Red River Bancshares(RRBI) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $10.4 million, an increase of$ 1.0 million, or 11.2%, from Q4 2024, and up $2.2 million, or 26.4%, from Q1 2024[2] - Net income for the three months ended March 31, 2025, was$ 10,352,000, an increase of 11.25% from $9,306,000 in the previous quarter and 26.56% from$ 8,188,000 in the same quarter last year[52] - Earnings per share (diluted) increased to $1.52, up from$ 1.37 in the previous quarter and $1.16 in the same quarter last year, representing a year-over-year growth of 30.34%[52] - The efficiency ratio improved to 55.51%, down from 58.71% in the previous quarter and 60.37% a year ago, indicating better cost management[52] - Return on average assets improved to 1.32%, compared to 1.18% in the previous quarter and 1.07% a year ago, reflecting enhanced asset utilization[52] Income and Revenue - Net interest income for Q1 2025 was$ 24.6 million, which was $923,000, or 3.9%, higher than the prior quarter[11] - Noninterest income totaled$ 5.3 million for Q1 2025, an increase of $277,000, or 5.5%, compared to the previous quarter[15] - Net interest income for the quarter was$ 24,610,000, up from $23,687,000 in the previous quarter and$ 21,363,000 in the same quarter last year, reflecting a year-over-year increase of 15.66%[52] - Net interest income rose to $24,610 thousand for the three months ended March 31, 2025, up from$ 23,687 thousand in the previous quarter, representing an increase of 3.89%[54] Assets and Liabilities - As of March 31, 2025, total assets were $3.19 billion, an increase of$ 36.8 million, or 1.2%, from December 31, 2024[23] - Total assets reached $3,186,432,000, a 1.17% increase from$ 3,149,594,000 at the end of the previous quarter and a 2.74% increase from $3,101,750,000 a year ago[50] - Total deposits totaled$ 2.83 billion as of March 31, 2025, an increase of $20.6 million, or 0.7%, compared to December 31, 2024[5] - Total deposits rose to$ 2,825,676,000, a 0.25% increase from $2,805,106,000 in the previous quarter and a 2.85% increase from$ 2,747,125,000 a year ago[50] Loans and Credit Quality - Loans held for investment increased by $39.7 million, or 1.9%, to$ 2.11 billion as of March 31, 2025[23] - Nonperforming loans to loans held for investment ratio increased to 0.24%, compared to 0.16% in the previous quarter and 0.12% a year ago, suggesting a slight deterioration in credit quality[52] - The provision for credit losses was $450,000 for Q1 2025, an increase of$ 150,000 from the prior quarter[14] - The company reported a provision for credit losses of $450,000, an increase from$ 300,000 in both the previous quarter and the same quarter last year, indicating a cautious approach to potential credit risks[52] Stockholders' Equity - Total stockholders' equity increased by $13.6 million, or 4.2%, to$ 333.3 million as of March 31, 2025, driven by $10.4 million of net income[40] - Stockholders' equity increased to$ 326,707 thousand as of March 31, 2025, compared to $323,029 thousand at the end of the previous quarter, showing a growth of 0.83%[54] - The tangible common equity (non-GAAP) was reported at$ 331,770 thousand as of March 31, 2025, up from $318,193 thousand in the previous quarter, indicating a solid capital position[59] - The total stockholders' equity to assets ratio improved to 10.46% as of March 31, 2025, compared to 10.15% in the previous quarter, indicating a stronger capital structure[59] Dividends - The quarterly cash dividend increased by 33.3% to$ 0.12 per share for Q1 2025, up from $0.09 per share for each quarter in 2024[3] - Cash dividends per share increased to$ 0.12, up from $0.09 in the previous quarter and the same as the previous year, indicating a stable dividend policy[52] Other Metrics - The net interest margin FTE increased by 13 basis points to 3.22% for Q1 2025, compared to 3.09% for the prior quarter[12] - The net interest margin improved to 3.17% for the three months ended March 31, 2025, compared to 3.04% in the previous quarter, indicating a positive trend in profitability[54] - The cost of deposits decreased to 1.61% for the three months ended March 31, 2025, down from 1.71% in the previous quarter, reflecting improved funding efficiency[54] - Nonperforming assets (NPAs) totaled$ 5.2 million as of March 31, 2025, an increase of $1.9 million, or 58.6%, from December 31, 2024[32]