☒ | ANNUAL 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 | ||||||||
ABBREVIATION OR ACRONYM | DEFINITION | |||||||
ACH | Automated clearing house | |||||||
AFS | Available-for-sale | |||||||
AOCI | Accumulated other comprehensive income or loss | |||||||
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 | |||||||
CCB | Capital conservation buffer | |||||||
CECL | Current Expected Credit Losses, related to ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | |||||||
CFPB | Consumer Financial Protection Bureau | |||||||
COVID-19 | Coronavirus Disease 2019 | |||||||
CRA | Community Reinvestment Act | |||||||
Director Compensation Program | Amended and Restated Director Compensation Program, which allows directors of the Company and the Bank an opportunity to select how to receive their annual director fees. | |||||||
Dodd-Frank Act | Dodd-Frank and Wall Street Consumer Protection Act of 2010 | |||||||
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 | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIA | Federal Deposit Insurance Act | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Federal Reserve | Board of Governors of the Federal Reserve System | |||||||
FHA | United States Federal Housing Administration | |||||||
FHLB(s) | Federal Home Loan Bank(s) | |||||||
FTE | Fully taxable equivalent basis | |||||||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||||||
HFI | Held for investment | |||||||
HFS | Held for sale | |||||||
HTM | Held-to-maturity | |||||||
IPO | Initial public offering | |||||||
JOBS Act | Jumpstart Our Business Startups Act of 2012 | |||||||
LIBOR | London Interbank Offered Rate | |||||||
LDPO(s) | Loan and deposit production office(s) | |||||||
MSA | Metropolitan statistical area | |||||||
NOW | Negotiable order of withdrawal |
ABBREVIATION OR ACRONYM | DEFINITION | |||||||
NPA(s) | Nonperforming asset(s) | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
OFAC | Office of Foreign Assets Control | |||||||
OFI | Louisiana Office of Financial Institutions | |||||||
OREO | Other real estate owned | |||||||
OTTI | Other-than-temporary impairment | |||||||
PPP | Paycheck Protection Program | |||||||
PPP1 | PPP First Draw | |||||||
PPP2 | PPP Second Draw | |||||||
Report | Annual Report on Form 10-K | |||||||
SBA | Small Business Administration | |||||||
SBIC | Small Business Investment Company | |||||||
Securities Act | Securities Act of 1933, as amended | |||||||
SEC | Securities and Exchange Commission | |||||||
Source BIDCO | Source Business and Industrial Development Company, LLC | |||||||
TDR(s) | Troubled debt restructuring(s) | |||||||
USD | United States dollar | |||||||
VA | United States Department of Veterans Affairs |
As of December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Selected Period End Balance Sheet Data: | |||||||||||||||||
Total assets | $ | 3,224,710 | $ | 2,642,634 | $ | 1,988,225 | |||||||||||
Interest-bearing deposits in other banks | 761,721 | 417,664 | 107,355 | ||||||||||||||
Securities available-for-sale | 659,178 | 498,206 | 335,573 | ||||||||||||||
Loans held for investment | 1,683,832 | 1,588,446 | 1,438,924 | ||||||||||||||
Total deposits | 2,910,348 | 2,340,360 | 1,721,120 | ||||||||||||||
Total stockholders’ equity | 298,150 | 285,478 | 251,898 | ||||||||||||||
As of and for the Years Ended December 31, | |||||||||||||||||
(dollars in thousands, except per share data) | 2021 | 2020 | 2019 | ||||||||||||||
Net Income | $ | 32,952 | $ | 28,145 | $ | 24,824 | |||||||||||
Per Common Share Data: | |||||||||||||||||
Earnings per share, basic | $ | 4.53 | $ | 3.84 | $ | 3.51 | |||||||||||
Earnings per share, diluted | $ | 4.51 | $ | 3.83 | $ | 3.49 | |||||||||||
Book value per share | $ | 41.52 | $ | 38.97 | $ | 34.48 | |||||||||||
Tangible book value per share(1,2) | $ | 41.31 | $ | 38.76 | $ | 34.27 | |||||||||||
Cash dividends per share | $ | 0.28 | $ | 0.24 | $ | 0.20 | |||||||||||
Shares outstanding | 7,180,155 | 7,325,333 | 7,306,221 | ||||||||||||||
Weighted average shares outstanding, basic | 7,281,136 | 7,322,158 | 7,072,689 | ||||||||||||||
Weighted average shares outstanding, diluted | 7,299,720 | 7,345,045 | 7,115,514 | ||||||||||||||
Summary Performance Ratios: | |||||||||||||||||
Return on average assets | 1.13 | % | 1.22 | % | 1.30 | % | |||||||||||
Return on average equity | 11.21 | % | 10.39 | % | 10.86 | % | |||||||||||
Net interest margin | 2.54 | % | 3.09 | % | 3.47 | % | |||||||||||
Net interest margin FTE(3) | 2.60 | % | 3.14 | % | 3.52 | % | |||||||||||
Efficiency ratio(4) | 56.39 | % | 55.77 | % | 59.46 | % | |||||||||||
Loans HFI to deposits ratio | 57.86 | % | 67.87 | % | 83.60 | % | |||||||||||
Noninterest-bearing deposits to deposits ratio | 39.50 | % | 40.32 | % | 33.98 | % | |||||||||||
Noninterest income to average assets | 0.84 | % | 1.00 | % | 0.84 | % | |||||||||||
Operating expense to average assets | 1.87 | % | 2.22 | % | 2.49 | % | |||||||||||
Summary Credit Quality Ratios: | |||||||||||||||||
NPAs to total assets | 0.03 | % | 0.16 | % | 0.33 | % | |||||||||||
Nonperforming loans to loans HFI | 0.02 | % | 0.21 | % | 0.37 | % | |||||||||||
Allowance for loan losses to loans HFI | 1.14 | % | 1.13 | % | 0.97 | % | |||||||||||
Net charge-offs to average loans | 0.04 | % | 0.14 | % | 0.03 | % | |||||||||||
Capital Ratios: | |||||||||||||||||
Total stockholders’ equity to total assets | 9.25 | % | 10.80 | % | 12.67 | % | |||||||||||
Tangible common equity to tangible assets(1,5) | 9.20 | % | 10.75 | % | 12.60 | % | |||||||||||
Total risk-based capital to risk-weighted assets | 17.83 | % | 18.68 | % | 18.02 | % | |||||||||||
Tier I risk-based capital to risk-weighted assets | 16.76 | % | 17.55 | % | 17.07 | % | |||||||||||
Common equity Tier I capital to risk-weighted assets | 16.76 | % | 17.55 | % | 17.07 | % | |||||||||||
Tier I risk-based capital to average assets | 9.67 | % | 10.92 | % | 12.82 | % |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
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) | $ | 1,621,606 | $ | 67,923 | 4.14 | % | $ | 1,587,351 | $ | 69,228 | 4.30 | % | |||||||||||||||||||||||
Securities - taxable | 344,913 | 4,493 | 1.30 | % | 287,591 | 4,598 | 1.60 | % | |||||||||||||||||||||||||||
Securities - tax-exempt | 202,255 | 4,167 | 2.06 | % | 128,416 | 3,003 | 2.34 | % | |||||||||||||||||||||||||||
Federal funds sold | 66,934 | 88 | 0.13 | % | 67,328 | 207 | 0.30 | % | |||||||||||||||||||||||||||
Interest-bearing balances due from banks | 552,501 | 658 | 0.12 | % | 129,090 | 322 | 0.25 | % | |||||||||||||||||||||||||||
Nonmarketable equity securities | 3,448 | 10 | 0.28 | % | 2,842 | 20 | 0.71 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 2,791,657 | $ | 77,339 | 2.74 | % | 2,202,618 | $ | 77,378 | 3.47 | % | |||||||||||||||||||||||||
Allowance for loan losses | (19,155) | (15,192) | |||||||||||||||||||||||||||||||||
Noninterest-earning assets | 132,611 | 125,028 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,905,113 | $ | 2,312,454 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits | $ | 1,210,796 | $ | 1,648 | 0.14 | % | $ | 877,836 | $ | 2,824 | 0.32 | % | |||||||||||||||||||||||
Time deposits | 341,746 | 3,969 | 1.16 | % | 333,260 | 5,538 | 1.66 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 1,552,542 | 5,617 | 0.36 | % | 1,211,096 | 8,362 | 0.69 | % | |||||||||||||||||||||||||||
Other borrowings | — | — | — | % | 4,664 | 16 | 0.35 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,552,542 | $ | 5,617 | 0.36 | % | 1,215,760 | $ | 8,378 | 0.69 | % | |||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,041,238 | 807,528 | |||||||||||||||||||||||||||||||||
Accrued interest and other liabilities | 17,507 | 18,192 | |||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,058,745 | 825,720 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 293,826 | 270,974 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,905,113 | $ | 2,312,454 | |||||||||||||||||||||||||||||||
Net interest income | $ | 71,722 | $ | 69,000 | |||||||||||||||||||||||||||||||
Net interest spread | 2.38 | % | 2.78 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.54 | % | 3.09 | % | |||||||||||||||||||||||||||||||
Net interest margin FTE(3) | 2.60 | % | 3.14 | % | |||||||||||||||||||||||||||||||
Cost of deposits | 0.22 | % | 0.41 | % | |||||||||||||||||||||||||||||||
Cost of funds | 0.20 | % | 0.38 | % |
