Companies: 10,838     total market cap: โ‚น14137.476 T
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Red River Bancshares
RRBI
#7025
Rank
โ‚น57.14 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
โ‚น8,678
Share price
-0.45%
Change (1 day)
84.32%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Red River Bancshares
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-08

Red River Bancshares - 10-Q quarterly report FY


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: March 31, 2026

or
 
☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     

Commission File Number: 001-38888 
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 301, Alexandria, Louisiana
 71301
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (318) 561-4000
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueRRBIThe Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer
☒
Non-accelerated filer☐Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of April 30, 2026, the registrant had 6,584,696 shares of common stock, no par value, issued and outstanding. 


TABLE OF CONTENTS
Page
Glossary of Terms
3
Cautionary Note Regarding Forward-Looking Statements
4
PART I
Financial Information
Item 1.
Financial Statements (Unaudited)
Consolidated Balance Sheets
5
Consolidated Statements of Income
6
Consolidated Statements of Comprehensive Income
7
Consolidated Statements of Changes in Stockholders’ Equity
8
Consolidated Statements of Cash Flows
9
Notes to Unaudited Consolidated Financial Statements
11
Item 2.
27
Item 3.
50
Item 4.
51
PART II
Other Information
Item 1.
Legal Proceedings
52
Item 1A.
Risk Factors
52
Item 2.
52
Item 3.
Defaults Upon Senior Securities
52
Item 4.
Mine Safety Disclosures
52
Item 5.
Other Information
52
Item 6.
Exhibits
53
Signatures
54
2
GLOSSARY OF TERMS
Unless the context indicates otherwise, references in this filing to “we,” “our,” “us,” “the Company,” and “our company” refer to Red River Bancshares, Inc., a Louisiana corporation and bank holding company, and its consolidated subsidiaries. All references in this filing to “Red River Bank,” “the bank,” and “the Bank” refer to Red River Bank, our wholly owned bank subsidiary.
Other abbreviations or acronyms used in this filing are defined below.
ABBREVIATION OR ACRONYMDEFINITION
ACLAllowance for credit losses
AFSAvailable-for-sale
AOCIAccumulated other comprehensive income or loss
ASCAccounting Standards Codification
ASUAccounting Standards Update
Basel IIIBasel Committee’s 2010 Regulatory Capital Framework (Third Accord)
BICFederal Reserve Bank’s Discount Window Borrower-in-Custody
BOLIBank-owned life insurance
bp(s)Basis point(s)
CBLRCommunity bank leverage ratio
CODMChief operating decision maker
CRACommunity Reinvestment Act
CRECommercial real estate
Director Compensation ProgramAmended 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.
Economic Growth ActEconomic Growth, Regulatory Relief, and Consumer Protection Act
EPSEarnings per share
Exchange ActSecurities Exchange Act of 1934, as amended
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank of Dallas
FOMCFederal Open Market Committee
FTEFully taxable equivalent basis
GAAPGenerally Accepted Accounting Principles in the United States of America
HFIHeld for investment
HFSHeld for sale
HTMHeld-to-maturity
JAM FINTOPJAM FINTOP Banktech, L.P. fund
LDPOLoan and deposit production office
MSAMetropolitan statistical area
NOWNegotiable order of withdrawal
NPA(s)Nonperforming asset(s)
OREOOther real estate owned
PCDPurchased credit deteriorated
ReportQuarterly Report on Form 10-Q
SBICSmall Business Investment Company
Securities ActSecurities Act of 1933, as amended
SECSecurities and Exchange Commission
3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words, or such other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
•volatility and direction of market interest rates;
•business and economic conditions generally, in the financial services industry, nationally, and within our local market areas;
•government intervention in the U.S. financial system, including the effects of recent and future legislative, tax, accounting, and regulatory actions and reforms, including the Inflation Reduction Act of 2022, and other stimulus legislation or changes in banking, securities, accounting, and tax laws and regulations, and their application by our regulators;
•changes in management personnel;
•increased competition in the financial services industry, particularly from regional and national institutions;
•our ability to maintain important deposit customer relationships and our reputation, and to otherwise avoid liquidity risks;
•factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers, and the success of construction projects that we finance, including any loans acquired in acquisition transactions;
•changes in the value of collateral securing our loans;
•risks associated with system failures or failures to protect against cybersecurity threats, such as breaches of our network security;
•deterioration of our asset quality;
•the adequacy of our reserves, including our ACL;
•operational risks associated with our business;
•natural disasters and adverse weather, acts of terrorism, trade and tariff policies, trade wars, pandemics, wars, an outbreak of hostilities or tensions with other countries, or other international or domestic calamities, and other matters beyond our control;
•our ability to prudently manage our growth and execute our strategy;
•compliance with the extensive regulatory framework that applies to us;
•changes in the laws, rules, regulations, interpretations, or policies relating to financial institutions, accounting, tax, trade, monetary, and fiscal matters; and
•the risk factors found in “Part I - Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as well as in “Part II - Item 1A. Risk Factors” of this Report and other reports and documents we file from time to time with the SEC.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Report. Additional information on these and other risk factors can be found in “Part II - Item 1A. Risk Factors” of this Report and in “Part I - Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by applicable law. New risks emerge from time to time, and it is not possible for us to predict what risks will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
4
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

RED RIVER BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share amounts)March 31,
2026		December 31,
2025
ASSETS
Cash and due from banks$36,677 $25,685 
Interest-bearing deposits in other banks173,845 187,707 
Total Cash and Cash Equivalents210,522 213,392 
Securities available-for-sale, at fair value (amortized cost of $685,133 and $690,485, respectively)
638,729 647,310 
Securities held-to-maturity, at amortized cost (fair value of $101,917 and $104,371, respectively)
120,609 122,619 
Equity securities, at fair value3,012 3,031 
Nonmarketable equity securities2,425 2,407 
Loans held for sale3,951 3,148 
Loans held for investment2,254,546 2,248,669 
Less: Allowance for credit losses(24,051)(23,399)
Loans held for investment, net2,230,495 2,225,270 
Premises and equipment, net60,516 59,270 
Accrued interest receivable11,352 11,131 
Bank-owned life insurance31,488 31,267 
Intangible assets1,546 1,546 
Right-of-use assets1,407 1,487 
Other assets30,548 29,032 
Total Assets$3,346,600 $3,350,910 
LIABILITIES
Noninterest-bearing deposits$916,413 $913,868 
Interest-bearing deposits2,029,522 2,049,544 
Total Deposits2,945,935 2,963,412 
Accrued interest payable6,025 6,128 
Lease liabilities1,465 1,544 
Accrued expenses and other liabilities19,849 14,676 
Total Liabilities2,973,274 2,985,760 
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 - 6,577,186 and 6,576,609 shares, respectively
27,591 27,543 
Additional paid-in capital3,329 3,217 
Retained earnings388,058 377,731 
Accumulated other comprehensive income (loss)(45,652)(43,341)
Total Stockholders’ Equity373,326 365,150 
Total Liabilities and Stockholders’ Equity $3,346,600 $3,350,910 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
5
RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Three Months Ended March 31, 
(in thousands, except per share data)20262025
INTEREST AND DIVIDEND INCOME
Interest and fees on loans$31,545 $28,270 
Interest on securities5,844 4,856 
Interest on deposits in other banks1,737 2,661 
Dividends on stock19 21 
Total Interest and Dividend Income39,145 35,808 
INTEREST EXPENSE
Interest on deposits10,741 11,198 
Total Interest Expense10,741 11,198 
Net Interest Income28,404 24,610 
Provision for credit losses750 450 
Net Interest Income After Provision for Credit Losses27,654 24,160 
NONINTEREST INCOME
Service charges on deposit accounts1,395 1,383 
Debit card income, net916 992 
Mortgage loan income605 530 
Brokerage income939 1,325 
Loan and deposit income498 459 
Bank-owned life insurance income221 213 
Gain (Loss) on equity securities(19)44 
SBIC income (loss)(105)280 
Other income (loss)83 46 
Total Noninterest Income4,533 5,272 
OPERATING EXPENSES
Personnel expenses10,517 10,023 
Occupancy and equipment expenses1,884 1,794 
Technology expenses863 835 
Advertising328 333 
Other business development expenses550 558 
Data processing expense377 288 
Other taxes560 612 
Loan and deposit expenses103 62 
Legal and professional expenses529 632 
Regulatory assessment expenses417 391 
Other operating expenses1,122 1,060 
Total Operating Expenses17,250 16,588 
Income Before Income Tax Expense14,937 12,844 
Income tax expense2,966 2,492 
Net Income$11,971 $10,352 
EARNINGS PER SHARE
Basic$1.82 $1.53 
Diluted$1.81 $1.52 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
6
RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
For the Three Months Ended March 31, 
(in thousands)20262025
Net income$11,971 $10,352 
Other comprehensive income (loss):
Unrealized net gain (loss) on securities arising during period(3,229)4,595 
Tax effect679 (964)
Change in unrealized net loss on securities transferred to held-to-maturity302 327 
Tax effect(63)(69)
Total other comprehensive income (loss)(2,311)3,889 
Comprehensive Income (Loss)$9,660 $14,241 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
7
RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
(dollars in thousands, except per share amounts)Common
Shares Issued		Common
Stock		Additional Paid-In CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
Stockholders’
Equity
Balance as of December 31, 20246,777,238 $38,655 $2,777 $338,554 $(60,247)$319,739 
Net income— — — 10,352 — 10,352 
Stock incentive plan— — 94 — — 94 
Forfeiture of restricted shares of common stock(575)— — — — — 
Issuance of shares of common stock as board compensation994 55 — — — 55 
Cash dividend - $0.12 per share
— — — (813)— (813)
Other comprehensive income (loss)— — — — 3,889 3,889 
Balance as of March 31, 20256,777,657 $38,710 $2,871 $348,093 $(56,358)$333,316 

