Red River Bancshares, Inc. Reports First Quarter 2020 Financial Results and Updates on the Coronavirus Pandemic and the Paycheck Protection Program
Net income for the first quarter of 2020 was
COVID-19 Pandemic and the Paycheck Protection Program Update
In January and February of 2020,
In order to support our customers and communities during this crisis, our bankers promptly assisted our customers with loan adjustments, monitored the CARES Act, implemented the PPP, and adjusted customers' fees. On
Regarding PPP loans,
First Quarter 2020 Performance and Operational Highlights
- Net income was
$6.7 million for both the first quarter of 2020 and the fourth quarter of 2019. For the first quarter of 2020, the quarterly return on assets was 1.36%, and the quarterly return on equity was 10.53%.
- The Company changed the timing and frequency for payment of its cash dividends. Beginning with the first quarter of 2020, our board of directors and management will evaluate the payment of cash dividends on a quarterly basis, rather than annually as was done in 2018 and 2019. The decision whether to pay a quarterly cash dividend will be based upon the Company's prior quarter profitability and current capital levels, among other factors. In the first quarter of 2020, the Company declared and paid a quarterly cash dividend of
$0.06 per common share. As ofMarch 31, 2020 , the Company had$264.2 million of stockholders' equity resulting in a leverage ratio (Tier 1 risk-based capital to average assets) of 12.89%.
- As of
March 31, 2020 , the Company had$2.01 billion of assets,$1.45 billion of loans held for investment ("HFI"), and$1.73 billion of deposits. The loans HFI to deposits ratio was 83.77%, and the noninterest-bearing deposits to total deposits ratio was 35.15%.
- The net interest margin was negatively impacted by two significant
Federal Reserve rate decreases which occurred inMarch 2020 in response to the COVID-19 pandemic. The net interest margin, fully tax equivalent basis ("FTE"), decreased nine basis points to 3.41% for the first quarter of 2020, compared to 3.50% for the prior quarter.
- Due to the expected economic impact of COVID-19 related closures on businesses and consumers throughout
Louisiana , our provision for loan losses was$125,000 higher for the first quarter of 2020 than the prior quarter.
- Security portfolio transactions increased in the first quarter of 2020, resulting in a
$383,000 gain on the sale of securities compared to$13,000 for the fourth quarter of 2019.
- In the first quarter of 2020, we completed final resolution on the remaining assets relating to an acquired subsidiary, and the company was dissolved. As a result of these nonrecurring transactions, expenses were reduced by
$311,000 .
- The Bank did not have an
FDIC insurance assessment for the fourth quarter of 2019 or the first quarter of 2020.
- Effective
January 1, 2020 , a new, optional community bank leverage ratio ("CBLR") framework was available to qualifying financial institutions. Although both the Company and the Bank qualify for the CBLR framework, management does not currently intend to utilize the CBLR framework and will continue to calculate and report Basel III risk-based capital results.
- Late in 2019, we purchased a banking center building in
Sulphur, Louisiana , located in ourSouthwest Louisiana market. This property was remodeled and opened as the newestRed River Bank banking center during the first quarter of 2020.
Regarding the first quarter activity,
Net Interest Income and Net Interest Margin (FTE)
Net interest income and net interest margin (FTE) for the first quarter of 2020 were negatively impacted by the
Net interest income for the first quarter of 2020 was
The net interest margin (FTE) decreased nine basis points to 3.41% for the first quarter of 2020, compared to 3.50% for the prior quarter, mainly due to the significant
Provision for Loan Losses
We increased the provision for loan losses
Noninterest Income
Noninterest income totaled
The gain on the sale of securities was
Brokerage income for the first quarter of 2020 totaled
Mortgage loan income totaled
As mentioned in the COVID-19 update, we suspended or reduced various fees to assist our customers during this crisis. Effective
Operating Expenses
Operating expenses for the first quarter of 2020 totaled
Personnel expenses totaled
Legal and professional expenses totaled
Other taxes totaled
Other operating expenses decreased by
Loans and Asset Quality
Loans HFI as of
Nonperforming assets ("NPA(s)") totaled
As of
As discussed in the COVID-19 update, as of
Due to COVID-19 related closures of businesses and the effect on their employees, vendors, and customers, we are closely monitoring asset quality and are expecting an increased level of problem loans. This would likely result in an increase to our provision for loan losses throughout 2020.