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance Outstanding | Interest/Fee Earned | Average Yield | Average Balance Outstanding | Interest/Fee Earned | Average Yield | |||||||||||||||||||||||||||||
Loans(1,2) | $ | 1,621,606 | $ | 67,923 | 4.14 | % | $ | 1,587,351 | $ | 69,228 | 4.30 | % | |||||||||||||||||||||||
Less: PPP loans, net | |||||||||||||||||||||||||||||||||||
Average | 77,222 | 127,410 | |||||||||||||||||||||||||||||||||
Interest | 809 | 1,351 | |||||||||||||||||||||||||||||||||
Fees | 4,964 | 4,211 | |||||||||||||||||||||||||||||||||
Total PPP loans, net | 77,222 | 5,773 | 7.46 | % | 127,410 | 5,562 | 4.35 | % | |||||||||||||||||||||||||||
Non-PPP loans (non-GAAP)(3) | $ | 1,544,384 | $ | 62,150 | 3.97 | % | $ | 1,459,941 | $ | 63,666 | 4.29 | % | |||||||||||||||||||||||
Net interest income, excluding PPP loan income (non-GAAP) | |||||||||||||||||||||||||||||||||||
Net interest income | $ | 71,722 | $ | 69,000 | |||||||||||||||||||||||||||||||
PPP loan income | (5,773) | (5,562) | |||||||||||||||||||||||||||||||||
Net interest income, excluding PPP loan income (non-GAAP)(3) | $ | 65,949 | $ | 63,438 | |||||||||||||||||||||||||||||||
Ratios excluding PPP loans, net (non-GAAP)(3) | |||||||||||||||||||||||||||||||||||
Net interest spread | 2.25 | % | 2.72 | % | |||||||||||||||||||||||||||||||
Net interest margin | 2.40 | % | 3.01 | % | |||||||||||||||||||||||||||||||
Net interest margin FTE(4) | 2.46 | % | 3.07 | % |
For the Years Ended December 31, 2021 vs 2020 | |||||||||||||||||
Increase (Decrease) Due to Change in | Total Increase | ||||||||||||||||
(in thousands) | Volume | Rate | (Decrease) | ||||||||||||||
Interest-earning assets: | |||||||||||||||||
Loans | $ | 1,497 | $ | (2,802) | $ | (1,305) | |||||||||||
Securities - taxable | 916 | (1,021) | (105) | ||||||||||||||
Securities - tax-exempt | 1,727 | (563) | 1,164 | ||||||||||||||
Federal funds sold | (1) | (118) | (119) | ||||||||||||||
Interest-bearing balances due from banks | 967 | (631) | 336 | ||||||||||||||
Nonmarketable equity securities | 4 | (14) | (10) | ||||||||||||||
Total interest-earning assets | $ | 5,110 | $ | (5,149) | $ | (39) | |||||||||||
Interest-bearing liabilities: | |||||||||||||||||
Interest-bearing transaction deposits | $ | 1,110 | $ | (2,286) | $ | (1,176) | |||||||||||
Time deposits | 144 | (1,713) | (1,569) | ||||||||||||||
Total interest-bearing deposits | 1,254 | (3,999) | (2,745) | ||||||||||||||
Other borrowings | (16) | — | (16) | ||||||||||||||
Total interest-bearing liabilities | $ | 1,238 | $ | (3,999) | $ | (2,761) | |||||||||||
Increase (decrease) in net interest income | $ | 3,872 | $ | (1,150) | $ | 2,722 |
For the Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||
Service charges on deposit accounts | $ | 4,775 | $ | 4,108 | $ | 667 | 16.2 | % | |||||||||||||||
Debit card income, net | 4,415 | 3,641 | 774 | 21.3 | % | ||||||||||||||||||
Mortgage loan income | 8,676 | 8,398 | 278 | 3.3 | % | ||||||||||||||||||
Brokerage income | 3,297 | 2,324 | 973 | 41.9 | % | ||||||||||||||||||
Loan and deposit income | 1,738 | 1,701 | 37 | 2.2 | % | ||||||||||||||||||
Bank-owned life insurance income | 648 | 568 | 80 | 14.1 | % | ||||||||||||||||||
Gain (Loss) on equity securities | (175) | 85 | (260) | (305.9) | % | ||||||||||||||||||
Gain (Loss) on sale of securities | 194 | 1,441 | (1,247) | (86.5) | % | ||||||||||||||||||
SBIC income | 654 | 775 | (121) | (15.6) | % | ||||||||||||||||||
Other income | 271 | 126 | 145 | 115.1 | % | ||||||||||||||||||
Total noninterest income | $ | 24,493 | $ | 23,167 | $ | 1,326 | 5.7 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Personnel expenses | $ | 32,449 | $ | 31,160 | $ | 1,289 | 4.1 | % | |||||||||||||||
Non-staff expenses: | |||||||||||||||||||||||
Occupancy and equipment expenses | 5,443 | 5,106 | 337 | 6.6 | % | ||||||||||||||||||
Technology expenses | 2,810 | 2,542 | 268 | 10.5 | % | ||||||||||||||||||
Advertising | 921 | 933 | (12) | (1.3) | % | ||||||||||||||||||
Other business development expenses | 1,169 | 1,020 | 149 | 14.6 | % | ||||||||||||||||||
Data processing expense | 1,982 | 1,905 | 77 | 4.0 | % | ||||||||||||||||||
Other taxes | 2,082 | 1,733 | 349 | 20.1 | % | ||||||||||||||||||
Loan and deposit expenses | 1,016 | 1,052 | (36) | (3.4) | % | ||||||||||||||||||
Legal and professional expenses | 1,683 | 2,141 | (458) | (21.4) | % | ||||||||||||||||||
Regulatory assessment expense | 933 | 538 | 395 | 73.4 | % | ||||||||||||||||||
Other operating expenses | 3,767 | 3,276 | 491 | 15.0 | % | ||||||||||||||||||
Total operating expenses | $ | 54,255 | $ | 51,406 | $ | 2,849 | 5.5 | % |
December 31, 2021 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | 386,874 | $ | 1,112 | $ | (8,460) | $ | 379,526 | |||||||||||||||
Municipal bonds | 227,248 | 3,665 | (942) | 229,971 | |||||||||||||||||||
U.S. Treasury securities | 41,770 | — | (154) | 41,616 | |||||||||||||||||||
U.S. agency securities | 8,062 | 61 | (58) | 8,065 | |||||||||||||||||||
Total Securities AFS | $ | 663,954 | $ | 4,838 | $ | (9,614) | $ | 659,178 | |||||||||||||||
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. Treasury securities | — | — | — | — | |||||||||||||||||||
U.S. agency securities | 9,902 | 200 | (4) | 10,098 | |||||||||||||||||||
Total Securities AFS | $ | 489,445 | $ | 9,148 | $ | (387) | $ | 498,206 | |||||||||||||||
Contractual Maturity as of December 31, 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 | $ | 79 | 1.56 | % | $ | 1,031 | 1.68 | % | $ | 45,509 | 1.48 | % | $ | 332,907 | 1.28 | % | $ | 379,526 | 1.30 | % | |||||||||||||||||||||||||||||||||||||||
Municipal bonds | 9,807 | 2.04 | % | 25,032 | 1.89 | % | 15,996 | 2.73 | % | 179,136 | 2.58 | % | 229,971 | 2.49 | % | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | — | — | % | 41,616 | 0.66 | % | — | — | % | — | — | % | 41,616 | 0.66 | % | ||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | — | — | % | 3,614 | 1.47 | % | 4,451 | 1.73 | % | — | — | % | 8,065 | 1.61 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Securities AFS | $ | 9,886 | 2.04 | % | $ | 71,293 | 1.14 | % | $ | 65,956 | 1.80 | % | $ | 512,043 | 1.72 | % | $ | 659,178 | 1.67 | % | |||||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 670,293 | 39.8 | % | $ | 556,769 | 35.0 | % | |||||||||||||||
One-to-four family residential | 474,420 | 28.2 | % | 442,889 | 27.9 | % | |||||||||||||||||
Construction and development | 106,339 | 6.3 | % | 127,321 | 8.0 | % | |||||||||||||||||
Commercial and industrial | 311,373 | 18.5 | % | 250,428 | 15.8 | % | |||||||||||||||||
SBA PPP, net of deferred income | 17,550 | 1.0 | % | 118,447 | 7.5 | % | |||||||||||||||||
Tax-exempt | 80,726 | 4.8 | % | 68,666 | 4.3 | % | |||||||||||||||||
Consumer | 23,131 | 1.4 | % | 23,926 | 1.5 | % | |||||||||||||||||
Total loans HFI | $ | 1,683,832 | 100.0 | % | $ | 1,588,446 | 100.0 | % | |||||||||||||||
Total non-PPP loans HFI (non-GAAP) (1) | $ | 1,666,282 | $ | 1,469,999 | |||||||||||||||||||
Total loans HFS | $ | 4,290 | $ | 29,116 |
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Percent of Loans HFI | Amount | Percent of Loans HFI | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Owner occupied | $ | 331,152 | 19.7 | % | $ | 319,790 | 20.1 | % | |||||||||||||||
Non-owner occupied | 339,141 | 20.1 | % | 236,979 | 14.9 | % | |||||||||||||||||
Total commercial real estate | $ | 670,293 | 39.8 | % | $ | 556,769 | 35.0 | % |
December 31, 2021 | |||||
Health care | 8.3 | % | |||
Construction | 4.6 | % | |||
Investor one-to-four family and multifamily | 4.2 | % | |||
Hospitality services | 4.1 | % | |||
Retail trade | 4.0 | % | |||
Public administration | 3.4 | % | |||
Religious and other nonprofit | 1.9 | % | |||
Manufacturing | 1.6 | % | |||
Finance and insurance | 1.6 | % | |||
Energy | 1.2 | % | |||
All other | 65.1 | % | |||
Total non-PPP loans HFI (non-GAAP) by industry concentration | 100.0 | % |
December 31, 2021 | |||||||||||
(dollars in thousands) | Amount | Percent of Non-PPP Loans HFI (non-GAAP) | |||||||||
Central | $ | 607,233 | 36.5 | % | |||||||
Northwest | 343,505 | 20.6 | % | ||||||||
Capital | 478,703 | 28.7 | % | ||||||||
Southwest | 97,175 | 5.8 | % | ||||||||
Northshore | 91,041 | 5.5 | % | ||||||||
Acadiana | 28,629 | 1.7 | % | ||||||||
New Orleans | 19,996 | 1.2 | % | ||||||||
Total non-PPP loans HFI (non-GAAP) | $ | 1,666,282 | 100.0 | % |
December 31, 2021 | |||||||||||||||||||||||||||||