Balance as of December 31, 20256,576,609 $27,543 $3,217 $377,731 $(43,341)$365,150 
Net income— — — 11,971 — 11,971 
Stock incentive plan— — 112 — — 112 
Issuance of shares of common stock as board compensation577 48 — — — 48 
Cash dividend - $0.25 per share
— — — (1,644)— (1,644)
Other comprehensive income (loss)— — — — (2,311)(2,311)
Balance as of March 31, 20266,577,186 $27,591 $3,329 $388,058 $(45,652)$373,326 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
8
RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Three Months Ended March 31, 
(in thousands)20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$11,971 $10,352 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation693 665 
Amortization223 186 
Share-based compensation earned112 94 
Share-based board compensation earned12 17 
Net (accretion) amortization on securities AFS272 291 
Net (accretion) amortization on securities HTM(297)(318)
(Gain) Loss on equity securities19 (44)
(Gain) Loss on other assets owned48 27 
Provision for credit losses750 450 
Deferred income tax (benefit) expense(639)(483)
Net (increase) decrease in loans HFS(803)369 
Net (increase) decrease in accrued interest receivable(221)(505)
Net (increase) decrease in BOLI(221)(213)
Net increase (decrease) in accrued interest payable(103)(1,120)
Net increase (decrease) in accrued income taxes payable3,605 2,994 
Other operating activities, net1,502 1,152 
Net cash provided by (used in) operating activities16,923 13,914 
CASH FLOWS FROM INVESTING ACTIVITIES
Activity in securities AFS:
Maturities, principal repayments, and calls29,781 24,336 
Purchases(24,701)(36,758)
Activity in securities HTM:
Maturities, principal repayments, and calls2,307 2,428 
Capital contribution in partnerships(399)(50)
Return of capital in partnerships450 — 
Net (increase) decrease in loans HFI(6,192)(40,216)
Proceeds from sales of foreclosed assets— 27 
Insurance proceeds from premises and equipment30 — 
Purchases of premises and equipment(1,948)(258)
Net cash provided by (used in) investing activities(672)(50,491)
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in deposits(17,477)20,570 
Cash dividends(1,644)(813)
Net cash provided by (used in) financing activities(19,121)19,757 
Net change in cash and cash equivalents(2,870)(16,820)
Cash and cash equivalents - beginning of period213,392 268,975 
Cash and cash equivalents - end of period$210,522 $252,155 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
9
RED RIVER BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (UNAUDITED)
For the Three Months Ended March 31, 
(in thousands)20262025
SUPPLEMENTAL DISCLOSURES
Cash paid during the period for:
Interest$10,844 $12,318 
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES
Assets acquired in settlement of loans$217 $125 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
10
RED RIVER BANCSHARES, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1.Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with GAAP for interim financial information, general practices within the financial services industry, and instructions for Form 10-Q and Regulation S-X. Accordingly, these interim financial statements do not include all of the information or footnotes required by GAAP for annual financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company’s financial condition or results of operations.
Critical Accounting Policies and Estimates
In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in stockholders’ equity, and cash flows for the interim period presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.
Accounting Standards Adopted in 2026
ASU No. 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans. The guidance issued in this update was designed to improve the decision usefulness of the financial reporting for acquired financial assets. This amendment allows the gross‑up method to apply to certain non‑PCD loans acquired in a business combination that qualify as purchased seasoned loans. These loans are now accounted for the same as PCD loans, with an ACL established at acquisition and recorded through a gross‑up to the loan’s amortized cost basis. This standard is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments in this update should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not been issued. The Company adopted this standard on January 1, 2026. Adoption of this ASU did not have an impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements
ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The guidance issued in this update was designed to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements.
2.    Securities
Securities are classified as AFS, HTM, and equity securities. Total securities were $762.4 million as of March 31, 2026.
Securities AFS and Securities HTM
Securities AFS and securities HTM are debt securities. Securities AFS are held for indefinite periods of time and are carried at estimated fair value. As of March 31, 2026, the estimated fair value of securities AFS was $638.7 million. The net unrealized loss on securities AFS increased $3.2 million for the three months ended March 31, 2026, resulting in a net unrealized loss of $46.4 million as of March 31, 2026.
Securities HTM, which the Company has the intent and ability to hold until maturity, are carried at amortized cost. As of March 31, 2026, the amortized cost of securities HTM was $120.6 million.
Investment activity for the three months ended March 31, 2026, included $32.1 million in maturities, principal repayments, and calls, partially offset by $24.7 million of securities purchased. There were no sales of securities AFS, and there were no purchases or sales of securities HTM for the same period.
11
The amortized cost and estimated fair value of securities AFS and securities HTM are summarized in the following tables:
March 31, 2026
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities AFS:
Mortgage-backed securities$427,107 $1,147 $(18,742)$409,512 
Municipal bonds195,139 2 (27,752)167,389 
U.S. agency securities62,887 36 (1,095)61,828 
Total Securities AFS$685,133 $1,185 $(47,589)$638,729 
Securities HTM:
Mortgage-backed securities$119,664 $— $(18,628)$101,036 
U.S. agency securities945 — (64)881 
Total Securities HTM$120,609 $— $(18,692)$101,917 
December 31, 2025
(in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Securities AFS:
Mortgage-backed securities$426,732 $1,846 $(18,549)$410,029 
Municipal bonds196,607 4 (25,311)171,300 
U.S. agency securities67,146 29 (1,194)65,981 
Total Securities AFS$690,485 $1,879 $(45,054)$647,310 
Securities HTM:
Mortgage-backed securities$121,677 $— $(18,189)$103,488 
U.S. agency securities942 — (59)883 
Total Securities HTM$122,619 $— $(18,248)$104,371 
The amortized cost and estimated fair value of securities AFS and securities HTM as of March 31, 2026, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers have the right to call or repay obligations with or without call or prepayment penalties.
March 31, 2026
(in thousands)Amortized
Cost		Fair
Value
Securities AFS:
Within one year$4,121 $4,101 
After one year but within five years25,729 25,203 
After five years but within ten years139,483 130,673 
After ten years515,800 478,752 
Total Securities AFS$685,133 $638,729 
Securities HTM:
Within one year$— $— 
After one year but within five years945 881 
After five years but within ten years— — 
After ten years119,664 101,036 
Total Securities HTM$120,609 $101,917 
12
Accounting for Credit Losses – Securities AFS and Securities HTM
The Company evaluates securities AFS for impairment when there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Due to the zero credit loss assumption and the evaluation of the considerations applied to the securities AFS, there was no ACL recorded for securities AFS as of March 31, 2026 and December 31, 2025. Also, as part of the Company’s evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers its investment strategy, cash flow needs, liquidity position, capital adequacy, and interest rate risk position. Management does not intend to sell these securities, and it is more likely than not that the Company will not have to sell these securities before each security has recovered its amortized cost basis.
Due to the zero credit loss assumption on the securities HTM portfolio, there was no ACL recorded for securities HTM as of March 31, 2026 and December 31, 2025.
Accrued interest receivable totaled $3.1 million and $3.2 million as of March 31, 2026 and December 31, 2025, respectively, for securities AFS and securities HTM and was reported in accrued interest receivable on the consolidated balance sheets.
Information pertaining to securities AFS with gross unrealized losses as of March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is described as follows:
March 31, 2026
Less than twelve monthsTwelve months or more
(in thousands)Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
Securities AFS:
Mortgage-backed securities$(822)$117,013 $(17,920)$160,260 
Municipal bonds(111)8,369 (27,641)156,184 
U.S. agency securities(4)9,537 (1,091)34,968 
Total Securities AFS$(937)$134,919 $(46,652)$351,412 
December 31, 2025
Less than twelve monthsTwelve months or more
(in thousands)Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value
Securities AFS:
Mortgage-backed securities$(313)$81,682 $(18,236)$166,631 
Municipal bonds(14)3,330 (25,297)163,876 
U.S. agency securities(26)16,972 (1,168)36,542 
Total Securities AFS$(353)$101,984 $(44,701)$367,049 
As of March 31, 2026, the Company held 472 securities AFS that were in unrealized loss positions. The aggregate unrealized loss of these securities AFS as of March 31, 2026, was 6.95% of the amortized cost basis of securities AFS.
For the three months ended March 31, 2026 and 2025, there were no proceeds from sales of debt securities.
Equity Securities
Equity securities are an investment in a CRA mutual fund, consisting primarily of bonds. Equity securities are carried at fair value on the consolidated balance sheets with periodic changes in value recorded through the consolidated statements of income. As of March 31, 2026, equity securities had a fair value of $3.0 million with a recognized loss of $19,000 for the three months ended March 31, 2026. As of December 31, 2025, equity securities had a fair value of $3.0 million with a recognized gain of $94,000 for the year ended December 31, 2025.
Pledged Securities
Securities with carrying values of approximately $216.5 million and $228.0 million were used as collateral as of March 31, 2026 and December 31, 2025, respectively.
13
3.    Loans and Asset Quality
Loans
Loans HFI by category and loans HFS are summarized below:
(in thousands)March 31, 2026December 31, 2025
Real estate:
Commercial real estate$910,965 $920,294 
One-to-four family residential632,554 628,762 
Construction and development240,686 221,214 
Commercial and industrial391,611 392,824 
Tax-exempt52,779 57,541 
Consumer25,951 28,034 
Total loans HFI$2,254,546 $2,248,669 
Total loans HFS$3,951 $3,148 
Accrued interest receivable on loans HFI totaled $8.1 million and $7.8 million as of March 31, 2026 and December 31, 2025, respectively, and was reported in accrued interest receivable on the accompanying consolidated balance sheets.
Allowance for Credit Losses
The Company maintains an ACL on all loans that reflects management’s estimate of expected credit losses for the full life of the loan portfolio.
The following table summarizes the activity in the ACL by category for the three months ended March 31, 2026:
(in thousands)
Beginning Balance December 31, 2025
Provision for Credit LossesCharge-offsRecoveries
Ending Balance March 31, 2026
Real estate:
Commercial real estate$9,359 $242 $— $— $9,601 
One-to-four family residential6,962 167 (52)— 7,077 
Construction and development1,751 215 — — 1,966 
Commercial and industrial4,939 34 (23)41 4,991 
Tax-exempt91 (3)— — 88 
Consumer297 95 (92)28 328 
Total allowance for credit losses$23,399 $750 $(167)$69 $24,051 
The following table summarizes the activity in the ACL by category for the three months ended March 31, 2025:
(in thousands)Beginning Balance December 31, 2024 Provision for Credit Losses Charge-offsRecoveries
Ending Balance March 31, 2025
Real estate:
Commercial real estate$9,047 $112 $— $— $9,159 
One-to-four family residential6,452 22 (22)3 6,455 
Construction and development1,653 202 (250)— 1,605 
Commercial and industrial4,123 117 (39)7 4,208 
Tax-exempt103 (4)— — 99 
Consumer353 1 (76)31 309 
Total allowance for credit losses$21,731 $450 $(387)$41 $21,835 
14
Nonaccrual and Past Due Loans
The following table presents nonaccrual loans as of March 31, 2026:
(in thousands)Nonaccrual with No ACLNonaccrual with ACLTotal Nonaccrual
Real estate:
Commercial real estate$837 $— $837 
One-to-four family residential287 1,772 2,059 
Construction and development— 1,055 1,055 
Commercial and industrial— 82 82 
Tax-exempt— — — 
Consumer— — — 
Total loans HFI$1,124 $2,909 $4,033 
The following table presents nonaccrual loans as of December 31, 2025:
(in thousands)Nonaccrual with No ACLNonaccrual with ACLTotal Nonaccrual
Real estate:
Commercial real estate$— $— $— 
One-to-four family residential294 1,723 2,017 
Construction and development— 1,189 1,189 
Commercial and industrial— 19 19 
Tax-exempt— — — 
Consumer56 — 56 
Total loans HFI$350 $2,931 $3,281 
No material interest income was recognized in the consolidated statements of income on nonaccrual loans for the three months ended March 31, 2026 and 2025.
The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of March 31, 2026:
Past Due
(in thousands)30-59 Days60-89 Days90 Days or MoreCurrentTotal Loans HFI90 Days or More Past Due and Accruing
Real estate:
Commercial real estate$585 $— $150 $910,230 $910,965 $— 
One-to-four family residential2,050 7 1,475 629,022 632,554 22 
Construction and development— — 1,055 239,631 240,686 — 
Commercial and industrial135 — 82 391,394 391,611 — 
Tax-exempt— — — 52,779 52,779 — 
Consumer9 6 4 25,932 25,951 4 
Total loans HFI$2,779 $13 $2,766 $2,248,988 $2,254,546 $26 
15
The following table presents the aging analysis of the past due loans and loans 90 days or more past due and still accruing interest by loan category as of December 31, 2025:
Past Due
(in thousands)30-59 Days60-89 Days90 Days or MoreCurrentTotal Loans HFI90 Days or More Past Due and Accruing
Real estate:
Commercial real estate$174 $— $— $920,120 $920,294 $— 
One-to-four family residential1,993 658 1,530 624,581 628,762 211 
Construction and development— — 1,189 220,025 221,214 — 
Commercial and industrial306 68 19 392,431 392,824 — 
Tax-exempt— — — 57,541 57,541 — 
Consumer22 4 8 28,000 28,034 8 
Total loans HFI$2,495 $730 $2,746 $2,242,698 $2,248,669 $219 
Loan Modifications
Modifications are made to a borrower experiencing financial difficulty, and the modified terms are in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, or a term extension in the current reporting period. For the periods ended March 31, 2026 and 2025, modifications were made to certain borrowers by granting term extensions. These term extensions were not significant to the consolidated financial statements.
Credit Quality Indicators
Loans are categorized based on the degree of risk inherent in the credit and the ability of the borrower to service the debt. A description of the general characteristics of the Bank’s risk rating grades follows:
Pass - These loans are of satisfactory quality and do not require a more severe classification.
Special mention - This category includes loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan. However, the loss potential does not warrant substandard classification.
Substandard - Loans in this category have well-defined weaknesses that jeopardize normal repayment of principal and interest. Prompt corrective action is required to reduce exposure and to assure adequate remedial actions are taken by the borrower. If these weaknesses do not improve, loss is possible.
Doubtful - Loans in this category have well-defined weaknesses that make full collection improbable.
Loss - Loans classified in this category are considered uncollectible and charged-off to the ACL.
16
As of March 31, 2026, the Company had no loans classified as doubtful or loss. The following table summarizes loans by risk rating and year of origination as of March 31, 2026, and gross charge-offs for the three months ended March 31, 2026:
Year of Origination
(in thousands)20262025202420232022Prior YearsRevolving LinesTotal
Real estate:
Commercial real estate
Pass$41,247 $163,017 $136,772 $82,928 $195,440 $246,388 $21,350 $887,142 
Special Mention— 2,036 1,059 2,051 7,215 7,138 — 19,499 
Substandard— — 672 359 1,942 1,351 — 4,324 
Total$41,247 $165,053 $138,503 $85,338 $204,597 $254,877 $21,350 $910,965 
One-to-four family residential
Pass$21,873 $110,487 $66,596 $84,896 $97,135 $220,558 $24,739 $626,284 
Special Mention— — 97 — 1,327 — — 1,424 
Substandard— 343 135 1,180 616 1,836 736 4,846 
Total$21,873 $110,830 $66,828 $86,076 $99,078 $222,394 $25,475 $632,554 
Construction and development
Pass$6,874 $107,232 $60,449 $49,401 $6,663 $3,382 $5,433 $239,434 
Special Mention— — — — — — — — 
Substandard— 1,055 — — — 197 — 1,252 
Total$6,874 $108,287 $60,449 $49,401 $6,663 $3,579 $5,433 $240,686 
Commercial and industrial
Pass$42,210 $94,984 $43,134 $24,525 $18,529 $15,211 $150,440 $389,033 
Special Mention— 160 — — 723 — 645 1,528 
Substandard— 800 22 68 96 — 64 1,050 
Total$42,210 $95,944 $43,156 $24,593 $19,348 $15,211 $151,149 $391,611 
Tax-exempt
Pass$— $— $536 $2,146 $13,406 $36,691 $— $52,779 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Total$— $— $536 $2,146 $13,406 $36,691 $— $52,779 
Consumer
Pass$4,152 $10,365 $3,751 $3,258 $1,406 $299 $2,719 $25,950 
Special Mention— — — — — — — — 
Substandard— — — — — — 1 1 
Total$4,152 $10,365 $3,751 $3,258 $1,406 $299 $2,720 $25,951 
Total loans HFI$116,356 $490,479 $313,223 $250,812 $344,498 $533,051 $206,127 $2,254,546 
Gross charge-offs$— $11 $66 $— $— $6 $84 $167 
17
As of December 31, 2025, the Company had no loans classified as doubtful or loss. The following table summarizes loans by risk rating and year of origination as of December 31, 2025, and gross charge-offs for the year ended December 31, 2025:
Year of Origination
(in thousands)20252024202320222021Prior YearsRevolving LinesTotal
Real estate:
Commercial real estate
Pass$170,649 $145,282 $87,583 $211,897 $187,813 $92,842 $17,771 $913,837 
Special Mention2,153 — — — 89 — — 2,242 
Substandard— 680 211 1,971 688 665 — 4,215 
Total$172,802 $145,962 $87,794 $213,868 $188,590 $93,507 $17,771 $920,294 
One-to-four family residential
Pass$110,358 $70,297 $89,416 $99,726 $94,963 $133,883 $23,855 $622,498 
Special Mention— 103 — 1,337 — — — 1,440 
Substandard339 356 911 624 779 1,076 739 4,824 
Total$110,697 $70,756 $90,327 $101,687 $95,742 $134,959 $24,594 $628,762 
Construction and development
Pass$88,310 $66,981 $49,648 $6,934 $2,583 $1,263 $4,103 $219,822 
Special Mention— — — — — — — — 
Substandard1,189 — — — — 203 — 1,392 
Total$89,499 $66,981 $49,648 $6,934 $2,583 $1,466 $4,103 $221,214 
Commercial and industrial
Pass$120,525 $52,973 $27,599 $21,001 $16,086 $2,769 $149,734 $390,687 
Special Mention160 — — 748 — — 99 1,007 
Substandard855 36 68 101 6 — 64 1,130 
Total$121,540 $53,009 $27,667 $21,850 $16,092 $2,769 $149,897 $392,824 
Tax-exempt
Pass$— $2,481 $2,187 $13,731 $6,036 $33,106 $— $57,541 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Total$— $2,481 $2,187 $13,731 $6,036 $33,106 $— $57,541 
Consumer
Pass$13,697 $5,504 $3,687 $1,586 $417 $37 $3,049 $27,977 
Special Mention— — — — — — — — 
Substandard— — — — — 56 1 57 
Total$13,697 $5,504 $3,687 $1,586 $417 $93 $3,050 $28,034 
Total loans HFI$508,235 $344,693 $261,310 $359,656 $309,460 $265,900 $199,415 $2,248,669 
Gross charge-offs$22 $40 $264 $83 $5 $20 $337 $771 
Commitments to Extend Credit
Commitments to extend credit are agreements to lend to a customer if all conditions of the commitment have been met. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s evaluation of the customer’s ability to repay. As of March 31, 2026 and December 31, 2025, unfunded loan commitments totaled approximately $541.0 million and $545.7 million, respectively.
Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including
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commercial paper, bond financing, and similar transactions. As of March 31, 2026 and December 31, 2025, commitments under standby letters of credit totaled approximately $14.7 million and $14.5 million, respectively. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.
The Company estimates expected credit losses for unfunded commitments over the contractual period in which the Company is exposed to credit risk through a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The reserve for unfunded commitments is recorded within accrued expenses and other liabilities on the consolidated balance sheets, and the related provision is recorded in provision for credit losses on the consolidated statements of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded commitment balance to obtain the reserve amount. As of March 31, 2026 and December 31, 2025, the reserve on unfunded commitments was $642,000.
The following table summarizes the reserve for unfunded commitments for the periods indicated:
As of and For the Three Months Ended
(in thousands)March 31, 2026March 31, 2025
Reserve for unfunded commitments at beginning of period$642 $642 
Provision for credit losses— — 
Reserve for unfunded commitments at end of period$642 $642 
4.    Deposits
Deposits were $2.95 billion and $2.96 billion as of March 31, 2026 and December 31, 2025, respectively. The $17.5 million decrease was primarily due to the seasonal outflow of funds from public entity customers exceeding increased commercial deposits. Deposits are summarized below:
(in thousands)March 31, 2026December 31, 2025
Noninterest-bearing demand deposits$916,413 $913,868 
Interest-bearing deposits:
Interest-bearing demand deposits189,993 198,724 
NOW accounts465,146 490,376 
Money market accounts590,107 580,949 
Savings accounts174,393 168,889 
Time deposits less than or equal to $250,000405,281 407,539 
Time deposits greater than $250,000204,602 203,067 
Total interest-bearing deposits$2,029,522 $2,049,544 
Total deposits$2,945,935 $2,963,412 
Collateral for Deposits
As of March 31, 2026 and December 31, 2025, securities and FHLB letters of credit with values of approximately $210.6 million and $302.4 million, respectively, were pledged as collateral to secure public entity deposits.
5.    Other Borrowed Funds
The Company has established borrowing capacity with the FHLB, the Federal Reserve Bank’s Discount Window facility, and other correspondent banks to provide additional sources of operating funds. As of March 31, 2026 and December 31, 2025, the Company had no outstanding borrowings under these agreements.
6.     Contingencies
The Company and the Bank are involved, from time to time, in various legal matters arising in the ordinary course of business. While the outcome of these claims or litigation cannot be determined at this time, in the opinion of management, neither the Company nor the Bank are involved in such legal proceedings that the resolution is expected to have a material adverse effect on the consolidated results of operations, financial condition, or cash flows.
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7.     Fair Value
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Fair Value Disclosure
Securities AFS, loans HFS, and equity securities are recorded at fair value on a recurring basis. Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral dependent loans, foreclosed assets, and certain other assets. The nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets.
ASC 820, Fair Value Measurements and Disclosures indicates that assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels:
•Level 1 pricing represents quotes on the exact financial instrument that is traded in active markets. Quoted prices on actively traded equities, for example, are in this category.
•Level 2 pricing is derived from observable data including market spreads, current and projected rates, prepayment data, and credit quality. The valuation may be based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
•Level 3 pricing is derived without the use of observable data. In such cases, mark-to-model strategies are typically employed. Often, these types of instruments have no active market, possess unique characteristics, and are thinly traded.
The Company used the following methods and significant assumptions to estimate fair value:
Securities AFS and Equity Securities: The fair values for securities AFS are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).
Loans HFS: Residential mortgage loans originated and held for sale are carried at the lower of cost or estimated fair value on an individual basis. The fair values of mortgage loans HFS are based on commitments on hand from investors within the secondary market for loans with similar characteristics. As such, the fair value adjustments for mortgage loans HFS are recurring Level 2.
Loans HFI: The Company does not record loans HFI at fair value on a recurring basis. Loans for which it was probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are evaluated individually to determine if any credit loss exists. For loans evaluated on an individual basis that are collateral dependent, the fair value is estimated by applying a discount factor to the collateral value then deducting the estimated cost to sell. For loans evaluated on an individual basis that are not collateral dependent, the discounted cash flow method is utilized to determine the fair value. When a loan experiences a credit loss with specific allocated losses determined by the fair value method, the Company considers the collateral dependent loan as nonrecurring Level 3.
Foreclosed Assets: Foreclosed assets, consisting of properties obtained through foreclosure or in satisfaction of loans, are reported at fair value, determined on the basis of current appraisals, comparable sales, and other estimates of value obtained principally from independent sources, adjusted for estimated selling costs (Level 2). However, foreclosed assets are considered Level 3 in the fair value hierarchy because management has qualitatively applied a discount due to the size, supply of inventory, and the incremental discounts applied to the appraisals. Management also considers other factors, including changes in absorption rates, length of time the property has been on the market, and anticipated sales values, which have resulted in adjustments to the collateral value estimates indicated in certain appraisals.
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Fair Value of Assets Measured on a Recurring Basis
The table below presents the recorded amount of assets measured at fair value on a recurring basis:
(in thousands)Fair ValueLevel 1Level 2Level 3
March 31, 2026
Loans HFS$3,951 $— $3,951 $— 
Securities AFS:
Mortgage-backed securities$409,512 $— $409,512 $— 
Municipal bonds$167,389 $— $167,389 $— 
U.S. agency securities$61,828 $— $61,828 $— 
Equity securities$3,012 $3,012 $— $— 
December 31, 2025
Loans HFS$3,148 $— $3,148 $— 
Securities AFS:
Mortgage-backed securities$410,029 $— $410,029 $— 
Municipal bonds$171,300 $— $171,300 $— 
U.S. agency securities$65,981 $— $65,981 $— 
Equity securities$3,031 $3,031 $— $— 
There were no transfers between Level 1, 2, or 3 during the three months ended March 31, 2026 or the year ended December 31, 2025.
Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis
Financial Assets and Financial Liabilities: Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a nonrecurring basis include certain individually evaluated collateral dependent loans reported at fair value of the underlying collateral if repayment is expected solely from the collateral. Prior to foreclosure of these loans, fair value of the collateral is estimated using Level 3 inputs based on customized discounting criteria.
The table below presents certain collateral dependent loans that were remeasured and reported at fair value through the ACL based upon the fair value of the underlying collateral as of the dates indicated:
(in thousands)March 31, 2026December 31, 2025
Carrying value of collateral dependent loans before allowance$432 $9,797 
Specific allowance(49)(845)
Fair value of collateral dependent loans$383 $8,952 
The Company had no financial liabilities measured at fair value on a nonrecurring basis as of March 31, 2026 and December 31, 2025.
Nonfinancial Assets and Liabilities: Certain nonfinancial assets and nonfinancial liabilities are measured at fair value on a nonrecurring basis. These include certain foreclosed assets, which are remeasured and reported at fair value through a charge-off to the ACL upon initial recognition as a foreclosed asset. Subsequent to their initial recognition, certain foreclosed assets are remeasured at fair value through an adjustment included in other noninterest income. The fair value of foreclosed assets is estimated using Level 3 inputs based on customized discounting criteria less estimated selling costs.
The following table presents foreclosed assets that were remeasured and reported at fair value as of the dates indicated:
(in thousands)March 31, 2026December 31, 2025
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement$217 $40 
Charge-offs(48)(4)
Fair value of foreclosed assets$169 $36 
There were no foreclosed assets that were remeasured subsequent to initial recognition as of March 31, 2026 and December 31, 2025.
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The Company had no nonfinancial liabilities measured at fair value on a nonrecurring basis as of March 31, 2026 and December 31, 2025.
The unobservable inputs used for the Level 3 fair value measurements on a nonrecurring basis were as follows:
(dollars in thousands)Fair ValueValuation TechniqueUnobservable InputDiscount RangesWeighted Average Discount
March 31, 2026
Collateral dependent loans$14,369 Discounted appraisalsCollateral discounts and costs to sell
0% - 100%
5.25%
Foreclosed assets$169 Discounted appraisalsCollateral discounts and costs to sell
0% - 39%
28.07%
December 31, 2025
Collateral dependent loans$14,409 Discounted appraisalsCollateral discounts and costs to sell
0% - 100%
6.04%
Foreclosed assets$36 Discounted appraisalsCollateral discounts and costs to sell
0% - 12%
11.11%
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Fair Value of Financial Instruments
The carrying amounts and estimated fair values of financial instruments as of March 31, 2026 and December 31, 2025, were as follows:
(in thousands)Carrying
Amount		Fair ValueLevel 1Level 2Level 3
March 31, 2026
Financial assets:
Cash and due from banks$36,677 $36,677 $36,677 $— $— 
Interest-bearing deposits in other banks$173,845 $173,845 $173,845 $— $— 
Securities AFS$638,729 $638,729 $— $638,729 $— 
Securities HTM$120,609 $101,917 $— $101,917 $— 
Equity securities$3,012 $3,012 $3,012 $— $— 
Nonmarketable equity securities$2,425 $2,425 $— $2,425 $— 
Loans HFS$3,951 $3,951 $— $3,951 $— 
Loans HFI, net of allowance$2,230,495 $2,171,867 $— $— $2,171,867 
Accrued interest receivable$11,352 $11,352 $— $— $11,352 
Financial liabilities:
Deposits$2,945,935 $2,943,698 $— $2,943,698 $— 
Accrued interest payable$6,025 $6,025 $— $6,025 $— 
December 31, 2025
Financial assets:
Cash and due from banks$25,685 $25,685 $25,685 $— $— 
Interest-bearing deposits in other banks$187,707 $187,707 $187,707 $— $— 
Securities AFS$647,310 $647,310 $— $647,310 $— 
Securities HTM$122,619 $104,371 $— $104,371 $— 
Equity securities$3,031 $3,031 $3,031 $— $— 
Nonmarketable equity securities$2,407 $2,407 $— $2,407 $— 
Loans HFS$3,148 $3,148 $— $3,148 $— 
Loans HFI, net of allowance$2,225,270 $2,151,923 $— $— $2,151,923 
Accrued interest receivable$11,131 $11,131 $— $— $11,131 
Financial liabilities:
Deposits$2,963,412 $2,961,310 $— $2,961,310 $— 
Accrued interest payable$6,128 $6,128 $— $6,128 $— 
8.    Regulatory Capital Requirements
The Company and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies.
Basel III Capital Requirements
The Company and the Bank are subject to Basel III capital guidelines. Basel III requires the Company and the Bank to maintain certain minimum ratios to meet capital adequacy requirements. It is management’s belief that, as of March 31, 2026, both the Company and the Bank met all capital adequacy requirements under Basel III. Management expects that the capital ratios for the Company and the Bank under Basel III will continue to exceed capital adequacy requirements. Management believes that, as of March 31, 2026, the Bank is well-capitalized under the regulatory framework for prompt corrective action.
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Capital amounts and ratios for the Company as of March 31, 2026 and December 31, 2025, are presented in the following table (Basel III Minimum includes the capital conservation buffer):
ActualBasel III Minimum
(dollars in thousands)AmountRatioAmountRatio
March 31, 2026
Total Risk-Based Capital$442,125 18.51%$250,858 10.50%
Tier I Risk-Based Capital$417,432 17.47%$203,076 8.50%
Common Equity Tier I Capital$417,432 17.47%$167,239 7.00%
Tier I Leverage Capital$417,432 12.26%$136,147 4.00%
December 31, 2025
Total Risk-Based Capital$430,986 18.03%$250,995 10.50%
Tier I Risk-Based Capital$406,945 17.02%$203,186 8.50%
Common Equity Tier I Capital$406,945 17.02%$167,330 7.00%
Tier I Leverage Capital$406,945 12.21%$133,321 4.00%
Capital amounts and ratios for the Bank as of March 31, 2026 and December 31, 2025, are presented in the following table (Basel III Minimum includes the capital conservation buffer):
Regulatory Requirements
ActualBasel III Minimum
Well-Capitalized(1)
(dollars in thousands)AmountRatioAmountRatioAmountRatio
March 31, 2026
Total Risk-Based Capital$432,849 18.12%$250,772 10.50%$238,830 10.00%
Tier I Risk-Based Capital$408,156 17.09%$203,006 8.50%$191,064 8.00%
Common Equity Tier I Capital$408,156 17.09%$167,181 7.00%$155,240 6.50%
Tier I Leverage Capital$408,156 12.00%$136,099 4.00%$170,124 5.00%
December 31, 2025
Total Risk-Based Capital$421,929 17.66%$250,916 10.50%$238,968 10.00%
Tier I Risk-Based Capital$397,888 16.65%$203,123 8.50%$191,174 8.00%
Common Equity Tier I Capital$397,888 16.65%$167,277 7.00%$155,329 6.50%
Tier I Leverage Capital$397,888 11.94%$133,274 4.00%$166,593 5.00%
(1)This column refers to the prompt corrective action requirements applicable to banks.
Community Bank Leverage Ratio Framework
As part of the Economic Growth Act, an optional CBLR framework is available to the Company and the Bank as an alternative to the Basel III risk-based capital framework. The CBLR framework provides for a simple measure of capital adequacy for certain community banking organizations. Specifically, depository institutions and depository institution holding companies that have less than $10.0 billion in total consolidated assets and meet other qualifying criteria, including a Tier 1 leverage ratio of greater than 9.00%, are considered qualifying community banking organizations eligible to opt into the CBLR framework and replace the applicable Basel III risk-based capital requirements. In April 2026, the federal banking agencies issued a final rule that, among other things, lowered the 9.00% leverage ratio requirement to 8.00%.
As of March 31, 2026, the Company and the Bank qualify for the CBLR framework. Management does not intend to utilize the CBLR framework.
9.    Equity
Stock Repurchases
On December 18, 2025, the Company’s board of directors approved the renewal and increase of the 2025 stock repurchase program that expired on December 31, 2025. The renewed and increased 2026 stock repurchase program authorizes the Company to purchase up to $10.0 million of its outstanding shares of common stock from January 1, 2026
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through December 31, 2026. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions.
For the three months ended March 31, 2026, the Company did not repurchase any shares of its common stock under the stock repurchase program. As of March 31, 2026, the Company had $10.0 million available for repurchasing its common stock under the 2026 stock repurchase program.
Effective January 1, 2023, stock repurchases are subject to a nondeductible excise tax under the Inflation Reduction Act of 2022 equal to 1.0% of the fair market value of the shares repurchased, subject to certain limitations.
AOCI - Transfer of Unrealized Gain (Loss) of Securities AFS and HTM
In 2022, the Company reclassified $166.3 million, net of $17.9 million of unrealized loss, from securities AFS to securities HTM. The securities were transferred at fair value, which became the cost basis for the securities HTM. At the date of the transfer, the net unrealized loss of $17.9 million, of which $14.2 million, net of tax, was included in AOCI and is being amortized over the remaining life of the securities as a yield adjustment, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. As of March 31, 2026, the net unamortized, unrealized loss remaining on the transferred securities included in the consolidated balance sheets totaled $11.4 million, of which $9.0 million, net of tax, was included in AOCI.
10.    Earnings Per Common Share
Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits. Diluted EPS includes accrued but unissued shares relating to the Director Compensation Program, stock options, and restricted stock determined using the treasury stock method. The dilutive EPS calculation assumes all outstanding stock options to purchase common stock have been exercised at the beginning of the year, and the pro forma proceeds from the exercised options and restricted stock are used to purchase common stock at the average fair market valuation price.
The computations of basic and diluted earnings per common share for the Company were as follows:
For the Three Months Ended March 31, 
(in thousands, except share amounts)20262025
Numerator:
Net income - basic$11,971 $10,352 
Net income - diluted$11,971 $10,352 
 
Denominator:
Weighted average shares outstanding - basic6,576,994 6,777,332 
Plus: Effect of Director Compensation Program133 319 
Plus: Effect of restricted stock32,081 19,056 
Weighted average shares outstanding - diluted6,609,208 6,796,707 
 
Earnings per common share:
Basic$1.82 $1.53 
Diluted$1.81 $1.52 
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11.    Segment Reporting
The Company is engaged primarily in providing a fully integrated suite of banking products and services consistently across all of its markets. The CODM assesses performance and decides how to allocate resources based on net income as reported in the accompanying consolidated statements of income. While the CODM monitors the revenue streams of the various banking products, services, and markets, banking operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the Company’s banking operations are considered by management to be aggregated in one reportable operating segment.
Financial results for the banking operations segment are presented in the table below:
For the Three Months Ended March 31, 
(in thousands)20262025
Interest and dividend income$39,145 $35,808 
Interest expense10,741 11,198 
Provision for credit losses750 450 
Noninterest income4,533 5,272 
Depreciation and amortization916 851 
Other operating expenses16,334 15,737 
Income before income tax expense$14,937 $12,844 
Income tax expense2,966 2,492 
Segment net income$11,971 $10,352 
Adjustments and reconciling items— — 
Consolidated net income$11,971 $10,352 
Banking operations segment assets were $3.35 billion as of March 31, 2026 and December 31, 2025.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The purpose of this discussion and analysis is to focus on significant changes in the financial condition of Red River Bancshares, Inc. on a consolidated basis from December 31, 2025 through March 31, 2026, and on our results of operations for the quarters ended March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and March 31, 2025.
This discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K for the year ended December 31, 2025, and information presented elsewhere in this Report, particularly the unaudited consolidated financial statements and related notes appearing in Item 1.
The following discussion contains forward-looking statements that reflect our current views with respect to, among other things, future events and our financial performance. We caution that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. See “Cautionary Note Regarding Forward-Looking Statements” and “Part II - Item 1A. Risk Factors” in this Report. Also, see risk factors and other cautionary statements described in “Part I - Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025.
CORPORATE SUMMARY
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 LDPOs, one each in New Orleans, Louisiana and Lafayette, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria 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 the Slidell-Mandeville-Covington MSA; Acadiana, which includes the Lafayette MSA; and New Orleans, which includes the New Orleans-Metairie MSA.
Our priority is to drive shareholder value through the establishment of a market-leading commercial banking franchise based in Louisiana. We provide our services through relationship-oriented bankers who are committed to their customers and the communities where we offer our products and services. Our strategy is to expand market share in existing markets and engage in opportunistic new market de novo expansion, supplemented by strategic acquisitions of financial institutions with customer-oriented, compatible philosophies located in desirable geographic areas.
FIRST QUARTER 2026 FINANCIAL AND OPERATIONAL HIGHLIGHTS
In the first quarter of 2026, we had record-high quarterly net income and a consistent balance sheet. We increased the quarterly cash dividend paid to shareholders by $0.10 per share, or 66.7%, to $0.25 per share for the first quarter of 2026, compared to $0.15 per share for the prior two quarters.
•Net income for the first quarter of 2026 was $12.0 million, or $1.81 diluted EPS, an increase of $556,000, or 4.9%, compared to $11.4 million, or $1.73 diluted EPS, for the fourth quarter of 2025. Net income for the first quarter was impacted by approximately $590,000 of periodic items that reduced operating expenses. These operating expense reductions benefited EPS by $0.07.
•For the first quarter of 2026, the return on assets was 1.44%, and the return on equity was 12.95%.
•Net interest income increased slightly, and net interest margin FTE was consistent at 3.51% for the first quarter of 2026 and the prior quarter.
•Assets remained consistent at $3.35 billion as of March 31, 2026 and December 31, 2025.
•Loans HFI were $2.25 billion as of March 31, 2026 and December 31, 2025. In the first quarter of 2026, new loan originations and construction commitment fundings were offset by payments and payoffs.
•Deposits totaled $2.95 billion as of March 31, 2026, a decrease of $17.5 million, or 0.6%, compared to $2.96 billion as of December 31, 2025. This decrease was primarily due to the seasonal outflow of funds from public entity customers exceeding increased commercial deposits.
•On February 26, 2026, our board of directors announced that the cash dividend for the first quarter of 2026 would be $0.25 per common share, which was a 66.7% increase from $0.15 per common share paid for each of the third and fourth quarters of 2025. In the first quarter of 2026, we paid the quarterly cash dividend of $0.25 per common share.
•The 2026 stock repurchase program authorizes us to purchase up to $10.0 million of our outstanding shares of common stock from January 1, 2026 through December 31, 2026. There was no stock repurchase activity in the first quarter of 2026. As of March 31, 2026, the 2026 stock repurchase program had $10.0 million of available capacity.
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•We continue to implement our organic expansion plan. The following construction projects are in process:
◦In the Northwest market, there are two projects in process with the goal of relocating personnel and vacating the Market Street location in Shreveport, Louisiana. In May 2026, we plan to relocate our Northwest market leadership and lenders to our newly constructed Shreveport Commercial and Private Banking Loan and Deposit Production Office Building, which is adjacent to our East Kings banking center. We then plan to relocate the Market Street retail banking center to the nearby American Towers building, which will have a more efficient cost structure.
◦In the New Orleans market, we have leased and are remodeling a portion of the bottom floor of the Energy Centre Building on Poydras Street. Completion is expected in the third quarter of 2026. Once complete, we plan to relocate the Baronne Street retail banking center and the New Orleans market leadership and lenders to this updated, convenient, and visible location.
◦In the Acadiana market, we held a ground-breaking ceremony in January 2026 for our second full-service banking center in this market, located on Camellia Boulevard in Lafayette, Louisiana. We expect this location to open early in 2027.
•In the first quarter of 2026, S&P Global Market Intelligence ranked the Bank 42nd of the top 50 best deposit franchises in 2025 for banks with assets between $3.0 and $10.0 billion.
•On April 6, 2026, Jim Nelson was appointed as Market President for the New Orleans market.
The following tables contain selected financial information regarding our financial position and performance as of and for the periods indicated:
As ofChange from
December 31, 2025 to March 31, 2026
(in thousands)March 31,
2026		December 31,
2025		$ Change% Change
Selected Period End Balance Sheet Data:
Total assets$3,346,600 $3,350,910 (4,310)(0.1%)
Interest-bearing deposits in other banks$173,845 $187,707 (13,862)(7.4%)
Securities available-for-sale, at fair value$638,729 $647,310 (8,581)(1.3%)
Securities held-to-maturity, at amortized cost$120,609 $122,619 (2,010)(1.6%)
Loans held for investment$2,254,546 $2,248,669 5,877 0.3%
Total deposits$2,945,935 $2,963,412 (17,477)(0.6%)
Total stockholders’ equity$373,326 $365,150 8,176 2.2%
28
As of and for the
Three Months Ended
(dollars in thousands, except per share data)March 31,
2026		December 31,
2025		March 31,
2025
Net Income$11,971 $11,415 $10,352 
Per Common Share Data:
Earnings per share, basic$1.82 $1.74 $1.53 
Earnings per share, diluted$1.81 $1.73 $1.52 
Book value per share$56.76 $55.52 $49.18 
Tangible book value per share(1,2)
$56.53 $55.29 $48.95 
Realized book value per share(1,3)
$63.70 $62.11 $57.49 
Cash dividends per share$0.25 $0.15 $0.12 
Shares outstanding6,577,186 6,576,609 6,777,657 
Weighted average shares outstanding, basic6,576,994 6,576,609 6,777,332 
Weighted average shares outstanding, diluted6,609,208 6,604,082 6,796,707 
 
Summary Performance Ratios:
Return on average assets1.44%1.38%1.32%
Return on average equity12.95%12.60%12.85%
Net interest margin3.47%3.46%3.17%
Net interest margin FTE(4)
3.51%3.51%3.22%
Efficiency ratio(5)
52.37%54.99%55.51%
Loans HFI to deposits ratio76.53%75.88%74.84%
Noninterest-bearing deposits to deposits ratio31.11%30.84%32.08%
Noninterest income to average assets0.55%0.60%0.67%
Operating expense to average assets2.08%2.20%2.12%
 
Summary Credit Quality Ratios:
NPAs to assets0.13%0.11%0.16%
Nonperforming loans to loans HFI0.18%0.16%0.24%
ACL to loans HFI1.07%1.04%1.03%
Net charge-offs to average loans0.00%0.01%0.02%
 
Capital Ratios:
Stockholders’ equity to assets11.16%10.90%10.46%
Tangible common equity to tangible assets(1,6)
11.11%10.86%10.42%
Total risk-based capital to risk-weighted assets18.51%18.03%18.25%
Tier I risk-based capital to risk-weighted assets17.47%17.02%17.25%
Common equity Tier I capital to risk-weighted assets17.47%17.02%17.25%
Tier I risk-based capital to average assets12.26%12.21%12.01%
(1)Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in “- Non-GAAP Financial Measures” in this Report. This measure has not been audited.
(2)We calculate tangible book value per share as total stockholders’ equity, less intangible assets, divided by the outstanding number of shares of our common stock at the end of the relevant period.
(3)We calculate realized book value per share as total stockholders’ equity, less AOCI, divided by the outstanding number of shares of our common stock at the end of the relevant period.
(4)Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.
(5)Efficiency ratio represents operating expenses divided by the sum of net interest income and noninterest income.
(6)We calculate tangible common equity as total stockholders’ equity, less intangible assets, net of accumulated amortization, and we calculate tangible assets as total assets, less intangible assets, net of accumulated amortization.
29
RESULTS OF OPERATIONS
Net income for the first quarter of 2026 was $12.0 million, or $1.81 diluted EPS, an increase of $556,000, or 4.9%, compared to $11.4 million, or $1.73 diluted EPS, for the fourth quarter of 2025. The increase in net income was due to a $1.0 million decrease in operating expenses and a $163,000 increase in net interest income, partially offset by a $416,000 decrease in noninterest income and a $192,000 increase in income tax expense. The return on assets for the first quarter of 2026 was 1.44%, compared to 1.38% for the fourth quarter of 2025. The return on equity was 12.95% for the first quarter of 2026, compared to 12.60% for the fourth quarter of 2025. Our efficiency ratio for the first quarter of 2026 was 52.37%, compared to 54.99% for the fourth quarter of 2025.
Net income for the three months ended March 31, 2026, was $12.0 million, or $1.81 diluted EPS, an increase of $1.6 million, or 15.6%, compared to $10.4 million, or $1.52 diluted EPS, for the three months ended March 31, 2025. The increase in net income was due to a $3.8 million increase in net interest income, partially offset by a $739,000 decrease in noninterest income, a $662,000 increase in operating expenses, a $474,000 increase in income tax expense, and a $300,000 increase in the provision for credit losses. The return on assets for the three months ended March 31, 2026, was 1.44%, compared to 1.32% for the three months ended March 31, 2025. The return on equity was 12.95% for the three months ended March 31, 2026, compared to 12.85% for the three months ended March 31, 2025. Our efficiency ratio for the three months ended March 31, 2026, was 52.37%, compared to 55.51% for the three months ended March 31, 2025.
Net Interest Income and Net Interest Margin
Our operating results depend primarily on our net interest income. Fluctuations in market interest rates impact the yield on interest-earning assets and the rate paid on interest-bearing liabilities. Changes in the amount and type of interest-earning assets and interest-bearing liabilities impact our net interest income. To evaluate net interest income, we measure and monitor: (1) yields on loans and other interest-earning assets; (2) the cost of deposits and other funding sources; (3) net interest spread; and (4) net interest margin. Since noninterest-bearing sources of funds, such as noninterest-bearing deposits and stockholders’ equity, also fund interest-earning assets, net interest margin includes the benefit of these noninterest-bearing funding sources.
In the first half of 2025, the target range for the federal funds rate was consistent at 4.25%-4.50%. In the second half of 2025, the FOMC decreased the federal funds rate by 25 bps in the third quarter and an additional 50 bps in the fourth quarter, reducing the target federal funds range to 3.50%-3.75%. The target range for the federal funds rate was unchanged in the first quarter of 2026. The average effective federal funds rate was 3.64% for the first quarter of 2026, compared to 3.90% for the fourth quarter of 2025, and 4.33% for the first quarter of 2025. Net interest income was slightly higher in the first quarter of 2026, compared to the prior quarter. Net interest margin FTE for the first quarter of 2026 was consistent with the previous quarter. Net interest income and net interest margin FTE increased in the first quarter of 2026 compared to the first quarter of 2025.
First Quarter of 2026 vs. Fourth Quarter of 2025
Net interest income for the first quarter of 2026 was $28.4 million, which was $163,000, or 0.6%, higher than the fourth quarter of 2025, due to a $217,000 decrease in interest expense, slightly offset by a $54,000 decrease in interest and dividend income. The decrease in interest expense was primarily due to our lowering of selected deposit rates. The decrease in interest and dividend income was driven by a $119,000 decrease in loan income, which was impacted by two less accrual days in the first quarter of 2026 compared to the prior quarter. Also contributing to this decrease was a $29,000 decrease in securities income, which was impacted by the repricing of variable rate securities as a result of the rate decreases in the fourth quarter of 2025. Income on short-term liquid assets increased $95,000 as a result of higher average balances in these assets, partially offset by the lower rate environment.
The net interest margin FTE was 3.51% for the first quarter of 2026, which was consistent with the prior quarter. The net interest margin FTE was impacted by a consistent yield on loans, a lower yield on short-term liquid assets and securities, and lower deposit costs. The average rate on new and renewed loans was 6.71% for the first quarter of 2026 and 6.72% for the prior quarter. The yield on short-term liquid assets decreased 23 bps due to the reduction of the target federal funds rate in December. The yield on securities decreased by 2 bps due to repricing of variable rate securities. The cost of deposits decreased 3 bps to 1.47%, compared to 1.50% for the previous quarter, which was driven by our lowering of selected deposit rates.
As of March 31, 2026, the target federal funds range was 3.50%-3.75%. The market’s expectation is that the federal funds range may remain consistent in 2026. During the remainder of 2026, we project $201.4 million of fixed rate loans at 5.87% to mature, which we expect to redeploy into loans with slightly higher rates. We have $463.8 million of floating rate loans at 6.16%, which we expect to remain at a consistent rate. Based on the current rate forecast, we expect the total loan yield to be slightly higher in the second quarter of 2026. We also expect to receive $90.9 million in securities cash flows at 3.66%, which we plan to redeploy into securities at higher yields. We project $515.0 million in time deposits at 3.50% to mature, which may reprice at slightly lower rates considering maturity volumes and renewal pricing. As of March 31, 2026, floating rate loans were 20.6% of loans HFI, and floating rate transaction deposits were 9.2% of interest-bearing
30
transaction deposits. Depending on balance sheet activity and interest rate competition, we expect net interest income and net interest margin FTE to increase slightly in the second quarter of 2026.
The following table presents average balance sheet information, interest income, interest expense, and the corresponding average yields earned and rates paid for the three months ended March 31, 2026 and December 31, 2025:
For the Three Months Ended
March 31, 2026December 31, 2025
(dollars in thousands)Average Balance OutstandingInterest
Income/
Expense		Average
Yield/
Rate		Average Balance OutstandingInterest
Income/
Expense		Average
Yield/
Rate
Assets
Interest-earning assets:
Loans(1,2)
$2,255,394 $31,545 5.60%$2,214,161 $31,664 5.60%
Securities - taxable629,550 4,872 3.10%625,220 4,900 3.13%
Securities - tax-exempt182,996 972 2.12%183,911 973 2.12%
Interest-bearing deposits in other banks191,843 1,737 3.62%166,797 1,642 3.85%
Nonmarketable equity securities2,409 19 3.10%2,389 20 3.34%
Total interest-earning assets3,262,192 $39,145 4.80%3,192,478 $39,199 4.82%
Allowance for credit losses(23,647)(23,037)
Noninterest-earning assets127,068 120,146 
Total assets$3,365,613 $3,289,587 
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits$1,440,118 $5,558 1.57%$1,348,461 $5,527 1.63%
Time deposits607,964 5,183 3.46%608,448 5,431 3.54%
Total interest-bearing deposits2,048,082 10,741 2.13%1,956,909 10,958 2.22%
Other borrowings— — —%— — —%
Total interest-bearing liabilities2,048,082 $10,741 2.13%1,956,909 $10,958 2.22%
Noninterest-bearing liabilities:
Noninterest-bearing deposits917,623 947,506 
Accrued interest and other liabilities24,986 25,770 
Total noninterest-bearing liabilities942,609 973,276 
Stockholders’ equity374,922 359,402 
Total liabilities and stockholders’ equity$3,365,613 $3,289,587 
Net interest income$28,404 $28,241 
Net interest spread2.67%2.60%
Net interest margin3.47%3.46%
Net interest margin FTE(3)
3.51%3.51%
Cost of deposits1.47%1.50%
Cost of funds1.34%1.36%
(1)Includes average outstanding balances of loans HFS of $2.7 million and $3.3 million for the three months ended March 31, 2026 and December 31, 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.
Three Months Ended March 31, 2026 vs. Three Months Ended March 31, 2025
Net interest income for the three months ended March 31, 2026 was $28.4 million, which was $3.8 million, or 15.4%, higher than $24.6 million for the three months ended March 31, 2025. Net interest income increased due to a $3.3 million increase in interest and dividend income, combined with a $457,000 decrease in interest expense.
The increase in interest and dividend income for the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, was due to higher interest income on loans and securities, partially offset by a decrease in interest income on short-term liquid assets. Loan income increased $3.3 million due to higher average loan balances, combined with higher rates on new and renewed loans compared to the existing portfolio yield. Securities income increased $988,000 primarily due to purchasing higher yielding securities, combined with higher average securities balances. Interest income on short-term liquid assets decreased $924,000 due to lower average balances on these assets, combined with the FOMC lowering the federal funds rate in 2025.
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Net interest margin FTE increased 29 bps to 3.51% for the three months ended March 31, 2026, from 3.22% for the three months ended March 31, 2025, primarily due to higher yields on securities and loans, combined with lower deposit costs. These positive variances were partially offset by a 75 bp decrease to the yield on short-term liquid assets, due to the FOMC lowering the federal funds rate in 2025.
The yield on securities increased 29 bps mainly due to purchasing $145.3 million of securities in the last nine months of 2025 and an additional $24.7 million of securities in the first quarter of 2026, at favorable rates. The yield on loans increased 19 bps due to higher rates on new and renewed loans compared to the existing portfolio yield. The cost of deposits decreased 14 bps to 1.47% for the three months ended March 31, 2026, from 1.61% for the three months ended March 31, 2025, due to a 22 bp decrease in the rate on interest-bearing deposits. Within total interest-bearing deposits, the rate on time deposits and interest-bearing transaction deposits decreased 34 and 13 bps, respectively. These decreases occurred as we adjusted rates on selected transaction and time deposits during the second half of 2025 in response to the federal funds rate decreases by the FOMC.
The following table presents average balance sheet information, interest income, interest expense, and the corresponding average yields earned and rates paid for the three months ended March 31, 2026 and 2025:
For the Three Months Ended
March 31, 2026March 31, 2025
(dollars in thousands)Average Balance OutstandingInterest
Income/
Expense		Average
Yield/
Rate		Average Balance OutstandingInterest
Income/
Expense		Average
Yield/
Rate
Assets
Interest-earning assets:
Loans(1,2)
$2,255,394 $31,545 5.60%$2,089,712 $28,270 5.41%
Securities - taxable629,550 4,872 3.10%559,752 3,871 2.77%
Securities - tax-exempt182,996 972 2.12%189,729 985 2.08%
Interest-bearing deposits in other banks191,843 1,737 3.62%243,751 2,661 4.37%
Nonmarketable equity securities2,409 19 3.10%2,330 21 3.56%
Total interest-earning assets3,262,192 $39,145 4.80%3,085,274 $35,808 4.64%
Allowance for credit losses(23,647)(21,789)
Noninterest-earning assets127,068 107,295 
Total assets$3,365,613 $3,170,780 
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing transaction deposits$1,440,118 $5,558 1.57%$1,341,885 $5,641 1.70%
Time deposits607,964 5,183 3.46%592,368 5,557 3.80%
Total interest-bearing deposits2,048,082 10,741 2.13%1,934,253 11,198 2.35%
Other borrowings— — —%— — —%
Total interest-bearing liabilities2,048,082 $10,741 2.13%1,934,253 $11,198 2.35%
Noninterest-bearing liabilities:
Noninterest-bearing deposits917,623 884,484 
Accrued interest and other liabilities24,986 25,336 
Total noninterest-bearing liabilities942,609 909,820 
Stockholders’ equity374,922 326,707 
Total liabilities and stockholders’ equity$3,365,613 $3,170,780 
Net interest income$28,404 $24,610 
Net interest spread2.67%2.29%
Net interest margin3.47%3.17%
Net interest margin FTE(3)
3.51%3.22%
Cost of deposits1.47%1.61%
Cost of funds1.34%1.47%
(1)Includes average outstanding balances of loans HFS of $2.7 million and $2.6 million for the three months ended March 31, 2026 and 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.
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Rate/Volume Analysis
Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following table presents the dollar amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities for the periods presented.
For the Three Months EndedFor the Three Months Ended
March 31, 2026 vs.
December 31, 2025
March 31, 2026 vs.
March 31, 2025
Increase (Decrease)
Due to Change in
Total
Increase (Decrease)(1)
Increase (Decrease)
Due to Change in
Total
Increase (Decrease)(1)
(in thousands)VolumeRateVolumeRate
Interest-earning assets:
Loans
$590 $(709)$(119)$2,242 $1,033 $3,275 
Securities - taxable34 (62)(28)483 518 1,001 
Securities - tax-exempt(5)4 (1)(35)22 (13)
Interest-bearing deposits in other banks247 (152)95 (567)(357)(924)
Nonmarketable equity securities— (1)(1)1 (3)(2)
Total interest-earning assets$866 $(920)$(54)$2,124 $1,213 $3,337 
Interest-bearing liabilities:
Interest-bearing transaction deposits$376 $(345)$31 $413 $(496)$(83)
Time deposits(4)(244)(248)146 (520)(374)
Total interest-bearing deposits372 (589)(217)559 (1,016)(457)
Other borrowings— — — — — — 
Total interest-bearing liabilities$372 $(589)$(217)$559 $(1,016)$(457)
Increase (decrease) in net interest income$494 $(331)$163 $1,565 $2,229 $3,794 
(1)The change in interest attributable to rate has been determined by applying the change in rate between periods to average balances outstanding in the earlier period. The change in interest due to volume has been determined by applying the rate from the earlier period to the change in average balances outstanding between periods. Changes attributable to both rate and volume that cannot be segregated have been allocated to rate.
Provision for Credit Losses
The provision for credit losses is the amount necessary to maintain the ACL and the reserve for unfunded commitments at a level considered appropriate by management. Factors impacting the provision include loan portfolio growth, changes in the quality and composition of the loan portfolio, the level of nonperforming loans, delinquency and charge-off trends, the level of unfunded commitments, and current economic conditions.
The table below presents, for the periods indicated, the provision for credit losses:
For the Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		Increase (Decrease)
Provision for credit losses$750 $750 $— —%
The provision for credit losses for the first quarter of 2026 was $750,000 for loans, which was consistent with the prior quarter. The provision for credit losses in the first quarter of 2026 was due to continued loan growth, lingering impacts related to inflation and tariffs, geopolitical uncertainty, and greater uncertainty with future labor market trends. The provision in the fourth quarter of 2025 was primarily driven by loan growth, lingering impacts related to inflation and tariffs, and greater uncertainty with future unemployment. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.
The table below presents, for the periods indicated, the provision for credit losses:
For the Three Months Ended
(dollars in thousands)March 31,
2026		March 31,
2025		Increase (Decrease)
Provision for credit losses$750 $450 $300 66.7%
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The provision for credit losses for the first quarter of 2026 was $750,000 for loans, which was $300,000 higher than the provision for credit losses of $450,000 for the first quarter of 2025. The increase in the first quarter of 2026 was due to continued loan growth, lingering impacts related to inflation and tariffs, geopolitical uncertainty, and greater uncertainty with future labor market trends. The provision in the first quarter of 2025 was related to loan growth, combined with uncertainty regarding tariffs and trade.
Noninterest Income
Our primary sources of noninterest income are fees related to the sale of mortgage loans, service charges on deposit accounts, debit card fees, brokerage income from advisory services, and other loan and deposit fees.
First Quarter of 2026 vs. Fourth Quarter of 2025
Noninterest income decreased $416,000 to $4.5 million for the first quarter of 2026, compared to $4.9 million for the fourth quarter of 2025. The decrease in noninterest income was mainly due to lower brokerage income and other income, partially offset by higher SBIC income.
The table below presents, for the periods indicated, the major categories of noninterest income:
For the Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		Increase (Decrease)
Noninterest income:
Service charges on deposit accounts$1,395 $1,430 $(35)(2.4%)
Debit card income, net916 898 18 2.0%
Mortgage loan income605 649 (44)(6.8%)
Brokerage income939 1,287 (348)(27.0%)
Loan and deposit income498 454 44 9.7%
Bank-owned life insurance income221 226 (5)(2.2%)
Gain (Loss) on equity securities(19)13 (32)(246.2%)
SBIC income (loss)(105)(197)92 46.7%
Other income (loss)83 189 (106)(56.1%)
Total noninterest income$4,533 $4,949 $(416)(8.4%)
Brokerage income decreased $348,000 to $939,000 for the first quarter of 2026, compared to the prior quarter. The lower income in the first quarter of 2026 was due to decreased investing activity by clients. Assets under management were $1.35 billion as of March 31, 2026, and $1.33 billion as of December 31, 2025.
Other income decreased $106,000 to $83,000 for the first quarter of 2026, compared to the prior quarter. We participate as a member in JAM FINTOP. The fourth quarter of 2025 included $127,000 of nonrecurring JAM FINTOP partnership income, following the sale of an investment and subsequent distribution. Similar income was not recognized in the first quarter of 2026.
The SBIC partnerships reported a loss of $105,000 in the first quarter of 2026, compared to a loss of $197,000 in the previous quarter. These losses were mainly due to fund value adjustments as an SBIC fund continues its wind-down phase. We expect SBIC income to fluctuate in future quarters.
Three Months Ended March 31, 2026 vs. Three Months Ended March 31, 2025
Noninterest income decreased $739,000 to $4.5 million for the three months ended March 31, 2026, compared to $5.3 million for the three months ended March 31, 2025. The decrease in noninterest income was mainly due to lower brokerage income and SBIC income.
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The table below presents, for the periods indicated, the major categories of noninterest income:
For the Three Months Ended
(dollars in thousands)March 31,
2026		March 31,
2025		Increase (Decrease)
Noninterest income:
Service charges on deposit accounts$1,395 $1,383 $12 0.9%
Debit card income, net916 992 (76)(7.7%)
Mortgage loan income605 530 75 14.2%
Brokerage income939 1,325 (386)(29.1%)
Loan and deposit income498 459 39 8.5%
Bank-owned life insurance income221 213 8 3.8%
Gain (Loss) on equity securities(19)44 (63)(143.2%)
SBIC income (loss)(105)280 (385)(137.5%)
Other income (loss)83 46 37 80.4%
Total noninterest income$4,533 $5,272 $(739)(14.0%)
Brokerage income decreased $386,000 to $939,000 for the three months ended March 31, 2026, compared to the same period prior year, mainly due to decreased investing activity by clients. Also, the first quarter of 2025 included $107,000 in incentive income related to a prior year investment group broker-dealer partner conversion. Assets under management were $1.35 billion and $1.14 billion as of March 31, 2026 and 2025, respectively.
SBIC partnerships reported a loss of $105,000 for the three months ended March 31, 2026, compared to $280,000 of income for the same period prior year. This variance was mainly due to fund value adjustments as an SBIC fund entered its wind-down phase in mid-2025.
Operating Expenses
Operating expenses are composed of all employee expenses and costs associated with operating our facilities, obtaining and retaining customer relationships, and providing services.
First Quarter of 2026 vs. Fourth Quarter of 2025
Operating expenses decreased $1.0 million to $17.3 million for the first quarter of 2026, compared to $18.3 million for the fourth quarter of 2025. The decrease in operating expenses was mainly due to lower personnel expenses, data processing expense, loan and deposit expenses, and other taxes.
The following table presents, for the periods indicated, the major categories of operating expenses:
For the Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		Increase (Decrease)
Operating expenses:
Personnel expenses$10,517 $10,954 $(437)(4.0%)
Non-staff expenses:
Occupancy and equipment expenses1,884 1,749 135 7.7%
Technology expenses863 893 (30)(3.4%)
Advertising328 324 4 1.2%
Other business development expenses550 584 (34)(5.8%)
Data processing expense377 713 (336)(47.1%)
Other taxes560 583 (23)(3.9%)
Loan and deposit expenses103 315 (212)(67.3%)
Legal and professional expenses529 550 (21)(3.8%)
Regulatory assessment expenses417 439 (22)(5.0%)
Other operating expenses1,122 1,147 (25)(2.2%)
Total operating expenses$17,250 $18,251 $(1,001)(5.5%)
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Personnel expenses decreased $437,000 to $10.5 million for the first quarter of 2026, compared to the prior quarter. This decrease was primarily due to lower personnel-related accruals and lower revenue-based commissions. We had 375 total employees as of March 31, 2026 and December 31, 2025.
Data processing expense decreased $336,000 to $377,000 for first quarter of 2026, compared to the prior quarter. This decrease was mainly attributable to receipt of a $389,000 periodic refund from our data processing center in the first quarter of 2026.
Loan and deposit expenses decreased $212,000 to $103,000 for the first quarter of 2026, compared to the prior quarter. This decrease was primarily attributable to receipt of a $201,000 negotiated, variable rebate from a vendor in the first quarter of 2026.
Other taxes decreased $23,000 to $560,000 for the first quarter of 2026, compared to the prior quarter. In 2025, Louisiana
corporate income tax rates were lowered. In order for financial institutions to be included in this benefit, the State of Louisiana bank stock tax calculation was adjusted effective 2026, which resulted in other taxes being lower in the first quarter of 2026.
Three Months Ended March 31, 2026 vs. Three Months Ended March 31, 2025
Operating expenses increased $662,000 to $17.3 million for the three months ended March 31, 2026, compared to $16.6 million for the three months ended March 31, 2025. The increase in operating expenses was mainly due to higher personnel expenses and data processing expense, partially offset by lower other taxes.
The following table presents, for the periods indicated, the major categories of operating expenses:
For the Three Months Ended
(dollars in thousands)March 31,
2026		March 31,
2025		Increase (Decrease)
Operating expenses:
Personnel expenses$10,517 $10,023 $494 4.9%
Non-staff expenses:
Occupancy and equipment expenses1,884 1,794 90 5.0%
Technology expenses863 835 28 3.4%
Advertising328 333 (5)(1.5%)
Other business development expenses550 558 (8)(1.4%)
Data processing expense377 288 89 30.9%
Other taxes560 612 (52)(8.5%)
Loan and deposit expenses103 62 41 66.1%
Legal and professional expenses529 632 (103)(16.3%)
Regulatory assessment expenses417 391 26 6.6%
Other operating expenses1,122 1,060 62 5.8%
Total operating expenses$17,250 $16,588 $662 4.0%
Personnel expenses increased $494,000 to $10.5 million for the three months ended March 31, 2026, compared to the same period prior year. This increase was primarily due to annual raises effective April 2025 and higher personnel-related accruals in the first quarter of 2026. As of March 31, 2026 and 2025, we had 375 total employees.
Data processing expense increased $89,000 to $377,000 for the three months ended March 31, 2026, compared to the same period prior year. The first quarter of 2026 included receipt of a $389,000 periodic refund from our data processing center compared to a $447,000 similar refund in the same period prior year. The first quarter of 2026 also included a full period of expenses related to online banking, mobile banking, and bill payment system upgrades completed in 2025.
Other taxes decreased $52,000 to $560,000 for the three months ended March 31, 2026, compared to the same period prior year. In 2025, Louisiana corporate income tax rates were lowered. In order for financial institutions to be included in this benefit, the State of Louisiana bank stock tax calculation was adjusted effective 2026, which resulted in other taxes being lower in the first quarter of 2026.
Income Tax Expense
The amount of income tax expense is influenced by the amounts of our pre-tax income, tax-exempt income, and other nondeductible expenses. Deferred tax assets and liabilities are reflected at currently enacted income tax rates in effect for the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.
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Our accrued tax rate is based on an annualized projection and changes considering our most recent financial results and balances. Our effective income tax rates have differed from the U.S. statutory rate due to the effect of tax-exempt income from loans, securities, life insurance policies, income tax effects associated with stock-based compensation, and permanent and temporary tax differences.
The table below presents, for the periods indicated, income tax expense:
For the Three Months Ended
(dollars in thousands)March 31,
2026		December 31,
2025		Increase (Decrease)
Income tax expense$2,966 $2,774 $192 6.9%
For the quarters ended March 31, 2026 and December 31, 2025, income tax expense totaled $3.0 million and $2.8 million, respectively. The increase in income tax expense was due to the increase in pre-tax income. Our effective income tax rates for the quarters ended March 31, 2026 and December 31, 2025, were 19.9% and 19.6%, respectively.
The table below presents, for the periods indicated, income tax expense:
For the Three Months Ended
(dollars in thousands)March 31,
2026		March 31,
2025		Increase
(Decrease)
Income tax expense$2,966 $2,492 $474 19.0%
For the three months ended March 31, 2026 and 2025, income tax expense totaled $3.0 million and $2.5 million, respectively. The increase in income tax expense was primarily due to the increase in pre-tax income. Our effective income tax rates for the three months ended March 31, 2026 and 2025, were 19.9% and 19.4%, respectively.
FINANCIAL CONDITION
As of March 31, 2026, total assets were $3.35 billion, which was consistent with December 31, 2025. Cash and cash equivalents decreased $2.9 million, or 1.3%, to $210.5 million and were 6.3% of assets as of March 31, 2026. Total securities decreased $10.6 million, or 1.4%, to $762.4 million and were 22.8% of assets as of March 31, 2026. Loans HFI increased $5.9 million, or 0.3%, to $2.25 billion as of March 31, 2026. Total deposits decreased $17.5 million, or 0.6%, to $2.95 billion as of March 31, 2026, from $2.96 billion as of December 31, 2025. As of March 31, 2026, and December 31, 2025, we had no borrowings. Stockholders’ equity increased $8.2 million during the first three months of 2026 to $373.3 million as of March 31, 2026. As of March 31, 2026, the loans HFI to deposits ratio was 76.53%, compared to 75.88% as of December 31, 2025, and the noninterest-bearing deposits to total deposits ratio was 31.11%, compared to 30.84% as of December 31, 2025.
Interest-bearing Deposits in Other Banks
Interest-bearing deposits in other banks were the third-largest component of earning assets as of March 31, 2026. Excess liquidity that is not being deployed into loans or securities is placed in these accounts. As of March 31, 2026, interest-bearing deposits in other banks were $173.8 million and 5.2% of assets, a decrease of $13.9 million, or 7.4%, compared to $187.7 million and 5.6% of assets as of December 31, 2025. This decrease was due to a reduction in customer deposit balances and the funding of loans during the first quarter of 2026.
Securities
Our securities portfolio is the second-largest component of earning assets and provides a significant source of revenue. Securities are classified as AFS, HTM, and equity securities. As of March 31, 2026, our total securities portfolio was 22.8% of assets. It is designed primarily to provide and maintain liquidity, generate a favorable return on investments without incurring unnecessary interest rate and credit risk, and complement our lending activities. We may invest in various types of liquid assets that are permissible under governing regulations and approved by our investment policy, which include U.S. Treasury obligations, U.S. government agency obligations, certificates of deposit of insured domestic banks, mortgage-backed and mortgage-related securities, corporate notes having an investment rating of “A” or better, municipal bonds, and certain equity securities.
Securities AFS and Securities HTM
Securities AFS and securities HTM are debt securities. Total debt securities on the consolidated balance sheets were $759.3 million as of March 31, 2026, a decrease of $10.6 million, or 1.4%, from $769.9 million as of December 31, 2025.
Securities AFS are held for indefinite periods of time and are carried at estimated fair value. As of March 31, 2026, the estimated fair value of securities AFS was $638.7 million. The carrying values of our securities AFS are adjusted for unrealized gain or loss, and any unrealized gain or loss is reported on an after-tax basis as a component of AOCI in stockholders’ equity. The net unrealized loss on securities AFS increased $3.2 million for the three months ended
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March 31, 2026, resulting in a net unrealized loss of $46.4 million as of March 31, 2026, compared to a net unrealized loss of $43.2 million as of December 31, 2025.
Securities HTM, which we have the intent and ability to hold until maturity, are carried at amortized cost. As of March 31, 2026, the amortized cost of securities HTM was $120.6 million. Securities HTM had an unrealized loss of $18.7 million as of March 31, 2026, compared to an unrealized loss of $18.2 million as of December 31, 2025.
Investment activity for the three months ended March 31, 2026, included $32.1 million in maturities, principal repayments, and calls, partially offset by $24.7 million of securities purchased. There were no sales of securities AFS, and there were no purchases or sales of securities HTM for the same period.
The securities portfolio tax-equivalent yield was 3.00% for the three months ended March 31, 2026, compared to 2.73% for the three months ended March 31, 2025. The increase in yield was primarily due to reinvesting lower yielding securities cash flows received between March 31, 2025 and March 31, 2026, as well as other liquid funds, into higher yielding securities.
The contractual maturity of mortgage-backed securities and collateralized mortgage obligations is not a reliable indicator of their expected lives because borrowers have the right to prepay their obligations at any time. Mortgage-backed securities and collateralized mortgage obligations are typically issued with stated principal amounts and are backed by pools of mortgage loans and other loans with varying maturities. The term of the underlying mortgages and loans may vary significantly due to the ability of a borrower to prepay. Monthly pay downs on mortgage-backed securities may cause the average lives of the securities to be much different than the stated contractual maturity. During a period of rising interest rates, fixed rate mortgage-backed securities are not likely to experience heavy prepayments of principal, and consequently, the average lives of these securities are typically lengthened. If interest rates begin to fall, prepayments may increase, thereby shortening the estimated average lives of these securities. As of March 31, 2026 and December 31, 2025, the average life of our securities portfolio was 6.1 years with an estimated effective duration of 4.2 years.
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The following tables summarize the amortized cost and estimated fair value of our securities by type as of the dates indicated. As of March 31, 2026, other than securities issued by U.S. government agencies or government-sponsored enterprises, our securities portfolio did not contain securities of any one issuer with an aggregate book value in excess of 10.0% of our stockholders’ equity.
March 31, 2026
(in thousands)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Securities AFS:
Mortgage-backed securities$427,107 $1,147 $(18,742)$409,512 
Municipal bonds195,139 2 (27,752)167,389 
U.S. agency securities62,887 36 (1,095)61,828 
Total Securities AFS$685,133 $1,185 $(47,589)$638,729 
Securities HTM:
Mortgage-backed securities$119,664 $— $(18,628)$101,036 
U.S. agency securities945 — (64)881 
Total Securities HTM$120,609 $— $(18,692)$101,917 
December 31, 2025
(in thousands)
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Securities AFS:
Mortgage-backed securities$426,732 $1,846 $(18,549)$410,029 
Municipal bonds196,607 4 (25,311)171,300 
U.S. agency securities67,146 29 (1,194)65,981 
Total Securities AFS$690,485 $1,879 $(45,054)$647,310 
Securities HTM:
Mortgage-backed securities$121,677 $— $(18,189)$103,488 
U.S. agency securities942 — (59)883 
Total Securities HTM$122,619 $— $(18,248)$104,371 
The following table shows the fair value of securities AFS that mature during each of the periods indicated. The contractual maturity of a mortgage-backed security is the date the last underlying mortgage matures. Yields are weighted-average tax equivalent yields calculated by dividing projected annual income by the average amortized cost of the applicable securities while using a 21.0% federal income tax rate, when applicable.
Contractual Maturity as of March 31, 2026
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$213 3.70%$10,453 3.46%$47,305 1.94%$351,541 3.73%$409,512 3.51%
Municipal bonds2,791 1.93%10,653 2.36%45,689 2.22%108,256 2.11%167,389 2.15%
U.S. agency securities1,097 3.52%4,097 2.77%37,679 3.94%18,955 3.59%61,828 3.75%
Total Securities AFS$4,101 2.45%$25,203 2.88%$130,673 2.59%$478,752 3.32%$638,729 3.15%
(1)Tax equivalent projected book yield as of March 31, 2026.
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The following table shows the amortized cost of securities HTM that mature during each of the periods indicated. The contractual maturity of a mortgage-backed security is the date the last underlying mortgage matures. Yields are weighted-average tax equivalent yields calculated by dividing projected annual income by the average amortized cost of the applicable securities while using a 21.0% federal income tax rate, when applicable.
Contractual Maturity as of March 31, 2026
Within
One Year		After One Year
but Within
Five Years		After Five Years
but Within
Ten Years		After
Ten Years		Total
(dollars in thousands)Amount
Yield(1)
Amount
Yield(1)
Amount
Yield(1)
Amount
Yield(1)
Amount
Yield(1)
Securities HTM:
Mortgage-backed securities$— —%$— —%$— —%$119,664 2.41%$119,664 2.41%
U.S. agency securities— —%945 2.61%— —%— —%945 2.61%
Total Securities HTM$— —%$945 2.61%$— —%$119,664 2.41%$120,609 2.41%
(1)Tax equivalent projected book yield as of March 31, 2026.
Equity Securities
Equity securities are an investment in a CRA mutual fund, consisting primarily of bonds. Equity securities are carried at fair value on the consolidated balance sheets with periodic changes in value recorded through the consolidated statements of income. As of March 31, 2026, equity securities had a fair value of $3.0 million with a recognized loss of $19,000 for the three months ended March 31, 2026. As of December 31, 2025, equity securities had a fair value of $3.0 million with a recognized gain of $94,000 for the year ended December 31, 2025.
Loan Portfolio
Our loan portfolio is our largest category of earning assets, and interest income earned on our loan portfolio is our primary source of income. We maintain a diversified loan portfolio with a focus on CRE, one-to-four family residential, and commercial and industrial loans. As of March 31, 2026 and December 31, 2025, loans HFI were $2.25 billion, an increase of $5.9 million, or 0.3%. During the three months ended March 31, 2026, new loan originations and construction commitment fundings were offset by payments and payoffs. As of March 31, 2026, we had $111.8 million of unfunded construction loan commitments, which we expect to fund over time.
Loans by Category
Loans HFI by category, loans HFI, and loans HFS are summarized below as of the dates indicated:
March 31, 2026December 31, 2025Change from
December 31, 2025 to March 31, 2026
(dollars in thousands)AmountPercentAmountPercentAmountPercent
Real estate:
Commercial real estate$910,965 40.4%$920,294 40.9%$(9,329)(1.0%)
One-to-four family residential632,554 28.1%628,762 28.0%3,792 0.6%
Construction and development240,686 10.7%221,214 9.8%19,472 8.8%
Commercial and industrial391,611 17.4%392,824 17.5%(1,213)(0.3%)
Tax-exempt52,779 2.3%57,541 2.6%(4,762)(8.3%)
Consumer25,951 1.1%28,034 1.2%(2,083)(7.4%)
Total loans HFI$2,254,546 100.0%$2,248,669 100.0%$5,877 0.3%
Total loans HFS$3,951 $3,148 $803 25.5%
Average loan HFI size, excluding credit cards$278 $274 $4 1.5%
CRE loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $52.1 million, or 2.3% of loans HFI, as of March 31, 2026, and $54.3 million, or 2.4% of loans HFI, as of December 31, 2025. The properties are primarily centered in low-rise suburban areas. As of March 31, 2026 and December 31, 2025, the average CRE loan size was $987,000 and $1.0 million, respectively.
Industry Concentrations
Health care loans are our largest loan industry concentration and are made up of a diversified portfolio of health care providers. As of March 31, 2026, health care loans were $204.3 million, or 9.1% of loans HFI, compared to $194.3 million, or 8.6% of loans HFI, as of December 31, 2025. The average health care loan size was $436,000 as of March 31, 2026
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and $414,000 as of December 31, 2025. Within the health care sector, loans to nursing and residential care facilities were 4.4% of loans HFI as of March 31, 2026, and 4.6% as of December 31, 2025. Loans to physician and dental practices were 3.9% of loans HFI as of March 31, 2026, and 3.5% as of December 31, 2025.
Energy loans were 1.4% of loans HFI as of March 31, 2026, and 1.2% as of December 31, 2025.
Geographic Markets
As of March 31, 2026, the Bank operated in seven geographic markets throughout the state of Louisiana. The following table summarizes loans HFI by market of origin:
March 31, 2026
(dollars in thousands)AmountPercent
Central$606,345 26.9%
Capital595,566 26.4%
Northwest339,368 15.1%
New Orleans232,747 10.3%
Southwest182,357 8.1%
Northshore158,943 7.0%
Acadiana139,220 6.2%
Total loans HFI$2,254,546 100.0%
Nonperforming Assets
NPAs consist of nonperforming loans and property acquired through foreclosures or repossession. Nonperforming loans include loans that are contractually past due 90 days or more and loans that are on nonaccrual status. Loans are considered past due when principal and interest payments have not been received as of the date such payments are due.
Asset quality is managed through disciplined underwriting policies, continual monitoring of loan performance, and focused management of NPAs. There can be no assurance, however, that the loan portfolio will not become subject to losses due to declines in economic conditions, deterioration in the financial condition of our borrowers, or a decline in the value of collateral.
NPAs totaled $4.3 million as of March 31, 2026, an increase of $728,000, or 20.6%, from December 31, 2025, primarily due to an increase in nonaccrual loans and other real estate owned, partially offset by a decrease in past due loans. The ratio of NPAs to assets was 0.13% and 0.11% as of March 31, 2026 and December 31, 2025, respectively.
Nonperforming loan and asset information is summarized below:
(dollars in thousands)March 31, 2026December 31, 2025
Nonperforming loans:
Nonaccrual loans$4,033 $3,281 
Accruing loans 90 or more days past due26 219 
Total nonperforming loans4,059 3,500 
Foreclosed assets:
Real estate205 36 
Total foreclosed assets205 36 
Total NPAs$4,264 $3,536 
Nonaccrual loans to loans HFI0.18%0.15%
Nonperforming loans to loans HFI0.18%0.16%
NPAs to assets0.13%0.11%
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Nonaccrual loans are summarized below by category:
(in thousands)March 31, 2026December 31, 2025
Real estate:
Commercial real estate$837 $— 
One-to-four family residential2,059 2,017 
Construction and development1,055 1,189 
Commercial and industrial82 19 
Tax-exempt— — 
Consumer— 56 
Total nonaccrual loans$4,033 $3,281 
Potential Problem Loans
From a credit risk standpoint, we classify loans in one of five categories: pass, special mention, substandard, doubtful, or loss. Loan classifications reflect a judgment about the risk of default and loss associated with the loans. Classifications are reviewed periodically and adjusted to reflect the degree of risk and loss believed to be inherent in each loan. The methodology is structured so that reserve allocations are increased in accordance with deterioration in credit quality (and a corresponding increase in risk and loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk and loss).
Loans classified as pass are of satisfactory quality and do not require a more severe classification.
Loans classified as special mention have potential weaknesses that deserve management’s close attention. If these weaknesses are not corrected, repayment possibilities for the loan may deteriorate. However, the loss potential does not warrant substandard classification.
Loans classified as substandard have well-defined weaknesses that jeopardize normal repayment of principal and interest. Prompt corrective action is required to reduce exposure and to assure adequate remedial actions are taken by the borrower. If these weaknesses do not improve, loss is possible.
Loans classified as doubtful have well-defined weaknesses that make full collection improbable.
Loans classified as loss are considered uncollectible and charged-off to the ACL.
The following table summarizes loans HFI by risk rating:
March 31, 2026December 31, 2025
(dollars in thousands)AmountPercentAmountPercent
Pass$2,220,622 98.5%$2,232,362 99.3%
Special Mention22,451 1.0%4,689 0.2%
Substandard11,473 0.5%11,618 0.5%
Total loans HFI$2,254,546 100.0%$2,248,669 100.0%
There were no loans as of March 31, 2026 or December 31, 2025, classified as doubtful or loss.
Allowance for Credit Losses
In determining the ACL for loans HFI, we estimate losses on a collective pool basis when similar risk characteristics and risk profiles exist. Loans that do not share similar risk characteristics are evaluated individually and excluded from the collective evaluation. The ACL is determined using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts.
As of March 31, 2026, the ACL was $24.1 million, or 1.07% of loans HFI. As of December 31, 2025, the ACL totaled $23.4 million, or 1.04% of loans HFI. The $652,000 increase in the ACL for the three months ended March 31, 2026, was due to $750,000 from the provision for credit losses on loans, partially offset by $98,000 of net charge-offs.
The provision for credit losses on loans for the three months ended March 31, 2026, was $750,000, an increase of $300,000, or 66.7%, from $450,000 for the three months ended March 31, 2025. The increase in the first quarter of 2026 was due to continued loan growth, lingering impacts related to inflation and tariffs, geopolitical uncertainty, and greater uncertainty with future labor market trends. The provision in the first quarter of 2025 was related to loan growth, combined with uncertainty regarding tariffs and trade. We will continue to evaluate future provision needs in relation to current
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economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.
The following table displays activity in the ACL for March 31, 2026, and March 31, 2025:
As of and For the Three Months Ended
(dollars in thousands)March 31,
2026		March 31,
2025
Loans HFI$2,254,546 $2,114,742 
Nonaccrual loans$4,033 $2,625 
Average loans$2,255,394 $2,089,712 
Allowance at beginning of period$23,399 $21,731 
Provision for credit losses750 450 
Charge-offs:
Real estate:
One-to-four family residential(52)(22)
Construction and development— (250)
Commercial and industrial(23)(39)
Consumer(92)(76)
Total charge-offs(167)(387)
Recoveries:
Real estate:
One-to-four family residential— 3 
Commercial and industrial41 7 
Consumer28 31 
Total recoveries69 41 
Net (charge-offs)/recoveries(98)(346)
Allowance at end of period$24,051 $21,835 
ACL to loans HFI1.07%1.03%
ACL to nonaccrual loans596.36%831.81%
Net charge-offs to average loans0.00%0.02%
We believe that we have established our ACL in accordance with GAAP and that the ACL was adequate to provide for known and inherent losses in the portfolio at all times shown above. Future provisions for credit losses on loans are subject to ongoing evaluations of the factors and loan portfolio risks, including economic pressures related to inflation, unemployment, tariffs and trade, and natural disasters affecting the state of Louisiana. A decline in market area economic conditions, deterioration of asset quality, or growth in portfolio size could cause the allowance to become inadequate, and material additional provisions for credit losses could be required.
Deposits
Deposits are the primary funding source for loans and investments. We offer a variety of deposit products designed to attract and retain consumer, commercial, and public entity customers. These products consist of noninterest and interest-bearing checking accounts, savings accounts, money market accounts, and time deposit accounts. Deposits are gathered from individuals, partnerships, corporations, and public entities located primarily in our market areas. We do not have any internet-sourced or brokered deposits.
Total deposits decreased $17.5 million, or 0.6%, to $2.95 billion as of March 31, 2026, from $2.96 billion as of December 31, 2025. This decrease was primarily a result of the seasonal outflow of funds from public entity customers exceeding increased commercial deposits. Noninterest-bearing deposits increased by $2.5 million, or 0.3%, to $916.4 million as of March 31, 2026. Noninterest-bearing deposits as a percentage of total deposits were 31.11% as of March 31, 2026, compared to 30.84% as of December 31, 2025. Interest-bearing deposits decreased by $20.0 million, or 1.0%, to $2.03 billion as of March 31, 2026.
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The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of March 31, 2026 and December 31, 2025, the average deposit account size was approximately $29,000.
The following table presents our deposits by account type as of the dates indicated:
March 31, 2026December 31, 2025Change from
December 31, 2025 to March 31, 2026
(dollars in thousands)Balance% of TotalBalance% of Total$ Change% Change
Noninterest-bearing demand deposits$916,413 31.1%$913,868 30.8%$2,545 0.3%
Interest-bearing deposits:
Interest-bearing demand deposits189,993 6.4%198,724 6.7%(8,731)(4.4%)
NOW accounts465,146 15.8%490,376 16.5%(25,230)(5.1%)
Money market accounts590,107 20.0%580,949 19.6%9,158 1.6%
Savings accounts174,393 5.9%168,889 5.7%5,504 3.3%
Time deposits less than or equal to $250,000405,281 13.8%407,539 13.8%(2,258)(0.6%)
Time deposits greater than $250,000204,602 7.0%203,067 6.9%1,535 0.8%
Total interest-bearing deposits2,029,522 68.9%2,049,544 69.2%(20,022)(1.0%)
Total deposits$2,945,935 100.0%$2,963,412 100.0%$(17,477)(0.6%)
The following table presents deposits by customer type as of the dates indicated:
March 31, 2026December 31, 2025Change from
December 31, 2025 to March 31, 2026
(dollars in thousands)Balance% of TotalBalance% of Total$ Change% Change
Consumer$1,409,126 47.8%$1,397,775 47.2%$11,351 0.8%
Commercial1,296,580 44.0%1,270,069 42.8%26,511 2.1%
Public240,229 8.2%295,568 10.0%(55,339)(18.7%)
Total deposits$2,945,935 100.0%$2,963,412 100.0%$(17,477)(0.6%)
We manage our interest expense on deposits through a deposit pricing strategy that is based on competitive pricing, economic conditions, and current or anticipated funding needs. We adjust deposit rates in part based upon our anticipated funding needs and liquidity position. We also consider the potential interest rate risk caused by extended maturities of time deposits when adjusting deposit rates.
Our average deposit balance was $2.97 billion for the three months ended March 31, 2026, an increase of $61.3 million, or 2.1%, from $2.90 billion for the three months ended December 31, 2025. The average cost of interest-bearing deposits and total deposits for the first quarter of 2026 was 2.13% and 1.47%, respectively, compared to 2.22% and 1.50%, respectively, for the prior quarter. The decrease in the average cost of interest-bearing deposits and total deposits in the first quarter of 2026, as compared to the prior quarter, was primarily due to lowering selected deposit rates in conjunction with the FOMC lowering rates in the fourth quarter of 2025. Also, as of March 31, 2026, 9.2% of interest-bearing transaction deposits had floating rates, which adjust with market rates.
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The following table presents our average deposits by account type and the average rate paid for the periods indicated:
For the Three Months Ended
March 31, 2026December 31, 2025
(dollars in thousands)Average
Balance		Average
Rate		Average
Balance		Average
Rate
Noninterest-bearing demand deposits$917,623 0.00%$947,506 0.00%
Interest-bearing deposits:
Interest-bearing demand deposits207,149 2.60%177,896 2.72%
NOW accounts478,501 1.19%424,702 1.25%
Money market accounts583,990 1.92%579,836 1.99%
Savings accounts170,478 0.15%166,027 0.15%
Time deposits607,964 3.46%608,448 3.54%
Total interest-bearing deposits2,048,082 2.13%1,956,909 2.22%
Total average deposits$2,965,705 1.47%$2,904,415 1.50%
As of March 31, 2026, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $927.9 million, or 31.5% of total deposits, compared to $955.9 million, or 32.3% of total deposits, as of December 31, 2025. These amounts were estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of March 31, 2026, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $752.5 million, or 25.5% of total deposits, compared to $722.0 million, or 24.4% of total deposits, as of December 31, 2025. As of March 31, 2026, our cash and cash equivalents of $210.5 million, combined with our available borrowing capacity of $1.77 billion, equaled 213.3% of our estimated uninsured deposits and 263.1% of our estimated uninsured deposits, excluding collateralized public entity deposits.
The following table presents the amount of time deposits by account that are in excess of the FDIC insurance limit (currently $250,000) by time remaining until maturity for the period indicated:
(in thousands)March 31, 2026
Three months or less$31,152 
Over three months through six months44,290 
Over six months through 12 months24,216 
Over 12 months3,694 
Total$103,352 
Borrowings
Although deposits are our primary source of funds, we may, from time to time, utilize borrowings as a cost-effective source of funds when such borrowings can be invested at a positive interest rate spread for additional capacity to fund loan demand or to meet our liquidity needs. We established borrowing capacity with the FHLB, the Federal Reserve Bank’s Discount Window facility, and other correspondent banks to provide additional sources of operating funds. Our FHLB line of credit is secured by a blanket lien on selected Red River Bank loans that meet FHLB collateral requirements. Our Federal Reserve Bank’s Discount Window line of credit is collateralized by pledged securities and eligible Red River Bank loans that are not pledged to the FHLB. As of March 31, 2026 and December 31, 2025, we had no outstanding borrowings under these agreements.
Stockholders’ Equity
Total stockholders’ equity as of March 31, 2026, was $373.3 million, compared to $365.2 million as of December 31, 2025. The $8.2 million, or 2.2%, increase in stockholders’ equity was attributable to $12.0 million of net income for the three months ended March 31, 2026, and $160,000 of stock compensation, partially offset by a $2.3 million, net of tax, market adjustment to AOCI related to securities and $1.6 million in cash dividends.
In 2022, we reclassified $166.3 million, net of $17.9 million of unrealized loss, from securities AFS to securities HTM. The securities were transferred at fair value, which became the cost basis for the securities HTM. At the date of the transfer, the net unrealized loss of $17.9 million, of which $14.2 million, net of tax, was included in AOCI and is being amortized over the remaining life of the securities as a yield adjustment, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. There were no gains or losses recognized as a result of the transfer. As of March 31, 2026, the net unamortized, unrealized loss remaining on the transferred securities included in the consolidated balance sheets totaled $11.4 million, of which $9.0 million, net of tax, was included in AOCI.
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On December 18, 2025, our board of directors approved the renewal and increase of the 2025 stock repurchase program that expired on December 31, 2025. The renewed and increased 2026 stock repurchase program authorizes us to purchase up to $10.0 million of our outstanding shares of common stock from January 1, 2026 through December 31, 2026. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions.
For the three months ended March 31, 2026, we did not repurchase any shares of our common stock under the stock repurchase program. As of March 31, 2026, we had $10.0 million available for repurchasing our common stock under the 2026 stock repurchase program.
Effective January 1, 2023, stock repurchases are subject to a nondeductible excise tax under the Inflation Reduction Act of 2022 equal to 1.0% of the fair market value of the shares repurchased, subject to certain limitations.
Regulatory Capital Requirements
Capital management consists of maintaining equity and other instruments that qualify as regulatory capital to support current and future operations. Banking regulators view capital levels as important indicators of an institution’s financial soundness. As a general matter, bank holding companies and FDIC-insured depository institutions are required to maintain minimum capital relative to the amount and types of assets they hold.
As we deploy our capital and continue to grow our operations, our capital levels may decrease depending on our level of earnings. However, we expect to monitor and control our growth in order to remain in compliance with all regulatory capital standards applicable to us.
For additional information on regulatory capital guidelines and limits for the Bank and the Company, see “Item 1. Financial Statements - Notes to the Unaudited Consolidated Financial Statements - Note 8. Regulatory Capital Requirements.”
LIQUIDITY AND ASSET-LIABILITY MANAGEMENT
Liquidity
As of March 31, 2026, we had sufficient liquid assets available and $1.77 billion accessible from other liquidity sources.
Liquidity involves our ability to raise funds to support asset growth and potential acquisitions, reduce assets to meet deposit withdrawals and other payment obligations, maintain reserve requirements, and otherwise operate on an ongoing basis and manage unexpected events. For the three months ended March 31, 2026, and the year ended December 31, 2025, liquidity needs were primarily met by core deposits, security and loan maturities, and cash flows from amortizing security and loan portfolios. While maturities and scheduled amortization of loans are predictable sources of funds, deposit outflows, mortgage prepayments, and prepayments on amortizing securities are greatly influenced by market interest rates, economic conditions, and the competitive environment in which we operate; therefore, these cash flows are monitored regularly.
Liquidity levels are dependent on our operating, financing, lending, and investing activities during any given period. Access to purchased funds from correspondent banks and overnight advances from the FHLB and the Federal Reserve Bank of Atlanta are also available. Purchased funds from correspondent banks and overnight advances can be utilized to meet funding obligations.
Our primary source of funds is deposits, and our primary use of funds is the funding of loans. We invest excess deposits in interest-earning deposit accounts at other banks or at the Federal Reserve, federal funds sold, securities, or other short-term liquid investments until the deposits are needed to fund loan growth or other obligations. Our average deposits increased $126.0 million, or 4.4%, for the first quarter of 2026, compared to the average deposits for the twelve months ended December 31, 2025. The increase in average total deposits was primarily a result of higher balances in customer deposit accounts, partially offset by the seasonal outflow of funds from public entity customers. Our average total loans increased $110.2 million, or 5.1%, for the first quarter of 2026, compared to average total loans for the twelve months ended December 31, 2025. The increase in average total loans was primarily due to the increase in real estate and commercial and industrial activity.

As of March 31, 2026, liquid assets were $210.5 million, compared to $213.4 million as of December 31, 2025. The decrease of $2.9 million, or 1.3%, was primarily due to the reduction in customer deposit accounts and the funding of loans, partially offset by the net cash flow from securities during the quarter. The liquid assets to assets ratio was 6.29% as of March 31, 2026, compared to 6.37% as of December 31, 2025.
Our securities portfolio is an alternative source for meeting liquidity needs and was our second-largest component of assets as of March 31, 2026. The securities portfolio generates cash flow through principal repayments, calls, and maturities, and certain securities can be sold or used as collateral in borrowings that allow for their conversion to cash. Securities AFS can generally be sold, while securities HTM have significant restrictions related to sales. As of March 31, 2026, we project receipt of approximately $90.9 million of principal repayments and maturities through December 31, 2026. As of March 31, 2026, approximately $525.6 million, or 70.8%, of the fair value of the securities portfolio was available to be sold or to be used as collateral in borrowings as a liquidity source.
46
We also utilize the FHLB as needed as a viable funding source. FHLB advances may be used to meet the Bank’s liquidity needs, particularly if the prevailing interest rate on an FHLB advance compares favorably to the rates that would be required to attract the necessary deposits. We currently are classified as having “blanket lien collateral status,” which means that advances can be executed at any time without further collateral requirements. As of March 31, 2026 and December 31, 2025, our net borrowing capacity from the FHLB was $1.02 billion and $906.6 million, respectively. There were no outstanding borrowings from the FHLB as of March 31, 2026 and December 31, 2025.
Another borrowing source is the Federal Reserve Bank’s Discount Window. The Bank has pledged securities to have borrowing access to the Federal Reserve Bank’s Discount Window. In addition, the Bank has been approved for the BIC program, which provides borrowing capacity through the pledging of eligible Red River Bank loans that are not pledged to the FHLB. As of March 31, 2026, we had a total borrowing capacity of $121.7 million, including $82.4 million through the BIC program, compared to a total borrowing capacity of $125.5 million, including $85.1 million through the BIC program as of December 31, 2025. There were no outstanding borrowings from the Federal Reserve Bank’s Discount Window as of March 31, 2026 and December 31, 2025.
Other sources available for meeting liquidity needs include federal funds lines, repurchase agreements, and other lines of credit. We maintain four federal funds lines of credit with commercial banks that provided for the availability to borrow up to an aggregate of $100.0 million in federal funds as of March 31, 2026, and December 31, 2025. The rates for the federal funds lines are determined by the applicable commercial bank at the time of borrowing. We had no outstanding balances from these sources as of March 31, 2026 and December 31, 2025.
Commitments to Extend Credit
In the normal course of business, we enter into certain financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of our customers. These commitments involve elements of credit risk, interest rate risk, and liquidity risk. Some instruments may not be reflected in the accompanying consolidated financial statements until they are funded, although they expose us to varying degrees of credit risk and interest rate risk in much the same way as funded loans.
Commitments to extend credit are agreements to lend to a customer if all conditions of the commitment have been met. Commitments include revolving and nonrevolving credit lines and are primarily issued for commercial purposes. Commitments to extend credit generally have fixed expiration dates or other termination clauses. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions.
As of March 31, 2026, we had $541.0 million in unfunded loan commitments and $14.7 million in commitments associated with outstanding standby letters of credit. As of December 31, 2025, we had $545.7 million in unfunded loan commitments and $14.5 million in commitments associated with outstanding standby letters of credit. As commitments associated with letters of credit and commitments to extend credit may expire unused, the total outstanding commitments may not necessarily reflect the actual future cash funding requirements.
Investment Commitments
We are party to various investment commitments in the normal course of business. Our exposure is represented by the contractual amount of these commitments.
In 2014, we committed to an investment into an SBIC limited partnership. As of March 31, 2026, there was a $226,000 outstanding commitment to this partnership. In 2025, this fund began its wind-down phase.
In 2020, we committed to a second investment into an SBIC limited partnership. As of March 31, 2026, there was a $1.9 million outstanding commitment to this partnership.
In 2021, we committed to an investment into JAM FINTOP, a bank technology limited partnership. As of March 31, 2026, there was a $277,000 outstanding commitment to this partnership.
On September 26, 2025, we committed to a third investment into an SBIC limited partnership. As of March 31, 2026, there was a $2.4 million outstanding commitment to this partnership.
Construction Commitments
The Company has two committed construction agreements to construct a new lending headquarters building in the Northwest market and a new banking center in the Acadiana market. There was approximately $2.7 million remaining on these commitments as of March 31, 2026.
Interest Rate Sensitivity and Market Risk
As a financial institution, our primary component of market risk is interest rate volatility. Our asset-liability management policies provide management with guidelines for effective funds management, and we have established a measurement
47
system for monitoring our net interest rate sensitivity position. We have historically managed our rate sensitivity position within our established policy guidelines.
Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on most of our assets and liabilities and the market value of all interest-earning assets and interest-bearing liabilities, other than those that have a short term to maturity. Interest rate risk is the potential of economic losses due to future interest rate changes. These economic losses can be reflected as a loss of future net interest income and/or a loss of current fair market values. The objective is to measure the effect on net interest income and to adjust the balance sheet to minimize the inherent risk while at the same time maximizing income.
We manage exposure to interest rates by structuring the balance sheet appropriately during the ordinary course of business. We have the ability to enter into interest rate swaps to mitigate interest rate risk in limited circumstances, but it is not our policy to enter into such transactions on a regular basis. We do not enter into instruments such as financial options, financial futures contracts, or forward delivery contracts for the purpose of reducing interest rate risk. We are not subject to foreign exchange risk, and our commodity price risk is immaterial, as the percentage of our agricultural loans to loans HFI was only 0.52% as of March 31, 2026.
Our exposure to interest rate risk is managed by the Bank’s Asset-Liability Management Committee. The committee formulates strategies based on appropriate levels of interest rate risk and monitors the results of those strategies. In determining the appropriate level of interest rate risk, the committee considers the impact on both earnings and capital given the current outlook on interest rates, regional economies, liquidity, business strategies, and other related factors.
The committee meets quarterly to review, among other things, the sensitivity of assets and liabilities to interest rate changes, the book and economic values of assets and liabilities, unrealized gains and losses, purchase and sale activities, commitments to originate loans, and the maturities of investments and borrowings. Additionally, the committee reviews liquidity, cash flow flexibility, maturities of deposits, and consumer and commercial deposit activity. We employ methodologies to manage interest rate risk, which include an analysis of relationships between interest-earning assets and interest-bearing liabilities, as well as an interest rate simulation model and shock analysis.
In conjunction with our interest rate risk management process, on a quarterly basis, we run various simulations within a static balance sheet model. This model tests the impact on net interest income and fair value of equity from changes in market interest rates under various scenarios. We use parallel rate shock scenarios that assume instantaneous parallel movements in the yield curve compared to a flat yield curve scenario. We also deploy a ramped rate scenario over a 12-month and 24-month horizon based upon parallel yield curve shifts. Our nonparallel rate shock model simulation involves analysis of interest income and expense under various changes in the shape of the yield curve. Contractual maturities and repricing opportunities of loans are incorporated into the model, as are prepayment assumptions and maturity date and call options within the securities portfolio. The average life of non-maturity deposit accounts are based on assumptions developed from non-maturity deposit decay studies, which calculate average lives using historic closure rates.
Bank policy regarding interest rate risk simulations performed by our risk model currently specifies that for instantaneous parallel shifts of the yield curve, estimated net interest income at risk for the subsequent one-year period should not decline by more than 10.0% for a 100 bp shift, 15.0% for a 200 bp shift, and 20.0% for a 300 bp shift. In accordance with Bank policy regarding economic value at risk simulations performed by our risk model for instantaneous parallel shifts of the yield curve, estimated fair value of equity for the subsequent one-year period should not decline by more than 10.0% for a 100 bp shift, 20.0% for a 200 bp shift, and 30.0% for a 300 bp shift.
The following table shows the impact of an instantaneous and parallel change in rates, at the levels indicated, and summarizes the simulated change in net interest income and fair value of equity over a 12-month horizon as of the dates indicated.
March 31, 2026December 31, 2025
% 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) 
+3005.2%0.7%5.3%1.0%
+2003.6%1.2%3.7%1.5%
+1001.9%1.1%2.0%1.4%
Base
—%—%—%—%
-100(2.2%)(2.1%)(2.3%)(2.1%)
-200(5.2%)(7.0%)(5.1%)(7.5%)
-300(8.3%)(14.4%)(8.1%)(16.0%)
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The results above, as of March 31, 2026 and December 31, 2025, demonstrate that our balance sheet is asset sensitive, which means our assets have the opportunity to reprice at a faster pace than our liabilities, over the 12-month horizon. Our repricing opportunity is captured in a gap analysis, which is the process by which we measure the repricing gap between interest-rate sensitive assets versus interest rate-sensitive liabilities.
As of March 31, 2026, the reported percentage of changes in net interest income and fair value of equity remained within the policy thresholds. These values are reported at each quarterly Asset-Liability Management Committee meeting. The net interest income at risk and the fair value of equity will continue to be monitored, and appropriate mitigating action will be taken if needed.
The impact of our floating rate loans and floating rate transaction deposits are also reflected in the results shown in the above table. As of March 31, 2026, floating rate loans were 20.6% of loans HFI, and floating rate transaction deposits were 9.2% of interest-bearing transaction deposits.
The assumptions incorporated into the model are inherently uncertain, and as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude, and frequency of interest rate changes, as well as changes in market conditions and the application and timing of various management strategies and the slope of the yield curve.
NON-GAAP FINANCIAL MEASURES
Our accounting and reporting policies conform to GAAP and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed in this Report as supplemental non-GAAP performance measures. In accordance with the SEC’s 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 total tangible common equity, total realized common equity, total tangible assets, tangible book value per share, realized book value per share, and tangible common equity to tangible assets as part of managing operating performance. However, these non-GAAP financial measures that we discuss in this Report 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 in this Report 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 in this Report when comparing such non-GAAP financial measures.
Tangible Book Value Per Share. Tangible book value per share is a non-GAAP measure commonly used by investors, financial analysts, and investment bankers to evaluate financial institutions. We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per share exclusive of changes in intangible assets. We calculate tangible book value per share as total stockholders’ equity, less intangible assets, divided by the outstanding number of shares of our common stock at the end of the relevant period. Intangible assets have the effect of increasing total book value while not increasing tangible book value. The most directly comparable GAAP financial measure for tangible book value per share is book value per share.
As a result of previous acquisitions, we have a small amount of intangible assets. As of March 31, 2026, total intangible assets were $1.5 million, which is less than 1.0% of total assets.
Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by investors, financial analysts, and investment bankers to evaluate financial institutions. We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period of tangible common equity to tangible assets, each exclusive of changes in intangible assets. Intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets. We calculate tangible common equity as total stockholders’ equity less intangible assets, and we calculate tangible assets as total assets less intangible assets. The most directly comparable GAAP financial measure for tangible common equity to tangible assets is total common stockholders’ equity to total assets.
Realized Book Value Per Share. Realized book value per share is a non-GAAP measure that we use to evaluate our operating performance. We believe that this measure is important because it allows us to monitor changes from period to period in book value per share exclusive of changes in AOCI. Our AOCI is impacted primarily by the unrealized gains and losses on securities AFS. These unrealized gains or losses on securities AFS are driven by market factors and may also be temporary and vary greatly from period to period. Due to the possibly temporary and greatly variable nature of these changes, we find it useful to monitor realized book value per share. We calculate realized book value per share as total stockholders’ equity less AOCI, divided by the outstanding number of shares of our common stock at the end of the relevant period. AOCI has the effect of increasing or decreasing total book value while not increasing or decreasing
49
realized book value. The most directly comparable GAAP financial measure for realized book value per share is book value per share.
The following table reconciles, as of the dates set forth below, stockholders’ equity to tangible common equity, stockholders’ equity to realized common equity, and assets to tangible assets, and presents related resulting ratios.
(dollars in thousands, except per share data)March 31,
2026		December 31,
2025		March 31,
2025
Tangible common equity
Total stockholders’ equity$373,326 $365,150 $333,316 
Adjustments:
Intangible assets(1,546)(1,546)(1,546)
Total tangible common equity (non-GAAP)$371,780 $363,604 $331,770 
Realized common equity
Total stockholders’ equity$373,326 $365,150 $333,316 
Adjustments:
Accumulated other comprehensive (income) loss45,652 43,341 56,358 
Total realized common equity (non-GAAP)$418,978 $408,491 $389,674 
Common shares outstanding6,577,186 6,576,609 6,777,657 
Book value per share$56.76 $55.52 $49.18 
Tangible book value per share (non-GAAP)$56.53 $55.29 $48.95 
Realized book value per share (non-GAAP)$63.70 $62.11 $57.49 
Tangible assets
Total assets$3,346,600 $3,350,910 $3,186,432 
Adjustments:
Intangible assets(1,546)(1,546)(1,546)
Total tangible assets (non-GAAP)$3,345,054 $3,349,364 $3,184,886 
Total stockholders’ equity to assets11.16%10.90%10.46%
Tangible common equity to tangible assets (non-GAAP)11.11%10.86%10.42%
CRITICAL ACCOUNTING ESTIMATES
Our consolidated financial statements are prepared in accordance with GAAP and with general practices within the financial services industry. Application of these principles requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under current circumstances. We evaluate our estimates on an ongoing basis. Use of alternative assumptions may have resulted in significantly different estimates. Actual results may differ from these estimates.
There were no other material changes or developments during the reporting period with respect to methodologies that we use when developing critical accounting estimates as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. For details on the significant accounting principles and practices we follow, see “Item 1. Financial Statements - Note 1. Summary of Significant Accounting Policies” in this Report and “Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2025.
RECENT ACCOUNTING PRONOUNCEMENTS
See “Item 1. Financial Statements - Note 1. Summary of Significant Accounting Policies - Recent Accounting Pronouncements.”
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Quantitative and qualitative disclosures about market risk are presented in our Annual Report on Form 10-K for the year ended December 31, 2025, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Asset-Liability Management - Interest Rate Sensitivity and Market Risk.” Additional information as of March 31, 2026, is included herein under “Item 2. Management’s Discussion and Analysis of Financial
50
Condition and Results of Operations - Liquidity and Asset-Liability Management - Interest Rate Sensitivity and Market Risk.” The foregoing information is incorporated into this Item 3 by reference.
Item 4. Controls and Procedures
Evaluation of disclosure controls and procedures
As of the end of the period covered by this Report, an evaluation was performed by our management, with the participation of our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer), of the effectiveness of the design and operation of our disclosure controls and procedures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well-designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was required to apply judgment in evaluating our controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) were effective as of the end of the period covered by this Report.
Changes in internal control over financial reporting
There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we, including our subsidiaries, are or may be involved in various legal matters arising in the ordinary course of business. In the opinion of management, neither we, nor any of our subsidiaries, are involved in such legal proceedings that the resolution is expected to have a material adverse effect on our consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against us or our subsidiaries could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect our reputation or that of our subsidiaries, even if resolved favorably.
Item 1A. Risk Factors
For information regarding risk factors that could affect our business, financial condition, and results of operations, see the information in “Part I - Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the risk factors disclosed in our most recent Annual Report on Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Our purchases of shares of common stock made during the quarter are summarized in the table below:
(dollars in thousands, except per share data)
PeriodTotal Number of Shares Purchased
Average Price Paid per Share(1)
Total Number of Shares Purchased as Part of Publicly Announced Program
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program(2)(3)
January 1 - January 31, 2026—$— —$10,000 
February 1 - February 28, 2026—$— —$10,000 
March 1 - March 31, 2026—$— —$10,000 
Total—$— —$10,000 
(1)Average price paid per share includes the commission expense, if any, paid on the share repurchases, but excludes the excise tax recorded on the share repurchases.
(2)On December 18, 2025, we announced that our board of directors approved the renewal and increase of the 2025 stock repurchase program. The renewed and increased 2026 stock repurchase program has similar terms to the 2025 stock repurchase program and authorizes us to purchase up to $10.0 million of our outstanding shares of common stock from January 1, 2026 through December 31, 2026. Repurchases may be made from time to time in the open market at prevailing prices and based on market conditions, or in privately negotiated transactions.
(3)The approximate dollar value of shares that may yet be purchased under the program is reduced by the amount of the commission expense and the excise tax recorded on the share repurchases.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
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Table of Contents    
Item 6. Exhibits
NUMBERDESCRIPTION
3.1
3.2
10.1
31.1
31.2
32.1
32.2
101The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, is formatted in Inline Extensible Business Reporting Language (XBRL): (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income, (iv) the Unaudited Consolidated Statements of Changes in Stockholders' Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Consolidated Financial Statements.
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definitions Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document*
104Cover 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.
53
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
RED RIVER BANCSHARES, INC.
Date: May 8, 2026By:/s/ R. Blake Chatelain
R. Blake Chatelain
President and Chief Executive Officer
(Principal Executive Officer)
Date: May 8, 2026By:/s/ Isabel V. Carriere
Isabel V. Carriere, CPA, CGMA
Senior Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary
(Principal Financial Officer and Principal Accounting Officer)
54

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