.6% of loans HFI as of June 30, 2026 and December 31, 2025. Loans to physician and dental practices were 3.9% of loans HFI as of June 30, 2026, and 3.5% as of December 31, 2025.

Energy loans were 1.7% of loans HFI as of June 30, 2026, and 1.2% as of December 31, 2025.

Geographic Markets

As of June 30, 2026, the Bank operated in seven geographic markets throughout the state of Louisiana. The following table summarizes loans HFI by market of origin:

			June 30, 2026
(dollars in thousands)			Amount						Percent
Central			$	611,240					27.0		%
Capital			596,332						26.3		%
Northwest			333,677						14.7		%
New Orleans			229,988						10.2		%
Southwest			189,029						8.3		%
Northshore			157,380						7.0		%
Acadiana			146,334						6.5		%
Total loans HFI			$	2,263,980					100.0		%

Nonperforming Assets

NPAs consist of nonperforming loans and property acquired through foreclosures or repossession. Nonperforming loans include loans that are contractually past due 90 days or more and loans that are on nonaccrual status. Loans are considered past due when principal and interest payments have not been received as of the date such payments are due.

Asset quality is managed through disciplined underwriting policies, continual monitoring of loan performance, and focused management of NPAs. There can be no assurance, however, that the loan portfolio will not become subject to losses due to declines in economic conditions, deterioration in the financial condition of our borrowers, or a decline in the value of collateral.

NPAs totaled $2.6 million as of June 30, 2026, a decrease of $904,000, or 25.6%, from December 31, 2025, primarily due to the successful resolution of nonaccrual loans, partially offset by the addition of new nonaccrual loans. The ratio of NPAs to assets was 0.08% and 0.11% as of June 30, 2026 and December 31, 2025, respectively.

Nonperforming loan and asset information is summarized below:

(dollars in thousands)			June 30, 2026						December 31, 2025
Nonperforming loans:
Nonaccrual loans			$	2,396					$	3,281
Accruing loans 90 or more days past due			31						219
Total nonperforming loans			2,427						3,500
Foreclosed assets:
Real estate			205						36
Total foreclosed assets			205						36
Total NPAs			$	2,632					$	3,536
Nonaccrual loans to loans HFI			0.11		%				0.15		%
Nonperforming loans to loans HFI			0.11		%				0.16		%
NPAs to assets			0.08		%				0.11		%

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Nonaccrual loans are summarized below by category:

(in thousands)			June 30, 2026						December 31, 2025
Real estate:
Commercial real estate			$	147					$	—
One-to-four family residential			2,114						2,017
Construction and development			67						1,189
Commercial and industrial			68						19
Tax-exempt			—						—
Consumer			—						56
Total nonaccrual loans			$	2,396					$	3,281

Potential Problem Loans

From a credit risk standpoint, we classify loans in one of five categories: pass, special mention, substandard, doubtful, or loss. Loan classifications reflect a judgment about the risk of default and loss associated with the loans. Classifications are reviewed periodically and adjusted to reflect the degree of risk and loss believed to be inherent in each loan. The methodology is structured so that reserve allocations are increased in accordance with deterioration in credit quality (and a corresponding increase in risk and loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk and loss).

Loans classified as pass are of satisfactory quality and do not require a more severe classification.

Loans classified as special mention have potential weaknesses that deserve management’s close attention. If these weaknesses are not corrected, repayment possibilities for the loan may deteriorate. However, the loss potential does not warrant substandard classification.

Loans classified as substandard have well-defined weaknesses that jeopardize normal repayment of principal and interest. Prompt corrective action is required to reduce exposure and to assure adequate remedial actions are taken by the borrower. If these weaknesses do not improve, loss is possible.

Loans classified as doubtful have well-defined weaknesses that make full collection improbable.

Loans classified as loss are considered uncollectible and charged-off to the ACL.

The following table summarizes loans HFI by risk rating:

			June 30, 2026												December 31, 2025
(dollars in thousands)			Amount						Percent						Amount						Percent
Pass			$	2,232,218					98.6		%				$	2,232,362					99.3		%
Special Mention			22,015						1.0		%				4,689						0.2		%
Substandard			9,747						0.4		%				11,618						0.5		%
Total loans HFI			$	2,263,980					100.0		%				$	2,248,669					100.0		%

There were no loans as of June 30, 2026 or December 31, 2025, classified as doubtful or loss.

Allowance for Credit Losses

In determining the ACL for loans HFI, we estimate losses on a collective pool basis when similar risk characteristics and risk profiles exist. Loans that do not share similar risk characteristics are evaluated individually and excluded from the collective evaluation. The ACL is determined using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts.