(dollars in thousands) | Within One Year | After One Year but Within Five Years | After Five Years but Within 15 Years | After 15 Years | Total | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 64,546 | $ | 325,266 | $ | 280,093 | $ | 388 | $ | 670,293 | |||||||||||||||||||
One-to-four family residential | 27,807 | 89,493 | 281,940 | 75,180 | 474,420 | ||||||||||||||||||||||||
Construction and development | 70,227 | 24,437 | 11,279 | 396 | 106,339 | ||||||||||||||||||||||||
Commercial and industrial | 115,780 | 147,002 | 48,535 | 56 | 311,373 | ||||||||||||||||||||||||
Tax-exempt | 5,107 | 13,740 | 51,351 | 10,528 | 80,726 | ||||||||||||||||||||||||
Consumer | 5,772 | 16,797 | 417 | 145 | 23,131 | ||||||||||||||||||||||||
Total non-PPP loans HFI (non-GAAP) | $ | 289,239 | $ | 616,735 | $ | 673,615 | $ | 86,693 | $ | 1,666,282 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||
(dollars in thousands) | Fixed Rate Loans | Floating Rate Loans | Total | ||||||||||||||
Real estate: | |||||||||||||||||
Commercial real estate | $ | 573,570 | $ | 32,177 | $ | 605,747 | |||||||||||
One-to-four family residential | 437,871 | 8,742 | 446,613 | ||||||||||||||
Construction and development | 25,731 | 10,381 | 36,112 | ||||||||||||||
Commercial and industrial | 143,893 | 51,700 | 195,593 | ||||||||||||||
Tax-exempt | 75,619 | — | 75,619 | ||||||||||||||
Consumer | 15,478 | 1,881 | 17,359 | ||||||||||||||
Total | $ | 1,272,162 | $ | 104,881 | $ | 1,377,043 |
December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Nonperforming loans: | |||||||||||
Nonaccrual loans | $ | 280 | $ | 3,307 | |||||||
Accruing loans 90 or more days past due | 39 | 3 | |||||||||
Total nonperforming loans | 319 | 3,310 | |||||||||
Foreclosed assets: | |||||||||||
Real estate | 660 | 896 | |||||||||
Total foreclosed assets | 660 | 896 | |||||||||
Total NPAs | $ | 979 | $ | 4,206 | |||||||
Troubled debt restructurings:(1,2) | |||||||||||
Nonaccrual loans | $ | — | $ | 1,217 | |||||||
Performing loans | 3,944 | 1,454 | |||||||||
Total TDRs | $ | 3,944 | $ | 2,671 | |||||||
Nonaccrual loans to loans HFI | 0.02 | % | 0.21 | % | |||||||
Nonperforming loans to loans HFI(1) | 0.02 | % | 0.21 | % | |||||||
Nonperforming loans to non-PPP loans HFI (non-GAAP)(1,3) | 0.02% | 0.23% | |||||||||
NPAs to total assets | 0.03 | % | 0.16 | % |
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Real estate: | |||||||||||
Commercial real estate | $ | 51 | $ | 1,846 | |||||||
One-to-four family residential | 216 | 574 | |||||||||
Construction and development | — | — | |||||||||
Commercial and industrial | 13 | 882 | |||||||||
SBA PPP | — | — | |||||||||
Tax-exempt | — | — | |||||||||
Consumer | — | 5 | |||||||||
Total nonaccrual loans | $ | 280 | $ | 3,307 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 666,838 | $ | 499 | $ | 2,956 | $ | — | $ | — | $ | 670,293 | |||||||||||||||||||||||
One-to-four family residential | 473,638 | 321 | 461 | — | — | 474,420 | |||||||||||||||||||||||||||||
Construction and development | 105,838 | — | 501 | — | — | 106,339 | |||||||||||||||||||||||||||||
Commercial and industrial | 306,925 | 1,551 | 2,897 | — | — | 311,373 | |||||||||||||||||||||||||||||
SBA PPP | 17,550 | — | — | — | — | 17,550 | |||||||||||||||||||||||||||||
Tax-exempt | 80,726 | — | — | — | — | 80,726 | |||||||||||||||||||||||||||||
Consumer | 23,003 | 21 | 107 | — | — | 23,131 | |||||||||||||||||||||||||||||
Total loans HFI | $ | 1,674,518 | $ | 2,392 | $ | 6,922 | $ | — | $ | — | $ | 1,683,832 | |||||||||||||||||||||||
% of loans HFI | 99.5 | % | 0.1 | % | 0.4 | % | — | % | — | % | 100.0 | % |
As of and for the Years Ended December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Loans HFI | $ | 1,683,832 | $ | 1,588,446 | |||||||
Non-PPP loans HFI (non-GAAP)(1) | $ | 1,666,282 | $ | 1,469,999 | |||||||
Nonaccrual loans | $ | 280 | $ | 3,307 | |||||||
Average loans | $ | 1,621,606 | $ | 1,587,351 | |||||||
Allowance for loan losses at beginning of period | $ | 17,951 | $ | 13,937 | |||||||
Provision for loan losses | 1,900 | 6,293 | |||||||||
Charge-offs: | |||||||||||
Real estate: | |||||||||||
Commercial real estate | (450) | — | |||||||||
One-to-four family residential | (10) | — | |||||||||
Construction and development | — | (14) | |||||||||
Commercial and industrial | (74) | (2,184) | |||||||||
Consumer | (351) | (355) | |||||||||
Total charge-offs | (885) | (2,553) | |||||||||
Recoveries: | |||||||||||
Real estate: | |||||||||||
Commercial real estate | — | — | |||||||||
One-to-four family residential | 18 | 10 | |||||||||
Construction and development | 2 | 1 | |||||||||
Commercial and industrial | 27 | 89 | |||||||||
Consumer | 163 | 174 | |||||||||
Total recoveries | 210 | 274 | |||||||||
Net (charge-offs)/recoveries | (675) | (2,279) | |||||||||
Allowance for loan losses at end of period | $ | 19,176 | $ | 17,951 | |||||||
Allowance for loan losses to loans HFI | 1.14 | % | 1.13 | % | |||||||
Allowance for loan losses to non-PPP loans HFI (non-GAAP)(1) | 1.15 | % | 1.22 | % | |||||||
Allowance for loan losses to nonaccrual loans | 6,848.57 | % | 542.82% | ||||||||
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 6,749 | 35.2 | % | $ | 5,798 | 32.3 | % | |||||||||||||||
One-to-four family residential | 5,375 | 28.0 | % | 5,390 | 30.0 | % | |||||||||||||||||
Construction and development | 1,326 | 6.9 | % | 1,699 | 9.5 | % | |||||||||||||||||
Commercial and industrial | 4,440 | 23.2 | % | 3,631 | 20.2 | % | |||||||||||||||||
SBA PPP | 25 | 0.1 | % | 318 | 1.8 | % | |||||||||||||||||
Tax-exempt | 749 | 3.9 | % | 680 | 3.8 | % | |||||||||||||||||
Consumer | 512 | 2.7 | % | 435 | 2.4 | % | |||||||||||||||||
Total allowance for loan losses | $ | 19,176 | 100.0 | % | $ | 17,951 | 100.0 | % | |||||||||||||||
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
Real estate: | |||||||||||
Commercial real estate | 0.03% | —% | |||||||||
One-to-four family residential | —% | —% | |||||||||
Construction and development | —% | —% | |||||||||
Commercial and industrial | —% | 0.13% | |||||||||
SBA PPP | —% | —% | |||||||||
Tax-exempt | —% | —% | |||||||||
Consumer | 0.01% | 0.01% | |||||||||
Total | 0.04% | 0.14% |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(dollars in thousands) | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
Noninterest-bearing demand deposits | $ | 1,149,672 | 39.5 | % | $ | 943,615 | 40.3 | % | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
NOW accounts | 503,383 | 17.3 | % | 402,572 | 17.2 | % | |||||||||||||||||
Money market accounts | 733,044 | 25.2 | % | 506,902 | 21.7 | % | |||||||||||||||||
Savings accounts | 191,076 | 6.5 | % | 146,264 | 6.2 | % | |||||||||||||||||
Time deposits less than or equal to $250,000 | 243,596 | 8.4 | % | 247,665 | 10.6 | % | |||||||||||||||||
Time deposits greater than $250,000 | 89,577 | 3.1 | % | 93,342 | 4.0 | % | |||||||||||||||||
Total interest-bearing deposits | $ | 1,760,676 | 60.5 | % | $ | 1,396,745 | 59.7 | % | |||||||||||||||
Total deposits | $ | 2,910,348 | 100.0 | % | $ | 2,340,360 | 100.0 | % |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(dollars in thousands) | Balance | % of Total | Balance | % of Total | |||||||||||||||||||
Consumer | $ | 1,400,369 | 48.1 | % | $ | 1,091,268 | 46.6 | % | |||||||||||||||
Commercial | 1,283,992 | 44.1 | % | 1,054,736 | 45.1 | % | |||||||||||||||||
Public | 225,987 | 7.8 | % | 194,356 | 8.3 | % | |||||||||||||||||
Total deposits | $ | 2,910,348 | 100.0 | % | $ | 2,340,360 | 100.0 | % |
For the Years Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Average Balance | Average Rate | Average Balance | Average Rate | |||||||||||||||||||
Noninterest-bearing demand deposits | $ | 1,041,238 | 0.00 | % | $ | 807,528 | 0.00 | % | |||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
NOW accounts | 398,620 | 0.07 | % | 318,564 | 0.19 | % | |||||||||||||||||
Money market accounts | 638,137 | 0.19 | % | 433,348 | 0.48 | % | |||||||||||||||||
Savings accounts | 174,039 | 0.10 | % | 125,924 | 0.11 | % | |||||||||||||||||
Time deposits | 341,746 | 1.16 | % | 333,260 | 1.66 | % | |||||||||||||||||
Total interest-bearing deposits | 1,552,542 | 0.36 | % | 1,211,096 | 0.69 | % | |||||||||||||||||
Total average deposits | $ | 2,593,780 | 0.22 | % | $ | 2,018,624 | 0.41 | % |
(in thousands) | December 31, 2021 | ||||
Three months or less | $ | 5,606 | |||
Over three months through six months | 9,813 | ||||
Over six months through 12 months | 13,947 | ||||
Over 12 months | 9,461 | ||||
