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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: March 31, 2021

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 501, Alexandria, Louisiana
 71301
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (318) 561-5028
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueRRBIThe 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. (Check one):
Large accelerated filerAccelerated 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 April 30, 2021, the registrant had 7,305,245 shares of common stock, no par value, issued and outstanding. 



TABLE OF CONTENTS
Page
PART I
Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
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 ACRONYMDEFINITION
AFSAvailable-for-sale
ASCAccounting Standards Codification
ASUAccounting Standards Update
Basel IIIBasel Committee's 2010 Regulatory Capital Framework (Third Accord)
BOLIBank-owned life insurance
bp(s)Basis point(s)
CARES ActCoronavirus Aid, Relief, and Economic Security Act, as amended
CBLRCommunity Bank Leverage Ratio
CECL
Current Expected Credit Losses, related to ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
COVID-19Coronavirus Disease 2019
Economic Aid ActEconomic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
Economic Growth ActEconomic Growth, Regulatory Relief, and Consumer Protection Act
EPSEarnings per share
Exchange ActSecurities Exchange Act of 1934, as amended
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank of Dallas
FTEFully taxable equivalent basis
GAAPGenerally Accepted Accounting Principles in the United States of America
HFIHeld for investment
HFSHeld for sale
IPOInitial public offering
MSAMetropolitan statistical area
NOWNegotiable order of withdrawal
NPA(s)Nonperforming asset(s)
OTTIOther-than-temporary impairment
PPPPaycheck Protection Program
PPP1PPP First Draw
PPP2PPP Second Draw
SBASmall Business Administration
SBICSmall Business Investment Company
Securities ActSecurities Act of 1933, as amended
SECSecurities and Exchange Commission
TDR(s)Troubled debt restructuring(s)
3

Table of Contents    
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements, 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:

business and economic conditions generally and in the financial services industry, nationally and within our local market areas;
the impact of COVID-19 on our business, the communities where we have our banking centers, the state of Louisiana, and the United States, related to the economy and overall financial stability;
government and regulatory responses to the COVID-19 pandemic;
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 CARES Act and the Economic Aid Act which established the SBA PPP1 and the PPP2 programs, and other 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;
volatility and direction of market interest rates;
our ability to maintain important deposit customer relationships, 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 allowance for loan losses;
operational risks associated with our business;
natural disasters and adverse weather, acts of terrorism, pandemics, an outbreak of hostilities 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;
uncertainty regarding the future of LIBOR and the impact of any replacement alternatives on our business;
changes in the laws, rules, regulations, interpretations, or policies relating to financial institution, accounting, tax, trade, monetary, and fiscal matters; and
other risks and uncertainties listed from time to time in our reports and documents filed 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 Quarterly Report on Form 10-Q. Additional information on these and other risk factors can be found in "Part II - Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q and in "Part I - Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020. 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. New factors emerge from time to time, and it is not possible for us to predict which 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.

4

Table of Contents    
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

RED RIVER BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share amounts)March 31,
2021
December 31,
2020
ASSETS
Cash and due from banks$36,856 $29,537 
Interest-bearing deposits in other banks566,144 417,664 
Total Cash and Cash Equivalents603,000 447,201 
Securities available-for-sale515,942 498,206 
Equity securities3,951 4,021 
Nonmarketable equity securities3,447 3,447 
Loans held for sale18,449 29,116 
Loans held for investment1,602,086 1,588,446 
Allowance for loan losses(19,377)(17,951)
Premises and equipment, net46,950 46,924 
Accrued interest receivable6,460 6,880 
Bank-owned life insurance22,546 22,413 
Intangible assets1,546 1,546 
Right-of-use assets4,053 4,154 
Other assets11,619 8,231 
Total Assets$2,820,672 $2,642,634 
LIABILITIES
Noninterest-bearing deposits$1,015,350 $943,615 
Interest-bearing deposits1,499,925 1,396,745 
Total Deposits2,515,275 2,340,360 
Accrued interest payable1,699 1,774 
Lease liabilities4,138 4,233 
Accrued expenses and other liabilities14,649 10,789 
Total Liabilities2,535,761 2,357,156 
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 - 7,306,747 and 7,325,333 shares
67,093 68,055 
Additional paid-in capital1,638 1,545 
Retained earnings216,511 208,957 
Accumulated other comprehensive income (loss)(331)6,921 
Total Stockholders' Equity284,911 285,478 
Total Liabilities and Stockholders' Equity
$2,820,672 $2,642,634 

