☒
|
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, no par value | RRBI | The Nasdaq Stock Market, LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer |
☒
|
Smaller reporting company |
☒
|
||||||||
Emerging growth company |
☒
|
Page
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PART I
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Financial Information
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Item 1.
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Item 2.
|
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Item 3.
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Item 4.
|
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PART II
|
Other Information
|
|||||||
Item 1.
|
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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ABBREVIATION OR ACRONYM | DEFINITION | |||||||
AFS | Available-for-sale | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
Basel III | Basel Committee's 2010 Regulatory Capital Framework (Third Accord) | |||||||
BOLI | Bank-owned life insurance | |||||||
bp(s) | Basis point(s) | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act, as amended | |||||||
CBLR | Community Bank Leverage Ratio | |||||||
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-19 | Coronavirus Disease 2019 | |||||||
Economic Aid Act | Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act | |||||||
Economic Growth Act | Economic Growth, Regulatory Relief, and Consumer Protection Act | |||||||
EPS | Earnings per share | |||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Federal Reserve | Board of Governors of the Federal Reserve System | |||||||
FHLB | Federal Home Loan Bank of Dallas | |||||||
FTE | Fully taxable equivalent basis | |||||||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||||||
HFI | Held for investment | |||||||
HFS | Held for sale | |||||||
IPO | Initial public offering | |||||||
MSA | Metropolitan statistical area | |||||||
NOW | Negotiable order of withdrawal | |||||||
NPA(s) | Nonperforming asset(s) | |||||||
OTTI | Other-than-temporary impairment | |||||||
PPP | Paycheck Protection Program | |||||||
PPP1 | PPP First Draw | |||||||
PPP2 | PPP Second Draw | |||||||
SBA | Small Business Administration | |||||||
SBIC | Small Business Investment Company | |||||||
Securities Act | Securities Act of 1933, as amended | |||||||
SEC | Securities and Exchange Commission | |||||||
TDR(s) | Troubled debt restructuring(s) |
(in thousands, except share amounts) |
June 30,
2021 |
December 31,
2020 |
|||||||||||||||
ASSETS | |||||||||||||||||
Cash and due from banks | $ | 33,728 | $ | 29,537 | |||||||||||||
Interest-bearing deposits in other banks | 633,744 | 417,664 | |||||||||||||||
Total Cash and Cash Equivalents | 667,472 | 447,201 | |||||||||||||||
Securities available-for-sale | 512,012 | 498,206 | |||||||||||||||
Equity securities | 3,961 | 4,021 | |||||||||||||||
Nonmarketable equity securities | 3,449 | 3,447 | |||||||||||||||
Loans held for sale | 12,291 | 29,116 | |||||||||||||||
Loans held for investment | 1,600,388 | 1,588,446 | |||||||||||||||
Allowance for loan losses | (19,460) | (17,951) | |||||||||||||||
Premises and equipment, net | 47,414 | 46,924 | |||||||||||||||
Accrued interest receivable | 6,039 | 6,880 | |||||||||||||||
Bank-owned life insurance | 27,710 | 22,413 | |||||||||||||||
Intangible assets | 1,546 | 1,546 | |||||||||||||||
Right-of-use assets | 3,950 | 4,154 | |||||||||||||||
Other assets | 11,704 | 8,231 | |||||||||||||||
Total Assets | $ | 2,878,476 | $ | 2,642,634 | |||||||||||||
LIABILITIES | |||||||||||||||||
Noninterest-bearing deposits | $ | 1,031,486 | $ | 943,615 | |||||||||||||
Interest-bearing deposits | 1,538,113 | 1,396,745 | |||||||||||||||
Total Deposits | 2,569,599 | 2,340,360 | |||||||||||||||
Accrued interest payable | 1,432 | 1,774 | |||||||||||||||
Lease liabilities | 4,042 | 4,233 | |||||||||||||||
Accrued expenses and other liabilities | 10,479 | 10,789 | |||||||||||||||
Total Liabilities | 2,585,552 | 2,357,156 | |||||||||||||||
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 - 7,284,994 and 7,325,333 shares
|
65,934 | 68,055 | |||||||||||||||
Additional paid-in capital | 1,692 | 1,545 | |||||||||||||||
Retained earnings | 224,240 | 208,957 | |||||||||||||||
Accumulated other comprehensive income (loss) | 1,058 | 6,921 | |||||||||||||||
Total Stockholders' Equity | 292,924 | 285,478 | |||||||||||||||
Total Liabilities and Stockholders' Equity
|
$ | 2,878,476 | $ | 2,642,634 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||||||||||||
Interest and fees on loans | $ | 16,351 | $ | 17,076 | $ | 33,517 | $ | 33,542 | |||||||||||||||
Interest on securities | 2,138 | 1,876 | 4,027 | 3,667 | |||||||||||||||||||
Interest on federal funds sold | 25 | 37 | 47 | 150 | |||||||||||||||||||
Interest on deposits in other banks | 129 | 32 | 229 | 238 | |||||||||||||||||||
Dividends on stock | 1 | 2 | 2 | 6 | |||||||||||||||||||
Total Interest and Dividend Income | 18,644 | 19,023 | 37,822 | 37,603 | |||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||
Interest on deposits | 1,397 | 2,051 | 2,984 | 4,543 | |||||||||||||||||||
Interest on other borrowed funds | — | 16 | — | 16 | |||||||||||||||||||
Total Interest Expense | 1,397 | 2,067 | 2,984 | 4,559 | |||||||||||||||||||
Net Interest Income | 17,247 | 16,956 | 34,838 | 33,044 | |||||||||||||||||||
Provision for loan losses | 150 | 1,525 | 1,600 | 2,028 | |||||||||||||||||||
Net Interest Income After Provision for Loan Losses | 17,097 | 15,431 | 33,238 | 31,016 | |||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||
Service charges on deposit accounts | 1,140 | 718 | 2,199 | 1,946 | |||||||||||||||||||
Debit card income, net | 1,204 | 896 | 2,250 | 1,651 | |||||||||||||||||||
Mortgage loan income | 2,357 | 1,947 | 5,239 | 2,835 | |||||||||||||||||||
Brokerage income | 806 | 395 | 1,640 | 1,139 | |||||||||||||||||||
Loan and deposit income | 395 | 627 | 868 | 927 | |||||||||||||||||||
Bank-owned life insurance income | 164 | 144 | 297 | 287 | |||||||||||||||||||
Gain (Loss) on equity securities | 11 | 33 | (59) | 96 | |||||||||||||||||||
Gain (Loss) on sale and call of securities | 34 | 840 | 193 | 1,223 | |||||||||||||||||||
SBIC income | 239 | 190 | 480 | 368 | |||||||||||||||||||
Other income | 53 | 33 | 71 | 82 | |||||||||||||||||||
Total Noninterest Income | 6,403 | 5,823 | 13,178 | 10,554 | |||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Personnel expenses | 8,110 | 7,646 | 16,131 | 14,995 | |||||||||||||||||||
Occupancy and equipment expenses | 1,329 | 1,235 | 2,608 | 2,419 | |||||||||||||||||||
Technology expenses | 744 | 615 | 1,408 | 1,202 | |||||||||||||||||||
Advertising | 226 | 215 | 409 | 476 | |||||||||||||||||||
Other business development expenses | 307 | 256 | 607 | 551 | |||||||||||||||||||
Data processing expense | 532 | 471 | 917 | 921 | |||||||||||||||||||
Other taxes | 532 | 438 | 1,057 | 875 | |||||||||||||||||||
Loan and deposit expenses | 193 | 273 | 448 | 519 | |||||||||||||||||||
Legal and professional expenses | 368 | 605 | 737 | 1,100 | |||||||||||||||||||
Regulatory assessment expenses | 213 | 139 | 414 | 164 | |||||||||||||||||||
Other operating expenses | 838 | 976 | 1,819 | 1,597 | |||||||||||||||||||
Total Operating Expenses | 13,392 | 12,869 | 26,555 | 24,819 | |||||||||||||||||||
Income Before Income Tax Expense | 10,108 | 8,385 | 19,861 | 16,751 | |||||||||||||||||||
Income tax expense
|
1,869 | 1,531 | 3,557 | 3,152 | |||||||||||||||||||
Net Income | $ | 8,239 | $ | 6,854 | $ | 16,304 | $ | 13,599 | |||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||||||||
Basic
|
$ | 1.13 | $ | 0.94 | $ | 2.23 | $ | 1.86 | |||||||||||||||
Diluted
|
$ | 1.13 | $ | 0.93 | $ | 2.22 | $ | 1.85 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income | $ | 8,239 | $ | 6,854 | $ | 16,304 | $ | 13,599 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized net gain (loss) on securities arising during period | 1,792 | 1,386 | (7,229) | 9,126 | |||||||||||||||||||
Tax effect | (377) | (291) | 1,518 | (1,916) | |||||||||||||||||||
(Gain) loss on sale of securities included in net income | (34) | (840) | (193) | (1,223) | |||||||||||||||||||
Tax effect | 8 | 177 | 41 | 257 | |||||||||||||||||||
Total other comprehensive income (loss) | 1,389 | 432 | (5,863) | 6,244 | |||||||||||||||||||
Comprehensive Income | $ | 9,628 | $ | 7,286 | $ | 10,441 | $ | 19,843 |
(in thousands, except share amounts) |
Common Shares Issued |
Common
Stock |
Additional Paid-In Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total
Stockholders' Equity |
|||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 7,306,221 | $ | 68,082 | $ | 1,269 | $ | 182,571 | $ | (24) | $ | 251,898 | ||||||||||||||||||||||||
Net income | — | — | — | 6,745 | — | 6,745 | |||||||||||||||||||||||||||||
Stock incentive plan | — | — | 64 | — | — | 64 | |||||||||||||||||||||||||||||
Issuance of shares of common stock through exercise of stock options | 14,720 | 8 | — | — | — | 8 | |||||||||||||||||||||||||||||
Issuance of shares of common stock as board compensation | 1,591 | 87 | — | — | — | 87 | |||||||||||||||||||||||||||||
Cash dividend - $0.06 per common share
|
— | — | — | (439) | — | (439) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 5,812 | 5,812 | |||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 7,322,532 | $ | 68,177 | $ | 1,333 | $ | 188,877 | $ | 5,788 | $ | 264,175 | ||||||||||||||||||||||||
Net income | — | — | — | 6,854 | — | 6,854 | |||||||||||||||||||||||||||||
Stock incentive plan | — | — | 96 | — | — | 96 | |||||||||||||||||||||||||||||
Cash dividend - $0.06 per common share
|
— | — | — | (440) | — | (440) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 432 | 432 | |||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 7,322,532 | $ | 68,177 | $ | 1,429 | $ | 195,291 | $ | 6,220 | $ | 271,117 | ||||||||||||||||||||||||
Balance as of December 31, 2020 | 7,325,333 | $ | 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 compensation | 1,075 | 56 | — | — | — | 56 | |||||||||||||||||||||||||||||