Total | $ | 38,827 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
Red River Bancshares, Inc. | |||||||||||||||||||||||
Total Risk-Based Capital | $ | 319,553 | 17.83 | % | $ | 294,962 | 18.68 | % | |||||||||||||||
Tier I Risk-Based Capital | 300,377 | 16.76 | % | 277,011 | 17.55 | % | |||||||||||||||||
Common Equity Tier I Capital | 300,377 | 16.76 | % | 277,011 | 17.55 | % | |||||||||||||||||
Tier I Leverage Capital | 300,377 | 9.67 | % | 277,011 | 10.92 | % | |||||||||||||||||
Red River Bank | |||||||||||||||||||||||
Total Risk-Based Capital | $ | 305,771 | 17.06 | % | $ | 271,061 | 17.17 | % | |||||||||||||||
Tier I Risk-Based Capital | 286,595 | 15.99 | % | 253,110 | 16.03 | % | |||||||||||||||||
Common Equity Tier I Capital | 286,595 | 15.99 | % | 253,110 | 16.03 | % | |||||||||||||||||
Tier I Leverage Capital | 286,595 | 9.23 | % | 253,110 | 9.98 | % |
December 31, 2021 | 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 | 45.7 | % | 16.7 | % | 36.6 | % | 27.5 | % | |||||||||||||||
+200 | 30.6 | % | 13.3 | % | 25.2 | % | 22.3 | % | |||||||||||||||
+100 | 15.3 | % | 8.0 | % | 13.4 | % | 14.5 | % | |||||||||||||||
Base | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||||
-100 | (0.4) | % | (18.9) | % | (1.6) | % | (18.0) | % | |||||||||||||||
-200 | (2.6) | % | (32.8) | % | (1.6) | % | (15.6) | % |
December 31, | |||||||||||||||||
(dollars in thousands, except per share data) | 2021 | 2020 | 2019 | ||||||||||||||
Tangible common equity | |||||||||||||||||
Total stockholders’ equity | $ | 298,150 | $ | 285,478 | $ | 251,898 | |||||||||||
Adjustments: | |||||||||||||||||
Intangible assets | (1,546) | (1,546) | (1,546) | ||||||||||||||
Total tangible common equity (non-GAAP) | $ | 296,604 | $ | 283,932 | $ | 250,352 | |||||||||||
Common shares outstanding | 7,180,155 | 7,325,333 | 7,306,221 | ||||||||||||||
Book value per common share | $ | 41.52 | $ | 38.97 | $ | 34.48 | |||||||||||
Tangible book value per common share (non-GAAP) | $ | 41.31 | $ | 38.76 | $ | 34.27 | |||||||||||
Tangible assets | |||||||||||||||||
Total assets | $ | 3,224,710 | $ | 2,642,634 | $ | 1,988,225 | |||||||||||
Adjustments: | |||||||||||||||||
Intangible assets | (1,546) | (1,546) | (1,546) | ||||||||||||||
Total tangible assets (non-GAAP) | $ | 3,223,164 | $ | 2,641,088 | $ | 1,986,679 | |||||||||||
Total stockholder’s equity to assets | 9.25 | % | 10.80 | % | 12.67 | % | |||||||||||
Tangible common equity to tangible assets (non-GAAP) | 9.20 | % | 10.75 | % | 12.60 | % |
December 31, | |||||||||||||||||
(dollars in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Non-PPP loans HFI | |||||||||||||||||
Loans HFI | $ | 1,683,832 | $ | 1,588,446 | $ | 1,438,924 | |||||||||||
Adjustments: | |||||||||||||||||
PPP loans, net | (17,550) | (118,447) | — | ||||||||||||||
Non-PPP loans HFI (non-GAAP) | $ | 1,666,282 | $ | 1,469,999 | $ | 1,438,924 | |||||||||||
Assets excluding PPP loans, net | |||||||||||||||||
Assets | $ | 3,224,710 | $ | 2,642,634 | $ | 1,988,225 | |||||||||||
Adjustments: | |||||||||||||||||
PPP loans, net | (17,550) | (118,447) | — | ||||||||||||||
Assets excluding PPP loans, net (non-GAAP) | $ | 3,207,160 | $ | 2,524,187 | $ | 1,988,225 | |||||||||||
Deposits | $ | 2,910,348 | $ | 2,340,360 | $ | 1,721,120 | |||||||||||
Allowance for loan losses | $ | 19,176 | $ | 17,951 | $ | 13,937 | |||||||||||
Nonperforming loans | $ | 319 | $ | 3,310 | $ | 5,319 | |||||||||||
Loans HFI to deposits ratio | 57.86 | % | 67.87 | % | 83.60 | % | |||||||||||
Non-PPP loans HFI to deposits ratio (non-GAAP) | 57.25 | % | 62.81 | % | 83.60 | % | |||||||||||
Allowance for loan losses to loans HFI | 1.14 | % | 1.13 | % | 0.97 | % | |||||||||||
Allowance for loan losses to non-PPP loans HFI (non-GAAP) | 1.15 | % | 1.22 | % | 0.97 | % | |||||||||||
Nonperforming loans to loans HFI | 0.02 | % | 0.21 | % | 0.37 | % | |||||||||||
Nonperforming loans to non-PPP loans HFI (non-GAAP) | 0.02 | % | 0.23 | % | 0.37 | % |
(in thousands, except share amounts) | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 23,143 | $ | 29,537 | ||||||||||
Interest-bearing deposits in other banks | 761,721 | 417,664 | ||||||||||||
Total Cash and Cash Equivalents | 784,864 | 447,201 | ||||||||||||
Securities available-for-sale | 659,178 | 498,206 | ||||||||||||
Equity securities | 7,846 | 4,021 | ||||||||||||
Nonmarketable equity securities | 3,450 | 3,447 | ||||||||||||
Loans held for sale | 4,290 | 29,116 | ||||||||||||
Loans held for investment | 1,683,832 | 1,588,446 | ||||||||||||
Allowance for loan losses | (19,176) | (17,951) | ||||||||||||
Premises and equipment, net | 48,056 | 46,924 | ||||||||||||
Accrued interest receivable | 6,245 | 6,880 | ||||||||||||
Bank-owned life insurance | 28,061 | 22,413 | ||||||||||||
Intangible assets | 1,546 | 1,546 | ||||||||||||
Right-of-use assets | 3,743 | 4,154 | ||||||||||||
Other assets | 12,775 | 8,231 | ||||||||||||
Total Assets | $ | 3,224,710 | $ | 2,642,634 | ||||||||||
LIABILITIES | ||||||||||||||
Noninterest-bearing deposits | $ | 1,149,672 | $ | 943,615 | ||||||||||
Interest-bearing deposits | 1,760,676 | 1,396,745 | ||||||||||||
Total Deposits | 2,910,348 | 2,340,360 | ||||||||||||
Accrued interest payable | 1,310 | 1,774 | ||||||||||||
Lease liabilities | 3,842 | 4,233 | ||||||||||||
Accrued expenses and other liabilities | 11,060 | 10,789 | ||||||||||||
Total Liabilities | 2,926,560 | 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 - 7,180,155 and 7,325,333 shares, respectively | 60,233 | 68,055 | ||||||||||||
Additional paid-in capital | 1,814 | 1,545 | ||||||||||||
Retained earnings | 239,876 | 208,957 | ||||||||||||
Accumulated other comprehensive income (loss) | (3,773) | 6,921 | ||||||||||||
Total Stockholders’ Equity | 298,150 | 285,478 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 3,224,710 | $ | 2,642,634 |
(in thousands, except per share data) | Years Ended December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
INTEREST AND DIVIDEND INCOME | ||||||||||||||
Interest and fees on loans | $ | 67,923 | $ | 69,228 | ||||||||||
Interest on securities | 8,660 | 7,601 | ||||||||||||
Interest on federal funds sold | 88 | 207 | ||||||||||||
Interest on deposits in other banks | 658 | 322 | ||||||||||||
Dividends on stock | 10 | 20 | ||||||||||||
Total Interest and Dividend Income | 77,339 | 77,378 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||
Interest on deposits | 5,617 | 8,362 | ||||||||||||
Interest on other borrowed funds | — | 16 | ||||||||||||
Total Interest Expense | 5,617 | 8,378 | ||||||||||||
Net Interest Income | 71,722 | 69,000 | ||||||||||||
Provision for loan losses | 1,900 | 6,293 | ||||||||||||
Net Interest Income After Provision for Loan Losses | 69,822 | 62,707 | ||||||||||||
NONINTEREST INCOME | ||||||||||||||
Service charges on deposit accounts | 4,775 | 4,108 | ||||||||||||
Debit card income, net | 4,415 | 3,641 | ||||||||||||
Mortgage loan income | 8,676 | 8,398 | ||||||||||||
Brokerage income | 3,297 | 2,324 | ||||||||||||
Loan and deposit income | 1,738 | 1,701 | ||||||||||||
Bank-owned life insurance income | 648 | 568 | ||||||||||||
Gain (Loss) on equity securities | (175) | 85 | ||||||||||||
Gain (Loss) on sale and call of securities | 194 | 1,441 | ||||||||||||
SBIC income | 654 | 775 | ||||||||||||
Other income (loss) | 271 | 126 | ||||||||||||
Total Noninterest Income | 24,493 | 23,167 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||
Personnel expenses | 32,449 | 31,160 | ||||||||||||
Occupancy and equipment expenses | 5,443 | 5,106 | ||||||||||||
Technology expenses | 2,810 | 2,542 | ||||||||||||
Advertising | 921 | 933 | ||||||||||||
Other business development expenses | 1,169 | 1,020 | ||||||||||||
Data processing expense | 1,982 | 1,905 | ||||||||||||
Other taxes | 2,082 | 1,733 | ||||||||||||
Loan and deposit expenses | 1,016 | 1,052 | ||||||||||||
Legal and professional expenses | 1,683 | 2,141 | ||||||||||||
Regulatory assessment expenses | 933 | 538 | ||||||||||||
Other operating expenses | 3,767 | 3,276 | ||||||||||||
Total Operating Expenses | 54,255 | 51,406 | ||||||||||||
Income Before Income Tax Expense | 40,060 | 34,468 | ||||||||||||
Income tax expense | 7,108 | 6,323 | ||||||||||||
Net Income | $ | 32,952 | $ | 28,145 | ||||||||||
EARNINGS PER SHARE | ||||||||||||||
Basic | $ | 4.53 | $ | 3.84 | ||||||||||
Diluted | $ | 4.51 | $ | 3.83 |
(in thousands) | Years Ended December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Net income | $ | 32,952 | $ | 28,145 | ||||||||||
