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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: September 30, 2022

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.
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 October 31, 2022, the registrant had 7,183,915 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.
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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
AOCIAccumulated other comprehensive income or loss
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
CCBCapital conservation buffer
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
CRACommunity Reinvestment Act
Director Compensation ProgramAmended 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 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
FOMCFederal Open Market Committee
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
HTMHeld-to-maturity
LDPOLoan and deposit production office
LIBORLondon Interbank Offered Rate
MSAMetropolitan statistical area
NOWNegotiable order of withdrawal
NPA(s)Nonperforming asset(s)
OFIOffice of Financial Institutions
OTTIOther-than-temporary impairment
Policy StatementFederal Reserve’s Small Bank Holding Company Policy Statement
PPPPaycheck Protection Program
ReportQuarterly Report on Form 10-Q
SBASmall Business Administration
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ABBREVIATION OR ACRONYMDEFINITION
SBICSmall Business Investment Company
Securities ActSecurities Act of 1933, as amended
SECSecurities and Exchange Commission
TDR(s)Troubled debt restructuring(s)
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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:
business and economic conditions generally and in the financial services industry, nationally and within our local market areas;
the impact of COVID-19 (including the emergence of multiple COVID-19 variants) 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, the American Rescue Plan Act of 2021, and the Economic Aid Act, which established the SBA PPP, 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;
volatility and direction of market interest rates;
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 allowance for loan losses;
operational risks associated with our business;
natural disasters and adverse weather, acts of terrorism, pandemics, an outbreak of hostilities, including the ongoing military conflict between Russia and Ukraine, 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;
the cessation of LIBOR effective June 30, 2023, 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
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, 2021, 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, 2021. 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 factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot
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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)September 30,
2022
December 31,
2021
ASSETS
Cash and due from banks$39,465 $23,143 
Interest-bearing deposits in other banks261,608 761,721 
Total Cash and Cash Equivalents301,073 784,864 
Securities available-for-sale, at fair value609,748 659,178 
Securities held-to-maturity, at amortized cost154,736  
Equity securities, at fair value 7,846 
Nonmarketable equity securities3,460 3,450 
Loans held for sale1,536 4,290 
Loans held for investment1,879,669 1,683,832 
Allowance for loan losses(19,953)(19,176)
Premises and equipment, net52,820 48,056 
Accrued interest receivable7,782 6,245 
Bank-owned life insurance28,594 28,061 
Intangible assets1,546 1,546 
Right-of-use assets4,262 3,743 
Other assets34,405 12,775 
Total Assets$3,059,678 $3,224,710 
LIABILITIES
Noninterest-bearing deposits$1,172,157 $1,149,672 
Interest-bearing deposits1,624,337 1,760,676 
Total Deposits2,796,494 2,910,348 
Accrued interest payable1,194 1,310 
Lease liabilities4,377 3,842 
Accrued expenses and other liabilities14,200 11,060 
Total Liabilities2,816,265 2,926,560 
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 - 7,183,915 and 7,180,155 shares, respectively
60,050 60,233 
Additional paid-in capital2,014 1,814 
Retained earnings265,093 239,876 
Accumulated other comprehensive income (loss)(83,744)(3,773)
Total Stockholders’ Equity243,413 298,150 
Total Liabilities and Stockholders’ Equity
$3,059,678 $3,224,710 

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 September 30, For the Nine Months Ended September 30, 
(in thousands, except per share data)2022202120222021
INTEREST AND DIVIDEND INCOME
Interest and fees on loans$19,740 $16,993 $54,543 $50,509 
Interest on securities3,572 2,220 10,210 6,247 
Interest on federal funds sold317 20 458 67 
Interest on deposits in other banks1,238 202 2,160 432 
Dividends on stock19 7 22 9 
Total Interest and Dividend Income24,886 19,442 67,393 57,264 
INTEREST EXPENSE
Interest on deposits1,798 1,333 4,428 4,317 
Total Interest Expense1,798 1,333 4,428 4,317 
Net Interest Income23,088 18,109 62,965 52,947 
Provision for loan losses600 150 1,000 1,750 
Net Interest Income After Provision for Loan Losses22,488 17,959 61,965 51,197 
NONINTEREST INCOME
Service charges on deposit accounts1,488 1,258 4,205 3,457 
Debit card income, net934 1,094 2,926 3,344 
Mortgage loan income624 1,770 2,643 7,009 
Brokerage income870 851 2,536 2,491 
Loan and deposit income502 413 1,283 1,281 
Bank-owned life insurance income181 176 533 473 
Gain (Loss) on equity securities (41)(447)(100)
Gain (Loss) on sale and call of securities16  (59)193 
SBIC income231 136 401 616 
Other income (loss)21 (14)107 57 
Total Noninterest Income4,867 5,643 14,128 18,821 
OPERATING EXPENSES
Personnel expenses8,853 7,956 25,879 24,087 
Occupancy and equipment expenses1,531 1,412 4,496 4,019 
Technology expenses653 734 2,118 2,144 
Advertising316 282 841 691 
Other business development expenses436 283 1,079 889 
