Red River Bancshares(RRBI) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $9.3 million, or$1.37 per diluted share, a 6.3% increase from Q3 2024 and a 12.2% increase from Q4 2023[3] - Net income for the three months ended December 31, 2024, was $9,306,000, an increase from$8,754,000 in the previous quarter[47] - Net income for the year ended December 31, 2024, was $34,235,000, slightly down from$34,879,000 in 2023, indicating a decrease of 1.8%[51] - Earnings per share (diluted) increased to $1.37 for Q4 2024, compared to$1.27 in Q3 2024[47] - The return on average assets improved to 1.18% in Q4 2024, up from 1.13% in Q3 2024[47] - The efficiency ratio improved to 58.71% in Q4 2024, compared to 60.09% in Q3 2024, indicating better cost management[47] Income and Revenue - Net interest income for Q4 2024 was $23.7 million, a 5.5$5.0 million, a decrease of 7.8% from the previous quarter, mainly due to a loss on equity securities[15] - Total interest and dividend income increased to $35,630,000, up from$32,041,000 for the same period in 2023, representing a growth of 11.1%[51] - Net interest income after provision for credit losses for the year ended December 31, 2024, was $88,094,000, compared to$85,703,000 for the previous year, reflecting an increase of 2.0%[51] - Total noninterest income for the year ended December 31, 2024, was $20,441,000, a decrease of 3.2$21,114,000 in 2023[51] Assets and Liabilities - Total assets as of December 31, 2024, were $3.15 billion, a 1.5$58.0 million increase in deposits[20] - Total assets reached $3,149,594,000 as of December 31, 2024, up from$3,101,750,000 at the end of Q3 2024[49] - Total assets grew to $3,149,594 thousand in 2024 from$3,128,810 thousand in 2023, reflecting an increase of 0.7%[59] - Total stockholders' equity decreased by $4.6 million, or 1.4$319.7 million as of December 31, 2024, primarily due to market adjustments and stock repurchases[39] - Total stockholders' equity reached $319,739 thousand as of December 31, 2024, up from$303,851 thousand in 2023, marking a growth of 5.2%[59] Loans and Deposits - Loans held for investment increased to $2.08 billion, a 0.9$2.81 billion, reflecting a growth of $58.0 million or 2.1$2.08 billion, a slight increase of 0.9% from $2.06 billion as of September 30, 2024[25][26] - Noninterest-bearing demand deposits decreased by$15.9 million, or 1.8%, while total interest-bearing deposits increased by $73.9 million, or 4.0$106.2 million[25] Credit Quality - The provision for credit losses for Q4 2024 was $300,000, reflecting potential economic challenges and increased unfunded loan commitments[14] - The allowance for credit losses (ACL) was$21.7 million, representing 1.05% of loans HFI, slightly down from 1.06% as of September 30, 2024[31] - The ratio of non-performing assets (NPAs) to total assets remained stable at 0.10% as of December 31, 2024[30] - Nonperforming loans to loans held for investment (HFI) ratio was 0.16% in Q4 2024, slightly up from 0.15% in Q3 2024[47] - The provision for credit losses for the year ended December 31, 2024, was $1,200,000, compared to$735,000 in 2023, reflecting an increase of 63.5%[51] Stock and Shareholder Information - The company repurchased 327,085 shares in 2024, positively impacting earnings per share by $0.14[6] - The stock repurchase program for 2025 has been renewed, authorizing up to$5.0 million in share repurchases[6] - Cash dividends per share remained stable at $0.09 for both Q4 2024 and Q3 2024[47] - Book value per share increased to$47.18 in 2024 from $42.85 in 2023, representing an increase of 10.3%[59] Future Plans and Strategies - The company plans to build a new banking center in Lafayette, Louisiana, as part of its organic expansion strategy[14]