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Red River Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net income for the third quarter of 2024 at $8.8 million, or $1.27 per diluted share, compared to $8.0 million, or $1.16 per diluted share, in the second quarter of 2024.
Total assets were $3.10 billion as of September 30, 2024, a decrease from $3.13 billion at the end of 2023. This decrease is attributed to a reduction in deposits.
Deposits totaled $2.75 billion as of September 30, 2024, down from $2.80 billion as of December 31, 2023, due to seasonal outflows and income tax payments.
Loans held for investment increased to $2.06 billion, up from $1.99 billion at the end of 2023, driven by new loan activity across various markets.
The allowance for credit losses was $21.8 million, representing 1.06% of loans held for investment, with a provision for credit losses of $900,000 for the nine months ended September 30, 2024.
Nonperforming assets totaled $3.1 million, or 0.10% of total assets, as of September 30, 2024, an increase from $2.6 million at the end of 2023.
Stockholders’ equity increased to $324.3 million, up from $303.9 million as of December 31, 2023, due to net income and adjustments to accumulated other comprehensive income.
The company repurchased 276,453 shares of common stock for $13.8 million during the nine months ended September 30, 2024.
Red River Bancshares continues to maintain strong capital levels, with a stockholders’ equity to assets ratio of 10.46% and a total risk-based capital ratio of 18.07% as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Red River Bancshares Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.