As of June 30, 2026, the ACL was $24.8 million, or 1.09% of loans HFI. As of December 31, 2025, the ACL totaled $23.4 million, or 1.04% of loans HFI. The $1.4 million increase in the ACL for the six months ended June 30, 2026, was due to $1.5 million from the provision for credit losses on loans, partially offset by $128,000 of net charge-offs.

The provision for credit losses on loans for the six months ended June 30, 2026, was $1.5 million, an increase of $600,000, or 66.7%, from $900,000 for the six months ended June 30, 2025. The increase for the first six months of 2026 was due to lingering impacts related to inflation and tariffs, geopolitical uncertainty, greater uncertainty with future labor market trends, and slight loan growth. The provision for the first six months of 2025 was related to loan growth, combined with uncertainty regarding tariffs and trade. We will continue to evaluate future provision needs in relation to current

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economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.

The following table displays activity in the ACL for June 30, 2026, and June 30, 2025:

			As of and For the Six Months Ended
(dollars in thousands)			June 30, 2026												June 30, 2025
Loans HFI			$	2,263,980											$	2,138,580
Nonaccrual loans			$	2,396											$	1,098
Average loans			$	2,259,011											$	2,106,756
Allowance at beginning of period			$	23,399											$	21,731
Provision for credit losses			1,500												900
Charge-offs:
Real estate:
Commercial real estate			—												(19)
One-to-four family residential			(56)												(22)
Construction and development			—												(250)
Commercial and industrial			(40)												(46)
Consumer			(178)												(161)
Total charge-offs			(274)												(498)
Recoveries:
Real estate:
One-to-four family residential			—												12
Commercial and industrial			94												11
Consumer			52												66
Total recoveries			146												89
Net (charge-offs)/recoveries			(128)												(409)
Allowance at end of period			$	24,771											$	22,222
ACL to loans HFI			1.09		%										1.04		%
ACL to nonaccrual loans			1,033.85		%										2,023.86		%
Net charge-offs to average loans			0.01		%										0.02		%

We believe that we have established our ACL in accordance with GAAP and that the ACL was adequate to provide for known and inherent losses in the portfolio at all times shown above. Future provisions for credit losses on loans are subject to ongoing evaluations of the factors and loan portfolio risks, including economic pressures related to inflation, unemployment, tariffs and trade, and natural disasters affecting the state of Louisiana. A decline in market area economic conditions, deterioration of asset quality, or growth in portfolio size could cause the allowance to become inadequate, and material additional provisions for credit losses could be required.

Deposits

Deposits are the primary funding source for loans and investments. We offer a variety of deposit products designed to attract and retain consumer, commercial, and public entity customers. These products consist of noninterest and interest-bearing checking accounts, savings accounts, money market accounts, and time deposit accounts. Deposits are gathered from individuals, partnerships, corporations, and public entities located primarily in our market areas. We do not have any internet-sourced or brokered deposits.

Total deposits decreased $58.3 million, or 2.0%, to $2.91 billion as of June 30, 2026, from $2.96 billion as of December 31, 2025. This decrease was primarily a result of the seasonal outflow of funds from public entity customers and customer income tax payments. Noninterest-bearing deposits decreased by $3.4 million, or 0.4%, to $910.5 million as of June 30, 2026. Noninterest-bearing deposits as a percentage of total deposits were 31.34% as of June 30, 2026, compared to 30.84% as of December 31, 2025. Interest-bearing deposits decreased by $54.9 million, or 2.7%, to $1.99 billion as of June 30, 2026.

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The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of June 30, 2026 and December 31, 2025, the average deposit account size was approximately $29,000.

The following table presents our deposits by account type as of the dates indicated:

			June 30, 2026												December 31, 2025												Change from December 31, 2025 to June 30, 2026
(dollars in thousands)			Balance						% of Total						Balance						% of Total						$ Change						% Change
Noninterest-bearing demand deposits			$	910,457					31.3		%				$	913,868					30.8		%				$	(3,411)					(0.4		%)
Interest-bearing deposits:
Interest-bearing demand deposits			183,384						6.3		%				198,724						6.7		%				(15,340)						(7.7		%)
NOW accounts			439,093						15.1		%				490,376						16.5		%				(51,283)						(10.5		%)
Money market accounts			590,414						20.3		%				580,949						19.6		%				9,465						1.6		%
Savings accounts			173,277						6.0		%				168,889						5.7		%				4,388						2.6		%
Time deposits less than or equal to $250,000			402,423						13.9		%				407,539						13.8		%				(5,116)						(1.3		%)
Time deposits greater than $250,000			206,019						7.1		%				203,067						6.9		%				2,952						1.5		%
Total interest-bearing deposits			1,994,610						68.7		%				2,049,544						69.2		%				(54,934)						(2.7		%)
Total deposits			$	2,905,067					100.0		%				$	2,963,412					100.0		%				$	(58,345)					(2.0		%)

