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for immediate release Red River Bancshares , Inc. Reports First Quarter 2021 Financial Results ALEXANDRIA , La . , April 29 , 2021 ( GLOBE NEWSWIRE ) -- Red River Bancshares , Inc. ( the " Company " ) ( Nasdaq : RRBI ) , the holding company for Red River Bank ( the " Bank " ) , announced today its unaudited financial results for the first quarter of 2021 . Net income for the first quarter of 2021 was $ 8.1 million , or $ 1.10 per diluted common share ( " EPS " ) , an increase of $ 804,000 , or 11.1 % , compared to $ 7.3 million , or $ 0.99 EPS , for the fourth quarter of 2020 , and an increase of $ 1.3 million , or 19.6 % , compared to $ 6.7 million , or $ 0.92 EPS , for the first quarter of 2020. For the first quarter of 2021 , the quarterly return on assets was 1.20 % and the quarterly return on equity was 11.36 % . First Quarter 2021 Performance and Operational Highlights The first quarter of 2021 included record - high quarterly net income , the implementation of the Small Business Administration ( " SBA " ) Paycheck Protection Program ( " PPP " ) Second Draw loans , an increase to the quarterly cash dividend , stock repurchase activity , and executive management and board member changes . Economic activity in Louisiana improved due to an easing of the Louisiana COVID - 19 pandemic restrictions , the rollout of COVID - 19 vaccines , and the distribution of additional government stimulus funds . • Net income for the first quarter of 2021 was $ 8.1 million , $ 804,000 higher than the prior quarter primarily due to lower provision for loan loss expense , partially offset by lower PPP loan income . • Assets increased $ 178.0 million in the first quarter of 2021 to $ 2.82 billion as of March 31 , 2021 , driven by a $ 174.9 million increase in deposits . Deposits increased as a result of customers receiving funds from government stimulus programs , customers depositing the proceeds from their PPP Second Draw ( " PPP2 " ) loans , and customers maintaining larger deposit balances , partially offset by the normal seasonal drawdowns as public entity customers distributed their year - end funds to other organizations . • Red River Bank has participated in the SBA PPP . In the first quarter of 2021 , forgiveness of PPP First Draw ( " PPP1 " ) loans was offset by the issuance of PPP2 loans . Total PPP loans outstanding were consistent between March 31 , 2021 and December 31 , 2020. PPP loan income for the first quarter of 2021 was $ 2.1 million , $ 891,000 lower than $ 3.0 million for the prior quarter . • The net interest margin fully tax equivalent ( " FTE " ) for the first quarter of 2021 was 2.76 % , compared to 3.08 % for the prior quarter . The net interest margin for the first quarter of 2021 was negatively impacted by a higher level of low yielding short - term liquid assets , combined with lower PPP loan income . • Mortgage loan production remained strong with the low mortgage interest rate environment resulting in continued mortgage refinancing activity . Mortgage loan income for the first quarter of 2021 was $ 2.9 million , $ 203,000 higher than the prior quarter . • Brokerage income for the first quarter of 2021 was $ 834,000 , a quarterly record - high level . • Nonperforming assets ( " NPA ( s ) " ) decreased $ 602,000 in the first quarter and were $ 3.6 million , or 0.13 % of assets as of March 31 , 2021. Due to positive asset quality trends , the rollout of COVID - 19 vaccines , and the easing of pandemic - related restrictions on businesses , the provision for loan losses for the first quarter of 2021 was $ 1.5 million , compared to $ 2.7 million for the prior quarter . As of March 31 , 2021 , the allowance for loan losses ( " ALL " ) was $ 19.4 million , or 1.21 % of loans held for investment ( " HFI " ) and 1.31 % ( 1 ) of non - PPP loans HFI ( non - GAAP ) . • We increased the quarterly cash dividend to $ 0.07 per common share . • In accordance with the stock repurchase program implemented in the third quarter of 2020 , we repurchased 19,661 shares of our common stock in the first quarter of 2021 at an aggregate cost of $ 1.0 million . • Various executive management changes at Red River Bank occurred . Jeffrey R. Theiler stepped down as Senior Vice President and Chief Operations Officer for Red River Bank . Bridges Hall transitioned from being Northwest Market President to Senior Vice President and Credit Policy Officer . Jennifer Elliott joined Red River Bank as the Northwest Market President . • Various changes occurred with the Boards of Directors of the Company and Red River Bank . Anna Brasher Moreau , DDS , MS , was appointed to the boards of the Company and Red River Bank . John C. Simpson transitioned from his role as Chairman of the Board of the Company and Red River Bank to Chair Emeritus and is also remaining a member on both boards . Teddy R. Price was elected by the board to serve as Chair of the Board of the Company and Red River Bank . • In April 2021 , the Company decided to invest in the JAM FINTOP Banktech , L.P. fund to strategically develop partnerships as we build the Bank's digital offerings . Blake Chatelain , President and Chief Executive Officer , stated , " The first quarter of 2021 was busy on many fronts . Economic activity in our markets is