Other comprehensive income (loss): | ||||||||||||||
Unrealized net gain (loss) on securities arising during period | (13,343) | 10,232 | ||||||||||||
Tax effect | 2,802 | (2,149) | ||||||||||||
(Gain) loss on sale and call of securities included in net income | (194) | (1,441) | ||||||||||||
Tax effect | 41 | 303 | ||||||||||||
Total other comprehensive income (loss) | (10,694) | 6,945 | ||||||||||||
Comprehensive Income | $ | 22,258 | $ | 35,090 |
(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 | — | — | — | 28,145 | — | 28,145 | |||||||||||||||||||||||||||||
Stock incentive plan | — | — | 276 | — | — | 276 | |||||||||||||||||||||||||||||
Issuance of restricted shares of common stock through stock incentive plan, net | 5,625 | — | — | — | — | — | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
Repurchase of common stock under stock repurchase program | (2,824) | (122) | — | — | — | (122) | |||||||||||||||||||||||||||||
Cash dividend - $0.24 per share | — | — | — | (1,759) | — | (1,759) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 6,945 | 6,945 | |||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 7,325,333 | $ | 68,055 | $ | 1,545 | $ | 208,957 | $ | 6,921 | $ | 285,478 | ||||||||||||||||||||||||
Net income | — | — | — | 32,952 | — | 32,952 | |||||||||||||||||||||||||||||
Stock incentive plan | — | — | 269 | — | — | 269 | |||||||||||||||||||||||||||||
Issuance of restricted shares of common stock through stock incentive plan, net | 7,400 | — | — | — | — | — | |||||||||||||||||||||||||||||
Forfeiture of restricted shares of common stock | (100) | — | — | — | — | ||||||||||||||||||||||||||||||
Issuance of shares of common stock as board compensation | 1,075 | 56 | — | — | — | 56 | |||||||||||||||||||||||||||||
Repurchase of common stock under stock repurchase program | (153,553) | (7,878) | — | — | — | (7,878) | |||||||||||||||||||||||||||||
Cash dividend - $0.28 per share | — | — | — | (2,033) | — | (2,033) | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (10,694) | (10,694) | |||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 7,180,155 | $ | 60,233 | $ | 1,814 | $ | 239,876 | $ | (3,773) | $ | 298,150 |
(in thousands) | Years Ended December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net income | $ | 32,952 | $ | 28,145 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation | 1,906 | 1,861 | ||||||||||||
Amortization | 646 | 553 | ||||||||||||
Share-based compensation earned | 269 | 276 | ||||||||||||
Share-based board compensation earned | 50 | 62 | ||||||||||||
(Gain) Loss on other assets owned | (184) | 22 | ||||||||||||
Net (accretion) amortization on securities AFS | 2,479 | 3,144 | ||||||||||||
(Gain) Loss on sale and call of securities | (194) | (1,441) | ||||||||||||
Provision for loan losses | 1,900 | 6,293 | ||||||||||||
Deferred income tax (benefit) expense | (773) | 130 | ||||||||||||
Net (increase) decrease in loans HFS | 24,826 | (24,027) | ||||||||||||
Net (increase) decrease in accrued interest receivable | 635 | (1,629) | ||||||||||||
Net (increase) decrease in BOLI | (648) | (568) | ||||||||||||
Net increase (decrease) in accrued interest payable | (464) | (448) | ||||||||||||
Net increase (decrease) in accrued income taxes payable | (70) | (4) | ||||||||||||
Other operating activities, net | (1,066) | 429 | ||||||||||||
Net cash provided by (used in) operating activities | 62,264 | 12,798 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Activity in securities AFS: | ||||||||||||||
Sales | 113,524 | 151,253 | ||||||||||||
Maturities, principal repayments, and calls | 99,175 | 112,605 | ||||||||||||
Purchases | (389,493) | (419,403) | ||||||||||||
Purchase of equity securities | (4,000) | — | ||||||||||||
Purchase of nonmarketable equity securities | (3) | (2,097) | ||||||||||||
Capital contribution in partnerships | (173) | — | ||||||||||||
Net (increase) decrease in loans HFI | (96,327) | (151,909) | ||||||||||||
Purchase of bank-owned life insurance | (5,000) | — | ||||||||||||
Proceeds from sales of foreclosed assets | 563 | 330 | ||||||||||||
Proceeds from sales of premises and equipment | 483 | — | ||||||||||||
Purchases of premises and equipment | (3,427) | (7,035) | ||||||||||||
Net cash provided by (used in) investing activities | (284,678) | (316,256) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Net increase (decrease) in deposits | 569,988 | 619,240 | ||||||||||||
Proceeds from other borrowed funds | — | 50,000 | ||||||||||||
Repayments of other borrowed funds | — | (50,000) | ||||||||||||
Repurchase of common stock | (7,878) | (122) | ||||||||||||
Proceeds from exercise of stock options | — | 8 | ||||||||||||
Cash dividends | (2,033) | (1,759) | ||||||||||||
Net cash provided by (used in) financing activities | 560,077 | 617,367 | ||||||||||||
Net change in cash and cash equivalents | 337,663 | 313,909 | ||||||||||||
Cash and cash equivalents - beginning of year | 447,201 | 133,292 | ||||||||||||
Cash and cash equivalents - end of year | $ | 784,864 | $ | 447,201 |
(in thousands) | Years Ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
SUPPLEMENTAL DISCLOSURES | |||||||||||
Cash paid during the year for: | |||||||||||
Interest | $ | 6,080 | $ | 8,826 | |||||||
Income taxes | 7,989 | 6,182 | |||||||||
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||
Assets acquired in settlement of loans | 266 | 108 | |||||||||
December 31, 2021 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | 386,874 | $ | 1,112 | $ | (8,460) | $ | 379,526 | |||||||||||||||
Municipal bonds | 227,248 | 3,665 | (942) | 229,971 | |||||||||||||||||||
U.S. Treasury securities | 41,770 | — | (154) | 41,616 | |||||||||||||||||||
U.S. agency securities | 8,062 | 61 | (58) | 8,065 | |||||||||||||||||||
Total Securities AFS | $ | 663,954 | $ | 4,838 | $ | (9,614) | $ | 659,178 |
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. Treasury securities | — | — | — | — | |||||||||||||||||||
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 | $ | 9,819 | $ | 9,886 | |||||||
After one year but within five years | 71,026 | 71,293 | |||||||||
After five years but within ten years | 65,419 | 65,956 | |||||||||
After ten years | 517,690 | 512,043 | |||||||||
Total | $ | 663,954 | $ | 659,178 | |||||||
Less than twelve months | Twelve months or more | ||||||||||||||||||||||
(in thousands) | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | (6,627) | $ | 282,705 | $ | (1,833) | $ | 47,171 | |||||||||||||||
Municipal bonds | (918) | 51,333 | (24) | 2,577 | |||||||||||||||||||
U.S. Treasury securities | (154) | 41,616 | — | — | |||||||||||||||||||
U.S. agency securities | (58) | 4,913 | — | — | |||||||||||||||||||
Total Securities AFS | $ | (7,757) | $ | 380,567 | $ | (1,857) | $ | 49,748 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | $ | (332) | $ | 72,367 | $ | — | $ | — | |||||||||||||||
Municipal bonds | (51) | 9,466 | — | — | |||||||||||||||||||
U.S. Treasury securities | — | — | — | — | |||||||||||||||||||
U.S. agency securities | (4) | 4,996 | — | — | |||||||||||||||||||
Total Securities AFS | $ | (387) | $ | 86,829 | $ | — | $ | — | |||||||||||||||
Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Proceeds (1) | $ | 120,374 | $ | 151,253 | |||||||
Gross gain | 859 | 1,723 | |||||||||
Gross loss | (665) | (282) |
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Real estate: | |||||||||||
Commercial real estate | $ | 670,293 | $ | 556,769 | |||||||
One-to-four family residential | 474,420 | 442,889 | |||||||||
Construction and development | 106,339 | 127,321 | |||||||||
Commercial and industrial | 311,373 | 250,428 | |||||||||
SBA PPP, net of deferred income | 17,550 | 118,447 | |||||||||
Tax-exempt | 80,726 | 68,666 | |||||||||
Consumer | 23,131 | 23,926 | |||||||||
Total loans HFI | $ | 1,683,832 | $ | 1,588,446 | |||||||
Total loans HFS | $ | 4,290 | $ | 29,116 |
Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Balance - beginning of period | $ | 33,191 | $ | 30,609 | |||||||
New loans/changes in relationships | 12,493 | 23,431 | |||||||||
Repayments/changes in relationships | (21,892) | (20,849) | |||||||||
Balance - end of period | $ | 23,792 | $ | 33,191 |
(in thousands) | Beginning Balance | Provision for Loan Losses | Loans Charged-off | Recoveries | Ending Balance | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 5,798 | $ | 1,401 | $ | (450) | $ | — | $ | 6,749 | |||||||||||||||||||
One-to-four family residential | 5,390 | (23) | (10) | 18 | 5,375 | ||||||||||||||||||||||||
Construction and development | 1,699 | (375) | — | 2 | 1,326 | ||||||||||||||||||||||||
Commercial and industrial | 3,631 | 856 | (74) | 27 | 4,440 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | 318 | (293) | — | — | 25 | ||||||||||||||||||||||||
Tax-exempt | 680 | 69 | — | — | 749 | ||||||||||||||||||||||||
Consumer | 435 | 265 | (351) | 163 | 512 | ||||||||||||||||||||||||
Total allowance for loan losses | $ | 17,951 | $ | 1,900 | $ | (885) | $ | 210 | $ | 19,176 |
(in thousands) | Beginning Balance | Provision for Loan Losses | Loans Charged-off | Recoveries | Ending Balance | ||||||||||||||||||||||||
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 | $ | 68 | $ | 6,681 | $ | — | $ | 6,749 | |||||||||||||||
One-to-four family residential | — | 5,375 | — | 5,375 | |||||||||||||||||||
Construction and development | — | 1,326 | — | 1,326 | |||||||||||||||||||
Commercial and industrial | 40 | 4,400 | — | 4,440 | |||||||||||||||||||
SBA PPP, net of deferred income | — | 25 | — | 25 | |||||||||||||||||||
Tax-exempt | — | 749 | — | 749 | |||||||||||||||||||
Consumer | 118 | 394 | — | 512 | |||||||||||||||||||
Total allowance for loan losses | $ | 226 | $ | 18,950 | $ | — | $ | 19,176 | |||||||||||||||
Loans: | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Commercial real estate | $ | 5,011 | $ | 665,282 | $ | — | $ | 670,293 | |||||||||||||||
One-to-four family residential | 434 | 473,986 | — | 474,420 | |||||||||||||||||||
Construction and development | 501 | 105,838 | — | 106,339 | |||||||||||||||||||
Commercial and industrial | 77 | 311,296 | — | 311,373 | |||||||||||||||||||
SBA PPP, net of deferred income | — | 17,550 | — | 17,550 | |||||||||||||||||||
Tax-exempt | — | 80,726 | — | 80,726 | |||||||||||||||||||
Consumer | 126 | 23,005 | — | 23,131 | |||||||||||||||||||
Total loans HFI | $ | 6,149 | $ | 1,677,683 | $ | — | $ | 1,683,832 |
(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 | $ | 669,781 | $ | 461 | $ | — | $ | 51 | $ | 670,293 | |||||||||||||||||||
One-to-four family residential | 473,658 | 546 | — | 216 | 474,420 | ||||||||||||||||||||||||
Construction and development | 106,300 | — | 39 | — | 106,339 | ||||||||||||||||||||||||
Commercial and industrial | 311,321 | 39 | — | 13 | 311,373 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | 17,550 | — | — | — | 17,550 | ||||||||||||||||||||||||
Tax-exempt | 80,726 | — | — | — | 80,726 | ||||||||||||||||||||||||
Consumer | 23,121 | 10 | — | — | 23,131 | ||||||||||||||||||||||||
Total loans HFI | $ | 1,682,457 | $ | 1,056 | $ | 39 | $ | 280 | $ | 1,683,832 |
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 | Interest Income Recognized | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,599 | $ | 1,595 | $ | — | $ | 1,969 | $ | 78 | |||||||||||||||||||
One-to-four family residential | 483 | 434 | — | 539 | 19 | ||||||||||||||||||||||||
Construction and development | 501 | 501 | — | 400 | 32 | ||||||||||||||||||||||||
Commercial and industrial | — | — | — | 355 | — | ||||||||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | — | ||||||||||||||||||||||||
Tax-exempt | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | 8 | 8 | — | 4 | 1 | ||||||||||||||||||||||||
Total with no related allowance | 2,591 | 2,538 | — | 3,267 | 130 | ||||||||||||||||||||||||
With allowance recorded: | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | 3,416 | 3,416 | 68 | 2,111 | 64 | ||||||||||||||||||||||||
One-to-four family residential | — | — | — | 145 | — | ||||||||||||||||||||||||
Construction and development | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | 85 | 77 | 40 | 1,570 | 5 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | — | ||||||||||||||||||||||||
Tax-exempt | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | 118 | 118 | 118 | 112 | 5 | ||||||||||||||||||||||||
Total with related allowance | 3,619 | 3,611 | 226 | 3,938 | 74 | ||||||||||||||||||||||||
Total impaired loans | $ | 6,210 | $ | 6,149 | $ | 226 | $ | 7,205 | $ | 204 |
(in thousands) | Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 1,459 | $ | 1,428 | $ | — | $ | 1,417 | $ | 68 | |||||||||||||||||||
One-to-four family residential | 891 | 827 | — | 987 | 33 | ||||||||||||||||||||||||
Construction and development | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | 92 | 92 | — | 1,173 | 5 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | — | ||||||||||||||||||||||||
Tax-exempt | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | 1 | 1 | — | 2 | — | ||||||||||||||||||||||||
Total with no related allowance | 2,443 | 2,348 | — | 3,579 | 106 | ||||||||||||||||||||||||
With allowance recorded: | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | 2,402 | 2,189 | 268 | 1,533 | 26 | ||||||||||||||||||||||||
One-to-four family residential | 306 | 299 | 45 | 234 | 1 | ||||||||||||||||||||||||
Construction and development | — | — | — | 8 | — | ||||||||||||||||||||||||
Commercial and industrial | 4,854 | 3,887 | 540 | 6,521 | 139 | ||||||||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | — | ||||||||||||||||||||||||
Tax-exempt | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | 114 | 113 | 111 | 103 | 5 | ||||||||||||||||||||||||
Total with related allowance | 7,676 | 6,488 | 964 | 8,399 | 171 | ||||||||||||||||||||||||
Total impaired loans | $ | 10,119 | $ | 8,836 | $ | 964 | $ | 11,978 | $ | 277 |
(dollars in thousands) | Current | 30-89 Days Past Due | 90 Days or More Past Due | Nonaccrual(1) | Total TDRs | ||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate | $ | 3,634 | $ | — | $ | — | $ | — | $ | 3,634 | |||||||||||||||||||
One-to-four family residential | 289 | — | — | — | 289 | ||||||||||||||||||||||||
Construction and development | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | — | ||||||||||||||||||||||||
Tax-exempt | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | 21 | — | — | — | 21 | ||||||||||||||||||||||||
Total | $ | 3,944 | $ | — | $ | — | $ | — | $ | 3,944 | |||||||||||||||||||
Number of TDR loans | 11 | — | — | 1 | 12 |
(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 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Loan Count | Pre Modification | Post Modification | Loan Count | Pre Modification | Post Modification | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Commercial real estate | 1 | $ | 2,174 | $ | 2,184 | — | $ | — | $ | — | |||||||||||||||||||||||||
One-to-four family residential | — | — | — | 1 | 90 | 91 | |||||||||||||||||||||||||||||
Construction and development | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | — | — | |||||||||||||||||||||||||||||
SBA PPP, net of deferred income | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Tax-exempt | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Consumer | 2 | 20 | 27 | — | — | — | |||||||||||||||||||||||||||||
Total | 3 | $ | 2,194 | $ | 2,211 | 1 | $ | 90 | $ | 91 |
(in thousands) | Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 666,838 | $ | 499 | $ | 2,956 | $ | — | $ | — | $ | 670,293 | |||||||||||||||||||||||
One-to-four family residential | 473,638 | 321 | 461 | — | — | 474,420 | |||||||||||||||||||||||||||||
Construction and development | 105,838 | — | 501 | — | — | 106,339 | |||||||||||||||||||||||||||||
Commercial and industrial | 306,925 | 1,551 | 2,897 | — | — | 311,373 | |||||||||||||||||||||||||||||
SBA PPP, net of deferred income | 17,550 | — | — | — | — | 17,550 | |||||||||||||||||||||||||||||
Tax-exempt | 80,726 | — | — | — | — | 80,726 | |||||||||||||||||||||||||||||
Consumer | 23,003 | 21 | 107 | — | — | 23,131 | |||||||||||||||||||||||||||||
Total loans HFI | $ | 1,674,518 | $ | 2,392 | $ | 6,922 | $ | — | $ | — | $ | 1,683,832 |
(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 |
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Land | $ | 17,210 | $ | 16,331 | |||||||
Buildings | 31,573 | 29,854 | |||||||||
Leasehold improvements | 2,732 | 2,725 | |||||||||
Furniture and equipment | 13,136 | 12,541 | |||||||||
Vehicles | 377 | 377 | |||||||||
Computer equipment | 3,578 | 3,287 | |||||||||
Projects in process | 4,130 | 4,702 | |||||||||
Total premises and equipment | 72,736 | 69,817 | |||||||||
Less: Accumulated depreciation | (24,680) | (22,893) | |||||||||
Premises and equipment, net | $ | 48,056 | $ | 46,924 |
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Noninterest-bearing demand deposits | $ | 1,149,672 | $ | 943,615 | |||||||