Data processing expense604 528 1,484 1,445 
Other taxes650 527 1,933 1,584 
Loan and deposit expenses164 325 479 773 
Legal and professional expenses553 453 1,446 1,189 
Regulatory assessment expenses280 251 781 665 
Other operating expenses 1,001 933 3,037 2,753 
Total Operating Expenses15,041 13,684 43,573 40,239 
Income Before Income Tax Expense12,314 9,918 32,520 29,779 
Income tax expense
2,128 1,780 5,795 5,337 
Net Income$10,186 $8,138 $26,725 $24,442 
EARNINGS PER SHARE
Basic
$1.42 $1.12 $3.72 $3.35 
Diluted
$1.42 $1.12 $3.71 $3.34 
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 September 30, For the Nine Months Ended September 30, 
(in thousands)2022202120222021
Net income$10,186 $8,138 $26,725 $24,442 
Other comprehensive income (loss):
Unrealized net gain (loss) on securities arising during period(25,847)(1,416)(102,802)(8,645)
Tax effect5,428 297 21,589 1,815 
(Gain) Loss on sale and call of securities included in net income(16) 59 (193)
Tax effect3  (13)41 
Amortization of unrealized net gain (loss) on securities transferred to held-to-maturity623  1,513  
Tax effect(131) (317) 
Total other comprehensive income (loss)(19,940)(1,119)(79,971)(6,982)
Comprehensive Income (Loss)$(9,754)$7,019 $(53,246)$17,460 
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 CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
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 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 
Net income— — — 8,239 — 8,239 
Stock incentive plan— — 54 — — 54 
Forfeiture of restricted shares of common stock(100)— — — — — 
Repurchase of common stock under stock repurchase program(21,653)(1,159)— — — (1,159)
Cash dividend - $0.07 per share
— — — (510)— (510)
Other comprehensive income (loss)— — — — 1,389 1,389 
Balance as of June 30, 20217,284,994 $65,934 $1,692 $224,240 $1,058 $292,924 
Net income— — — 8,138 — 8,138 
Stock incentive plan— — 59 — — 59 
Issuance of restricted shares of common stock through stock incentive plan, net7,400 — — — — — 
Repurchase of common stock under stock repurchase program(15,994)(804)— — — (804)
Cash dividend - $0.07 per share
— — — (510)— (510)
Other comprehensive income (loss)— — — — (1,119)(1,119)
Balance as of September 30, 20217,276,400 $65,130 $1,751 $231,868 $(61)$298,688 
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 (CONTINUED) (UNAUDITED)
(dollars in thousands, except per 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, 20217,180,155 $60,233 $1,814 $239,876 $(3,773)$298,150 
Net income— — — 7,392 — 7,392 
Stock incentive plan— — 63 — — 63 
Issuance of shares of common stock as board compensation675 35 — — — 35 
Repurchase of common stock under stock repurchase program(4,465)(218)— — — (218)
Cash dividend - $0.07 per share
— — — (502)— (502)
Other comprehensive income (loss)— — — — (40,046)(40,046)
Balance as of March 31, 20227,176,365 $60,050 $1,877 $246,766 $(43,819)$264,874 
Net income— — — 9,147 — 9,147 
Stock incentive plan— — 63 — — 63 
Cash dividend - $0.07 per share
— — — (503)— (503)
Other comprehensive income (loss)— — — — (19,985)(19,985)
Balance as of June 30, 20227,176,365 $60,050 $1,940 $255,410 $(63,804)$253,596 
Net income— — — 10,186 — 10,186 
Stock incentive plan— — 74 — — 74 
Issuance of restricted shares of common stock through stock incentive plan, net7,550 — — — — — 
Cash dividend - $0.07 per share
— — — (503)— (503)
Other comprehensive income (loss)— — — — (19,940)(19,940)
Balance as of September 30, 20227,183,915 $60,050 $2,014 $265,093 $(83,744)$243,413 
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 Nine Months Ended September 30, 
(in thousands)20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$26,725 $24,442 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation1,516 1,409 
Amortization406 475 
Share-based compensation earned200 206 
Share-based board compensation earned59 34 
(Gain) Loss on other assets owned60 12 
Net (accretion) amortization on securities AFS278 1,888 
(Gain) Loss on sale and call of securities59 (193)
(Gain) Loss on equity securities447 100 
Provision for loan losses1,000 1,750 
Deferred income tax (benefit) expense377 (660)
Net (increase) decrease in loans HFS2,754 20,334 
Net (increase) decrease in accrued interest receivable(1,537)953 
Net (increase) decrease in BOLI(533)(473)
Net increase (decrease) in accrued interest payable(116)(434)
Net increase (decrease) in accrued income taxes payable621 (96)
Other operating activities, net3,027 323 
Net cash provided by (used in) operating activities35,343 50,070 
CASH FLOWS FROM INVESTING ACTIVITIES
Activity in securities AFS:
Sales31,762 111,522 
Maturities, principal repayments, and calls60,292 75,143 
Purchases(313,514)(267,191)
Activity in securities HTM:
Maturities, principal repayments, and calls13,074  
Sale of equity securities7,399  
Purchase of equity securities (4,000)
Purchase of nonmarketable equity securities(10)(2)
Capital contribution in partnerships(817)(123)
Net (increase) decrease in loans HFI(196,060)(34,946)
Purchase of bank owned life insurance  (5,000)
Proceeds from sales of foreclosed assets641 96 
Purchases of premises and equipment(6,321)(1,917)
Net cash provided by (used in) investing activities(403,554)(126,418)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits(113,854)364,223 
Repurchase of common stock(218)(2,981)
Cash dividends(1,508)(1,531)
Net cash provided by (used in) financing activities(115,580)359,711 
Net change in cash and cash equivalents(483,791)283,363 
Cash and cash equivalents - beginning of period784,864 447,201 
Cash and cash equivalents - end of period$301,073 $730,564 
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 Nine Months Ended September 30, 
(in thousands)20222021
SUPPLEMENTAL DISCLOSURES
Cash paid during the year for:
Interest
$4,545 $4,751 
Income taxes
$4,766 $6,114 