Although the economic effect of the COVID-19 outbreak remains uncertain, the following table shows loans HFI in the industries that we believe are most likely to be affected by this crisis:
(dollars in thousands) | Amount | Percent of Loans HFI |
||||
Hospitality services: | ||||||
Hotels | $ | 20,616 | 1.4 | % | ||
Restaurants - full service | 11,116 | 0.8 | % | |||
Restaurants - limited service | 11,642 | 0.8 | % | |||
Other | 3,515 | 0.2 | % | |||
Total hospitality services | $ | 46,889 | 3.2 | % | ||
Retail trade: | ||||||
Automobile dealers | $ | 37,826 | 2.6 | % | ||
Other retail | 26,183 | 1.8 | % | |||
Total retail trade | $ | 64,009 | 4.4 | % | ||
Energy | $ | 30,113 | 2.1 | % |
The following table shows loans HFI in other non-industry specific areas that we believe may be affected by this crisis:
(dollars in thousands) | Amount | Percent of Loans HFI |
||||
Loans collateralized by non-owner occupied properties leased to retail establishments | $ | 40,611 | 2.8 | % | ||
Credit card loans: | ||||||
Commercial | $ | 1,244 | 0.1 | % | ||
Consumer | 819 | — | % | |||
Total credit card loans | $ | 2,063 | 0.1 | % |
Deposits
Deposits as of
Noninterest-bearing deposits totaled
Interest-bearing deposits totaled
Stockholders’ Equity
Total stockholders’ equity increased to
Non-GAAP Disclosure
Our accounting and reporting policies conform to
Management and the board of directors review tangible book value per share and tangible common equity to tangible assets as part of managing operating performance. However, these non-GAAP financial measures 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 in which we calculate the non-GAAP financial measures that are discussed may differ from that of other companies reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.
A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.
About
The Company is the bank holding company for
Forward-Looking Statements
Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the
FINANCIAL HIGHLIGHTS (UNAUDITED) | ||||||||||||
As of and for the Three Months Ended |
||||||||||||
(Dollars in thousands, except per share data) | 2020 |
2019 |
2019 |
|||||||||
Net Income | $ | 6,745 | $ | 6,743 | $ | 5,696 | ||||||
Per Common Share Data: | ||||||||||||
Earnings per share, basic | $ | 0.92 | $ | 0.92 | $ | 0.86 | ||||||
Earnings per share, diluted | $ | 0.92 | $ | 0.92 | $ | 0.85 | ||||||
Book value per share | $ | 36.08 | $ | 34.48 | $ | 30.46 | ||||||
Tangible book value per share | $ | 35.87 | $ | 34.27 | $ | 30.23 | ||||||
Cash dividends per share | $ | 0.06 | $ | — | $ | 0.20 | ||||||
Weighted average shares outstanding, basic | 7,313,279 | 7,306,221 | 6,632,482 | |||||||||
Weighted average shares outstanding, diluted | 7,351,409 | 7,347,602 | 6,668,029 | |||||||||
Summary Performance Ratios: | ||||||||||||
Return on average assets | 1.36 | % | 1.37 | % | 1.24 | % | ||||||
Return on average equity | 10.53 | % | 10.72 | % | 11.69 | % | ||||||
Net interest margin | 3.36 | % | 3.45 | % | 3.47 | % | ||||||
Net interest margin (FTE) | 3.41 | % | 3.50 | % | 3.52 | % | ||||||
Efficiency ratio | 57.40 | % | 57.90 | % | 59.52 | % | ||||||
Loans HFI to deposits ratio | 83.77 | % | 83.60 | % | 79.78 | % | ||||||
Noninterest-bearing deposits to deposits ratio | 35.15 | % | 33.98 | % | 33.45 | % | ||||||
Noninterest income to average assets | 0.95 | % | 0.85 | % | 0.72 | % | ||||||
Operating expense to average assets | 2.41 | % | 2.41 | % | 2.43 | % | ||||||
Summary Credit Quality Ratios: | ||||||||||||
Nonperforming assets to total assets | 0.30 | % | 0.33 | % | 0.34 | % | ||||||
Nonperforming loans to loans HFI | 0.36 | % | 0.37 | % | 0.46 | % | ||||||
Allowance for loan losses to loans HFI | 0.99 | % | 0.97 | % | 0.97 | % | ||||||
Net charge-offs to average loans | 0.00 | % | 0.02 | % | 0.00 | % | ||||||
Capital Ratios: | ||||||||||||
Total stockholders' equity to total assets | 13.14 | % | 12.67 | % | 10.52 | % | ||||||
Tangible common equity to tangible assets | 13.07 | % | 12.60 | % | 10.45 | % | ||||||
Total risk-based capital to risk-weighted assets | 18.18 | % | 18.02 | % | 16.52 | % | ||||||
Tier 1 risk-based capital to risk-weighted assets | 17.21 | % | 17.07 | % | 15.57 | % | ||||||
Common equity Tier 1 capital to risk-weighted assets | 17.21 | % | 17.07 | % | 14.78 | % | ||||||
Tier 1 risk-based capital to average assets | 12.89 | % | 12.82 | % | 11.50 | % | ||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||
(Unaudited) | (Audited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||
(in thousands) | 2020 |
2019 |
2019 |
2019 |
2019 |
||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ | 31,858 | $ | 25,937 | $ | 32,724 | $ | 29,854 | $ | 32,371 | |||||||||
Interest-bearing deposits in other banks | 48,605 | 107,355 | 73,598 | 71,761 | 145,593 | ||||||||||||||
Securities available-for-sale | 401,944 | 335,573 | 341,900 | 318,082 | 319,353 | ||||||||||||||
Equity securities | 3,998 | 3,936 | 3,954 | 3,924 | 3,869 | ||||||||||||||
Nonmarketable equity securities | 1,354 | 1,350 | 1,347 | 1,342 | 1,303 | ||||||||||||||
Loans held for sale | 6,597 | 5,089 | 4,113 | 6,029 | 2,210 | ||||||||||||||
Loans held for investment | 1,447,362 | 1,438,924 | 1,413,162 | 1,393,154 | 1,349,181 | ||||||||||||||
Allowance for loans losses | (14,393 | ) | (13,937 | ) | (13,906 | ) | (13,591 | ) | (13,101 | ) | |||||||||
Premises and equipment, net | 41,711 | 41,744 | 39,828 | 40,032 | 40,033 | ||||||||||||||
Accrued interest receivable | 5,240 | 5,251 | 4,928 | 5,570 | 4,988 | ||||||||||||||
Bank-owned life insurance | 21,987 | 21,845 | 21,707 | 21,570 | 21,434 | ||||||||||||||
Intangible assets | 1,546 | 1,546 | 1,546 | 1,546 | 1,546 | ||||||||||||||
Right-of-use assets | 4,454 | 4,553 | 4,651 | 4,748 | 4,844 | ||||||||||||||
Other assets | 8,438 | 9,059 | 9,302 | 8,897 | 8,494 | ||||||||||||||
Total Assets | $ | 2,010,701 | $ | 1,988,225 | $ | 1,938,854 | $ | 1,892,918 | $ | 1,922,118 | |||||||||
LIABILITIES | |||||||||||||||||||