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 March 31, 
(in thousands, except per share data)20212020
INTEREST AND DIVIDEND INCOME
Interest and fees on loans$17,165 $16,466 
Interest on securities1,890 1,791 
Interest on federal funds sold22 113 
Interest on deposits in other banks100 206 
Dividends on stock1 4 
Total Interest and Dividend Income19,178 18,580 
INTEREST EXPENSE
Interest on deposits1,587 2,492 
Total Interest Expense1,587 2,492 
Net Interest Income17,591 16,088 
Provision for loan losses1,450 503 
Net Interest Income After Provision for Loan Losses16,141 15,585 
NONINTEREST INCOME
Service charges on deposit accounts1,059 1,228 
Debit card income, net1,046 755 
Mortgage loan income2,882 889 
Brokerage income834 744 
Loan and deposit income473 300 
Bank-owned life insurance income133 142 
Gain (Loss) on equity securities(70)63 
Gain (Loss) on sale of securities159 383 
SBIC income241 178 
Other income18 49 
Total Noninterest Income6,775 4,731 
OPERATING EXPENSES
Personnel expenses8,021 7,348 
Occupancy and equipment expenses1,278 1,185 
Technology expenses665 586 
Advertising183 261 
Other business development expenses299 295 
Data processing expense385 450 
Other taxes525 437 
Loan and deposit expenses255 246 
Legal and professional expenses368 495 
Regulatory assessment expenses201 26 
Other operating expenses 983 621 
Total Operating Expenses13,163 11,950 
Income Before Income Tax Expense9,753 8,366 
Income tax expense
1,688 1,621 
Net Income$8,065 $6,745 
EARNINGS PER SHARE
Basic
$1.10 $0.92 
Diluted
$1.10 $0.92 
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 March 31, 
(in thousands)20212020
Net income$8,065 $6,745 
Other comprehensive income (loss):
Unrealized net gain (loss) on securities arising during period(9,021)7,740 
Tax effect1,895 (1,625)
(Gain) loss on sale of securities included in net income(159)(383)
Tax effect33 80 
Total other comprehensive income (loss)(7,252)5,812 
Comprehensive Income$813 $12,557 
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)
(in thousands, except share amounts)
Common
Shares Issued
Common
Stock
Additional Paid-In CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
Balance as of December 31, 20197,306,221 $68,082 $1,269 $182,571 $(24)$251,898 
Net income— — — 6,745 — 6,745 
Stock incentive plan— — 64 — — 64 
Issuance of shares of common stock through exercise of stock options14,720 8 — — — 8 
Issuance of shares of common stock as board compensation1,591 87 — — — 87 
Cash dividend - $0.06 per common share
— — — (439)— (439)
Other comprehensive income (loss)— — — — 5,812 5,812 
Balance as of March 31, 20207,322,532 $68,177 $1,333 $188,877 $5,788 $264,175 
Balance as of December 31, 20207,325,333 $68,055 $1,545 $208,957 $6,921 $285,478 
Net income— — — 8,065 — 8,065 
Stock incentive plan— — 93 — — 93 
Issuance of shares of common stock as board compensation1,075 56 — — — 56 
Repurchase of common stock under stock repurchase program(19,661)(1,018)— — — (1,018)
Cash dividend - $0.07 per common share
— — — (511)— (511)
Other comprehensive income (loss)— — — — (7,252)(7,252)
Balance as of March 31, 20217,306,747 $67,093 $1,638 $216,511 $(331)$284,911 




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 Three Months Ended March 31, 
(in thousands)20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$8,065 $6,745 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation464 449 
Amortization150 144 
Share-based compensation earned93 64 
Share-based board compensation earned12 17 
(Gain) Loss on other assets owned7 (5)
Net (accretion) amortization on securities AFS827 660 
Gain on sale of securities AFS(159)(383)
Provision for loan losses1,450 503 
Deferred income tax (benefit) expense(561)(130)
Net (increase) decrease in loans HFS10,667 (1,508)
Net (increase) decrease in accrued interest receivable420 11 
Net (increase) decrease in BOLI(133)(142)
Net increase (decrease) in accrued interest payable(75)85 
Net increase (decrease) in accrued income taxes payable2,265 1,738 
Other operating activities, net563 606 
Net cash provided by (used in) operating activities24,055 8,854 
CASH FLOWS FROM INVESTING ACTIVITIES
Activity in securities AFS:
Sales64,769 31,160 
Maturities, principal repayments, and calls30,822 18,354 
Purchases(123,175)(108,805)
Purchase of nonmarketable equity securities (4)
Net (increase) decrease in loans HFI(13,664)(8,508)
Proceeds from sales of foreclosed assets96 299 
Purchases of premises and equipment(490)(410)
Net cash provided by (used in) investing activities(41,642)(67,914)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits174,915 6,662 
Repurchase of common stock(1,018) 
Proceeds from exercise of stock options 8 
Cash dividends(511)(439)
Net cash provided by (used in) financing activities173,386 6,231 
Net change in cash and cash equivalents155,799 (52,829)
Cash and cash equivalents - beginning of period447,201 133,292 
Cash and cash equivalents - end of period$603,000 $80,463 