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES
Assets acquired in settlement of loans$ $266 
Transfers of investment securities from AFS to HTM, prior to market value adjustment$184,238 $ 
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, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
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, 2021, that were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 2022
ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments. The guidance issued in this update addressed lessors’ concerns by amending the lease classification requirements. The amendments in this update address an issue related to a lessor’s accounting for certain leases with variable lease payments. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if two criteria are met. Those criteria are that the lease would have been classified as a sales-type lease or a direct financing lease in accordance with GAAP, and that the lessor would have otherwise recognized a day-one loss. ASU 2021-05 was adopted as of January 1, 2022, and did not have a material impact on the Company’s consolidated financial statements.
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. The Company does not expect a material impact due to this update. As an SEC registrant with smaller reporting company filing status as determined on June 30, 2019, CECL is effective for the Company on 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. Based upon its preliminary CECL analysis as of September 30, 2022, the Company expects the adoption of ASU 2016-13 will result in a combined 1.0% to 5.0% increase in its allowance for credit losses and allowance for unfunded commitments. This increase is a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Also, ASU 2016-13 requires an allowance for expected credit losses for certain securities HTM. The Company currently does not hold any municipal securities HTM; therefore, it does not expect CECL to have a material impact related to securities HTM. Additionally, the adoption of ASU 2016-13 is not expected to have a significant impact on the Company’s regulatory capital ratios. The ultimate impact of adoption on January 1, 2023, could be significantly different than the Company’s current expectation as its modeling processes will be significantly influenced by the composition, characteristics, and quality of its loan and securities portfolios as well as the prevailing economic conditions and forecasts as of that date, notwithstanding any further refinements to its expected credit loss models.
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ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update address how to determine whether a contract liability is recognized by the acquirer in a business combination. The amendment also resolves the inconsistency of post-acquisition revenue recognition by providing specific guidance on how to recognize and measure acquired contract assets and contract liabilities from revenue contracts in a business combination. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This standard will be adopted by the Company on January 1, 2023. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.
ASU No. 2022-02 Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The guidance issued in this update eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors, but also enhances the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The guidance requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost. This standard is effective for the Company on January 1, 2023. The adoption of this guidance is not expected 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 $764.5 million as of September 30, 2022.
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 September 30, 2022, the estimated fair value of securities AFS was $609.7 million. The net unrealized loss on securities AFS increased $84.8 million for the nine months ended September 30, 2022, resulting in a net unrealized loss of $89.6 million as of September 30, 2022.
During the second quarter of 2022, the Company reclassified $166.3 million, net of $17.9 million of unrealized loss, or 20.5% of the securities portfolio from AFS to HTM. The securities were transferred at fair value, which became the cost basis for the securities HTM. The net unrealized loss will be 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. Securities HTM, which the Company has the intent and ability to hold until maturity, are carried at amortized cost. As of September 30, 2022, the amortized cost of securities HTM was $154.7 million.
Investment activity for the nine months ended September 30, 2022, included $313.5 million of securities purchased, partially offset by $31.8 million in sales and $73.4 million in maturities, principal repayments, and calls. There were no purchases or sales of securities HTM for the same period.
The amortized cost and estimated fair values of securities AFS and securities HTM are summarized in the following tables:
September 30, 2022
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$295,166 $ $(37,623)$257,543 
Municipal bonds220,078 1 (44,780)175,299 
U.S. Treasury securities176,500  (6,631)169,869 
U.S. agency securities7,596  (559)7,037 
Total Securities AFS$699,340 $1 $(89,593)$609,748 
Securities HTM:
Mortgage-backed securities$153,826 $ $(20,785)$133,041 
U.S. agency securities910  (114)796 
Total Securities HTM$154,736 $ $(20,899)$133,837 
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December 31, 2021
(in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Securities AFS:
Mortgage-backed securities$386,874 $1,112 $(8,460)$379,526 
Municipal bonds227,248 3,665 (942)229,971 
U.S. Treasury securities41,770  (154)41,616 
U.S. agency securities8,062 61 (58)8,065 
Total Securities AFS$663,954 $4,838 $(9,614)$659,178 
Securities HTM:
Mortgage-backed securities$ $ $