Noninterest-bearing deposits | $ | 607,322 | $ | 584,915 | $ | 615,051 | $ | 576,934 | $ | 565,757 | |||||||||
Interest-bearing deposits | 1,120,460 | 1,136,205 | 1,061,800 | 1,057,656 | 1,125,377 | ||||||||||||||
Total Deposits | 1,727,782 | 1,721,120 | 1,676,851 | 1,634,590 | 1,691,134 | ||||||||||||||
Other borrowed funds | — | — | — | — | — | ||||||||||||||
Junior subordinated debentures | — | — | — | 5,155 | 11,341 | ||||||||||||||
Accrued interest payable | 2,307 | 2,222 | 1,925 | 1,998 | 1,967 | ||||||||||||||
Lease liabilities | 4,511 | 4,603 | 4,688 | 4,773 | 4,856 | ||||||||||||||
Accrued expenses and other liabilities | 11,926 | 8,382 | 10,001 | 8,491 | 10,636 | ||||||||||||||
Total Liabilities | 1,746,526 | 1,736,327 | 1,693,465 | 1,655,007 | 1,719,934 | ||||||||||||||
COMMITMENTS AND CONTINGENCIES | — | — | — | — | — | ||||||||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||||
Preferred stock, no par value | — | — | — | — | — | ||||||||||||||
Common stock, no par value | 68,177 | 68,082 | 68,082 | 68,082 | 41,271 | ||||||||||||||
Additional paid-in capital | 1,333 | 1,269 | 1,205 | 1,141 | 1,091 | ||||||||||||||
Retained earnings | 188,877 | 182,571 | 175,828 | 168,981 | 163,443 | ||||||||||||||
Accumulated other comprehensive income (loss) | 5,788 | (24 | ) | 274 | (293 | ) | (3,621 | ) | |||||||||||
Total Stockholders' Equity | 264,175 | 251,898 | 245,389 | 237,911 | 202,184 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,010,701 | $ | 1,988,225 | $ | 1,938,854 | $ | 1,892,918 | $ | 1,922,118 | |||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||
For the Three Months Ended | |||||||||||||
(in thousands) | 2020 |
2019 |
2019 |
||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||
Interest and fees on loans | $ | 16,466 | $ | 16,544 | $ | 15,504 | |||||||
Interest on securities | 1,791 | 1,894 | 1,763 | ||||||||||
Interest on federal funds sold | 113 | 150 | 212 | ||||||||||
Interest on deposits in other banks | 206 | 192 | 416 | ||||||||||
Dividends on stock | 4 | 4 | 9 | ||||||||||
Total Interest and Dividend Income | 18,580 | 18,784 | 17,904 | ||||||||||
INTEREST EXPENSE | |||||||||||||
Interest on deposits | 2,492 | 2,441 | 2,296 | ||||||||||
Interest on junior subordinated debentures | — | — | 156 | ||||||||||
Total Interest Expense | 2,492 | 2,441 | 2,452 | ||||||||||
Net Interest Income | 16,088 | 16,343 | 15,452 | ||||||||||
Provision for loan losses | 503 | 378 | 526 | ||||||||||
Net Interest Income After Provision for Loan Losses | 15,585 | 15,965 | 14,926 | ||||||||||
NONINTEREST INCOME | |||||||||||||
Service charges on deposit accounts | 1,228 | 1,270 | 1,026 | ||||||||||
Debit card income, net | 755 | 782 | 695 | ||||||||||
Mortgage loan income | 889 | 816 | 514 | ||||||||||
Brokerage income | 744 | 573 | 365 | ||||||||||
Loan and deposit income | 300 | 389 | 346 | ||||||||||
Bank-owned life insurance income | 142 | 137 | 133 | ||||||||||
Gain (Loss) on equity securities | 63 | (19 | ) | 48 | |||||||||
Gain (Loss) on sale of securities | 383 | 13 | — | ||||||||||
SBIC income | 178 | 185 | 120 | ||||||||||
Other income | 49 | 43 | 49 | ||||||||||
Total Noninterest Income | 4,731 | 4,189 | 3,296 | ||||||||||
OPERATING EXPENSES | |||||||||||||
Personnel expenses | 7,348 | 7,148 | 6,640 | ||||||||||
Occupancy and equipment expenses | 1,185 | 1,268 | 1,175 | ||||||||||
Technology expenses | 586 | 596 | 544 | ||||||||||
Advertising | 261 | 204 | 209 | ||||||||||
Other business development expenses | 295 | 281 | 282 | ||||||||||
Data processing expense | 450 | 462 | 459 | ||||||||||
Other taxes | 437 | 346 | 353 | ||||||||||
Loan and deposit expenses | 246 | 247 | 223 | ||||||||||
Legal and professional expenses | 495 | 403 | 319 | ||||||||||
Regulatory assessment expense | 26 | 38 | 142 | ||||||||||
Other operating expenses | 621 | 895 | 812 | ||||||||||
Total Operating Expenses | 11,950 | 11,888 | 11,158 | ||||||||||
Income Before Income Tax Expense | 8,366 | 8,266 | 7,064 | ||||||||||
Income tax expense | 1,621 | 1,523 | 1,368 | ||||||||||
Net Income | $ | 6,745 | $ | 6,743 | $ | 5,696 | |||||||
NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED) | ||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance Outstanding |
Interest Earned/ Interest Paid |
Average Yield/ Rate |
Average Balance Outstanding |
Interest Earned/ Interest Paid |
Average Yield/ Rate |
Average Balance Outstanding |
Interest Earned/ Interest Paid |
Average Yield/ Rate |
|||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||
Loans(1,2) | $ | 1,449,995 | $ | 16,466 | 4.50 | % | $ | 1,428,978 | $ | 16,544 | 4.53 | % | $ | 1,344,523 | $ | 15,504 | 4.61 | % | ||||||||||||||
Securities - taxable | 262,417 | 1,267 | 1.93 | % | 258,491 | 1,392 | 2.15 | % | 261,325 | 1,378 | 2.11 | % | ||||||||||||||||||||
Securities - tax-exempt | 86,891 | 524 | 2.41 | % | 85,749 | 502 | 2.34 | % | 64,630 | 385 | 2.38 | % | ||||||||||||||||||||
Federal funds sold | 34,030 | 113 | 1.32 | % | 36,470 | 150 | 1.61 | % | 34,228 | 212 | 2.48 | % | ||||||||||||||||||||
Interest-bearing balances due from banks | 59,756 | 206 | 1.36 | % | 45,565 | 192 | 1.65 | % | 70,473 | 416 | 2.36 | % | ||||||||||||||||||||
Nonmarketable equity securities | 1,351 | 4 | 1.07 | % | 1,346 | 4 | 1.19 | % | 1,299 | 4 | 1.23 | % | ||||||||||||||||||||
Investment in trusts | — | — | — | % | — | — | — | % | 341 | 5 | 5.95 | % | ||||||||||||||||||||
Total interest-earning assets | 1,894,440 | $ | 18,580 | 3.89 | % | 1,856,599 | $ | 18,784 | 3.97 | % | 1,776,819 | $ | 17,904 | 4.03 | % | |||||||||||||||||
Allowance for loan losses | (14,078 | ) | (13,969 | ) | (12,735 | ) | ||||||||||||||||||||||||||
Noninterest earning assets | 115,245 | 112,130 | 101,545 | |||||||||||||||||||||||||||||
Total assets | $ | 1,995,607 | $ | 1,954,760 | $ | 1,865,629 | ||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits | $ | 795,390 | $ | 986 | 0.50 | % | $ | 747,293 | $ | 968 | 0.51 | % | $ | 753,617 | $ | 962 | 0.52 | % | ||||||||||||||
Time deposits | 335,629 | 1,506 | 1.81 | % | 334,499 | 1,473 | 1.75 | % | 334,759 | 1,334 | 1.62 | % | ||||||||||||||||||||
Total interest-bearing deposits | 1,131,019 | 2,492 | 0.89 | % | 1,081,792 | 2,441 | 0.90 | % | 1,088,376 | 2,296 | 0.86 | % | ||||||||||||||||||||
Junior subordinated debentures | — | — | — | % | — | — | — | % | 11,341 | 156 | 5.58 | % | ||||||||||||||||||||
Other borrowings | 80 | — | 0.55 | % | — | — | — | % | — | — | — | % | ||||||||||||||||||||
Total interest-bearing liabilities | 1,131,099 | $ | 2,492 | 0.89 | % | 1,081,792 | $ | 2,441 | 0.90 | % | 1,099,717 | $ | 2,452 | 0.90 | % | |||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 590,370 | 606,329 | 552,204 | |||||||||||||||||||||||||||||
Accrued interest and other liabilities | 16,584 | 17,191 | 16,027 | |||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 606,954 | 623,520 | 568,231 | |||||||||||||||||||||||||||||
Stockholders’ equity | 257,554 | 249,448 | 197,681 | |||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,995,607 | $ | 1,954,760 | $ | 1,865,629 | ||||||||||||||||||||||||||
Net interest income | $ | 16,088 | $ | 16,343 | $ | 15,452 | ||||||||||||||||||||||||||
Net interest spread | 3.00 | % | 3.07 | % | 3.13 | % | ||||||||||||||||||||||||||
Net interest margin | 3.36 | % | 3.45 | % | 3.47 | % | ||||||||||||||||||||||||||
Net interest margin FTE(3) | 3.41 | % | 3.50 | % | 3.52 | % | ||||||||||||||||||||||||||
Cost of deposits | 0.58 | % | 0.57 | % | 0.57 | % | ||||||||||||||||||||||||||
Cost of funds | 0.53 | % | 0.52 | % | 0.56 | % |
(1) | Includes average outstanding balances of loans held for sale of |
(2) | Nonaccrual loans are included as loans carrying a zero yield. |
(3) | Net interest margin FTE includes an FTE adjustment using a 21% federal income tax rate on tax-exempt securities and tax-exempt loans. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||
(dollars in thousands, except per share data) | |||||||||||
Tangible common equity | |||||||||||
Total stockholders' equity | $ | 264,175 | $ | 251,898 | $ | 202,184 | |||||
Adjustments: | |||||||||||
Intangible assets | (1,546 | ) | (1,546 | ) | (1,546 | ) | |||||
Total tangible common equity | $ | 262,629 | $ | 250,352 | $ | 200,638 | |||||
Common shares outstanding | 7,322,532 | 7,306,221 | 6,636,926 | ||||||||
Book value per common share | $ | 36.08 | $ | 34.48 | $ | 30.46 | |||||
Tangible book value per common share | $ | 35.87 | $ | 34.27 | $ | 30.23 | |||||
Tangible assets | |||||||||||
Total assets | $ | 2,010,701 | $ | 1,988,225 | $ | 1,922,118 | |||||
Adjustments: | |||||||||||
Intangible assets | (1,546 | ) | (1,546 | ) | (1,546 | ) | |||||
Total tangible assets | $ | 2,009,155 | $ | 1,986,679 | $ | 1,920,572 | |||||
Total stockholder's equity to total assets | 13.14 | % | 12.67 | % | 10.52 | % | |||||
Tangible common equity to tangible assets | 13.07 | % | 12.60 | % | 10.45 | % |
Contact:Isabel V. Carriere , CPA, CGMA Executive Vice President and Chief Financial Officer 318-561-4023 icarriere@redriverbank.net
Source: Red River Bank