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Red River Bancshares Inc. (RRBI+0.06%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $3.15 billion, an increase from $3.13 billion the previous year. Loans held for investment increased to $2.08 billion from $1.99 billion, while total deposits remained stable at $2.81 billion.
Net income for the year was $34.2 million, or $4.95 per diluted share, a slight decrease from $34.9 million, or $4.86 per diluted share, in 2023. The decrease in net income was attributed to higher operating expenses and lower noninterest income.
Net interest income rose to $89.3 million, driven by increased interest income on loans and securities, despite a rise in interest expenses. The net interest margin improved to 2.96% from 2.91% in the prior year.
The provision for credit losses increased to $1.2 million, reflecting potential economic challenges and loan growth. Nonperforming assets were $3.3 million, or 0.10% of total assets.
The company paid a quarterly cash dividend of $0.09 per share, totaling $0.36 for the year, and repurchased 327,085 shares of its common stock for $16.5 million.
Red River Bancshares expanded its banking network by opening a new banking center in the New Orleans market and purchasing property in Lafayette for future development.
The company remains focused on expanding market share in existing markets and exploring new market opportunities through strategic acquisitions and organic growth.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.