The following table presents deposits by customer type as of the dates indicated:

			June 30, 2026												December 31, 2025												Change from December 31, 2025 to June 30, 2026
(dollars in thousands)			Balance						% of Total						Balance						% of Total						$ Change						% Change
Consumer			$	1,401,507					48.2		%				$	1,397,775					47.2		%				$	3,732					0.3		%
Commercial			1,269,426						43.7		%				1,270,069						42.8		%				(643)						(0.1		%)
Public			234,134						8.1		%				295,568						10.0		%				(61,434)						(20.8		%)
Total deposits			$	2,905,067					100.0		%				$	2,963,412					100.0		%				$	(58,345)					(2.0		%)

We manage our interest expense on deposits through a deposit pricing strategy that is based on competitive pricing, economic conditions, and current or anticipated funding needs. We adjust deposit rates in part based upon our anticipated funding needs and liquidity position. We also consider the potential interest rate risk caused by extended maturities of time deposits when adjusting deposit rates.

Our average deposit balance was $2.90 billion for the three months ended June 30, 2026, a decrease of $63.1 million, or 2.1%, from $2.97 billion for the three months ended March 31, 2026. The average cost of interest-bearing deposits and total deposits for the second quarter of 2026 was 2.12% and 1.43%, respectively, compared to 2.13% and 1.47%, respectively, for the prior quarter. The decrease in the average cost of interest-bearing deposits and total deposits in the second quarter of 2026, as compared to the prior quarter, was primarily due to lower time deposit rates. Also, as of June 30, 2026, 9.7% of interest-bearing transaction deposits had floating rates, which adjust with market rates.

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The following table presents our average deposits by account type and the average rate paid for the periods indicated:

			For the Three Months Ended
			June 30, 2026												March 31, 2026
(dollars in thousands)			Average Balance						Average Rate						Average Balance						Average Rate
Noninterest-bearing demand deposits			$	945,138					0.00		%				$	917,623					0.00		%
Interest-bearing deposits:
Interest-bearing demand deposits			153,968						2.60		%				207,149						2.60		%
NOW accounts			445,004						1.22		%				478,501						1.19		%
Money market accounts			576,733						1.93		%				583,990						1.92		%
Savings accounts			174,229						0.15		%				170,478						0.15		%
Time deposits			607,580						3.41		%				607,964						3.46		%
Total interest-bearing deposits			1,957,514						2.12		%				2,048,082						2.13		%
Total average deposits			$	2,902,652					1.43		%				$	2,965,705					1.47		%

As of June 30, 2026, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $916.0 million, or 31.5% of total deposits, compared to $955.9 million, or 32.3% of total deposits, as of December 31, 2025. These amounts were estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of June 30, 2026, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $738.3 million, or 25.4% of total deposits, compared to $722.0 million, or 24.4% of total deposits, as of December 31, 2025. As of June 30, 2026, our cash and cash equivalents of $195.4 million, combined with our available borrowing capacity of $1.74 billion, equaled 210.8% of our estimated uninsured deposits and 261.6% of our estimated uninsured deposits, excluding collateralized public entity deposits.

The following table presents the amount of time deposits by account that are in excess of the FDIC insurance limit (currently $250,000) by time remaining until maturity for the period indicated:

(in thousands)			June 30, 2026
Three months or less			$	55,810
Over three months through six months			28,759
Over six months through 12 months			14,652
Over 12 months			3,798
Total			$	103,019

Borrowings

Although deposits are our primary source of funds, we may, from time to time, utilize borrowings as a cost-effective source of funds when such borrowings can be invested at a positive interest rate spread for additional capacity to fund loan demand or to meet our liquidity needs. We established borrowing capacity with the FHLB, the Federal Reserve Bank’s Discount Window facility, and other correspondent banks to provide additional sources of operating funds. Our FHLB line of credit is secured by a blanket lien on selected Red River Bank loans that meet FHLB collateral requirements. Our Federal Reserve Bank’s Discount Window line of credit is collateralized by pledged securities and eligible Red River Bank loans that are not pledged to the FHLB. As of June 30, 2026 and December 31, 2025, we had no outstanding borrowings under these agreements.

Stockholders’ Equity

Total stockholders’ equity as of June 30, 2026, was $384.6 million, compared to $365.2 million as of December 31, 2025. The $19.4 million, or 5.3%, increase in stockholders’ equity was attributable to $23.7 million of net income for the six months ended June 30, 2026, and $304,000 of stock compensation, partially offset by $3.3 million in cash dividends and a $1.3 million, net of tax, market adjustment to AOCI related to securities.

In 2022, we reclassified $166.3 million, net of $17.9 million of unrealized loss, from securities AFS to securities HTM. The securities were transferred at fair value, which became the cost basis for the securities HTM. At the date of the transfer, the net unrealized loss of $17.9 million, of which $14.2 million, net of tax, was included in AOCI and is being amortized over the remaining life of the securities as a yield adjustment, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. As of June 30, 2026, the net unamortized, unrealized loss remaining on the transferred securities included in the consolidated balance sheets totaled $11.1 million, of which $8.7 million, net of tax, was included in AOCI.

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On December 18, 2025, our board of directors approved the renewal and increase of the 2025 stock repurchase program that expired on December 31, 2025. The renewed and increased 2026 stock repurchase program authorizes us to purchase up to $10.0 million of our outstanding shares of common stock from January 1, 2026 through December 31, 2026. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions.

For the three and six months ended June 30, 2026, we did not repurchase any shares of our common stock under the stock repurchase program. As of June 30, 2026, we had $10.0 million available for repurchasing our common stock under the 2026 stock repurchase program.

Effective January 1, 2023, stock repurchases are subject to a nondeductible excise tax under the Inflation Reduction Act of 2022 equal to 1.0% of the fair market value of the shares repurchased, subject to certain limitations.

Regulatory Capital Requirements

Capital management consists of maintaining equity and other instruments that qualify as regulatory capital to support current and future operations. Banking regulators view capital levels as important indicators of an institution’s financial soundness. As a general matter, bank holding companies and FDIC-insured depository institutions are required to maintain minimum capital relative to the amount and types of assets they hold.

As we deploy our capital and continue to grow our operations, our capital levels may decrease depending on our level of earnings. However, we expect to monitor and control our growth in order to remain in compliance with all regulatory capital standards applicable to us.

For additional information on regulatory capital guidelines and limits for the Bank and the Company, see “Item 1. Financial Statements - Notes to the Unaudited Consolidated Financial Statements - Note 8. Regulatory Capital Requirements.”

LIQUIDITY AND ASSET-LIABILITY MANAGEMENT

Liquidity

As of June 30, 2026, we had sufficient liquid assets available and $1.74 billion accessible from other liquidity sources.

Liquidity involves our ability to raise funds to support asset growth and potential acquisitions, reduce assets to meet deposit withdrawals and other payment obligations, maintain reserve requirements, and otherwise operate on an ongoing basis and manage unexpected events. For the six months ended June 30, 2026, and the year ended December 31, 2025, liquidity needs were primarily met by core deposits, security and loan maturities, and cash flows from amortizing security and loan portfolios. While maturities and scheduled amortization of loans are predictable sources of funds, deposit outflows, mortgage prepayments, and prepayments on amortizing securities are greatly influenced by market interest rates, economic conditions, and the competitive environment in which we operate; therefore, these cash flows are monitored regularly.

Liquidity levels are dependent on our operating, financing, lending, and investing activities during any given period. Access to purchased funds from correspondent banks and overnight advances from the FHLB and the Federal Reserve Bank of Atlanta are also available. Purchased funds from correspondent banks and overnight advances can be utilized to meet funding obligations.

Our primary source of funds is deposits, and our primary use of funds is the funding of loans. We invest excess deposits in interest-earning deposit accounts at other banks or at the Federal Reserve, federal funds sold, securities, or other short-term liquid investments until the deposits are needed to fund loan growth or other obligations. Our average deposits increased $94.3 million, or 3.3%, for the first six months of 2026, compared to the average deposits for the twelve months ended December 31, 2025. The increase in average total deposits was primarily a result of higher balances in customer deposit accounts, partially offset by the seasonal outflow of funds from public entity customers and customer income tax payments. Our average total loans increased $113.9 million, or 5.3%, for the first six months of 2026, compared to average total loans for the twelve months ended December 31, 2025. The increase in average total loans was primarily due to the increase in real estate and commercial and industrial activity.

As of June 30, 2026, liquid assets were $195.4 million, compared to $213.4 million as of December 31, 2025. The decrease of $18.0 million, or 8.4%, was primarily due to the reduction in customer deposit balances and the funding of loans, partially offset by the net cash flow from securities during the first half of 2026. The liquid assets to assets ratio was 5.90% as of June 30, 2026, compared to 6.37% as of December 31, 2025.

Our securities portfolio is an alternative source for meeting liquidity needs and was our second-largest component of assets as of June 30, 2026. The securities portfolio generates cash flow through principal repayments, calls, and maturities, and certain securities can be sold or used as collateral in borrowings that allow for their conversion to cash. Securities AFS can generally be sold, while securities HTM have significant restrictions related to sales. As of June 30, 2026, we project receipt of approximately $56.8 million of principal repayments and maturities through December 31, 2026. As of June 30, 2026, approximately $501.1 million, or 69.8%, of the fair value of the securities portfolio was available to be sold or to be used as collateral in borrowings as a liquidity source.

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We also utilize the FHLB as needed as a viable funding source. FHLB advances may be used to meet the Bank’s liquidity needs, particularly if the prevailing interest rate on an FHLB advance compares favorably to the rates that would be required to attract the necessary deposits. We currently are classified as having “blanket lien collateral status,” which means that advances can be executed at any time without further collateral requirements. As of June 30, 2026 and December 31, 2025, our net borrowing capacity from the FHLB was $1.01 billion and $906.6 million, respectively. There were no outstanding borrowings from the FHLB as of June 30, 2026 and December 31, 2025.

Another borrowing source is the Federal Reserve Bank’s Discount Window. The Bank has pledged securities to have borrowing access to the Federal Reserve Bank’s Discount Window. In addition, the Bank has been approved for the BIC program, which provides borrowing capacity through the pledging of eligible Red River Bank loans that are not pledged to the FHLB. As of June 30, 2026, we had a total borrowing capacity of $128.7 million, including $89.6 million through the BIC program, compared to a total borrowing capacity of $125.5 million, including $85.1 million through the BIC program as of December 31, 2025. There were no outstanding borrowings from the Federal Reserve Bank’s Discount Window as of June 30, 2026 and December 31, 2025.

Other sources available for meeting liquidity needs include federal funds lines, repurchase agreements, and other lines of credit. We maintain four federal funds lines of credit with commercial banks that provided for the availability to borrow up to an aggregate of $100.0 million in federal funds as of June 30, 2026, and December 31, 2025. The rates for the federal funds lines are determined by the applicable commercial bank at the time of borrowing. We had no outstanding balances from these sources as of June 30, 2026 and December 31, 2025.

Commitments to Extend Credit

In the normal course of business, we enter into certain financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of our customers. These commitments involve elements of credit risk, interest rate risk, and liquidity risk. Some instruments may not be reflected in the accompanying consolidated financial statements until they are funded, although they expose us to varying degrees of credit risk and interest rate risk in much the same way as funded loans.

Commitments to extend credit are agreements to lend to a customer if all conditions of the commitment have been met. Commitments include revolving and nonrevolving credit lines and are primarily issued for commercial purposes. Commitments to extend credit generally have fixed expiration dates or other termination clauses. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions.

As of June 30, 2026, we had $592.9 million in unfunded loan commitments and $14.6 million in commitments associated with outstanding standby letters of credit. As of December 31, 2025, we had $545.7 million in unfunded loan commitments and $14.5 million in commitments associated with outstanding standby letters of credit. As commitments associated with letters of credit and commitments to extend credit may expire unused, the total outstanding commitments may not necessarily reflect the actual future cash funding requirements.

Investment Commitments

We are party to various investment commitments in the normal course of business. Our exposure is represented by the contractual amount of these commitments.

In 2014, we committed to an investment into an SBIC limited partnership. In 2025, this fund began its wind-down phase. As of June 30, 2026, there was a $226,000 outstanding commitment to this partnership.

In 2020, we committed to a second investment into an SBIC limited partnership. As of June 30, 2026, there was a $1.9 million outstanding commitment to this partnership.

In 2021, we committed to an investment into JAM FINTOP, a bank technology limited partnership. As of June 30, 2026, there was a $277,000 outstanding commitment to this partnership.

On September 26, 2025, we committed to a third investment into an SBIC limited partnership. As of June 30, 2026, there was a $2.4 million outstanding commitment to this partnership.

Construction Commitments

The Company has three committed construction agreements, including the recently completed lending headquarters building in the Northwest market, the construction of a new banking center in the Acadiana market, and the renovation of a new banking center in the New Orleans market. There was approximately $2.5 million remaining on these commitments as of June 30, 2026.

Interest Rate Sensitivity and Market Risk

As a financial institution, our primary component of market risk is interest rate volatility. Our asset-liability management policies provide management with guidelines for effective funds management, and we have established a measurement

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system for monitoring our net interest rate sensitivity position. We have historically managed our rate sensitivity position within our established policy guidelines.

Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on most of our assets and liabilities and the market value of all interest-earning assets and interest-bearing liabilities, other than those that have a short term to maturity. Interest rate risk is the potential of economic losses due to future interest rate changes. These economic losses can be reflected as a loss of future net interest income and/or a loss of current fair market values. The objective is to measure the effect on net interest income and to adjust the balance sheet to minimize the inherent risk while at the same time maximizing income.

We manage exposure to interest rates by structuring the balance sheet appropriately during the ordinary course of business. We have the ability to enter into interest rate swaps to mitigate interest rate risk in limited circumstances, but it is not our policy to enter into such transactions on a regular basis. We do not enter into instruments such as financial options, financial futures contracts, or forward delivery contracts for the purpose of reducing interest rate risk. We are not subject to foreign exchange risk, and our commodity price risk is immaterial, as the percentage of our agricultural loans to loans HFI was only 0.54% as of June 30, 2026.

Our exposure to interest rate risk is managed by the Bank’s Asset-Liability Management Committee. The committee formulates strategies based on appropriate levels of interest rate risk and monitors the results of those strategies. In determining the appropriate level of interest rate risk, the committee considers the impact on both earnings and capital given the current outlook on interest rates, regional economies, liquidity, business strategies, and other related factors.

The committee meets quarterly to review, among other things, the sensitivity of assets and liabilities to interest rate changes, the book and economic values of assets and liabilities, unrealized gains and losses, purchase and sale activities, commitments to originate loans, and the maturities of investments and borrowings. Additionally, the committee reviews liquidity, cash flow flexibility, maturities of deposits, and consumer and commercial deposit activity. We employ methodologies to manage interest rate risk, which include an analysis of relationships between interest-earning assets and interest-bearing liabilities, as well as an interest rate simulation model and shock analysis.

In conjunction with our interest rate risk management process, on a quarterly basis, we run various simulations within a static balance sheet model. This model tests the impact on net interest income and fair value of equity from changes in market interest rates under various scenarios. We use parallel rate shock scenarios that assume instantaneous parallel movements in the yield curve compared to a flat yield curve scenario. We also deploy a ramped rate scenario over a 12-month and 24-month horizon based upon parallel yield curve shifts. Our nonparallel rate shock model simulation involves analysis of interest income and expense under various changes in the shape of the yield curve. Contractual maturities and repricing opportunities of loans are incorporated into the model, as are prepayment assumptions and maturity date and call options within the securities portfolio. The average life of non-maturity deposit accounts are based on assumptions developed from non-maturity deposit decay studies, which calculate average lives using historic closure rates.

Bank policy regarding interest rate risk simulations performed by our risk model currently specifies that for instantaneous parallel shifts of the yield curve, estimated net interest income at risk for the subsequent one-year period should not decline by more than 10.0% for a 100 bp shift, 15.0% for a 200 bp shift, and 20.0% for a 300 bp shift. In accordance with Bank policy regarding economic value at risk simulations performed by our risk model for instantaneous parallel shifts of the yield curve, estimated fair value of equity for the subsequent one-year period should not decline by more than 10.0% for a 100 bp shift, 20.0% for a 200 bp shift, and 30.0% for a 300 bp shift.

The following table shows the impact of an instantaneous and parallel change in rates, at the levels indicated, and summarizes the simulated change in net interest income and fair value of equity over a 12-month horizon as of the dates indicated.

			June 30, 2026												December 31, 2025
			% Change in Net Interest Income						% Change in Fair Value of Equity						% Change in Net Interest Income						% Change in Fair Value of Equity
Change in Interest Rates (Bps)
+300			6.4		%				1.6		%				5.3		%				1.0		%
+200			4.5		%				1.9		%				3.7		%				1.5		%
+100			2.3		%				1.5		%				2.0		%				1.4		%
Base			—		%				—		%				—		%				—		%
-100			(3.1		%)				(2.4		%)				(2.3		%)				(2.1		%)
-200			(5.7		%)				(6.3		%)				(5.1		%)				(7.5		%)
-300			(8.7		%)				(12.6		%)				(8.1		%)				(16.0		%)

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The results above, as of June 30, 2026 and December 31, 2025, demonstrate that our balance sheet is asset sensitive, which means our assets have the opportunity to reprice at a faster pace than our liabilities, over the 12-month horizon. Our repricing opportunity is captured in a gap analysis, which is the process by which we measure the repricing gap between interest-rate sensitive assets versus interest rate-sensitive liabilities.

As of June 30, 2026, the reported percentage of changes in net interest income and fair value of equity remained within the policy thresholds. These values are reported at each quarterly Asset-Liability Management Committee meeting. The net interest income at risk and the fair value of equity will continue to be monitored, and appropriate mitigating action will be taken if needed.

The impact of our floating rate loans and floating rate transaction deposits are also reflected in the results shown in the above table. As of June 30, 2026, floating rate loans were 21.6% of loans HFI, and floating rate transaction deposits were 9.7% of interest-bearing transaction deposits.

The assumptions incorporated into the model are inherently uncertain, and as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude, and frequency of interest rate changes, as well as changes in market conditions and the application and timing of various management strategies and the slope of the yield curve.

NON-GAAP FINANCIAL MEASURES

Our accounting and reporting policies conform to GAAP and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed in this Report as supplemental non-GAAP performance measures. In accordance with the SEC’s rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.

Management and the board of directors review tangible common equity, realized common equity, tangible assets, tangible book value per share, realized book value per share, and tangible common equity to tangible assets as part of managing operating performance. However, these non-GAAP financial measures that we discuss in this Report should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner we calculate the non-GAAP financial measures that are discussed in this Report may differ from that of other companies’ reporting measures with similar names. It is important to understand how other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed in this Report when comparing such non-GAAP financial measures.

Tangible Book Value Per Share. Tangible book value per share is a non-GAAP measure commonly used by investors, financial analysts, and investment bankers to evaluate financial institutions. We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per share exclusive of changes in intangible assets. We calculate tangible book value per share as total stockholders’ equity, less intangible assets, divided by the outstanding number of shares of our common stock at the end of the relevant period. Intangible assets have the effect of increasing book value while not increasing tangible book value. The most directly comparable GAAP financial measure for tangible book value per share is book value per share.

As a result of previous acquisitions, we have a small amount of intangible assets. As of June 30, 2026, intangible assets were $1.5 million, which is less than 1.0% of total assets.

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by investors, financial analysts, and investment bankers to evaluate financial institutions. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity to tangible assets, each exclusive of changes in intangible assets. Intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets. We calculate tangible common equity as total stockholders’ equity less intangible assets, and we calculate tangible assets as total assets less intangible assets. The most directly comparable GAAP financial measure for tangible common equity to tangible assets is common stockholders’ equity to assets.

Realized Book Value Per Share. Realized book value per share is a non-GAAP measure that we use to evaluate our operating performance. We believe that this measure is important because it allows us to monitor changes from period to period in book value per share exclusive of changes in AOCI. Our AOCI is impacted primarily by the unrealized gains and losses on securities AFS. These unrealized gains or losses on securities AFS are driven by market factors and may also be temporary and vary greatly from period to period. Due to the possibly temporary and greatly variable nature of these changes, we find it useful to monitor realized book value per share. We calculate realized book value per share as total stockholders’ equity less AOCI, divided by the outstanding number of shares of our common stock at the end of the relevant period. AOCI has the effect of increasing or decreasing book value while not increasing or decreasing realized

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book value. The most directly comparable GAAP financial measure for realized book value per share is book value per share.

The following table reconciles, as of the dates set forth below, stockholders’ equity to tangible common equity, stockholders’ equity to realized common equity, and assets to tangible assets, and presents related resulting ratios.

(dollars in thousands, except per share data)			June 30, 2026						March 31, 2026						June 30, 2025
Tangible common equity
Total stockholders’ equity			$	384,551					$	373,326					$	335,350
Adjustments:
Intangible assets			(1,546)						(1,546)						(1,546)
Tangible common equity (non-GAAP)			$	383,005					$	371,780					$	333,804
Realized common equity
Total stockholders’ equity			$	384,551					$	373,326					$	335,350
Adjustments:
Accumulated other comprehensive (income) loss			44,688						45,652						58,026
Realized common equity (non-GAAP)			$	429,239					$	418,978					$	393,376
Common shares outstanding			6,584,696						6,577,186						6,676,609
Book value per share			$	58.40					$	56.76					$	50.23
Tangible book value per share (non-GAAP)			$	58.17					$	56.53					$	50.00
Realized book value per share (non-GAAP)			$	65.19					$	63.70					$	58.92
Tangible assets
Total assets			$	3,311,325					$	3,346,600					$	3,168,092
Adjustments:
Intangible assets			(1,546)						(1,546)						(1,546)
Tangible assets (non-GAAP)			$	3,309,779					$	3,345,054					$	3,166,546
Stockholders’ equity to assets			11.61		%				11.16		%				10.59		%
Tangible common equity to tangible assets (non-GAAP)			11.57		%				11.11		%				10.54		%

CRITICAL ACCOUNTING ESTIMATES

Our consolidated financial statements are prepared in accordance with GAAP and with general practices within the financial services industry. Application of these principles requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under current circumstances. We evaluate our estimates on an ongoing basis. Use of alternative assumptions may have resulted in significantly different estimates. Actual results may differ from these estimates.

There were no other material changes or developments during the reporting period with respect to methodologies that we use when developing critical accounting estimates as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. For details on the significant accounting principles and practices we follow, see “Item 1. Financial Statements - Note 1. Summary of Significant Accounting Policies” in this Report and “Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2025.

RECENT ACCOUNTING PRONOUNCEMENTS

See “Item 1. Financial Statements - Note 1. Summary of Significant Accounting Policies - Recent Accounting Pronouncements” in this Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative and qualitative disclosures about market risk are presented in our Annual Report on Form 10-K for the year ended December 31, 2025, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Asset-Liability Management - Interest Rate Sensitivity and Market Risk.” Additional information as of June 30, 2026, is included herein under “Item 2. Management’s Discussion and Analysis of Financial

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Condition and Results of Operations - Liquidity and Asset-Liability Management - Interest Rate Sensitivity and Market Risk.” The foregoing information is incorporated into this Item 3 by reference.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

As of the end of the period covered by this Report, an evaluation was performed by our management, with the participation of our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer), of the effectiveness of the design and operation of our disclosure controls and procedures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well-designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was required to apply judgment in evaluating our controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) were effective as of the end of the period covered by this Report.

Changes in internal control over financial reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the second quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we, including our subsidiaries, are or may be involved in various legal matters arising in the ordinary course of business. In the opinion of management, neither we, nor any of our subsidiaries, are involved in such legal proceedings that the resolution is expected to have a material adverse effect on our consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against us or our subsidiaries could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect our reputation or that of our subsidiaries, even if resolved favorably.

Item 1A. Risk Factors

For information regarding risk factors that could affect our business, financial condition, and results of operations, see the information in “Part I - Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the risk factors disclosed in our most recent Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Our purchases of shares of common stock made during the quarter are summarized in the table below:

(dollars in thousands, except per share data)
Period						Total Number of Shares Purchased						Average Price Paid per Share(1)						Total Number of Shares Purchased as Part of Publicly Announced Program						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program(2)(3)
April 1 - April 30, 2026						—						$	—					—						$	10,000
May 1 - May 31, 2026						—						$	—					—						$	10,000
June 1 - June 30, 2026						—						$	—					—						$	10,000
Total						—						$	—					—						$	10,000

(1)Average price paid per share includes the commission expense, if any, paid on the share repurchases, but excludes the excise tax recorded on the share repurchases.

(2)On December 18, 2025, we announced that our board of directors approved the renewal and increase of the 2025 stock repurchase program. The renewed and increased 2026 stock repurchase program has similar terms to the 2025 stock repurchase program and authorizes us to purchase up to $10.0 million of our outstanding shares of common stock from January 1, 2026 through December 31, 2026. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions.

(3)The approximate dollar value of shares that may yet be purchased under the program is reduced by the amount of the commission expense and the excise tax recorded on the share repurchases.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

NUMBER						DESCRIPTION
3.1						Restated Articles of Incorporation of Red River Bancshares, Inc. (incorporated by reference to Exhibit 3.1 to Red River Bancshares, Inc.’s Registration Statement on Form S-1 filed with the SEC on April 10, 2019, file number 333-230798)
3.2						Red River Bancshares, Inc. Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to Red River Bancshares, Inc.’s Current Report on Form 8-K filed with the SEC on February 26, 2026, file number 001-38888)
31.1						Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2						Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1						Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2						Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101						The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, is formatted in Inline Extensible Business Reporting Language (XBRL): (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income, (iv) the Unaudited Consolidated Statements of Changes in Stockholders' Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Consolidated Financial Statements.
101.INS						Inline XBRL Instance Document* - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF						Inline XBRL Taxonomy Extension Definitions Linkbase Document*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104						Cover Page Interactive Data File* - Formatted as Inline XBRL and contained within the Inline XBRL Instance Document in Exhibit 101.
*						Filed herewith
**						These exhibits are furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			RED RIVER BANCSHARES, INC.
Date: August 7, 2026			By:			/s/ R. Blake Chatelain
						R. Blake Chatelain
						President and Chief Executive Officer
						(Principal Executive Officer)
Date: August 7, 2026			By:			/s/ Isabel V. Carriere
						Isabel V. Carriere, CPA, CGMA
						Senior Executive Vice President and Chief Financial Officer
						(Principal Financial Officer and Principal Accounting Officer)

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