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)

(in thousands)For the Three Months Ended March 31, 
20212020
SUPPLEMENTAL DISCLOSURES
Cash paid during the year for:
Interest
$1,662 $2,407 
Income taxes
$ $ 
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES
Assets acquired in settlement of loans$ $23 


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 with 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 which 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, 2020, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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
There were no material changes or developments during the reporting period with respect to methodologies the Company uses when applying critical accounting policies and developing critical accounting estimates as disclosed in Note 1 of the notes to the audited consolidated financial statements for the year ended December 31, 2020, that were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. 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.
Recent Accounting Pronouncements
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 sets forth the CECL model requiring the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses. In addition, the update amends the accounting for credit losses on AFS securities. As an SEC registrant with smaller reporting company filing status as determined on June 30, 2019, CECL is effective for the Company January 1, 2023. The Company continues to evaluate the impact of this ASU on the consolidated financial statements and disclosures. In that regard, the Company has formed a cross-functional working group and is currently working through an implementation plan. The implementation plan includes an assessment of data, model development and documentation, documentation of processes, and implementation of a third-party vendor solution to assist in the adoption of ASU 2016-13.
2.    Securities
Securities held for indefinite periods of time are classified as AFS and carried at estimated fair value. Investment activity for the three months ended March 31, 2021, included $123.2 million of securities purchased, partially offset by $64.8 million in sales and $30.8 million in maturities, principal repayments, and calls. The net unrealized gain on the securities AFS portfolio decreased $9.2 million for the three months ended March 31, 2021.
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The amortized cost and estimated fair values of securities AFS are summarized in the following tables:
March 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$293,405 $2,275 $(4,315)$291,365 
Municipal bonds215,901 3,108 (1,580)217,429 
U.S. agency securities7,055 142 (49)7,148 
Total Securities AFS$516,361 $5,525 $(5,944)$515,942 
December 31, 2020
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$271,709 $3,450 $(332)$274,827 
Municipal bonds207,834 5,498 (51)213,281 
U.S. agency securities9,902 200 (4)10,098 
Total Securities AFS$489,445 $9,148 $(387)$498,206 
The amortized costs and estimated fair value of debt securities as of March 31, 2021, 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.
(in thousands)Amortized
Cost
Fair
Value
Within one year$5,365 $5,406 
After one year but within five years33,017 33,645 
After five years but within ten years46,352 47,552 
After ten years431,627 429,339 
Total$516,361 $515,942 
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Information pertaining to securities with gross unrealized losses as of March 31, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous loss position is described as follows:
Less than twelve monthsTwelve months or more
(in thousands)Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
March 31, 2021
Securities AFS:
Mortgage-backed securities$(4,315)$188,491 $ $ 
Municipal bonds(1,580)76,589   
U.S. agency securities(49)2,930   
Total Securities AFS$(5,944)$268,010 $ $ 
December 31, 2020
Securities AFS:
Mortgage-backed securities$(332)$72,367 $ $ 
Municipal bonds(51)9,466   
U.S. agency securities(4)4,996   
Total Securities AFS$(387)$86,829 $ $ 
As of March 31, 2021, the Company held 139 securities that were in unrealized loss positions. The aggregate unrealized loss of these securities as of March 31, 2021, was 1.15% of the amortized cost basis of the total securities AFS portfolio. Management and the Asset-Liability Management Committee continually monitor the securities portfolio and are able to effectively measure and monitor the unrealized loss positions on these securities. Management does not intend to sell these securities prior to recovery, and it is more likely than not that the Company will have the ability to hold them, primarily due to adequate liquidity, until each security has recovered its cost basis. The unrealized losses on these securities have been determined by management to be a function of the movement of interest rates since the time of purchase. Based on the review of available information, including recent changes in interest rates and credit rating information, management believes the decline in fair value of these securities is temporary. The Company does not consider these securities to have OTTI.
Management evaluates securities for OTTI on at least a quarterly basis and more frequently if economic or market concerns merit such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost; (2) the financial condition and near-term prospects of the issuer; and (3) whether the Company intends to, and it is more likely than not that it will be able to, retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Additionally, the Company annually performs a detailed credit review of the municipal securities owned to identify any potential credit concerns. There were no OTTI losses on debt securities related to credit losses recognized during the three months ended March 31, 2021, or the year ended December 31, 2020.
The proceeds from sales of securities AFS and their gross gain (loss) for the three months ended March 31, 2021 and 2020, are shown below:
Three Months Ended
March 31, 
(in thousands)20212020
Proceeds (1)
$64,769 $31,160 
Gross gain$442 $456 
Gross loss$(283)$(73)
(1)The proceeds include the gross gain and loss.
Pledged Securities
Securities with carrying values of approximately $110.4 million and $105.1 million were pledged to secure public entity deposits as of March 31, 2021 and December 31, 2020, respectively.
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3.    Loans and Asset Quality
Loans
Loans HFI by category and loans HFS are summarized below:
(in thousands)March 31, 2021December 31, 2020
Real estate:
Commercial real estate$562,616 $556,769 
One-to-four family residential447,420 442,889 
Construction and development117,952 127,321 
Commercial and industrial266,180 250,428 
SBA PPP, net of deferred income119,358 118,447 
Tax-exempt66,554 68,666 
Consumer22,006 23,926 
Total loans HFI$1,602,086 $1,588,446 
Total loans HFS$18,449 $29,116 
Allowance for Loan Losses
The following table summarizes the activity in the allowance for loan losses by category for the three months ended March 31, 2021:
(in thousands)Beginning
Balance December 31, 2020
Provision
for Loan
Losses
Charge-offsRecoveriesEnding
Balance
March 31, 2021
Real estate:
Commercial real estate$5,798 $295 $ $ $6,093 
One-to-four family residential5,390 285  3 5,678 
Construction and development1,699 (71) 1 1,629 
Commercial and industrial3,631 890 (7)10 4,524 
SBA PPP, net of deferred income318 6   324 
Tax-exempt680 6   686 
Consumer435 39 (88)57 443 
Total allowance for loan losses$17,951 $1,450 $(95)$71 $19,377 
The following table summarizes the activity in the allowance for loan losses by category for the twelve months ended December 31, 2020:
(in thousands)Beginning
Balance December 31, 2019
Provision
for Loan
Losses
 Charge-offs RecoveriesEnding
Balance December 31, 2020
Real estate:
Commercial real estate$3,454 $2,344 $ $ $5,798 
One-to-four family residential3,323 2,057  10 5,390 
Construction and development1,211 501 (14)1 1,699 
Commercial and industrial5,175 551 (2,184)89 3,631 
SBA PPP, net of deferred income 318   318 
Tax-exempt334 346   680 
Consumer440 176 (355)174 435 
Total allowance for loan losses$13,937 $6,293 $(2,553)$274 $17,951 
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The balance in the allowance for loan losses and the related recorded investment in loans by category as of March 31, 2021, are as follows:
(in thousands)Individually
Evaluated
for
Impairment
Collectively
Evaluated
for
Impairment
Acquired with
Deteriorated
Credit
Quality
Total
Allowance for loan losses:
Real estate:
Commercial real estate$274 $5,819 $ $6,093 
One-to-four family residential38 5,640  5,678 
Construction and development 1,629  1,629 
Commercial and industrial481 4,043  4,524 
SBA PPP, net of deferred income 324  324 
Tax-exempt 686  686 
Consumer107 336  443 
Total allowance for loan losses$900 $18,477 $ $19,377 
Loans:
Real estate:
Commercial real estate$3,081 $559,535 $ $562,616 
One-to-four family residential1,064 446,356  447,420 
Construction and development 117,952  117,952 
Commercial and industrial3,950 262,230  266,180 
SBA PPP, net of deferred income 119,358  119,358 
Tax-exempt 66,554  66,554 
Consumer108 21,898  22,006 
Total loans HFI$8,203 $1,593,883 $ $1,602,086 
The balance in the allowance for loan losses and the related recorded investment in loans by category as of December 31, 2020, are as follows:
(in thousands)Individually
Evaluated
for
Impairment
Collectively
Evaluated
for
Impairment
Acquired with
Deteriorated
Credit
Quality
Total
Allowance for loan losses:
Real estate:
Commercial real estate$268 $5,530 $ $5,798 
One-to-four family residential45 5,345  5,390 
Construction and development 1,699  1,699 
Commercial and industrial540 3,091  3,631 
SBA PPP, net of deferred income 318  318 
Tax-exempt 680  680 
Consumer111 324  435 
Total allowance for loan losses$964 $16,987 $ $17,951 
Loans:
Real estate:
Commercial real estate$3,617 $553,152 $ $556,769 
One-to-four family residential1,126 441,763  442,889 
Construction and development 127,321  127,321 
Commercial and industrial3,979 246,449  250,428 
SBA PPP, net of deferred income 118,447  118,447 
Tax-exempt 68,666