Repurchase of common stock under stock repurchase program | (19,661) | (1,018) | — | — | — | (1,018) | |||||||||||||||||||||||||||||
Cash dividend - $0.07 per common share
|
— | — | — | (511) | — | (511) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (7,252) | (7,252) | |||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 7,306,747 | $ | 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, 2021 | 7,284,994 | $ | 65,934 | $ | 1,692 | $ | 224,240 | $ | 1,058 | $ | 292,924 | ||||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 16,304 | $ | 13,599 | |||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|||||||||||||||||
Depreciation | 932 | 900 | |||||||||||||||
Amortization | 317 | 260 | |||||||||||||||
Share-based compensation earned | 147 | 160 | |||||||||||||||
Share-based board compensation earned | 26 | 35 | |||||||||||||||
(Gain) Loss on other assets owned | (22) | 9 | |||||||||||||||
Net (accretion) amortization on securities AFS | 1,407 | 1,293 | |||||||||||||||
(Gain) Loss on sale and call of securities | (193) | (1,223) | |||||||||||||||
Provision for loan losses | 1,600 | 2,028 | |||||||||||||||
Deferred income tax (benefit) expense | (1,119) | (292) | |||||||||||||||
Net (increase) decrease in loans HFS | 16,825 | (9,489) | |||||||||||||||
Net (increase) decrease in accrued interest receivable | 841 | (1,241) | |||||||||||||||
Net (increase) decrease in BOLI | (297) | (286) | |||||||||||||||
Net increase (decrease) in accrued interest payable | (342) | (228) | |||||||||||||||
Net increase (decrease) in accrued income taxes payable | (621) | 3,108 | |||||||||||||||
Other operating activities, net | (467) | 1,819 | |||||||||||||||
Net cash provided by (used in) operating activities | 35,338 | 10,452 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Activity in securities AFS: | |||||||||||||||||
Sales | 111,535 | 86,925 | |||||||||||||||
Maturities, principal repayments, and calls | 54,607 | 42,076 | |||||||||||||||
Purchases | (188,583) | (198,841) | |||||||||||||||
Purchase of nonmarketable equity securities | (2) | (2,091) | |||||||||||||||
Capital contribution in partnerships | (40) | — | |||||||||||||||
Net (increase) decrease in loans HFI | (12,299) | (177,480) | |||||||||||||||
Purchase of bank owned life insurance | (5,000) | — | |||||||||||||||
Proceeds from sales of foreclosed assets | 96 | 302 | |||||||||||||||
Purchases of premises and equipment | (1,422) | (615) | |||||||||||||||
Net cash provided by (used in) investing activities | (41,108) | (249,724) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Net increase (decrease) in deposits | 229,239 | 348,202 | |||||||||||||||
Proceeds from other borrowed funds | — | 50,000 | |||||||||||||||
Repayments of other borrowed funds | — | (50,000) | |||||||||||||||
Repurchase of common stock | (2,177) | — | |||||||||||||||
Proceeds from exercise of stock options | — | 8 | |||||||||||||||
Cash dividends | (1,021) | (879) | |||||||||||||||
Net cash provided by (used in) financing activities | 226,041 | 347,331 | |||||||||||||||
Net change in cash and cash equivalents | 220,271 | 108,059 | |||||||||||||||
Cash and cash equivalents - beginning of period | 447,201 | 133,292 | |||||||||||||||
Cash and cash equivalents - end of period | $ | 667,472 | $ | 241,351 | |||||||||||||
(in thousands) | For the Six Months Ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
SUPPLEMENTAL DISCLOSURES | |||||||||||
Cash paid during the year for: | |||||||||||
Interest
|
$ | 3,325 | $ | 4,788 | |||||||
Income taxes
|
$ | 5,311 | $ | 317 | |||||||
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||
Assets acquired in settlement of loans | $ | 266 | $ | 23 | |||||||
June 30, 2021 | |||||||||||||||||||||||
(in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
|||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | 296,205 | $ | 1,913 | $ | (4,340) | $ | 293,778 | |||||||||||||||
Municipal bonds | 207,413 | 4,142 | (504) | 211,051 | |||||||||||||||||||
U.S. agency securities | 7,055 | 153 | (25) | 7,183 | |||||||||||||||||||
Total Securities AFS | $ | 510,673 | $ | 6,208 | $ | (4,869) | $ | 512,012 |
December 31, 2020 | |||||||||||||||||||||||
(in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
|||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | 271,709 | $ | 3,450 | $ | (332) | $ | 274,827 | |||||||||||||||
Municipal bonds | 207,834 | 5,498 | (51) | 213,281 | |||||||||||||||||||
U.S. agency securities | 9,902 | 200 | (4) | 10,098 | |||||||||||||||||||
Total Securities AFS | $ | 489,445 | $ | 9,148 | $ | (387) | $ | 498,206 |
(in thousands) |
Amortized
Cost |
Fair
Value |
|||||||||
Within one year | $ | 4,069 | $ | 4,077 | |||||||
After one year but within five years | 30,116 | 30,758 | |||||||||
After five years but within ten years | 40,610 | 41,716 | |||||||||
After ten years | 435,878 | 435,461 | |||||||||
Total | $ | 510,673 | $ | 512,012 | |||||||
Less than twelve months | Twelve months or more | ||||||||||||||||||||||
(in thousands) |
Gross
Unrealized Losses |
Fair
Value |
Gross
Unrealized Losses |
Fair
Value |
|||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | (4,340) | $ | 214,411 | $ | — | $ | — | |||||||||||||||
Municipal bonds | (504) | 32,969 | — | — | |||||||||||||||||||
U.S. agency securities | (25) | 2,955 | — | — | |||||||||||||||||||
Total Securities AFS | $ | (4,869) | $ | 250,335 | $ | — | $ | — | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | (332) | $ | 72,367 | $ | — | $ | — | |||||||||||||||
Municipal bonds | (51) | 9,466 | — | — | |||||||||||||||||||
U.S. agency securities | (4) | 4,996 | — | — | |||||||||||||||||||
Total Securities AFS | $ | (387) | $ | 86,829 | $ | — | $ | — | |||||||||||||||
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Proceeds (1)
|
$ | 50,399 | $ | 55,765 | $ | 115,168 | $ | 86,925 | |||||||||||||||
Gross gain | $ | 408 | $ | 861 | $ | 850 | $ | 1,316 | |||||||||||||||
Gross loss | $ | (374) | $ | (21) | $ | (657) | $ | (93) |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Real estate: | |||||||||||
Commercial real estate | $ | 578,005 | $ | 556,769 | |||||||
One-to-four family residential | 462,611 | 442,889 | |||||||||
Construction and development | 101,073 | 127,321 | |||||||||
Commercial and industrial | 280,004 | 250,428 | |||||||||
SBA PPP, net of deferred income | 82,972 | 118,447 | |||||||||
Tax-exempt | 73,289 | 68,666 | |||||||||
Consumer | 22,434 | 23,926 | |||||||||
Total loans HFI | $ | 1,600,388 | $ | 1,588,446 | |||||||
Total loans HFS | $ | 12,291 | $ | 29,116 |
(in thousands) |
Beginning
Balance December 31, 2020 |
Provision
for Loan Losses |
Charge-offs | Recoveries |
Ending
Balance June 30, 2021 |
||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 5,798 | $ | 730 | $ | — | $ | — | $ | 6,528 | |||||||||||||||||||
One-to-four family residential | 5,390 | 412 | (10) | 7 | 5,799 | ||||||||||||||||||||||||
Construction and development | 1,699 | (326) | — | 1 | 1,374 | ||||||||||||||||||||||||
Commercial and industrial | 3,631 | 698 | (40) | 13 | 4,302 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | 318 | (91) | — | — | 227 | ||||||||||||||||||||||||
Tax-exempt | 680 | 69 | — | — | 749 | ||||||||||||||||||||||||
Consumer | 435 | 108 | (163) | 101 | 481 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 17,951 | $ | 1,600 | $ | (213) | $ | 122 | $ | 19,460 |
(in thousands) |
Beginning
Balance December 31, 2019 |
Provision
for Loan Losses |
Charge-offs | Recoveries |
Ending
Balance December 31, 2020 |
||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 3,454 | $ | 2,344 | $ | — | $ | — | $ | 5,798 | |||||||||||||||||||
One-to-four family residential | 3,323 | 2,057 | — | 10 | 5,390 | ||||||||||||||||||||||||
Construction and development | 1,211 | 501 | (14) | 1 | 1,699 | ||||||||||||||||||||||||
Commercial and industrial | 5,175 | 551 | (2,184) | 89 | 3,631 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | — | 318 | — | — | 318 | ||||||||||||||||||||||||
Tax-exempt | 334 | 346 | — | — | 680 | ||||||||||||||||||||||||
Consumer | 440 | 176 | (355) | 174 | 435 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 13,937 | $ | 6,293 | $ | (2,553) | $ | 274 | $ | 17,951 |
(in thousands) |
Individually
Evaluated for Impairment |
Collectively
Evaluated for Impairment |
Acquired with
Deteriorated Credit Quality |
Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 614 | $ | 5,914 | $ | — | $ | 6,528 | |||||||||||||||
One-to-four family residential | 11 | 5,788 | — | 5,799 | |||||||||||||||||||
Construction and development | — | 1,374 | — | 1,374 | |||||||||||||||||||
Commercial and industrial | 10 | 4,292 | — | 4,302 | |||||||||||||||||||
SBA PPP, net of deferred income | — | 227 | — | 227 | |||||||||||||||||||
Tax-exempt | — | 749 | — | 749 | |||||||||||||||||||
Consumer | 106 | 375 | — | 481 | |||||||||||||||||||
Total allowance for loan losses | $ | 741 | $ | 18,719 | $ | — | $ | 19,460 | |||||||||||||||
Loans: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 3,610 | $ | 574,395 | $ | — | $ | 578,005 | |||||||||||||||
One-to-four family residential | 401 | 462,210 | — | 462,611 | |||||||||||||||||||
Construction and development | 750 | 100,323 | — | 101,073 | |||||||||||||||||||
Commercial and industrial | 800 | 279,204 | — | 280,004 | |||||||||||||||||||
SBA PPP, net of deferred income | — | 82,972 | — | 82,972 | |||||||||||||||||||
Tax-exempt | — | 73,289 | — | 73,289 | |||||||||||||||||||
Consumer | 106 | 22,328 | — | 22,434 | |||||||||||||||||||
Total loans HFI | $ | 5,667 | $ | 1,594,721 | $ | — | $ | 1,600,388 |
(in thousands) |
Individually
Evaluated for Impairment |
Collectively
Evaluated for Impairment |
Acquired with
Deteriorated Credit Quality |
Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 268 | $ | 5,530 | $ | — | $ | 5,798 | |||||||||||||||
One-to-four family residential | 45 | 5,345 | — | 5,390 | |||||||||||||||||||
Construction and development | — | 1,699 | — | 1,699 | |||||||||||||||||||
Commercial and industrial | 540 | 3,091 | — | 3,631 | |||||||||||||||||||
SBA PPP, net of deferred income | — | 318 | — | 318 | |||||||||||||||||||
Tax-exempt | — | 680 | — | 680 | |||||||||||||||||||
Consumer | 111 | 324 | — | 435 | |||||||||||||||||||