Interest-bearing deposits: | |||||||||||
NOW accounts | 503,383 | 402,572 | |||||||||
Money market accounts | 733,044 | 506,902 | |||||||||
Savings accounts | 191,076 | 146,264 | |||||||||
Time deposits less than or equal to $250,000 | 243,596 | 247,665 | |||||||||
Time deposits greater than $250,000 | 89,577 | 93,342 | |||||||||
Total interest-bearing deposits | 1,760,676 | 1,396,745 | |||||||||
Total deposits | $ | 2,910,348 | $ | 2,340,360 |
Years ending December 31, | Amount | |||||||
(in thousands) | ||||||||
2022 | $ | 221,509 | ||||||
2023 | 56,118 | |||||||
2024 | 19,119 | |||||||
2025 | 12,044 | |||||||
2026 | 10,666 | |||||||
Thereafter | 13,717 | |||||||
$ | 333,173 |
As of and for the Year Ended | |||||
December 31, 2021 | |||||
Weighted average remaining operating lease term | 8.2 years | ||||
Weighted average operating lease discount rate | 3.4 | % |
Years Ending December 31, | Amount | |||||||
(in thousands) | ||||||||
2022 | $ | 539 | ||||||
2023 | 541 | |||||||
2024 | 541 | |||||||
2025 | 565 | |||||||
2026 | 514 | |||||||
Thereafter | 1,734 | |||||||
Total lease payments | 4,434 | |||||||
Less: Imputed interest | (592) | |||||||
Present value of lease liabilities | $ | 3,842 |
Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Current tax expense | $ | 7,881 | $ | 6,193 | |||||||
Deferred tax expense (benefit) | (773) | 130 | |||||||||
Income tax expense | $ | 7,108 | $ | 6,323 |
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||
Income before income tax expense | $ | 40,060 | 100.0 | % | $ | 34,468 | 100.0 | % | |||||||||||||||
U.S. federal income tax expense | 8,413 | 21.0 | % | 7,238 | 21.0 | % | |||||||||||||||||
Nontaxable income | (1,347) | (3.4) | % | (1,045) | (3.0) | % | |||||||||||||||||
Nondeductible expenses | 38 | 0.1 | % | 45 | 0.1 | % | |||||||||||||||||
Other | 4 | — | % | 85 | 0.2 | % | |||||||||||||||||
Income tax expense | $ | 7,108 | 17.7 | % | $ | 6,323 | 18.3 | % |
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Depreciation | $ | (1,964) | $ | (1,953) | |||||||
Unrealized gain on securities | — | (1,840) | |||||||||
FHLB of Dallas stock dividends | (20) | (19) | |||||||||
Gross deferred tax liability | (1,984) | (3,812) | |||||||||
Allowance for loan losses | 4,025 | 3,400 | |||||||||
Allowance for operational losses | 57 | 74 | |||||||||
Health insurance self fund | 94 | 211 | |||||||||
Deferred compensation | 554 | 570 | |||||||||
Unrealized loss on securities | 1,003 | — | |||||||||
Equity security valuation | 33 | (5) | |||||||||
Advance payment | 350 | 150 | |||||||||
Accrued bonus | 368 | 220 | |||||||||
Other | 100 | 139 | |||||||||
Gross deferred tax asset | 6,584 | 4,759 | |||||||||
Net deferred tax asset (liability) | $ | 4,600 | $ | 947 |
2018 Plan Number of Shares | |||||
Awards available for issuance- December 31, 2019 | 194,025 | ||||
Awards granted | (5,625) | ||||
Awards available for issuance - December 31, 2020 | 188,400 | ||||
Awards granted | (7,400) | ||||
Awards forfeited | 100 | ||||
Awards available for issuance - December 31, 2021 | 181,100 |
Stock Options | |||||||||||||||||
Number of Shares | Exercise Price Range | Weighted Average Price | |||||||||||||||
Outstanding - December 31, 2019 | 20,500 | $14.31 - $17.33 | $ | 15.78 | |||||||||||||
Exercised(1) | (20,500) | $14.31 - $17.33 | $ | 15.78 | |||||||||||||
Outstanding - December 31, 2020 | — | $ | — | ||||||||||||||
Exercised | — | $ | — | ||||||||||||||
Outstanding - December 31, 2021 | — | $ | — |
Nonvested Restricted Stock | ||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Nonvested - December 31, 2019 | 20,605 | $ | 37.34 | |||||||||||
Granted | 5,625 | $ | 42.35 | |||||||||||
Vested | (8,575) | $ | 33.65 | |||||||||||
Nonvested - December 31, 2020 | 17,655 | $ | 40.73 | |||||||||||
Granted | 7,400 | $ | 50.55 | |||||||||||
Vested | (6,820) | $ | 38.40 | |||||||||||
Forfeited | (100) | $ | 42.35 | |||||||||||
Nonvested - December 31, 2021 | 18,135 | $ | 45.61 |
Years Ended December 31, | |||||||||||
(dollars in thousands) | 2021 | 2020 | |||||||||
Share-based board compensation earned | $ | 50 | $ | 62 | |||||||
Issuance of shares of common stock as board compensation: | |||||||||||
Number of shares issued | 1,075 | 1,591 | |||||||||
Equity impact of shares issued | $ | 56 | $ | 87 |
(in thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Loans HFS | $ | 4,290 | $ | — | $ | 4,290 | $ | — | |||||||||||||||
Securities AFS: | |||||||||||||||||||||||
Mortgage-backed securities | 379,526 | — | 379,526 | — | |||||||||||||||||||
Municipal bonds | 229,971 | — | 229,971 | — | |||||||||||||||||||
U.S. agency securities | 8,065 | — | 8,065 | — | |||||||||||||||||||
U.S. Treasury securities | 41,616 | — | 41,616 | — | |||||||||||||||||||
Equity securities | 7,846 | 7,846 | — | — | |||||||||||||||||||
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 | — | |||||||||||||||||||
U.S. Treasury securities | — | — | — | — | |||||||||||||||||||
Equity securities | 4,021 | 4,021 | — | — |
Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Carrying value of impaired loans before allowance for loan losses | $ | 4,114 | $ | 6,776 | |||||||
Specific allowance for loan losses | (79) | (856) | |||||||||
Fair value of impaired loans | $ | 4,035 | $ | 5,920 |
Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Foreclosed assets remeasured at initial recognition: | |||||||||||
Carrying value of foreclosed assets prior to remeasurement | $ | 266 | $ | 85 | |||||||
Charge-offs | — | — | |||||||||
Fair value of foreclosed assets | $ | 266 | $ | 85 |
Years Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Foreclosed assets remeasured subsequent to initial recognition: | |||||||||||
Carrying value of foreclosed assets prior to remeasurement | $ | 133 | $ | 150 | |||||||
Write-downs | (34) | (17) | |||||||||
Fair value of foreclosed assets | $ | 99 | $ | 133 |
(dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Discount Ranges | Weighted Average Discount | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Impaired loans | $ | 5,923 | Discounted appraisals | Collateral discounts and costs to sell | 0% - 100% | 3.67% | |||||||||||||||||||||||
Foreclosed assets | $ | 660 | 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 | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 23,143 | $ | 23,143 | $ | 23,143 | $ | — | $ | — | |||||||||||||||||||
Interest-bearing deposits in other banks | 761,721 | 761,721 | 761,721 | — | — | ||||||||||||||||||||||||
Securities AFS | 659,178 | 659,178 | — | 659,178 | — | ||||||||||||||||||||||||
Equity securities | 7,846 | 7,846 | 7,846 | — | — | ||||||||||||||||||||||||
Nonmarketable equity securities | 3,450 | 3,450 | — | 3,450 | — | ||||||||||||||||||||||||
Loans HFS | 4,290 | 4,290 | — | 4,290 | — | ||||||||||||||||||||||||
Loans HFI, net of allowance | 1,664,656 | 1,674,900 | — | — | 1,674,900 | ||||||||||||||||||||||||
Accrued interest receivable | 6,245 | 6,245 | — | — | 6,245 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 2,910,348 | 2,911,118 | — | 2,911,118 | — | ||||||||||||||||||||||||
Accrued interest payable | 1,310 | 1,310 | — | 1,310 | — | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital | $ | 305,771 | 17.06 | % | $ | 143,372 | 8.00 | % | $ | 188,176 | 10.50 | % | |||||||||||||||||||||||
Tier I Risk-Based Capital | $ | 286,595 | 15.99 | % | $ | 107,529 | 6.00 | % | $ | 152,333 | 8.50 | % | |||||||||||||||||||||||
Common Equity Tier I Capital | $ | 286,595 | 15.99 | % | $ | 80,647 | 4.50 | % | $ | 125,451 | 7.00 | % | |||||||||||||||||||||||
Tier I Leverage Capital | $ | 286,595 | 9.23 | % | $ | 124,241 | 4.00 | % | $ | 124,241 | 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 | |||||||||
December 31, 2021 | |||||||||||
Total Risk-Based Capital | $ | 319,553 | 17.83 | % | |||||||
Tier I Risk-Based Capital | $ | 300,377 | 16.76 | % | |||||||
Common Equity Tier I Capital | $ | 300,377 | 16.76 | % | |||||||
Tier I Leverage Capital | $ | 300,377 | 9.67 | % | |||||||
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 | % |
Years Ended | |||||||||||
December 31, | |||||||||||
(in thousands, except share amounts) | 2021 | 2020 | |||||||||
Numerator: | |||||||||||
Net income - basic | $ | 32,952 | $ | 28,145 | |||||||
Net income - diluted | $ | 32,952 | $ | 28,145 | |||||||
Denominator: | |||||||||||
Weighted average shares outstanding - basic | 7,281,136 | 7,322,158 | |||||||||
