Red River Bancshares, Inc. Reports Third Quarter 2025 Financial Results

ALEXANDRIA, La., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the third quarter of 2025. Net income for the third quarter of 2025 was $10.8 million, or $1.63 per diluted common share (“EPS”), compared to $10.2 million, or $1.51 EPS, for the second quarter of 2025. For the third quarter of 2025, the quarterly return on assets was 1.34%, and the quarterly return on equity was 12.62%. Net income for the nine months ended September 30, 2025, was $31.3 million, or $4.65 EPS, compared to $24.9 million, or $3.59 EPS, for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the return on assets was 1.32%, and the return on equity was 12.58%. Third Quarter 2025 Performance and Operational Highlights In the third quarter of 2025, the Company had an improved net interest margin and record-high net income. Loans, deposits, and assets increased slightly. We completed a significant private stock repurchase and increased the quarterly cash dividend by 25.0%. Net income for the third quarter of 2025 was $10.8 million, up $605,000, or 5.9%, from the second quarter. Net income for the third quarter was impacted by a $1.1 million increase in net interest income, combined with $253,000 of nonrecurring partnership income.Net interest income and net interest margin fully taxable equivalent (“FTE”) increased for the third quarter of 2025 compared to the prior quarter.The Company participates as a member in the JAM FINTOP Banktech, L.P. fund (“JAM FINTOP”). During the third quarter of 2025, JAM FINTOP completed the sale of an investment, which led to distributions of capital and income. As a result, other income (loss) for the third quarter included $253,000 in nonrecurring JAM FINTOP partnership income.As of September 30, 2025, loans held for investment (“HFI”) were $2.17 billion, up $34.5 million, or 1.6%, from $2.14 billion as of June 30, 2025. In the third quarter of 2025, we experienced solid new loan and commitment activity, combined with funding of loan construction commitments.As of September 30, 2025, total securities were $764.6 million, up $67.3 million, or 9.6%, from $697.3 million as of June 30, 2025. This increase was due to utilizing securities cash flows, along with other liquid funds, to purchase $78.2 million of securities at favorable yields.Deposits totaled $2.84 billion as of September 30, 2025, up $28.2 million, or 1.0%, from $2.81 billion as of June 30, 2025, driven mainly by increased noninterest-bearing and time deposits activity and balances.In the third quarter of 2025, the provision for credit losses totaled $650,000, and we sold all of our other real estate owned (“OREO”). As of September 30, 2025, nonperforming assets (“NPA(s)”) were $2.4 million, or 0.08% of assets, and the allowance for credit losses (“ACL”) was $22.8 million, or 1.05% of loans HFI.On July 24, 2025, our board of directors announced that the cash dividend for the third quarter of 2025 would be $0.15 per common share, which was a 25.0% increase from $0.12 per common share paid for each of the first and second quarters of 2025. In the third quarter of 2025, we paid the quarterly cash dividend of $0.15 per common share.The 2025 stock repurchase program authorizes us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2025 through December 31, 2025. No shares were repurchased on the open market in the first and third quarters of 2025. In the second quarter of 2025, we repurchased 11,748 shares on the open market at an aggregate cost of $656,000, excluding excise tax. As of September 30, 2025, the 2025 stock repurchase program had $4.3 million of available capacity.On August 7, 2025, we entered into a privately negotiated stock repurchase agreement for the repurchase of 100,000 shares of our common stock at a purchase price of $5.3 million, excluding excise tax. This repurchase was supplemental to our 2025 stock repurchase program.As of September 30, 2025, capital levels were strong with a stockholders’ equity to assets ratio of 10.93%, a leverage ratio of 12.17%, a risk-based capital ratio of 18.18%, and a book value per share of $53.42.In the third quarter of 2025, we opened a loan and deposit production office in the Pinhook Tower building in Lafayette, Louisiana. Blake Chatelain, President and Chief Executive Officer, stated, “The third quarter of 2025 was busy and very productive. We are certainly pleased with our financial results, which include record-high net income driven by continued net interest margin improvement. Loan activity was solid, and we experienced nice growth in spite of unexpected paydowns due to several financed projects being sold. As we focus on capital management, we completed another significant private stock repurchase and increased our cash dividend to shareholders by 25.0%. “Our net interest margin FTE increased for the eighth consecutive quarter to 3.43% for the third quarter of 2025 as we repriced assets at higher yields, while also managing our cost of deposits. This allowed us to increase the net interest margin FTE by 7 basis points (“bp(s)”) and net interest income by $1.1 million in the third quarter of 2025. Net income also benefited from $253,000 of income from our membership in the JAM FINTOP partnership. “We are optimistic about the Louisiana economic outlook as new industrial projects are announced in the markets we serve, resulting in favorable expected job growth and financial activity. Loan demand has improved as the uncertainty related to tariffs and interest rate reductions has diminished. “On September 17, 2025, the Federal Reserve reduced the federal funds rate by 25 bps. This reduction had been expected, and we adjusted our rates and yields to manage the net interest margin. We are entering a lower interest rate environment; however, the pace and magnitude of future interest rate reductions remains uncertain. We remain focused on managing through these interest rate changes and are encouraged to see the yield curve beginning to normalize. “We continue to expand our team and strategically add locations to serve our existing customers and welcome new ones. In Shreveport, construction is underway on a new lending headquarters building adjacent to our East Kings Banking Center. In Lafayette, construction plans for our second full-service banking center in the Acadiana Market, to be located on Camellia Boulevard, have been completed. We are excited to have progressed on these two new properties. “We are well-positioned for the future, with solid earnings and robust capital combined with dedicated bankers and an expanding network of banking centers. We remain committed to serving our customers, growing, and providing steady financial results for our shareholders.” Net Interest Income and Net Interest Margin FTE Net interest income for the third quarter of 2025 was $26.9 million, which was $1.1 million, or 4.1%, higher than the second quarter of 2025. Net interest margin FTE increased 7 bps to 3.43% for the third quarter of 2025, compared to the prior quarter. These improvements were driven by a $1.1 million increase in loan income, mainly from a 7 bp increase to loan yields as well as higher loan balances. For the third quarter of 2025, the average rate on new and renewed loans was 7.02%. Also contributing to these improvements were a $277,000 increase in securities income and a 10 bp increase to securities yield, due to purchasing $78.2 million of securities at favorable yields. These improvements were slightly offset by a $352,000 increase in interest expense, which was driven by higher rates on interest-bearing transaction accounts due to public entity deposit pricing competition. The higher deposit rates contributed to a 2 bp increase in the cost of deposits. In 2025, the Federal Open Market Committee (“FOMC”) held rates consistent through mid-September, then reduced the federal funds range by 25 bps. In response, we adjusted loan and deposit rates. On October 29, 2025, the FOMC reduced the federal funds range by an additional 25 bps. The market’s expectation is that the FOMC may lower the target federal funds range by 25 bps in December 2025. In the fourth quarter of 2025, we expect to receive $33.4 million in securities cash flows at 3.72%, which we plan to redeploy at higher yields. We project $84.9 million of fixed rate loans at 6.41% to mature and $387.1 million of floating rate loans at 6.62% to reprice. Based on the current rate forecast, we expect the total loan yield to be slightly lower in the fourth quarter of 2025. Additionally, we expect $261.2 million in time deposits at 3.71% to mature, which should reprice at slightly lower yields considering maturity volumes and renewal pricing. Rates on interest-bearing transaction deposits could be adjusted with target federal funds range reductions. Depending on balance sheet activity and the interest rate environment, we expect net interest income and net interest margin FTE to decrease slightly in the fourth quarter of 2025. Noninterest Income Noninterest income totaled $5.0 million for the third quarter of 2025, up $307,000, or 6.5%, from the previous quarter. Other income was $378,000 for the third quarter of 2025, an increase of $332,000, or 721.7%, compared to $46,000 for the previous quarter. During the third quarter of 2025, JAM FINTOP completed the sale of an investment, which led to distributions of capital and income. As a result, other income for the third quarter included $253,000 of nonrecurring JAM FINTOP partnership income. The Small Business Investment Company (“SBIC”) partnerships reported a loss of $75,000 in the third quarter of 2025, compared to $47,000 of income in the previous quarter. This $122,000, or 259.6%, decrease was mainly due to fund value adjustments as an SBIC fund continues its wind-down phase. We expect SBIC income to be lower in future quarters. Operating Expenses Operating expenses totaled $17.9 million for the third quarter of 2025, up $522,000, or 3.0%, from the previous quarter. Personnel expenses totaled $10.5 million for the third quarter of 2025, up $295,000, or 2.9%, from the previous quarter. This increase was primarily due to higher personnel-related accruals. As of September 30, 2025 and June 30, 2025, we had 377 and 374 total employees, respectively. Occupancy and equipment expenses totaled $1.8 million for third quarter of 2025, up $93,000, or 5.3%, from the previous quarter. This increase was primarily due to $40,000 of nonrecurring expenses related to a new loan and deposit production office in the Acadiana market, as well as renovations to the main office building in the Central Louisiana market. Loans Loans HFI as of September 30, 2025, were $2.17 billion, an increase of $34.5 million, or 1.6%, from $2.14 billion as of June 30, 2025. In the third quarter of 2025, we had solid new loan and commitment activity, combined with funding of loan construction commitments. As of September 30, 2025, we had $125.4 million of unfunded construction loan commitments, which we expect to fund over time. Loans HFI by Category September 30, 2025 June 30, 2025 Change from June 30, 2025 to September 30, 2025(dollars in thousands)Amount Percent Amount Percent $ Change % ChangeReal estate: Commercial real estate$896,211 41.2% $883,586 41.3% $12,625 1.4%One-to-four family residential 618,320 28.5% 623,477 29.2% (5,157) (0.8%)Construction and development 202,589 9.3% 194,195 9.1% 8,394 4.3%Commercial and industrial 369,245 17.0% 348,917 16.3% 20,328 5.8%Tax-exempt 59,465 2.7% 60,524 2.8% (1,059) (1.7%)Consumer 27,243 1.3% 27,881 1.3% (638) (2.3%)Total loans HFI$2,173,073 100.0% $2,138,580 100.0% $34,493 1.6% Asset Quality and Allowance for Credit Losses NPAs totaled $2.4 million as of September 30, 2025, an increase of $1.1 million, or 83.9%, from June 30, 2025, primarily due to an increase in nonaccrual loans, partially offset by the sale of OREO. As of September 30, 2025, we did not have any OREO. The ratio of NPAs to assets was 0.08% and 0.04% as of September 30, 2025 and June 30, 2025, respectively. The provision for credit losses for the third quarter of 2025 was $650,000 for loans, which was $200,000 higher than the provision for credit losses of $450,000 for the prior quarter. As of September 30, 2025, the ACL was $22.8 million. The ratio of ACL to loans HFI was 1.05% as of September 30, 2025 and 1.04% as of June 30, 2025. The net charge-offs to average loans ratio was 0.00% for the second and third quarters of 2025. Deposits As of September 30, 2025, deposits were $2.84 billion, an increase of $28.2 million, or 1.0%, compared to June 30, 2025. The increase in deposits for the third quarter of 2025 was due to increased noninterest-bearing and time deposits activity and balances. Deposits by Account Type September 30, 2025 June 30, 2025 Change from June 30, 2025 to September 30, 2025(dollars in thousands)Balance % of Total Balance % of Total $ Change % ChangeNoninterest-bearing demand deposits$918,974 32.4% $897,997 32.0% $20,977 2.3%Interest-bearing deposits: Interest-bearing demand deposits 164,184 5.8% 154,870 5.5% 9,314 6.0%NOW accounts 407,458 14.3% 416,459 14.8% (9,001) (2.2%)Money market accounts 571,562 20.1% 568,839 20.2% 2,723 0.5%Savings accounts 164,347 5.8% 172,454 6.2% (8,107) (4.7%)Time deposits less than or equal to $250,000 413,121 14.6% 408,171 14.5% 4,950 1.2%Time deposits greater than $250,000 199,137 7.0% 191,815 6.8% 7,322 3.8%Total interest-bearing deposits 1,919,809 67.6% 1,912,608 68.0% 7,201 0.4%Total deposits$2,838,783 100.0% $2,810,605 100.0% $28,178 1.0% Deposits by Customer Type September 30, 2025 June 30, 2025 Change from June 30, 2025 to September 30, 2025(dollars in thousands)Balance % of Total Balance % of Total $ Change % ChangeConsumer$1,366,716 48.1% $1,361,818 48.5% $4,898 0.4%Commercial 1,248,666 44.0% 1,223,822 43.5% 24,844 2.0%Public 223,401 7.9% 224,965 8.0% (1,564) (0.7%)Total deposits$2,838,783 100.0% $2,810,605 100.0% $28,178 1.0% Stockholders’ Equity Total stockholders’ equity as of September 30, 2025, was $351.3 million compared to $335.4 million as of June 30, 2025. The $16.0 million, or 4.8%, increase in stockholders’ equity during the third quarter of 2025 was attributable to an $11.4 million, net of tax, market adjustment to accumulated other comprehensive loss related to securities, $10.8 million of net income and $113,000 of stock compensation, partially offset by the repurchase of 100,000 shares of common stock for $5.4 million, including excise tax, and $987,000 in cash dividends related to a $0.15 per share cash dividend that we paid on September 18, 2025. Non-GAAP Disclosure Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S. Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and realized book value per share as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner we calculate the non-GAAP financial measures that are discussed may differ from that of other companies’ reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included within the following financial statement tables. About Red River Bancshares, Inc. Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and two combined loan and deposit production offices, one each in New Orleans, Louisiana and Lafayette, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans. Forward-Looking Statements Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business, interest rates, and markets, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement. Contact:Isabel V. Carriere, CPA, CGMASenior Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary318-561-4023icarriere@redriverbank.net FINANCIAL HIGHLIGHTS (UNAUDITED) As of and for theThree Months Ended As of and for theNine Months Ended(dollars in thousands, except per share data) September 30,2025 June 30,2025 September 30,2024 September 30,2025 September 30,2024Net Income $10,801 $10,196 $8,754 $31,349 $24,929 Per Common Share Data: Earnings per share, basic $1.63 $1.51 $1.28 $4.67 $3.60 Earnings per share, diluted $1.63 $1.51 $1.27 $4.65 $3.59 Book value per share $53.42 $50.23 $47.51 $53.42 $47.51 Tangible book value per share(1) $53.18 $50.00 $47.28 $53.18 $47.28 Realized book value per share(1) $60.51 $58.92 $54.78 $60.51 $54.78 Cash dividends per share $0.15 $0.12 $0.09 $0.39 $0.27 Shares outstanding 6,576,609 6,676,609 6,826,120 6,576,609 6,826,120 Weighted average shares outstanding, basic 6,616,826 6,740,312 6,851,223 6,710,902 6,932,137 Weighted average shares outstanding, diluted 6,640,839 6,764,886 6,867,474 6,735,447 6,949,196 Summary Performance Ratios: Return on average assets 1.34% 1.30% 1.13% 1.32% 1.08%Return on average equity 12.62% 12.27% 11.11% 12.58% 10.86%Net interest margin 3.38% 3.31% 2.93% 3.29% 2.87%Net interest margin FTE 3.43% 3.36% 2.98% 3.34% 2.92%Efficiency ratio 56.06% 56.87% 60.09% 56.15% 60.84%Loans HFI to deposits ratio 76.55% 76.09% 74.84% 76.55% 74.84%Noninterest-bearing deposits to deposits ratio 32.37% 31.95% 32.12% 32.37% 32.12%Noninterest income to average assets 0.62% 0.60% 0.70% 0.63% 0.67%Operating expense to average assets 2.22% 2.21% 2.17% 2.18% 2.14% Summary Credit Quality Ratios: NPAs to assets 0.08% 0.04% 0.10% 0.08% 0.10%Nonperforming loans to loans HFI 0.11% 0.05% 0.15% 0.11% 0.15%ACL to loans HFI 1.05% 1.04% 1.06% 1.05% 1.06%Net charge-offs to average loans 0.00% 0.00% 0.00% 0.02% 0.02% Capital Ratios: Stockholders’ equity to assets 10.93% 10.59% 10.46% 10.93% 10.46%Tangible common equity to tangible assets(1) 10.89% 10.54% 10.41% 10.89% 10.41%Total risk-based capital to risk-weighted assets 18.18% 18.33% 18.07% 18.18% 18.07%Tier I risk-based capital to risk-weighted assets 17.17% 17.32% 17.05% 17.17% 17.05%Common equity Tier I capital to risk-weighted assets 17.17% 17.32% 17.05% 17.17% 17.05%Tier I risk-based capital to average assets 12.17% 12.18% 11.90% 12.17% 11.90% (1) Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release. RED RIVER BANCSHARES, INC.CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)September 30,2025 June 30,2025 March 31, 2025 December 31, 2024 September 30,2024ASSETS Cash and due from banks$33,651 $42,453 $36,438 $30,558 $39,664 Interest-bearing deposits in other banks 127,404 167,989 215,717 238,417 192,983 Securities available-for-sale, at fair value 636,679 566,981 566,874 550,148 560,555 Securities held-to-maturity, at amortized cost 124,853 127,305 129,686 131,796 134,145 Equity securities, at fair value 3,019 2,990 2,981 2,937 3,028 Nonmarketable equity securities 2,387 2,368 2,349 2,328 2,305 Loans held for sale 3,260 4,711 2,178 2,547 1,805 Loans held for investment 2,173,073 2,138,580 2,114,742 2,075,013 2,056,048 Allowance for credit losses (22,801) (22,222) (21,835) (21,731) (21,757)Premises and equipment, net 58,573 58,622 59,034 59,441 57,661 Accrued interest receivable 10,281 10,027 10,553 10,048 9,465 Bank-owned life insurance 31,041 30,817 30,593 30,380 30,164 Intangible assets 1,546 1,546 1,546 1,546 1,546 Right-of-use assets 1,564 2,489 2,611 2,733 2,853 Other assets 29,833 33,436 32,965 33,433 31,285 Total Assets$3,214,363 $3,168,092 $3,186,432 $3,149,594 $3,101,750 LIABILITIES Noninterest-bearing deposits$918,974 $897,997 $906,540 $866,496 $882,394 Interest-bearing deposits 1,919,809 1,912,608 1,919,136 1,938,610 1,864,731 Total Deposits 2,838,783 2,810,605 2,825,676 2,805,106 2,747,125 Accrued interest payable 6,681 6,242 6,463 7,583 11,751 Lease liabilities 1,623 2,613 2,739 2,864 2,982 Accrued expenses and other liabilities 15,965 13,282 18,238 14,302 15,574 Total Liabilities 2,863,052 2,832,742 2,853,116 2,829,855 2,777,432 COMMITMENTS AND CONTINGENCIES — — — — — STOCKHOLDERS’ EQUITY Preferred stock, no par value — — — — — Common stock, no par value 27,543 32,896 38,710 38,655 41,402 Additional paid-in capital 3,105 2,992 2,871 2,777 2,682 Retained earnings 367,302 357,488 348,093 338,554 329,858 Accumulated other comprehensive income (loss) (46,639) (58,026) (56,358) (60,247) (49,624)Total Stockholders’ Equity 351,311 335,350 333,316 319,739 324,318 Total Liabilities and Stockholders’ Equity $3,214,363 $3,168,092 $3,186,432 $3,149,594 $3,101,750 RED RIVER BANCSHARES, INC.CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Three Months Ended For the NineMonths Ended(in thousands) September 30,2025 June 30,2025 September 30,2024 September 30,2025 September 30,2024INTEREST AND DIVIDEND INCOME Interest and fees on loans $30,612 $29,500 $27,909 $88,383 $80,684Interest on securities 5,425 5,148 4,334 15,428 12,465Interest on deposits in other banks 2,079 2,063 2,630 6,803 8,378Dividends on stock 33 19 28 73 73Total Interest and Dividend Income 38,149 36,730 34,901 110,687 101,600INTEREST EXPENSE Interest on deposits 11,263 10,911 12,444 33,372 35,993Total Interest Expense 11,263 10,911 12,444 33,372 35,993Net Interest Income 26,886 25,819 22,457 77,315 65,607Provision for credit losses 650 450 300 1,550 900Net Interest Income After Provision for Credit Losses 26,236 25,369 22,157 75,765 64,707NONINTEREST INCOME Service charges on deposit accounts 1,442 1,337 1,486 4,160 4,223Debit card income, net 852 1,081 905 2,925 2,875Mortgage loan income 652 567 732 1,749 1,838Brokerage income 1,131 989 987 3,446 2,867Loan and deposit income 393 418 588 1,270 1,572Bank-owned life insurance income 224 224 217 661 635Gain (Loss) on equity securities 28 9 107 82 63SBIC income (loss) (75) 47 301 252 1,107Other income (loss) 378 46 96 470 266Total Noninterest Income 5,025 4,718 5,419 15,015 15,446OPERATING EXPENSES Personnel expenses 10,511 10,216 9,700 30,750 28,854Occupancy and equipment expenses 1,846 1,753 1,661 5,394 4,975Technology expenses 831 821 865 2,486 2,298Advertising 293 286 317 911 1,061Other business development expenses 531 455 521 1,544 1,589Data processing expense 724 721 652 1,734 1,650Other taxes 604 609 622 1,825 1,859Loan and deposit expenses 356 398 294 816 561Legal and professional expenses 605 612 653 1,849 2,000Regulatory assessment expenses 430 388 421 1,209 1,226Other operating expenses 1,158 1,108 1,046 3,326 3,241Total Operating Expenses 17,889 17,367 16,752 51,844 49,314Income Before Income Tax Expense 13,372 12,720 10,824 38,936 30,839Income tax expense 2,571 2,524 2,070 7,587 5,910Net Income $10,801 $10,196 $8,754 $31,349 $24,929 RED RIVER BANCSHARES, INC.NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED) For the Three Months Ended September 30, 2025 June 30, 2025(dollars in thousands)Average Balance Outstanding InterestIncome/Expense AverageYield/Rate Average Balance Outstanding InterestIncome/Expense AverageYield/RateAssets Interest-earning assets: Loans(1,2)$2,151,676 $30,612 5.57% $2,123,613 $29,500 5.50%Securities - taxable 587,806 4,452 3.03% 573,069 4,169 2.91%Securities - tax-exempt 184,712 973 2.11% 187,245 979 2.09%Interest-bearing deposits in other banks 186,144 2,079 4.37% 186,283 2,063 4.38%Nonmarketable equity securities 2,370 33 5.54% 2,351 19 3.25%Total interest-earning assets 3,112,708 $38,149 4.81% 3,072,561 $36,730 4.74%Allowance for credit losses (22,416) (21,994) Noninterest-earning assets 107,647 104,969 Total assets$3,197,939 $3,155,536 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing transaction deposits$1,301,285 $5,764 1.76% $1,282,240 $5,472 1.71%Time deposits 606,373 5,499 3.60% 597,433 5,439 3.65%Total interest-bearing deposits 1,907,658 11,263 2.34% 1,879,673 10,911 2.33%Other borrowings — — —% — — —%Total interest-bearing liabilities 1,907,658 $11,263 2.34% 1,879,673 $10,911 2.33%Noninterest-bearing liabilities: Noninterest-bearing deposits 927,503 919,770 Accrued interest and other liabilities 23,278 22,706 Total noninterest-bearing liabilities 950,781 942,476 Stockholders’ equity 339,500 333,387 Total liabilities and stockholders’ equity$3,197,939 $3,155,536 Net interest income $26,886 $25,819 Net interest spread 2.47% 2.41%Net interest margin 3.38% 3.31%Net interest margin FTE(3) 3.43% 3.36%Cost of deposits 1.58% 1.56%Cost of funds 1.44% 1.42% (1) Includes average outstanding balances of loans held for sale of $3.2 million and $2.5 million for the three months ended September 30, 2025 and June 30, 2025, respectively.(2) Nonaccrual loans are included as loans carrying a zero yield.(3) Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans. RED RIVER BANCSHARES, INC.NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED) For the Nine Months Ended September 30, 2025 September 30, 2024(dollars in thousands)Average Balance Outstanding InterestIncome/Expense AverageYield/Rate Average Balance Outstanding InterestIncome/Expense AverageYield/RateAssets Interest-earning assets: Loans(1,2)$2,121,894 $88,383 5.50% $2,037,435 $80,684 5.21%Securities - taxable 573,645 12,492 2.90% 553,714 9,461 2.28%Securities - tax-exempt 187,210 2,936 2.09% 194,341 3,004 2.06%Interest-bearing deposits in other banks 205,182 6,803 4.37% 206,023 8,378 5.40%Nonmarketable equity securities 2,350 73 4.12% 2,262 73 4.27%Total interest-earning assets 3,090,281 $110,687 4.73% 2,993,775 $101,600 4.47%Allowance for credit losses (22,069) (21,586) Noninterest-earning assets 106,639 100,586 Total assets$3,174,851 $3,072,775 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing transaction deposits$1,308,321 $16,877 1.72% $1,240,737 $17,424 1.88%Time deposits 598,776 16,495 3.68% 591,771 18,569 4.19%Total interest-bearing deposits 1,907,097 33,372 2.34% 1,832,508 35,993 2.62%Other borrowings — — —% — — —%Total interest-bearing liabilities 1,907,097 $33,372 2.34% 1,832,508 $35,993 2.62%Noninterest-bearing liabilities: Noninterest-bearing deposits 910,743 907,722 Accrued interest and other liabilities 23,766 25,983 Total noninterest-bearing liabilities 934,509 933,705 Stockholders’ equity 333,245 306,562 Total liabilities and stockholders’ equity$3,174,851 $3,072,775 Net interest income $77,315 $65,607 Net interest spread 2.39% 1.85%Net interest margin 3.29% 2.87%Net interest margin FTE(3) 3.34% 2.92%Cost of deposits 1.58% 1.75%Cost of funds 1.44% 1.61% (1) Includes average outstanding balances of loans held for sale of $2.8 million and $2.7 million for the nine months ended September 30, 2025 and 2024, respectively.(2) Nonaccrual loans are included as loans carrying a zero yield.(3) Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (dollars in thousands, except per share data)September 30,2025 June 30,2025 September 30,2024Tangible common equity Total stockholders’ equity$351,311 $335,350 $324,318 Adjustments: Intangible assets (1,546) (1,546) (1,546)Total tangible common equity (non-GAAP)$349,765 $333,804 $322,772 Realized common equity Total stockholders’ equity$351,311 $335,350 $324,318 Adjustments: Accumulated other comprehensive (income) loss 46,639 58,026 49,624 Total realized common equity (non-GAAP)$397,950 $393,376 $373,942 Common shares outstanding 6,576,609 6,676,609 6,826,120 Book value per share$53.42 $50.23 $47.51 Tangible book value per share (non-GAAP)$53.18 $50.00 $47.28 Realized book value per share (non-GAAP)$60.51 $58.92 $54.78 Tangible assets Total assets$3,214,363 $3,168,092 $3,101,750 Adjustments: Intangible assets (1,546) (1,546) (1,546)Total tangible assets (non-GAAP)$3,212,817 $3,166,546 $3,100,204 Total stockholders’ equity to assets 10.93% 10.59% 10.46%Tangible common equity to tangible assets (non-GAAP) 10.89% 10.54% 10.41%

Red River Bancshares, Inc. Reports Third Quarter 2025 Financial Results

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