Total allowance for loan losses | $ | 964 | $ | 16,987 | $ | — | $ | 17,951 | |||||||||||||||
Loans: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 3,617 | $ | 553,152 | $ | — | $ | 556,769 | |||||||||||||||
One-to-four family residential | 1,126 | 441,763 | — | 442,889 | |||||||||||||||||||
Construction and development | — | 127,321 | — | 127,321 | |||||||||||||||||||
Commercial and industrial | 3,979 | 246,449 | — | 250,428 | |||||||||||||||||||
SBA PPP, net of deferred income | — | 118,447 | — | 118,447 | |||||||||||||||||||
Tax-exempt | — | 68,666 | — | 68,666 | |||||||||||||||||||
Consumer | 114 | 23,812 | — | 23,926 | |||||||||||||||||||
Total loans HFI | $ | 8,836 | $ | 1,579,610 | $ | — | $ | 1,588,446 |
Accruing | |||||||||||||||||||||||||||||
(in thousands) | Current |
30-89 Days
Past Due |
90 Days
or More Past Due |
Nonaccrual |
Total
Loans |
||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 577,258 | $ | — | $ | — | $ | 747 | $ | 578,005 | |||||||||||||||||||
One-to-four family residential | 462,380 | — | — | 231 | 462,611 | ||||||||||||||||||||||||
Construction and development | 100,824 | — | — | 249 | 101,073 | ||||||||||||||||||||||||
Commercial and industrial | 279,198 | 7 | — | 799 | 280,004 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | 82,972 | — | — | — | 82,972 | ||||||||||||||||||||||||
Tax-exempt | 73,289 | — | — | — | 73,289 | ||||||||||||||||||||||||
Consumer | 22,396 | 37 | 1 | — | 22,434 | ||||||||||||||||||||||||
Total loans HFI | $ | 1,598,317 | $ | 44 | $ | 1 | $ | 2,026 | $ | 1,600,388 |
Accruing | |||||||||||||||||||||||||||||
(in thousands) | Current |
30-89 Days
Past Due |
90 Days
or More Past Due |
Nonaccrual |
Total
Loans |
||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 554,861 | $ | 62 | $ | — | $ | 1,846 | $ | 556,769 | |||||||||||||||||||
One-to-four family residential | 442,096 | 219 | — | 574 | 442,889 | ||||||||||||||||||||||||
Construction and development | 127,258 | 63 | — | — | 127,321 | ||||||||||||||||||||||||
Commercial and industrial | 249,453 | 93 | — | 882 | 250,428 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | 118,447 | — | — | — | 118,447 | ||||||||||||||||||||||||
Tax-exempt | 68,666 | — | — | — | 68,666 | ||||||||||||||||||||||||
Consumer | 23,891 | 27 | 3 | 5 | 23,926 | ||||||||||||||||||||||||
Total loans HFI | $ | 1,584,672 | $ | 464 | $ | 3 | $ | 3,307 | $ | 1,588,446 |
(in thousands) |
Unpaid
Principal Balance |
Recorded
Investment |
Related
Allowance |
Average
Recorded Investment |
|||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 1,659 | $ | 1,656 | $ | — | $ | 1,488 | |||||||||||||||
One-to-four family residential | 343 | 311 | — | 652 | |||||||||||||||||||
Construction and development | 750 | 750 | — | 250 | |||||||||||||||||||
Commercial and industrial | 1,730 | 786 | — | 323 | |||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | |||||||||||||||||||
Tax-exempt | — | — | — | — | |||||||||||||||||||
Consumer | — | — | — | 1 | |||||||||||||||||||
Total with no related allowance | 4,482 | 3,503 | — | 2,714 | |||||||||||||||||||
With allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | 1,958 | 1,954 | 614 | 1,947 | |||||||||||||||||||
One-to-four family residential | 90 | 90 | 11 | 212 | |||||||||||||||||||
Construction and development | — | — | — | — | |||||||||||||||||||
Commercial and industrial | 14 | 14 | 10 | 2,587 | |||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | |||||||||||||||||||
Tax-exempt | — | — | — | — | |||||||||||||||||||
Consumer | 106 | 106 | 106 | 109 | |||||||||||||||||||
Total with related allowance | 2,168 | 2,164 | 741 | 4,855 | |||||||||||||||||||
Total impaired loans | $ | 6,650 | $ | 5,667 | $ | 741 | $ | 7,569 |
(in thousands) |
Unpaid
Principal Balance |
Recorded
Investment |
Related
Allowance |
Average
Recorded Investment |
|||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 1,459 | $ | 1,428 | $ | — | $ | 1,417 | |||||||||||||||
One-to-four family residential | 891 | 827 | — | 987 | |||||||||||||||||||
Construction and development | — | — | — | — | |||||||||||||||||||
Commercial and industrial | 92 | 92 | — | 1,173 | |||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | |||||||||||||||||||
Tax-exempt | — | — | — | — | |||||||||||||||||||
Consumer | 1 | 1 | — | 2 | |||||||||||||||||||
Total with no related allowance | 2,443 | 2,348 | — | 3,579 | |||||||||||||||||||
With allowance recorded: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | 2,402 | 2,189 | 268 | 1,533 | |||||||||||||||||||
One-to-four family residential | 306 | 299 | 45 | 234 | |||||||||||||||||||
Construction and development | — | — | — | 8 | |||||||||||||||||||
Commercial and industrial | 4,854 | 3,887 | 540 | 6,521 | |||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | |||||||||||||||||||
Tax-exempt | — | — | — | — | |||||||||||||||||||
Consumer | 114 | 113 | 111 | 103 | |||||||||||||||||||
Total with related allowance | 7,676 | 6,488 | 964 | 8,399 | |||||||||||||||||||
Total impaired loans | $ | 10,119 | $ | 8,836 | $ | 964 | $ | 11,978 |
(dollars in thousands) | Current |
30-89
Days Past Due |
90 Days
or More Past Due |
Nonaccrual |
Total
TDRs |
||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,782 | $ | — | $ | — | $ | — | $ | 1,782 | |||||||||||||||||||
One-to-four family residential | 296 | — | — | — | 296 | ||||||||||||||||||||||||
Construction and development | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | — | ||||||||||||||||||||||||
Tax-exempt | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 2,078 | $ | — | $ | — | $ | — | $ | 2,078 | |||||||||||||||||||
Number of TDR loans | 10 | — | — | — | 10 |
(dollars in thousands) | Current |
30-89
Days Past Due |
90 Days
or More Past Due |
Nonaccrual |
Total
TDRs |
||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,151 | $ | — | $ | — | $ | 1,212 | $ | 2,363 | |||||||||||||||||||
One-to-four family residential | 303 | — | — | — | 303 | ||||||||||||||||||||||||
Construction and development | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | — | — | — | 5 | 5 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | — | ||||||||||||||||||||||||
Tax-exempt | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 1,454 | $ | — | $ | — | $ | 1,217 | $ | 2,671 | |||||||||||||||||||
Number of TDR loans | 8 | — | — | 4 | 12 |
(in thousands) | Pass |
Special
Mention |
Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 573,788 | $ | 521 | $ | 3,696 | $ | — | $ | — | $ | 578,005 | |||||||||||||||||||||||
One-to-four family residential | 461,909 | 331 | 371 | — | — | 462,611 | |||||||||||||||||||||||||||||
Construction and development | 100,466 | — | 607 | — | — | 101,073 | |||||||||||||||||||||||||||||
Commercial and industrial | 274,360 | 2,016 | 3,628 | — | — | 280,004 | |||||||||||||||||||||||||||||
SBA PPP, net of deferred income | 82,972 | — | — | — | — | 82,972 | |||||||||||||||||||||||||||||
Tax-exempt | 73,289 | — | — | — | — | 73,289 | |||||||||||||||||||||||||||||
Consumer | 22,327 | — | 107 | — | — | 22,434 | |||||||||||||||||||||||||||||
Total loans HFI | $ | 1,589,111 | $ | 2,868 | $ | 8,409 | $ | — | $ | — | $ | 1,600,388 |
(in thousands) | Pass |
Special
Mention |
Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 551,954 | $ | 555 | $ | 4,260 | $ | — | $ | — | $ | 556,769 | |||||||||||||||||||||||
One-to-four family residential | 441,374 | 486 | 1,029 | — | — | 442,889 | |||||||||||||||||||||||||||||
Construction and development | 126,542 | — | 779 | — | — | 127,321 | |||||||||||||||||||||||||||||
Commercial and industrial | 245,043 | 1,310 | 4,075 | — | — | 250,428 | |||||||||||||||||||||||||||||
SBA PPP, net of deferred income | 118,447 | — | — | — | — | 118,447 | |||||||||||||||||||||||||||||
Tax-exempt | 68,666 | — | — | — | — | 68,666 | |||||||||||||||||||||||||||||
Consumer | 23,813 | — | 113 | — | — | 23,926 | |||||||||||||||||||||||||||||
Total loans HFI | $ | 1,575,839 | $ | 2,351 | $ | 10,256 | $ | — | $ | — | $ | 1,588,446 |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Noninterest-bearing deposits | $ | 1,031,486 | $ | 943,615 | |||||||
Interest-bearing deposits: | |||||||||||
NOW accounts | 383,753 | 402,572 | |||||||||
Money market accounts | 637,845 | 506,902 | |||||||||
Savings accounts | 173,428 | 146,264 | |||||||||
Time deposits < $100,000 | 110,105 | 108,982 | |||||||||
Time deposits $100,000 to $250,000 | 137,879 | 138,683 | |||||||||
Time deposits > $250,000 | 95,103 | 93,342 | |||||||||
Total interest-bearing deposits | 1,538,113 | 1,396,745 | |||||||||
Total deposits | $ | 2,569,599 | $ | 2,340,360 |
(in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Loans HFS | $ | 12,291 | $ | — | $ | 12,291 | $ | — | |||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | 293,778 | — | 293,778 | — | |||||||||||||||||||
Municipal bonds | 211,051 | — | 211,051 | — | |||||||||||||||||||
U.S. agency securities | 7,183 | — | 7,183 | — | |||||||||||||||||||
Equity securities | 3,961 | 3,961 | — | — | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Loans HFS | $ | 29,116 | $ | — | $ | 29,116 | $ | — | |||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | 274,827 | — | 274,827 | — | |||||||||||||||||||
Municipal bonds | 213,281 | — | 213,281 | — | |||||||||||||||||||
U.S. agency securities | 10,098 | — | 10,098 | — | |||||||||||||||||||
Equity securities | 4,021 | 4,021 | — | — |
For the Six Months Ended | |||||||||||
(in thousands) | June 30, 2021 | June 30, 2020 | |||||||||
Carrying value of impaired loans before allowance for loan losses | $ | 1,537 | $ | 585 | |||||||
Specific allowance for loan losses | (10) | (290) | |||||||||
Fair value of impaired loans | $ | 1,527 | $ | 295 |
For the Six Months Ended | |||||||||||
(in thousands) | June 30, 2021 | June 30, 2020 | |||||||||
Foreclosed assets remeasured at initial recognition: | |||||||||||
Carrying value of foreclosed assets prior to remeasurement | $ | 266 | $ | 23 | |||||||
Charge-offs | — | — | |||||||||
Fair value of foreclosed assets | $ | 266 | $ | 23 |
(dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Discount Ranges | Weighted Average Discount | ||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Impaired loans | $ | 4,926 | Discounted appraisals | Collateral discounts and costs to sell |