Plus: Effect of Director Compensation Program | 923 | 1,259 | |||||||||
Plus: Effect of stock options and restricted stock | 17,661 | 21,628 | |||||||||
Weighted average shares outstanding - diluted | 7,299,720 | 7,345,045 | |||||||||
Earnings per common share: | |||||||||||
Basic | $ | 4.53 | $ | 3.84 | |||||||
Diluted | $ | 4.51 | $ | 3.83 |
2021 | |||||||||||||||||||||||
(in thousands, except per share data) | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||||||||
Interest and dividend income | $ | 20,075 | $ | 19,442 | $ | 18,644 | $ | 19,178 | |||||||||||||||
Interest expense | 1,300 | 1,333 | 1,397 | 1,587 | |||||||||||||||||||
Net interest income | 18,775 | 18,109 | 17,247 | 17,591 | |||||||||||||||||||
Provision for loan losses | 150 | 150 | 150 | 1,450 | |||||||||||||||||||
Net interest income after provision for loan losses | 18,625 | 17,959 | 17,097 | 16,141 | |||||||||||||||||||
Noninterest income | 5,672 | 5,643 | 6,403 | 6,775 | |||||||||||||||||||
Operating expenses | 14,016 | 13,684 | 13,392 | 13,163 | |||||||||||||||||||
Income tax expense | 1,771 | 1,780 | 1,869 | 1,688 | |||||||||||||||||||
Net income | $ | 8,510 | $ | 8,138 | $ | 8,239 | $ | 8,065 | |||||||||||||||
Earnings per share | |||||||||||||||||||||||
Basic | $ | 1.18 | $ | 1.12 | $ | 1.13 | $ | 1.10 | |||||||||||||||
Diluted | $ | 1.17 | $ | 1.12 | $ | 1.13 | $ | 1.10 |
2020 | |||||||||||||||||||||||
(in thousands, except per share data) | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||||||||
Interest and dividend income | $ | 20,526 | $ | 19,249 | $ | 19,023 | $ | 18,580 | |||||||||||||||
Interest expense | 1,865 | 1,954 | 2,067 | 2,492 | |||||||||||||||||||
Net interest income | 18,661 | 17,295 | 16,956 | 16,088 | |||||||||||||||||||
Provision for loan losses | 2,675 | 1,590 | 1,525 | 503 | |||||||||||||||||||
Net interest income after provision for loan losses | 15,986 | 15,705 | 15,431 | 15,585 | |||||||||||||||||||
Noninterest income | 6,193 | 6,420 | 5,823 | 4,731 | |||||||||||||||||||
Operating expenses | 13,336 | 13,251 | 12,869 | 11,950 | |||||||||||||||||||
Income tax expense | 1,582 | 1,589 | 1,531 | 1,621 | |||||||||||||||||||
Net income | $ | 7,261 | $ | 7,285 | $ | 6,854 | $ | 6,745 | |||||||||||||||
Earnings per share | |||||||||||||||||||||||
Basic | $ | 0.99 | $ | 0.99 | $ | 0.94 | $ | 0.92 | |||||||||||||||
Diluted | $ | 0.99 | $ | 0.99 | $ | 0.93 | $ | 0.92 |
(dollars in thousands, except share amounts) | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | $ | 13,605 | $ | 23,868 | ||||||||||
Investment in subsidiary bank | 284,368 | 261,577 | ||||||||||||
Other assets | 188 | 33 | ||||||||||||
Total Assets | $ | 298,161 | $ | 285,478 | ||||||||||
LIABILITIES | ||||||||||||||
Accrued expenses and other liabilities | 11 | — | ||||||||||||
Total Liabilities | $ | 11 | $ | — | ||||||||||
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 - 7,180,155 and 7,325,333 shares, respectively | 60,233 | 68,055 | ||||||||||||
Additional paid-in capital | 1,814 | 1,545 | ||||||||||||
Retained earnings | 239,876 | 208,957 | ||||||||||||
Accumulated other comprehensive income (loss) | (3,773) | 6,921 | ||||||||||||
Total Stockholders’ Equity | 298,150 | 285,478 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 298,161 | $ | 285,478 |
(in thousands) | Years ended December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
INCOME | ||||||||||||||
Interest and dividend income from subsidiaries | $ | — | $ | — | ||||||||||
Total income | — | — | ||||||||||||
EXPENSES | ||||||||||||||
Technology expenses | 88 | 85 | ||||||||||||
Legal and professional expenses | 571 | 988 | ||||||||||||
Other operating expenses | 17 | 41 | ||||||||||||
Total expenses | 676 | 1,114 | ||||||||||||
Income tax expense (benefit) | (143) | (233) | ||||||||||||
Income (Loss) Before Equity in Undistributed Earnings of Subsidiaries | (533) | (881) | ||||||||||||
Equity in undistributed earnings of subsidiaries | 33,485 | 29,026 | ||||||||||||
Net Income | $ | 32,952 | $ | 28,145 |
(in thousands) | Years Ended December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net income | $ | 32,952 | $ | 28,145 | ||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Undistributed earnings of subsidiaries | (33,485) | (29,026) | ||||||||||||
Other operating activities, net | 181 | 358 | ||||||||||||
Net cash provided by (used in) operating activities | (352) | (523) | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Net cash provided by (used in) investing activities | — | — | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Repurchase of common stock | (7,878) | (122) | ||||||||||||
Proceeds from exercise of stock options | — | 8 | ||||||||||||
Cash dividends | (2,033) | (1,759) | ||||||||||||
Net cash provided by (used in) financing activities | (9,911) | (1,873) | ||||||||||||
Net change in cash and cash equivalents | (10,263) | (2,396) | ||||||||||||
Cash and cash equivalents - beginning of year | 23,868 | 26,264 | ||||||||||||
Cash and cash equivalents - end of year | $ | 13,605 | $ | 23,868 |
NUMBER | DESCRIPTION | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | Form of Restricted Stock Award Agreement under the Red River Bancshares, Inc. 2018 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Red River Bancshares, Inc.’s Quarterly Report on Form 10-Q for the second quarter of 2019 filed with the SEC on August 14, 2019, file number 001-38888)+ | |||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 |
NUMBER | DESCRIPTION | |||||||
101 | The following information from the Company's Annual Report on Form 10-K for the year ended December 31, 2021, is formatted in Inline Extensible Business Reporting Language (iXBRL): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Comprehensive Income, (4) the Consolidated Statements of Changes in Stockholders' Equity, (5) the Consolidated Statements of Cash Flows, and (6) the Notes to Consolidated Financial Statements. | |||||||
101.INS | 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 | XBRL Taxonomy Extension Schema Document* | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* | |||||||
101.PRE | 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 SEC upon request. |
RED RIVER BANCSHARES, INC. | ||||||||
Date: March 18, 2022 | By: | /s/ R. Blake Chatelain | ||||||
R. Blake Chatelain | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: March 18, 2022 | By: | /s/ R. Blake Chatelain | ||||||
R. Blake Chatelain | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: March 18, 2022 | By: | /s/ Isabel V. Carriere | ||||||
Isabel V. Carriere, CPA, CGMA | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) | ||||||||
Date: March 18, 2022 | By: | /s/ Teddy R. Price | ||||||
Teddy R. Price | ||||||||
Chair of the Board | ||||||||
Date: March 18, 2022 | By: | /s/ John C. Simpson | ||||||
John C. Simpson | ||||||||
Chair Emeritus of the Board | ||||||||
Date: March 18, 2022 | By: | /s/ M. Scott Ashbrook | ||||||
M. Scott Ashbrook | ||||||||
Director | ||||||||
Date: March 18, 2022 | By: | /s/ Kirk D. Cooper | ||||||
Kirk D. Cooper | ||||||||
Director | ||||||||
Date: March 18, 2022 | By: | /s/ Michael D. Crowell | ||||||
Michael D. Crowell | ||||||||
Director |
Date: March 18, 2022 | By: | /s/ Anna Brasher Moreau | ||||||
Anna Brasher Moreau, DDS, MS | ||||||||
Director | ||||||||
Date: March 18, 2022 | By: | /s/ Robert A. Nichols | ||||||
Robert A. Nichols | ||||||||
Director | ||||||||
Date: March 18, 2022 | By: | /s/ Willie P. Obey | ||||||
Willie P. Obey | ||||||||
Director | ||||||||
Date: March 18, 2022 | By: | /s/ Don L. Thompson | ||||||
Don L. Thompson | ||||||||
Director | ||||||||
Date: March 18, 2022 | By: | /s/ H. Lindsey Torbett | ||||||
H. Lindsey Torbett | ||||||||
Director |
Exhibit 21.1 |
Name | State of Organization | ||||
Red River Bank | Louisiana |
Name | State of Organization | ||||
Rivermark Properties, LLC | Louisiana |
Exhibit 23.1 |
Exhibit 31.1 |
Date: March 18, 2022 | By: | /s/ R. Blake Chatelain | ||||||
R. Blake Chatelain | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Exhibit 31.2 |
Date: March 18, 2022 | 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: March 18, 2022 | By: | /s/ R. Blake Chatelain | ||||||
R. Blake Chatelain | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Exhibit 32.2 |
Date: March 18, 2022 | By: | /s/ Isabel V. Carriere | ||||||
Isabel V. Carriere, CPA, CGMA | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |