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Red River Bancshares, Inc.(RRBI), a leading financial institution, has released its unaudited financial statements for the first quarter ended March 31, 2023. The consolidated balance sheets show total assets amounting to $3.03 billion, a slight decrease from $3.08 billion at the end of December 2022. The net income for the quarter was reported at $9.6 million, reflecting a positive trend for the company's financial performance. Moreover, the revenue generated during this period amounted to $27.7 million, showcasing the company's robust business operations.
Now let's delve deeper into the financial data provided by Red River Bancshares, Inc.
Financial Statements
As of March 31, 2023, Red River Bancshares, Inc. reported the following assets:
- Cash and due from banks: $34.5 million
- Interest-bearing deposits in other banks: $194.7 million
- Securities available-for-sale, at fair value: $611.8 million
- Securities held-to-maturity, at amortized cost: $149.4 million
- Equity securities, at fair value: $4.0 million
- Nonmarketable equity securities: $3.5 million
- Loans held for sale: $2.0 million
- Loans held for investment: $1,921.9 million
- Allowance for credit losses: $(20.9) million
- Premises and equipment, net: $55.1 million
- Accrued interest receivable: $8.4 million
- Bank-owned life insurance: $28.9 million
- Intangible assets: $1.5 million
- Right-of-use assets: $4.0 million
- Other assets: $31.6 million
The total assets amounted to $3,030.6 million as of March 31, 2023.
On the liabilities side, Red River Bancshares, Inc. reported:
- Noninterest-bearing deposits: $1,060.0 million
- Interest-bearing deposits: $1,671.3 million
- Total Deposits: $2,731.4 million
- Accrued interest payable: $2.4 million
- Lease liabilities: $4.1 million
- Accrued expenses and other liabilities: $16.0 million
The total liabilities stood at $2,753.9 million.
Consolidated Statements of Income (Unaudited)
For the Three Months Ended March 31, 2023:
- Interest and fees on loans: $21.8 million
- Interest on securities: $3.6 million
- Interest on federal funds sold: $0.6 million
- Interest on deposits in other banks: $1.7 million
- Dividends on stock: $0.03 million
- Total Interest and Dividend Income: $27.7 million
- Interest on deposits: $4.8 million
- Total Interest Expense: $4.8 million
Net Interest Income amounted to $22.9 million. The company did not report any provision for credit losses during this quarter.
Noninterest Income for the first quarter of 2023 totaled $4.3 million, while operating expenses amounted to $15.5 million.
The Income Before Income Tax Expense was $11.8 million, and the Income Tax Expense was $2.2 million.
After considering taxes, Red River Bancshares, Inc. reported a Net Income of $9.6 million for the first quarter of 2023.
Earnings per share (EPS) for the quarter were $1.34 (basic) and $1.33 (diluted).
For the Three Months Ended March 31, 2023:
In addition to net income, Red River Bancshares, Inc. recorded Other Comprehensive Income of $2.6 million, mainly attributed to unrealized net gains on securities.
The comprehensive income for the first quarter of 2023 was $12.2 million.
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
The stockholders' equity for the first quarter of 2023 is summarized as follows:
- Common Stock: $59.8 million
- Additional Paid-In Capital: $2.2 million
- Retained Earnings: $283.2 million
- Accumulated Other Comprehensive Income (Loss): $(68.5) million
- Total Stockholders' Equity: $276.6 million
Red River Bancshares, Inc. has demonstrated a strong financial performance for the first quarter of 2023, reporting a net income of $9.6 million. The company's revenue reached $27.7 million, reflecting a healthy growth trajectory. The balance sheets indicate that the bank remains well-positioned with total assets of $3.03 billion. With a positive outlook for the upcoming quarters, Red River Bancshares continues to uphold its position as a prominent financial institution in the market.