0% - 100%
|
13.08% | |||||||||||||||||||||||
Foreclosed assets | $ | 1,059 | Discounted appraisals | Collateral discounts and costs to sell | N/A | N/A | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Impaired loans | $ | 7,872 | Discounted appraisals | Collateral discounts and costs to sell |
0% - 100%
|
10.91% | |||||||||||||||||||||||
Foreclosed assets | $ | 896 | Discounted appraisals | Collateral discounts and costs to sell |
0% - 13%
|
1.86% |
(in thousands) |
Carrying
Amount |
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 33,728 | $ | 33,728 | $ | 33,728 | $ | — | $ | — | |||||||||||||||||||
Interest-bearing deposits in other banks | 633,744 | 633,744 | 633,744 | — | — | ||||||||||||||||||||||||
Securities AFS | 512,012 | 512,012 | — | 512,012 | — | ||||||||||||||||||||||||
Equity securities | 3,961 | 3,961 | 3,961 | — | — | ||||||||||||||||||||||||
Nonmarketable equity securities | 3,449 | 3,449 | — | 3,449 | — | ||||||||||||||||||||||||
Loans HFS | 12,291 | 12,291 | — | 12,291 | — | ||||||||||||||||||||||||
Loans HFI, net of allowance | 1,580,928 | 1,588,641 | — | — | 1,588,641 | ||||||||||||||||||||||||
Accrued interest receivable | 6,039 | 6,039 | — | — | 6,039 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 2,569,599 | 2,572,486 | — | 2,572,486 | — | ||||||||||||||||||||||||
Accrued interest payable | 1,432 | 1,432 | — | 1,432 | — | ||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 29,537 | $ | 29,537 | $ | 29,537 | $ | — | $ | — | |||||||||||||||||||
Interest-bearing deposits in other banks | 417,664 | 417,664 | 417,664 | — | — | ||||||||||||||||||||||||
Securities AFS | 498,206 | 498,206 | — | 498,206 | — | ||||||||||||||||||||||||
Equity securities | 4,021 | 4,021 | 4,021 | — | — | ||||||||||||||||||||||||
Nonmarketable equity securities | 3,447 | 3,447 | — | 3,447 | — | ||||||||||||||||||||||||
Loans HFS | 29,116 | 29,116 | — | 29,116 | — | ||||||||||||||||||||||||
Loans HFI, net of allowance | 1,570,495 | 1,578,398 | — | — | 1,578,398 | ||||||||||||||||||||||||
Accrued interest receivable | 6,880 | 6,880 | — | — | 6,880 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 2,340,360 | 2,344,969 | — | 2,344,969 | — | ||||||||||||||||||||||||
Accrued interest payable | 1,774 | 1,774 | — | 1,774 | — |
Regulatory Requirements | |||||||||||||||||||||||||||||||||||
Actual | Minimum | Minimum Plus CCB | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | $ | 289,125 | 17.83 | % | $ | 129,746 | 8.00 | % | $ | 170,291 | 10.50 | % | |||||||||||||||||||||||
Tier I Risk-Based Capital | $ | 269,665 | 16.63 | % | $ | 97,309 | 6.00 | % | $ | 137,855 | 8.50 | % | |||||||||||||||||||||||
Common Equity Tier I Capital | $ | 269,665 | 16.63 | % | $ | 72,982 | 4.50 | % | $ | 113,527 | 7.00 | % | |||||||||||||||||||||||
Tier I Leverage Capital | $ | 269,665 | 9.41 | % | $ | 114,627 | 4.00 | % | $ | 114,627 | 4.00 | % | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | $ | 271,061 | 17.17 | % | $ | 126,307 | 8.00 | % | $ | 165,778 | 10.50 | % | |||||||||||||||||||||||
Tier I Risk-Based Capital | $ | 253,110 | 16.03 | % | $ | 94,731 | 6.00 | % | $ | 134,202 | 8.50 | % | |||||||||||||||||||||||
Common Equity Tier I Capital | $ | 253,110 | 16.03 | % | $ | 71,048 | 4.50 | % | $ | 110,519 | 7.00 | % | |||||||||||||||||||||||
Tier I Leverage Capital | $ | 253,110 | 9.98 | % | $ | 101,495 | 4.00 | % | $ | 101,495 | 4.00 | % |
Actual | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | |||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | $ | 309,780 | 19.10 | % | |||||||||||||||||||||||||||||||
Tier I Risk-Based Capital | $ | 290,320 | 17.90 | % | |||||||||||||||||||||||||||||||
Common Equity Tier I Capital | $ | 290,320 | 17.90 | % | |||||||||||||||||||||||||||||||
Tier I Leverage Capital | $ | 290,320 | 10.13 | % | |||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | $ | 294,962 | 18.68 | % | |||||||||||||||||||||||||||||||
Tier I Risk-Based Capital | $ | 277,011 | 17.55 | % | |||||||||||||||||||||||||||||||
Common Equity Tier I Capital | $ | 277,011 | 17.55 | % | |||||||||||||||||||||||||||||||
Tier I Leverage Capital | $ | 277,011 | 10.92 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income - basic | $ | 8,239 | $ | 6,854 | $ | 16,304 | $ | 13,599 | |||||||||||||||
Net income - diluted | $ | 8,239 | $ | 6,854 | $ | 16,304 | $ | 13,599 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding - basic | 7,300,040 | 7,322,532 | 7,308,968 | 7,317,906 | |||||||||||||||||||
Plus: Effect of Director Compensation Program | 283 | 869 | 514 | 800 | |||||||||||||||||||
Plus: Effect of stock options and restricted stock | 19,028 | 25,371 | 19,028 | 32,204 | |||||||||||||||||||
Weighted average shares outstanding - diluted | 7,319,351 | 7,348,772 | 7,328,510 | 7,350,910 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 1.13 | $ | 0.94 | $ | 2.23 | $ | 1.86 | |||||||||||||||
Diluted | $ | 1.13 | $ | 0.93 | $ | 2.22 | $ | 1.85 |
As of |
Change from
December 31, 2020 to June 30, 2021 |
||||||||||||||||||||||
(dollars in thousands) |
June 30,
2021 |
December 31,
2020 |
$ Change | % Change | |||||||||||||||||||
Selected Period End Balance Sheet Data: | |||||||||||||||||||||||
Total assets | $ | 2,878,476 | $ | 2,642,634 | $ | 235,842 | 8.9 | % | |||||||||||||||
Interest-bearing deposits in other banks | 633,744 | 417,664 | 216,080 | 51.7 | % | ||||||||||||||||||
Securities available-for-sale | 512,012 | 498,206 | 13,806 | 2.8 | % | ||||||||||||||||||
Loans held for investment | 1,600,388 | 1,588,446 | 11,942 | 0.8 | % | ||||||||||||||||||
Total deposits | 2,569,599 | 2,340,360 | 229,239 | 9.8 | % | ||||||||||||||||||
Total stockholders’ equity | 292,924 | 285,478 | 7,446 | 2.6 | % |
As of and for the
Three Months Ended |
As of and for the
Six Months Ended |
||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||
2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Net Income | $ | 8,239 | $ | 8,065 | $ | 6,854 | $ | 16,304 | $ | 13,599 | |||||||||||||||||||
Per Common Share Data: | |||||||||||||||||||||||||||||
Earnings per share, basic | $ | 1.13 | $ | 1.10 | $ | 0.94 | $ | 2.23 | $ | 1.86 | |||||||||||||||||||
Earnings per share, diluted | $ | 1.13 | $ | 1.10 | $ | 0.93 | $ | 2.22 | $ | 1.85 | |||||||||||||||||||
Book value per share | $ | 40.21 | $ | 38.99 | $ | 37.03 | $ | 40.21 | $ | 37.03 | |||||||||||||||||||
Tangible book value per share(1,2)
|
$ | 40.00 | $ | 38.78 | $ | 36.81 | $ | 40.00 | $ | 36.81 | |||||||||||||||||||
Cash dividends per share | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.14 | $ | 0.12 | |||||||||||||||||||
Shares outstanding | 7,284,994 | 7,306,747 | 7,322,532 | 7,284,994 | 7,322,532 | ||||||||||||||||||||||||
Weighted average shares outstanding, basic
|
7,300,040 | 7,317,995 | 7,322,532 | 7,308,968 | 7,317,906 | ||||||||||||||||||||||||
Weighted average shares outstanding, diluted
|
7,319,351 | 7,337,151 | 7,348,772 | 7,328,510 | 7,350,910 | ||||||||||||||||||||||||
Summary Performance Ratios: | |||||||||||||||||||||||||||||
Return on average assets | 1.15 | % | 1.20 | % | 1.20 | % | 1.18 | % | 1.27 | % | |||||||||||||||||||
Return on average equity | 11.41 | % | 11.36 | % | 10.30 | % | 11.38 | % | 10.41 | % | |||||||||||||||||||
Net interest margin | 2.48 | % | 2.69 | % | 3.07 | % | 2.58 | % | 3.20 | % | |||||||||||||||||||
Net interest margin FTE(3)
|
2.54 | % | 2.76 | % | 3.12 | % | 2.64 | % | 3.26 | % | |||||||||||||||||||
Efficiency ratio(4)
|
56.62 | % | 54.02 | % | 56.50 | % | 55.30 | % | 56.93 | % | |||||||||||||||||||
Loans HFI to deposits ratio | 62.28 | % | 63.69 | % | 78.06 | % | 62.28 | % | 78.06 | % | |||||||||||||||||||
Noninterest-bearing deposits to deposits ratio
|
40.14 | % | 40.37 | % | 41.48 | % | 40.14 | % | 41.48 | % | |||||||||||||||||||
Noninterest income to average assets | 0.90 | % | 1.01 | % | 1.02 | % | 0.95 | % | 0.99 | % | |||||||||||||||||||
Operating expense to average assets | 1.88 | % | 1.96 | % | 2.26 | % | 1.92 | % | 2.33 | % | |||||||||||||||||||
Summary Credit Quality Ratios: | |||||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.11 | % | 0.13 | % | 0.18 | % | 0.11 | % | 0.18 | % | |||||||||||||||||||
Nonperforming loans to loans HFI
|
0.13 | % | 0.18 | % | 0.21 | % | 0.13 | % | 0.21 | % | |||||||||||||||||||
Allowance for loan losses to loans HFI
|
1.22 | % | 1.21 | % | 0.92 | % | 1.22 | % | 0.92 | % | |||||||||||||||||||
Net charge-offs to average loans
|
0.01 | % | 0.00 | % | 0.06 | % | 0.01 | % | 0.07 | % | |||||||||||||||||||
Capital Ratios: | |||||||||||||||||||||||||||||
Total stockholders’ equity to total assets | 10.18 | % | 10.10 | % | 11.48 | % | 10.18 | % | 11.48 | % | |||||||||||||||||||
Tangible common equity to tangible assets(1,5)
|
10.13 | % | 10.05 | % | 11.42 | % | 10.13 | % | 11.42 | % | |||||||||||||||||||
Total risk-based capital to risk-weighted assets
|
19.10 | % | 18.87 | % | 18.22 | % | 19.10 | % | 18.22 | % | |||||||||||||||||||
Tier 1 risk-based capital to risk-weighted assets
|
17.90 | % | 17.66 | % | 17.25 | % | 17.90 | % | 17.25 | % | |||||||||||||||||||
Common equity Tier 1 capital to risk-weighted assets
|
17.90 | % | 17.66 | % | 17.25 | % | 17.90 | % | 17.25 | % | |||||||||||||||||||
Tier 1 risk-based capital to average assets
|
10.13 | % | 10.43 | % | 11.52 | % | 10.13 | % | 11.52 | % |
For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Average
Balance Outstanding |
Interest
Earned/ Interest Paid |
Average
Yield/ Rate |
Average
Balance Outstanding |
Interest
Earned/ Interest Paid |
Average
Yield/ Rate |
|||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans(1,2)
|
$ | 1,617,267 | $ | 16,351 | 4.00 | % | $ | 1,606,436 | $ | 17,076 | 4.21 | % | |||||||||||||||||||||||
Securities - taxable | 319,026 | 1,102 | 1.38 | % | 266,139 | 1,217 | 1.83 | % | |||||||||||||||||||||||||||
Securities - tax-exempt | 200,132 | 1,036 | 2.07 | % | 110,026 | 659 | 2.39 | % | |||||||||||||||||||||||||||
Federal funds sold
|
82,723 | 25 | 0.12 | % | 81,253 | 37 | 0.18 | % | |||||||||||||||||||||||||||
Interest-bearing balances due from banks
|
534,934 | 129 | 0.10 | % | 118,090 | 32 | 0.11 | % | |||||||||||||||||||||||||||
Nonmarketable equity securities | 3,448 | 1 | 0.10 | % | 3,116 | 2 | 0.31 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 2,757,530 | $ | 18,644 | 2.68 | % | 2,185,060 | $ | 19,023 | 3.45 | % | |||||||||||||||||||||||||
Allowance for loan losses | (19,437) | (14,494) | |||||||||||||||||||||||||||||||||
Noninterest earning assets | 131,101 | 124,625 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,869,194 | $ | 2,295,191 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity
|
|||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits
|
$ | 1,195,766 | $ | 375 | 0.13 | % | $ | 838,802 | $ | 611 | 0.29 | % | |||||||||||||||||||||||
Time deposits | 341,941 | 1,022 | 1.20 | % | 333,285 | 1,440 | 1.74 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 1,537,707 | 1,397 | 0.36 | % | 1,172,087 | 2,051 | 0.70 | % | |||||||||||||||||||||||||||
Other borrowings | — | — | — | % | 18,681 | 16 | 0.35 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,537,707 | $ | 1,397 | 0.36 | % | 1,190,768 | $ | 2,067 | 0.70 | % | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,023,828 | 818,528 | |||||||||||||||||||||||||||||||||
Accrued interest and other liabilities
|
17,235 | 18,155 | |||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities
|
1,041,063 | 836,683 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 290,424 | 267,740 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 2,869,194 | $ | 2,295,191 | |||||||||||||||||||||||||||||||
Net interest income | $ | 17,247 | $ | 16,956 | |||||||||||||||||||||||||||||||
Net interest spread | 2.32 | % | 2.75 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.48 | % | 3.07 | % | |||||||||||||||||||||||||||||||
Net interest margin FTE(3)
|
2.54 | % | 3.12 | % | |||||||||||||||||||||||||||||||
Cost of deposits | 0.22 | % | 0.41 | % | |||||||||||||||||||||||||||||||
Cost of funds | 0.20 | % | 0.38 | % |
For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Average
Balance Outstanding |
Interest/Fee
Earned |
Average
Yield |
Average
Balance Outstanding |
Interest/Fee
Earned |
Average
Yield |
|||||||||||||||||||||||||||||
Loans(1,2)
|
$ | 1,617,267 | $ | 16,351 | 4.00 | % | $ | 1,606,436 | $ | 17,076 | 4.21 | % | |||||||||||||||||||||||
Less: PPP loans, net | |||||||||||||||||||||||||||||||||||
Average | 109,182 | 154,400 | |||||||||||||||||||||||||||||||||
Interest | 284 | 423 | |||||||||||||||||||||||||||||||||
Fees | 778 | 730 | |||||||||||||||||||||||||||||||||
Total PPP loans, net | 109,182 | 1,062 | 3.89 | % | 154,400 | 1,153 | 2.99 | % | |||||||||||||||||||||||||||
Non-PPP loans (non-GAAP)(4)
|
$ | 1,508,085 | $ | 15,289 | 4.01 | % | $ | 1,452,036 | $ | 15,923 | 4.34 | % | |||||||||||||||||||||||
Ratios excluding PPP loans, net (non-GAAP)(4)
|
|||||||||||||||||||||||||||||||||||
Net interest spread | 2.27 | % | 2.79 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.42 | % | 3.08 | % | |||||||||||||||||||||||||||||||
Net interest margin FTE(3)
|
2.48 | % | 3.13 | % |
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Average
Balance Outstanding |
Interest
Earned/ Interest Paid |
Average
Yield/ Rate |
Average
Balance Outstanding |
Interest
Earned/ Interest Paid |
Average
Yield/ Rate |
|||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans(1,2)
|
$ | 1,606,094 | $ | 33,517 | 4.16 | % | $ | 1,528,216 | $ | 33,542 | 4.35 | % | |||||||||||||||||||||||
Securities - taxable | 307,329 | 1,963 | 1.28 | % | 264,278 | 2,485 | 1.88 | % | |||||||||||||||||||||||||||
Securities - tax-exempt | 197,782 | 2,064 | 2.09 | % | 98,458 | 1,182 | 2.40 | % | |||||||||||||||||||||||||||
Federal funds sold
|
80,118 | 47 | 0.12 | % | 57,642 | 150 | 0.51 | % | |||||||||||||||||||||||||||
Interest-bearing balances due from banks
|
491,342 | 229 | 0.09 | % | 88,923 | 238 | 0.53 | % | |||||||||||||||||||||||||||
Nonmarketable equity securities | 3,447 | 2 | 0.11 | % | 2,233 | 6 | 0.54 | % | |||||||||||||||||||||||||||
Total interest-earning assets | $ | 2,686,112 | $ | 37,822 | 2.81 | % | $ | 2,039,750 | $ | 37,603 | 3.65 | % | |||||||||||||||||||||||
Allowance for loan losses | (19,055) | (14,286) | |||||||||||||||||||||||||||||||||
Noninterest earning assets | 132,234 | 119,935 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,799,291 | $ | 2,145,399 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity
|
|||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits
|
$ | 1,160,251 | $ | 853 | 0.15 | % | $ | 817,096 | $ | 1,597 | 0.39 | % | |||||||||||||||||||||||
Time deposits | 341,326 | 2,131 | 1.26 | % | 334,457 | 2,946 | 1.77 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 1,501,577 | 2,984 | 0.40 | % | 1,151,553 | 4,543 | 0.79 | % | |||||||||||||||||||||||||||
Other borrowings | — | — | — | % | 9,381 | 16 | 0.35 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,501,577 | $ | 2,984 | 0.40 | % | 1,160,934 | $ | 4,559 | 0.79 | % | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 990,406 | 704,449 | |||||||||||||||||||||||||||||||||
Accrued interest and other liabilities
|
17,708 | 17,369 | |||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities
|
1,008,114 | 721,818 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 289,600 | 262,647 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 2,799,291 | $ | 2,145,399 | |||||||||||||||||||||||||||||||
Net interest income | $ | 34,838 | $ | 33,044 | |||||||||||||||||||||||||||||||
Net interest spread | 2.41 | % | 2.86 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.58 | % | 3.20 | % | |||||||||||||||||||||||||||||||
Net interest margin FTE(3)
|
2.64 | % | 3.26 | % | |||||||||||||||||||||||||||||||
Cost of deposits | 0.24 | % | 0.49 | % | |||||||||||||||||||||||||||||||
Cost of funds | 0.22 | % | 0.45 | % |
For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) |
Average
Balance Outstanding |
Interest/Fee
Earned |
Average
Yield |
Average
Balance Outstanding |
Interest/Fee
Earned |
Average
Yield |
|||||||||||||||||||||||||||||
Loans(1,2)
|
$ | 1,606,094 | $ | 33,517 | 4.16 | % | $ | 1,528,216 | $ | 33,542 | 4.35 | % | |||||||||||||||||||||||
Less: PPP loans, net | |||||||||||||||||||||||||||||||||||
Average | 108,761 | 77,200 | |||||||||||||||||||||||||||||||||
Interest | 568 | 423 | |||||||||||||||||||||||||||||||||
Fees | 2,627 | 730 | |||||||||||||||||||||||||||||||||
Total PPP loans, net | 108,761 | 3,195 | 5.92 | % | 77,200 | 1,153 | 2.99 | % | |||||||||||||||||||||||||||
Non-PPP loans (non-GAAP)(4)
|
$ | 1,497,333 | $ | 30,322 | 4.03 | % | $ | 1,451,016 | $ | 32,389 | 4.42 | % | |||||||||||||||||||||||
Ratios excluding PPP loans, net (non-GAAP)(4)
|
|||||||||||||||||||||||||||||||||||
Net interest spread | 2.28 | % | 2.89 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.44 | % | 3.21 | % | |||||||||||||||||||||||||||||||
Net interest margin FTE(3)
|
2.50 | % | 3.27 | % |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||||||||
June 30, 2021 vs 2020 | June 30, 2021 vs 2020 | ||||||||||||||||||||||||||||||||||
Increase (Decrease)
Due to Change in |
Total
Increase |
Increase (Decrease)
Due to Change in |
Total
Increase |
||||||||||||||||||||||||||||||||
(in thousands) | Volume | Rate | (Decrease) | Volume | Rate | (Decrease) | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans
|
$ | 467 | $ | (1,192) | $ | (725) | $ | 2,931 | $ | (2,956) | $ | (25) | |||||||||||||||||||||||
Securities - taxable
|
242 | (357) | (115) | 405 | (927) | (522) | |||||||||||||||||||||||||||||
Securities - tax-exempt
|
539 | (162) | 377 | 1,193 | (311) | 882 | |||||||||||||||||||||||||||||
Federal funds sold
|
1 | (13) | (12) | 58 | (161) | (103) | |||||||||||||||||||||||||||||
Interest-bearing balances due from banks
|
97 | — | 97 | 1,005 | (1,014) | (9) | |||||||||||||||||||||||||||||
Nonmarketable equity securities
|
— | (1) | (1) | 3 | (7) | (4) | |||||||||||||||||||||||||||||
Total interest-earning assets
|
$ | 1,346 | $ | (1,725) | $ | (379) | $ | 5,595 | $ | (5,376) | $ | 219 | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits
|
$ | 288 | $ | (524) | $ | (236) | $ | 716 | $ | (1,460) | $ | (744) | |||||||||||||||||||||||
Time deposits
|
38 | (456) | (418) | 62 | (877) | (815) | |||||||||||||||||||||||||||||
Total interest-bearing deposits
|
326 | (980) | (654) | 778 | (2,337) | (1,559) | |||||||||||||||||||||||||||||
Other borrowings
|
(16) | — | (16) | (16) | — | (16) | |||||||||||||||||||||||||||||
Total interest-bearing liabilities
|
$ | 310 | $ | (980) | $ | (670) | $ | 762 | $ | (2,337) | $ | (1,575) | |||||||||||||||||||||||
Increase (decrease) in net interest income | $ | 1,036 | $ | (745) | $ | 291 | $ | 4,833 | $ | (3,039) | $ | 1,794 |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 1,140 | $ | 718 | $ | 422 | 58.8 | % | $ | 2,199 | $ | 1,946 | $ | 253 | 13.0 | % | |||||||||||||||||||||||||||||||
Debit card income, net | 1,204 | 896 | 308 | 34.4 | % | 2,250 | 1,651 | 599 | 36.3 | % | |||||||||||||||||||||||||||||||||||||
Mortgage loan income | 2,357 | 1,947 | 410 | 21.1 | % | 5,239 | 2,835 | 2,404 | 84.8 | % | |||||||||||||||||||||||||||||||||||||
Brokerage income | 806 | 395 | 411 | 104.1 | % | 1,640 | 1,139 | 501 | 44.0 | % | |||||||||||||||||||||||||||||||||||||
Loan and deposit income | 395 | 627 | (232) | (37.0) | % | 868 | 927 | (59) | (6.4) | % | |||||||||||||||||||||||||||||||||||||
Bank-owned life insurance income | 164 | 144 | 20 | 13.9 | % | 297 | 287 | 10 | 3.5 | % | |||||||||||||||||||||||||||||||||||||
Gain (Loss) on equity securities | 11 | 33 | (22) | (66.7) | % | (59) | 96 | (155) | (161.5) | % | |||||||||||||||||||||||||||||||||||||
Gain (Loss) on sale and call of securities | 34 | 840 | (806) | (96.0) | % | 193 | 1,223 | (1,030) | (84.2) | % | |||||||||||||||||||||||||||||||||||||
SBIC income | 239 | 190 | 49 | 25.8 | % | 480 | 368 | 112 | 30.4 | % | |||||||||||||||||||||||||||||||||||||
Other income | 53 | 33 | 20 | 60.6 | % | 71 | 82 | (11) | (13.4) | % | |||||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 6,403 | $ | 5,823 | $ | 580 | 10.0 | % | $ | 13,178 | $ | 10,554 | $ | 2,624 | 24.9 | % |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Personnel expenses | $ | 8,110 | $ | 7,646 | $ | 464 | 6.1 | % | $ | 16,131 | $ | 14,995 | $ | 1,136 | 7.6 | % | |||||||||||||||||||||||||||||||
Non-staff expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Occupancy and equipment expenses | 1,329 | 1,235 | 94 | 7.6 | % | 2,608 | 2,419 | 189 | 7.8 | % | |||||||||||||||||||||||||||||||||||||
Technology expenses | 744 | 615 | 129 | 21.0 | % | 1,408 | 1,202 | 206 | 17.1 | % | |||||||||||||||||||||||||||||||||||||
Advertising | 226 | 215 | 11 | 5.1 | % | 409 | 476 | (67) | (14.1) | % | |||||||||||||||||||||||||||||||||||||
Other business development expenses | 307 | 256 | 51 | 19.9 | % | 607 | 551 | 56 | 10.2 | % | |||||||||||||||||||||||||||||||||||||
Data processing expense | 532 | 471 | 61 | 13.0 | % | 917 | 921 | (4) | (0.4) | % | |||||||||||||||||||||||||||||||||||||
Other taxes | 532 | 438 | 94 | 21.5 | % | 1,057 | 875 | 182 | 20.8 | % | |||||||||||||||||||||||||||||||||||||
Loan and deposit expenses | 193 | 273 | (80) | (29.3) | % | 448 | 519 | (71) | (13.7) | % | |||||||||||||||||||||||||||||||||||||
Legal and professional expenses | 368 | 605 | (237) | (39.2) | % | 737 | 1,100 | (363) | (33.0) | % | |||||||||||||||||||||||||||||||||||||
Regulatory assessment expenses | 213 | 139 | 74 | 53.2 | % | 414 | 164 | 250 | 152.4 | % | |||||||||||||||||||||||||||||||||||||
Other operating expenses | 838 | 976 | (138) | (14.1) | % | 1,819 | 1,597 | 222 | 13.9 | % | |||||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 13,392 | $ | 12,869 | $ | 523 | 4.1 | % | $ | 26,555 | $ | 24,819 | $ | 1,736 | 7.0 | % |
June 30, 2021 | |||||||||||||||||||||||
(in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value | |||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | 296,205 | $ | 1,913 | $ | (4,340) | $ | 293,778 | |||||||||||||||
Municipal bonds | 207,413 | 4,142 | (504) | 211,051 | |||||||||||||||||||
U.S. agency securities | 7,055 | 153 | (25) | 7,183 | |||||||||||||||||||
Total Securities AFS | $ | 510,673 | $ | 6,208 | $ | (4,869) | $ | 512,012 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
(in thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair Value | |||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | 271,709 | $ | 3,450 | $ | (332) | $ | 274,827 | |||||||||||||||
Municipal bonds | 207,834 | 5,498 | (51) | 213,281 | |||||||||||||||||||
U.S. agency securities | 9,902 | 200 | (4) | 10,098 | |||||||||||||||||||
Total Securities AFS | $ | 489,445 | $ | 9,148 | $ | (387) | $ | 498,206 | |||||||||||||||
Contractual Maturity as of June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within
One Year |
After One Year
but Within Five Years |
After Five Years
but Within Ten Years |
After
Ten Years |
Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount |
Yield(1)
|
Amount |
Yield(1)
|
Amount |
Yield(1)
|
Amount |
Yield(1)
|
Amount |
Yield(1)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 5 | 0.58 | % | $ | 1,776 | 1.68 | % | $ | 22,903 | 1.88 | % | $ | 269,094 | 1.37 | % | $ | 293,778 | 1.41 | % | |||||||||||||||||||||||||||||||||||||||
Municipal bonds | 4,072 | 1.46 | % | 26,650 | 1.84 | % | 13,962 | 3.00 | % | 166,367 | 2.65 | % | 211,051 | 2.55 | % | ||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | — | — | % | 2,332 | 2.51 | % | 4,851 | 1.78 | % | — | — | % | 7,183 | 2.01 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Securities AFS | $ | 4,077 | 1.46 | % | $ | 30,758 | 1.88 | % | $ | 41,716 | 2.24 | % | $ | 435,461 | 1.85 | % | $ | 512,012 | 1.88 | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate
|
$ | 578,005 | 36.1 | % | $ | 556,769 | 35.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential
|
462,611 | 28.9 | % | 442,889 | 27.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and development
|
101,073 | 6.3 | % | 127,321 | 8.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial
|
280,004 | 17.5 | % | 250,428 | 15.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA PPP, net of deferred income | 82,972 | 5.2 | % | 118,447 | 7.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt | 73,289 | 4.6 | % | 68,666 | 4.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 22,434 | 1.4 | % | 23,926 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans HFI
|
$ | 1,600,388 | 100.0 | % | $ | 1,588,446 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-PPP loans HFI (non-GAAP)(1)
|
$ | 1,517,416 | $ | 1,469,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans HFS
|
$ | 12,291 | $ | 29,116 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Loans | Loans | ||||||||||||||||||||||
(dollars in thousands) | Amount | Percent of Non-PPP Loans HFI (non-GAAP) | Amount | Percent of Non-PPP Loans HFI (non-GAAP) | |||||||||||||||||||
Hospitality services: | |||||||||||||||||||||||
Hotels and other overnight lodging | $ | 26,356 | 1.7 | % | $ | 26,722 | 1.9 | % | |||||||||||||||
Restaurants - full service | 13,947 | 0.9 | % | 11,901 | 0.8 | % | |||||||||||||||||
Restaurants - limited service | 16,442 | 1.1 | % | 12,467 | 0.8 | % | |||||||||||||||||
Other | 6,536 | 0.5 | % | 7,194 | 0.5 | % | |||||||||||||||||
Total hospitality services | $ | 63,281 | 4.2 | % | $ | 58,284 | 4.0 | % | |||||||||||||||
Retail trade (excluding automobile dealers) | $ | 20,632 | 1.4 | % | $ | 21,120 | 1.4 | % | |||||||||||||||
Energy | $ | 30,061 | 2.0 | % | $ | 20,351 | 1.3 | % |
June 30, 2021 | |||||||||||
(dollars in thousands) | Amount | Percent of Non-PPP Loans HFI (non-GAAP) | |||||||||
Central | $ | 606,669 | 40.0 | % | |||||||
Capital | 427,369 | 28.2 | % | ||||||||
Northwest | 324,688 | 21.4 | % | ||||||||
Southwest | 87,273 | 5.7 | % | ||||||||
Northshore | 62,646 | 4.1 | % | ||||||||
Acadiana | 8,771 | 0.6 | % | ||||||||
Total non-PPP loans HFI | $ | 1,517,416 | 100.0 | % |
(dollars in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Nonperforming loans: | |||||||||||
Nonaccrual loans | $ | 2,026 | $ | 3,307 | |||||||
Accruing loans 90 or more days past due | 1 | 3 | |||||||||
Total nonperforming loans | 2,027 | 3,310 | |||||||||
Foreclosed assets: | |||||||||||
Real estate | 1,059 | 896 | |||||||||
Total foreclosed assets | 1,059 | 896 | |||||||||
Total NPAs | $ | 3,086 | $ | 4,206 | |||||||
Troubled debt restructurings:(1,2)
|
|||||||||||
Nonaccrual loans | $ | — | $ | 1,217 | |||||||
Performing loans
|
2,078 | 1,454 | |||||||||
Total TDRs | $ | 2,078 | $ | 2,671 | |||||||
Nonperforming loans to loans HFI(1)
|
0.13 | % | 0.21 | % | |||||||
Nonperforming loans to non-PPP loans HFI (non-GAAP)(1,3)
|
0.13 | % | 0.23 | % | |||||||
NPAs to total assets | 0.11 | % | 0.16 | % |
(in thousands) | June 30, 2021 | December 31, 2020 | |||||||||
Real estate: | |||||||||||
Commercial real estate
|
$ | 747 | $ | 1,846 | |||||||
One-to-four family residential
|
231 | 574 | |||||||||
Construction and development
|
249 | — | |||||||||
Commercial and industrial | 799 | 882 | |||||||||
SBA PPP, net of deferred income | — | — | |||||||||
Tax-exempt | — | — | |||||||||
Consumer | — | 5 | |||||||||
Total nonaccrual loans | $ | 2,026 | $ | 3,307 |
Six Months Ended June 30, | |||||||||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||||||||
Loans HFI | $ | 1,600,388 | $ | 1,615,298 | |||||||||||||
Non-PPP Loans HFI (non-GAAP)(1)
|
$ | 1,517,416 | $ | 1,422,643 | |||||||||||||
Average loans | $ | 1,606,094 | $ | 1,528,216 | |||||||||||||
Allowance for loan losses at beginning of period | $ | 17,951 | $ | 13,937 | |||||||||||||
Provision for loan losses | 1,600 | 2,028 | |||||||||||||||
Charge-offs: | |||||||||||||||||
Real estate:
|
|||||||||||||||||
One-to-four family residential
|
(10) | — | |||||||||||||||
Construction and development
|
— | (14) | |||||||||||||||
Commercial and industrial
|
(40) | (1,058) | |||||||||||||||
Consumer
|
(163) | (146) | |||||||||||||||
Total charge-offs
|
(213) | (1,218) | |||||||||||||||
Recoveries: | |||||||||||||||||
Real estate:
|
|||||||||||||||||
One-to-four family residential
|
7 | 5 | |||||||||||||||
Construction and development
|
1 | — | |||||||||||||||
Commercial and industrial
|
13 | 50 | |||||||||||||||
Consumer
|
101 | 80 | |||||||||||||||
Total recoveries
|
122 | 135 | |||||||||||||||
Net (charge-offs)/recoveries | (91) | (1,083) | |||||||||||||||
Allowance for loan losses at end of period | $ | 19,460 | $ | 14,882 | |||||||||||||
Allowance for loan losses to loans HFI
|
1.22 | % | 0.92 | % | |||||||||||||
Allowance for loan losses to non-PPP loans HFI (non-GAAP)(1)
|
1.28 | % | 1.05 | % | |||||||||||||
Net charge-offs to average loans
|
0.01 | % | 0.07 | % |
June 30, 2021 | December 31, 2020 |
Change from
December 31, 2020 to June 30, 2021 |
|||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | % of Total | Balance | % of Total | $ Change | % Change | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,031,486 | 40.1 | % | $ | 943,615 | 40.3 | % | $ | 87,871 | 9.3 | % | |||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
NOW accounts | 383,753 | 15.0 | % | 402,572 | 17.2 | % | (18,819) | (4.7) | % | ||||||||||||||||||||||||||
Money market accounts | 637,845 | 24.8 | % | 506,902 | 21.7 | % | 130,943 | 25.8 | % | ||||||||||||||||||||||||||
Savings accounts | 173,428 | 6.7 | % | 146,264 | 6.2 | % | 27,164 | 18.6 | % | ||||||||||||||||||||||||||
Time deposits < $100,000 | 110,105 | 4.3 | % | 108,982 | 4.7 | % | 1,123 | 1.0 | % | ||||||||||||||||||||||||||
Time deposits $100,000 to $250,000 | 137,879 | 5.4 | % | 138,683 | 5.9 | % | (804) | (0.6) | % | ||||||||||||||||||||||||||
Time deposits > $250,000 | 95,103 | 3.7 | % | 93,342 | 4.0 | % | 1,761 | 1.9 | % | ||||||||||||||||||||||||||
Total interest-bearing deposits | $ | 1,538,113 | 59.9 | % | $ | 1,396,745 | 59.7 | % | $ | 141,368 | 10.1 | % | |||||||||||||||||||||||
Total deposits | $ | 2,569,599 | 100.0 | % | $ | 2,340,360 | 100.0 | % | $ | 229,239 | 9.8 | % |
June 30, 2021 | December 31, 2020 |
Change from
December 31, 2020 to June 30, 2021 |
|||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | % of Total | Balance | % of Total | $ Change | % Change | |||||||||||||||||||||||||||||
Consumer | $ | 1,241,006 | 48.3 | % | $ | 1,091,268 | 46.6 | % | $ | 149,738 | 13.7 | % | |||||||||||||||||||||||
Commercial | 1,167,949 | 45.5 | % | 1,054,736 | 45.1 | % | 113,213 | 10.7 | % | ||||||||||||||||||||||||||
Public | 160,644 | 6.2 | % | 194,356 | 8.3 | % | (33,712) | (17.3) | % | ||||||||||||||||||||||||||
Total deposits | $ | 2,569,599 | 100.0 | % | $ | 2,340,360 | 100.0 | % | $ | 229,239 | 9.8 | % |
(in thousands) | June 30, 2021 | ||||
Three months or less | $ | 46,484 | |||
Over three months through six months | 43,430 | ||||
Over six months through 12 months | 73,321 | ||||
Over 12 months through three years | 50,153 | ||||
Over three years | 19,594 | ||||
Total | $ | 232,982 |
As of June 30, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
% Change in
Net Interest Income |
% Change in
Fair Value of Equity |
% Change in
Net Interest Income |
% Change in
Fair Value of Equity |
||||||||||||||||||||
Change in Interest Rates (Bps) | |||||||||||||||||||||||
+300 | 41.9 | % | 20.4 | % | 36.6 | % | 27.5 | % | |||||||||||||||
+200 | 27.9 | % | 16.0 | % | 25.2 | % | 22.3 | % | |||||||||||||||
+100 | 14.1 | % | 9.8 | % | 13.4 | % | 14.5 | % | |||||||||||||||
Base
|
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||||
-100 | (1.2) | % | (19.9) | % | (1.6) | % | (18.0) | % | |||||||||||||||
-200 | (3.0) | % | (25.0) | % | (1.6) | % | (15.6) | % |
June 30, | March 31, | June 30, | |||||||||||||||||||||
(dollars in thousands, except per share data) | 2021 | 2021 | 2020 | ||||||||||||||||||||
Tangible common equity | |||||||||||||||||||||||
Total stockholders' equity | $ | 292,924 | $ | 284,911 | $ | 271,117 | |||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Intangible assets | (1,546) | (1,546) | (1,546) | ||||||||||||||||||||
Total tangible common equity (non-GAAP) | $ | 291,378 | $ | 283,365 | $ | 269,571 | |||||||||||||||||
Common shares outstanding | 7,284,994 | 7,306,747 | 7,322,532 | ||||||||||||||||||||
Book value per common share | $ | 40.21 | $ | 38.99 | $ | 37.03 | |||||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 40.00 | $ | 38.78 | $ | 36.81 | |||||||||||||||||
Tangible assets | |||||||||||||||||||||||
Total assets | $ | 2,878,476 | $ | 2,820,672 | $ | 2,361,866 | |||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Intangible assets | (1,546) | (1,546) | (1,546) | ||||||||||||||||||||
Total tangible assets (non-GAAP) | $ | 2,876,930 | $ | 2,819,126 | $ | 2,360,320 | |||||||||||||||||
Total stockholder's equity to assets | 10.18 | % | 10.10 | % | 11.48 | % | |||||||||||||||||
Tangible common equity to tangible assets (non-GAAP) | 10.13 | % | 10.05 | % | 11.42 | % |
June 30, | December 31, | June 30, | |||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2020 | ||||||||||||||||||||
Non-PPP loans HFI | |||||||||||||||||||||||
Loans HFI | $ | 1,600,388 | $ | 1,588,446 | $ | 1,615,298 | |||||||||||||||||
Adjustments: | |||||||||||||||||||||||
PPP loans, net | (82,972) | (118,447) | (192,655) | ||||||||||||||||||||
Non-PPP loans HFI (non-GAAP) | $ | 1,517,416 | $ | 1,469,999 | $ | 1,422,643 | |||||||||||||||||
Assets excluding PPP loans, net | |||||||||||||||||||||||
Assets | $ | 2,878,476 | $ | 2,642,634 | $ | 2,361,866 | |||||||||||||||||
Adjustments: | |||||||||||||||||||||||
PPP loans, net | (82,972) | (118,447) | (192,655) | ||||||||||||||||||||
Assets excluding PPP loans, net (non-GAAP) | $ | 2,795,504 | $ | 2,524,187 | $ | 2,169,211 | |||||||||||||||||
Deposits | $ | 2,569,599 | $ | 2,340,360 | $ | 2,069,322 | |||||||||||||||||
Allowance for loan losses | $ | 19,460 | $ | 17,951 | $ | 14,882 | |||||||||||||||||
Nonperforming loans | $ | 2,027 | $ | 3,310 | $ | 3,442 | |||||||||||||||||
Loans HFI to deposits ratio | 62.28 | % | 67.87 | % | 78.06 | % | |||||||||||||||||
Non-PPP loans HFI to deposits ratio (non-GAAP) | 59.05 | % | 62.81 | % | 68.75 | % | |||||||||||||||||
Allowance for loan losses to loans HFI | 1.22 | % | 1.13 | % | 0.92 | % | |||||||||||||||||
Allowance for loan losses to non-PPP loans HFI (non-GAAP) | 1.28 | % | 1.22 | % | 1.05 | % | |||||||||||||||||
Nonperforming loans to loans HFI | 0.13 | % | 0.21 | % | 0.21 | % | |||||||||||||||||
Nonperforming loans to non-PPP loans HFI | 0.13 | % | 0.23 | % | 0.24 | % |
NUMBER | DESCRIPTION | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, is formatted in Inline Extensible Business Reporting Language (XBRL): (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income, (iv) the Unaudited Consolidated Statements of Changes in Stockholders' Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Consolidated Financial Statements. | |||||||
101.INS | Inline XBRL Instance Document* - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document* | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document* | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definitions Linkbase Document* | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document* | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document* | |||||||
104 | Cover Page Interactive Data File* - Formatted as Inline XBRL and contained within the Inline XBRL Instance Document in Exhibit 101. | |||||||
* | Filed herewith | |||||||
** | These exhibits are furnished herewith and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act. | |||||||
+ | Indicates a management contract or compensatory plan. | |||||||
# |
Certain exhibits to the Agreements have been omitted pursuant to Item 601(b)(5) of Regulation S-K. We will furnish the omitted exhibits to the Securities and Exchange Commission upon request.
|
RED RIVER BANCSHARES, INC. | ||||||||
Date: August 13, 2021 | By: | /s/ R. Blake Chatelain | ||||||
R. Blake Chatelain | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: August 13, 2021 | By: | /s/ Isabel V. Carriere | ||||||
Isabel V. Carriere, CPA, CGMA | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |
WITNESSES: | EXECUTIVE: | ||||
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/s/ R. Blake Chatelain | ||||
Printed Name:
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R. Blake Chatelain | ||||
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Printed Name:
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WITNESSES: | THE BANK: | ||||
RED RIVER BANK, | |||||
a Louisiana state bank | |||||
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By: /s Andrew B. Cutrer
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Printed Name:
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Name: Andrew B. Cutrer
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Title: Senior Vice President
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Printed Name:
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Year | Limited Benefit | ||||
October 1, 2004 to September 30, 2005 | 2,688 | ||||
October 1, 2005 to September 30, 2006 | 5,376 | ||||
October 1, 2006 to September 30, 2007 | 8,063 | ||||
October 1, 2007 to September 30, 2008 | 10,751 | ||||
October 1, 2008 to September 30, 2009 | 13,439 | ||||
October 1, 2009 to September 30, 2010 | 16,127 | ||||
October 1, 2010 to September 30, 2011 | 18,814 | ||||
October 1, 2011 to September 30, 2012 | 21,502 | ||||
October 1, 2012 to September 30, 2013 | 24,190 | ||||
October 1, 2013 to September 30, 2014 | 26,878 | ||||
October 1, 2014 to September 30, 2015 | 29,566 | ||||
October 1, 2015 to September 30, 2016 | 32,253 | ||||
October 1, 2016 to September 30, 2017 | 34,941 | ||||
October 1, 2017 to September 30, 2018 | 37,629 | ||||
October 1, 2018 to September 30, 2019 | 40,317 | ||||
October 1, 2019 to September 30, 2020 |
43,005
|
||||
October 1, 2020 to September 30, 2021 | 45,692 | ||||
October 1, 2021 to September 30, 2022 | 48,380 | ||||
October 1, 2022 to September 30, 2023 | 51,068 | ||||
October 1, 2023 to September 30, 2024 | 53,756 | ||||
October 1, 2024 to September 30, 2025 | 56,443 | ||||
October 1, 2025 to September 30, 2026 | 59,131 | ||||
October 1, 2026 to September 30, 2027 | 61,819 | ||||
October 1, 2027 to September 30, 2028 | 64,507 | ||||
October 1, 2028 to September 30, 2029 | 67,195 | ||||
October 1, 2029 to September 30, 2030 | 69,882 | ||||
October 1, 2030 to May 12, 2031 | 72,570 |
Year | Limited Benefit | ||||
October 1, 2004 to September 30, 2005 | 1,119 | ||||
October 1, 2005 to September 30, 2006 | 2,238 | ||||
October 1, 2006 to September 30, 2007 | 3,358 | ||||
October 1, 2007 to September 30, 2008 | 4,477 | ||||
October 1, 2008 to September 30, 2009 | 5,596 | ||||
October 1, 2009 to September 30, 2010 | 6,715 | ||||
October 1, 2010 to September 30, 2011 | 7,835 | ||||
October 1, 2011 to September 30, 2012 | 8,954 | ||||
October 1, 2012 to September 30, 2013 | 10,073 | ||||
October 1, 2013 to September 30, 2014 | 11,192 | ||||
October 1, 2014 to September 30, 2015 | 12,311 | ||||
October 1, 2015 to September 30, 2016 | 13,431 | ||||
October 1, 2016 to September 30, 2017 | 14,550 | ||||
October 1, 2017 to September 30, 2018 | 15,669 | ||||
October 1, 2018 to September 30, 2019 | 16,788 | ||||
October 1, 2019 to September 30, 2020 | 17,907 | ||||
October 1, 2020 to September 30, 2021 | 19,027 | ||||
October 1, 2021 to September 30, 2022 | 20,146 | ||||
October 1, 2022 to September 30, 2023 | 21,265 | ||||
October 1, 2023 to September 30, 2024 | 22,384 | ||||
October 1, 2024 to September 30, 2025 | 23,504 | ||||
October 1, 2025 to September 30, 2026 | 24,623 | ||||
October 1, 2026 to September 30, 2027 | 25,742 | ||||
October 1, 2027 to September 30, 2028 | 26,861 | ||||
October 1, 2028 to September 30, 2029 | 27,980 | ||||
October 1, 2029 to September 30, 2030 | 29,100 | ||||
October 1, 2030 to September 30, 2031 | 30,219 | ||||
October 1, 2031 to September 30, 2032 | 31,338 | ||||
October 1, 2032 to September 30, 2033 | 32,457 | ||||
October 1, 2033 to September 30, 2034 | 33,576 | ||||
October 1, 2034 to September 30, 2035 | 34,696 | ||||
October 1, 2035 to September 30, 2036 | 35,815 | ||||
October 1, 2036 to September 30, 2037 | 36,934 | ||||
October 1, 2037 to October 18, 2038 | 38,053 |
Year | Limited Benefit | ||||
October 1, 2004 to September 30, 2005 | 1,798 | ||||
October 1, 2005 to September 30, 2006 | 3,595 | ||||
October 1, 2006 to September 30, 2007 | 5,393 | ||||
October 1, 2007 to September 30, 2008 | 7,190 | ||||
October 1, 2008 to September 30, 2009 | 8,988 | ||||
October 1, 2009 to September 30, 2010 | 10,786 | ||||
October 1, 2010 to September 30, 2011 | 12,583 | ||||
October 1, 2011 to September 30, 2012 | 14,381 | ||||
October 1, 2012 to September 30, 2013 | 16,179 | ||||
October 1, 2013 to September 30, 2014 | 17,976 | ||||
October 1, 2014 to September 30, 2015 | 19,774 | ||||
October 1, 2015 to September 30, 2016 | 21,571 | ||||
October 1, 2016 to September 30, 2017 | 23,369 | ||||
October 1, 2017 to September 30, 2018 | 25,167 | ||||
October 1, 2018 to September 30, 2019 | 26,964 | ||||
October 1, 2019 to September 30, 2020 | 28,762 | ||||
October 1, 2020 to September 30, 2021 | 30,560 | ||||
October 1, 2021 to September 30, 2022 | 32,357 | ||||
October 1, 2022 to September 30, 2023 | 34,155 | ||||
October 1, 2023 to September 30, 2024 | 35,952 | ||||
October 1, 2024 to September 30, 2025 | 37,750 | ||||
October 1, 2025 to September 30, 2026 | 39,548 | ||||
October 1, 2026 to September 30, 2027 | 41,345 | ||||
October 1, 2027 to September 30, 2028 | 43,143 | ||||
October 1, 2028 to September 30, 2029 | 44,941 | ||||
October 1, 2029 to September 30, 2030 | 46,738 | ||||
October 1, 2030 to September 30, 2031 | 48,536 | ||||
October 1, 2031 to September 30, 2032 | 50,333 | ||||
October 1, 2032 to September 30, 2033 | 52,131 | ||||
October 1, 2033 to September 30, 2034 | 53,929 | ||||
October 1, 2034 to April 13, 2035 | 55,726 |
October 1, 2016 to September 30, 2017 | $46,429 | ||||
October 1, 2017 to September 20, 2018 | $50,000 | ||||
October 1, 2018 to September 30, 2019 | $53,571 | ||||
October 1, 2019 to September 30, 2020 | $57,143 | ||||
October 1, 2020 to September 30, 2021 | $60,714 | ||||
October 1, 2021 to September 30, 2022 | $64,286 | ||||
October 1, 2022 to September 30, 2023 | $67,857 | ||||
October 1, 2023 to September 30, 2024 | $71,429 | ||||
October 1, 2024 to September 30, 2025 | $75,000 | ||||
October 1, 2025 to September 30, 2026 | $78,571 | ||||
October 1, 2026 to September 30, 2027 | $82,143 | ||||
October 1, 2027 to September 30, 2028 | $85,714 | ||||
October 1, 2028 to September 30, 2029 | $89,286 | ||||
October 1, 2029 to September 30, 2030 | $92,857 | ||||
October 1, 2030 to May 12, 2031 | $96,429 |
October 1, 2016 to September 30, 2017 | $24,366 | ||||
October 1, 2017 to September 20, 2018 | $26,240 | ||||
October 1, 2018 to September 30, 2019 | $28,114 | ||||
October 1, 2019 to September 30, 2020 | $29,989 | ||||
October 1, 2020 to September 30, 2021 | $31,863 | ||||
October 1, 2021 to September 30, 2022 | $33,737 | ||||
October 1, 2022 to September 30, 2023 | $35,611 | ||||
October 1, 2023 to September 30, 2024 | $37,486 | ||||
October 1, 2024 to September 30, 2025 | $39,360 | ||||
October 1, 2025 to September 30, 2026 | $41,234 | ||||
October 1, 2026 to September 30, 2027 | $43,109 | ||||
October 1, 2027 to September 30, 2028 | $44,983 | ||||
October 1, 2028 to September 30, 2029 | $46,857 | ||||
October 1, 2029 to September 30, 2030 | $48,731 | ||||
October 1, 2030 to September 30, 2031 | $50,606 | ||||
October 1, 2031 to September 30, 2032 | $52,480 | ||||
October 1, 2032 to September 30, 2033 | $54,354 | ||||
October 1, 2033 to September 30, 2034 | $56,229 | ||||
October 1, 2034 to September 30, 2035 | $58,103 | ||||
October 1, 2035 to September 30, 2036 | $59,977 | ||||
October 1, 2036 to September 30, 2037 | $61,851 | ||||
October 1, 2037 to October 18, 2038 | $63,726 |
October 1, 2016 to September 30, 2017 | $28,072 | ||||
October 1, 2017 to September 20, 2018 | $30,231 | ||||
October 1, 2018 to September 30, 2019 | $32,391 | ||||
October 1, 2019 to September 30, 2020 | $34,550 | ||||
October 1, 2020 to September 30, 2021 | $36,709 | ||||
October 1, 2021 to September 30, 2022 | $38,869 | ||||
October 1, 2022 to September 30, 2023 | $41,028 | ||||
October 1, 2023 to September 30, 2024 | $43,188 | ||||
October 1, 2024 to September 30, 2025 | $45,347 | ||||
October 1, 2025 to September 30, 2026 | $47,506 | ||||
October 1, 2026 to September 30, 2027 | $49,666 | ||||
October 1, 2027 to September 30, 2028 | $51,825 | ||||
October 1, 2028 to September 30, 2029 | $53,984 | ||||
October 1, 2029 to September 30, 2030 | $56,144 | ||||
October 1, 2030 to September 30, 2031 | $58,303 | ||||
October 1, 2031 to September 30, 2032 | $60,463 | ||||
October 1, 2032 to September 30, 2033 | $62,622 | ||||
October 1, 2033 to September 30, 2034 | $64,781 | ||||
October 1, 2034 to April 13, 2035 | $66,941 |
October 1, 2004 to September 30, 2005 | $18,100 | ||||
October 1, 2005 to September 30, 2006 | $36,199 | ||||
October 1, 2006 to September 30, 2007 | $54,299 | ||||
October 1, 2007 to September 30, 2008 | $72,398 | ||||
October 1, 2008 to September 30, 2009 | $90,498 | ||||
October 1, 2009 to September 30, 2010 | $108,597 | ||||
October 1, 2010 to September 30, 2011 | $126,697 | ||||
October 1, 2011 to September 30, 2012 | $144,796 |
October 1, 2012 to September 30, 2013 | $162,896 | ||||
October 1, 2013 to September 30, 2014 | $180,995 | ||||
October 1, 2014 to September 30, 2015 | $199,095 | ||||
October 1, 2015 to September 30, 2016 | $217,195 | ||||
October 1, 2016 to September 30, 2017 | $235,294 | ||||
October 1, 2017 to September 30, 2018 | $253,394 | ||||
October 1, 2018 to September 30, 2019 | $271,493 | ||||
October 1, 2019 to September 30, 2020 | $289,593 | ||||
October 1, 2020 to September 30, 2021 | $307,692 | ||||
October 1, 2021 to September 30, 2022 | $325,792 | ||||
October 1, 2022 to September 30, 2023 | $343,891 | ||||
October 1, 2023 to September 30, 2024 | $361,991 | ||||
October 1, 2024 to September 30, 2025 | $380,090 | ||||
October 1, 2025 to September 30, 2026 | $398,190 | ||||
October 1, 2026 to September 30, 2027 | $416,290 | ||||
October 1, 2027 to September 30, 2028 | $434,389 |
October 1, 2028 to September 30, 2029 | $452,489 | ||||
October 1, 2029 to September 30, 2030 | $470,588 | ||||
October 1, 2030 to May 12, 2031 | $488,688 |
October 1, 2004 to September 30, 2005 | $8,813 | ||||
October 1, 2005 to September 30, 2006 | $17,625 | ||||
October 1, 2006 to September 30, 2007 | $26,438 | ||||
October 1, 2007 to September 30, 2008 | $35,251 | ||||
October 1, 2008 to September 30, 2009 | $44,064 | ||||
October 1, 2009 to September 30, 2010 | $52,876 | ||||
October 1, 2010 to September 30, 2011 | $61,689 | ||||
October 1, 2011 to September 30, 2012 | $70,502 |
October 1, 2012 to September 30, 2013 | $79,315 | ||||
October 1, 2013 to September 30, 2014 | $88,127 | ||||
October 1, 2014 to September 30, 2015 | $96,940 | ||||
October 1, 2015 to September 30, 2016 | $105,753 | ||||
October 1, 2016 to September 30, 2017 | $114,565 | ||||
October 1, 2017 to September 30, 2018 | $123,378 | ||||
October 1, 2018 to September 30, 2019 | $132,191 | ||||
October 1, 2019 to September 30, 2020 | $141,004 | ||||
October 1, 2020 to September 30, 2021 | $149,816 | ||||
October 1, 2021 to September 30, 2022 | $158,629 | ||||
October 1, 2022 to September 30, 2023 | $167,442 | ||||
October 1, 2023 to September 30, 2024 | $176,255 | ||||
October 1, 2024 to September 30, 2025 | $185,067 | ||||
October 1, 2025 to September 30, 2026 | $193,880 | ||||
October 1, 2026 to September 30, 2027 | $202,693 | ||||
October 1, 2027 to September 30, 2028 | $211,506 |
October 1, 2028 to September 30, 2029 | $220,318 | ||||
October 1, 2029 to September 30, 2030 | $229,131 | ||||
October 1, 2030 to September 30, 2031 | $237,944 | ||||
October 1, 2031 to September 30, 2032 | $246,756 | ||||
October 1, 2032 to September 30, 2033 | $255,569 | ||||
October 1, 2033 to September 30, 2034 | $264,382 | ||||
October 1, 2034 to September 30, 2035 | $273,195 | ||||
October 1, 2035 to September 30, 20365 | $282,007 | ||||
October 1, 2036 to September 30, 2037 | $290,820 | ||||
October 1, 2037 to October 18, 2038 | $299,633 |
October 1, 2004 to September 30, 2005 | $9,511 | ||||
October 1, 2005 to September 30, 2006 | $19,022 | ||||
October 1, 2006 to September 30, 2007 | $28,534 | ||||
October 1, 2007 to September 30, 2008 | $38,045 | ||||
October 1, 2008 to September 30, 2009 | $47,556 | ||||
October 1, 2009 to September 30, 2010 | $57,067 | ||||
October 1, 2010 to September 30, 2011 | $66,579 | ||||
October 1, 2011 to September 30, 2012 | $76,090 |
October 1, 2012 to September 30, 2013 | $85,601 | ||||
October 1, 2013 to September 30, 2014 | $95,112 | ||||
October 1, 2014 to September 30, 2015 | $104,624 | ||||
October 1, 2015 to September 30, 2016 | $114,135 | ||||
October 1, 2016 to September 30, 2017 | $123,646 | ||||
October 1, 2017 to September 30, 2018 | $133,157 | ||||
October 1, 2018 to September 30, 2019 | $142,668 | ||||
October 1, 2019 to September 30, 2020 | $152,180 | ||||
October 1, 2020 to September 30, 2021 | $161,691 | ||||
October 1, 2021 to September 30, 2022 | $171,202 | ||||
October 1, 2022 to September 30, 2023 | $180,713 | ||||
October 1, 2023 to September 30, 2024 | $190,225 | ||||
October 1, 2024 to September 30, 2025 | $199,736 | ||||
October 1, 2025 to September 30, 2026 | $209,247 | ||||
October 1, 2026 to September 30, 2027 | $218,758 | ||||
October 1, 2027 to September 30, 2028 | $228,269 |
October 1, 2028 to September 30, 2029 | $237,781 | ||||
October 1, 2029 to September 30, 2030 | $247,292 | ||||
October 1, 2030 to September 30, 2031 | $256,803 | ||||
October 1, 2031 to September 30, 2032 | $266,314 | ||||
October 1, 2032 to September 30, 2033 | $275,826 | ||||
October 1, 2033 to September 30, 2034 | $285,337 | ||||
October 1, 2034 to April 13, 2035 | $294,848 |
Exhibit 31.1 |
Date: August 13, 2021 | By: | /s/ R. Blake Chatelain | ||||||
R. Blake Chatelain | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Exhibit 31.2 |
Date: August 13, 2021 | By: | /s/ Isabel V. Carriere | ||||||
Isabel V. Carriere, CPA, CGMA | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |
Exhibit 32.1 |
Date: August 13, 2021 | By: | /s/ R. Blake Chatelain | ||||||
R. Blake Chatelain | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Exhibit 32.2 |
Date: August 13, 2021 | By: | /s/ Isabel V. Carriere | ||||||
Isabel V. Carriere, CPA, CGMA | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |