LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) -- RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced financial results for the quarter ended September 30, 2024. Third Quarter 2024 Highlights Net income totaled $7.0 million, or $ 0.39 diluted earnings per shareReturn on average assets of 0.72%, compared to 0.76% for the quarter ended June 30, 2024Net interest margin of 2.68% compare ...

In its upcoming report, RBB (RBB) is predicted by Wall Street analysts to post quarterly earnings of $0.38 per share, reflecting a decline of 39.7% compared to the same period last year. Revenues are forecasted to be $28.17 million, representing a year-over-year decrease of 20.2%. The consensus EPS estimate for the quarter has undergone a downward revision of 2% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimat ...

Wall Street expects a year-over-year decline in earnings on lower revenues when RBB (RBB) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 21. On the ...

LOS ANGELES, Oct. 01, 2024 (GLOBE NEWSWIRE) -- RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank ("the Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company", today announced it will release financial results for its third quarter ended September 30, 2024 after the markets close on Monday, October 21, 2024. Management will hold a conference call at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time on Tuesday, October 22, 2024 to discuss the Company's ...

Investors might want to bet on RBB (RBB) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Individual investors often find ...

LOS ANGELES, Aug. 22, 2024 (GLOBE NEWSWIRE) -- RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the "Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company," announced that on August 21, 2024, the Federal Deposit Insurance Corporation (the "FDIC") and the California Department of Financial Protection and Innovation (the "DFPI") terminated the Consent Order issued to the Bank that was effective October 25, 2023. The termination of the Consent Order ...

A downtrend has been apparent in RBB (RBB) lately. While the stock has lost 7.7% over the past week, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support. While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future earnings of this ...

RBB Bancorp (NASDAQ:RBB) Q2 2024 Results Conference Call July 23, 2024 2:00 PM ET Company Participants Catherine Wei - IR David Morris - Chief Executive Officer Johnny Lee - President Lynn Hopkins - Chief Financial Officer Jeffrey Yeh - Chief Credit Officer Gary Fan - Chief Administrative Officer Vincent Liu - Chief Risk Officer Conference Call Participants Brendan Nosal - Hovde Group Kelly Motta - KBW Matthew Clark - Piper Sandler Andrew Terrell - Stephens Operator Good day. And welcome to the RBB Bancorp’ ...

Net Income and Earnings - Net income for Q2 2024 totaled $7.2 million, or $0.39 diluted earnings per share, compared to $8.0 million in Q1 2024[3][18] - Net income available to common shareholders for the six months ended June 30, 2024, was $15,281, compared to $21,919 in the same period in 2023[52] - Net income for the six months ended June 30, 2024, was $15.28 million, down from $21.92 million in the same period in 2023[65] - Basic net income per share for the six months ended June 30, 2024, was $0.83, compared to $1.15 in the same period in 2023[65] Net Interest Margin and Income - Net interest margin (NIM) decreased to 2.67% in Q2 2024, down 2 basis points from 2.69% in Q1 2024[3][5] - Net interest income for the second quarter of 2024 was $23.988 million, with a net interest margin of 2.67%[45] - Net interest income decreased to $48,891 in June 2024 from $66,076 in June 2023, with a net interest margin of 2.68% compared to 3.53% in the previous year[46] - Net interest income for the six months ended June 30, 2024, was $107.68 million, a decrease from $110.75 million in the same period in 2023[65] - Net interest margin was 2.67% for the quarter ended June 30, 2024, compared to 3.37% for the same period in 2023[72] Total Assets and Loans - Total assets decreased to $3.9 billion as of June 30, 2024, a $9.8 million decrease compared to March 31, 2024[10] - Loans held for investment increased by $20.4 million to $3.0 billion as of June 30, 2024, driven by growth in CRE, C&I, C&D, and SFR loans[22] - Total loans held for investment decreased to $3,015,613 in June 2024 from $3,307,157 in June 2023, with a yield of 6.05% compared to 6.14% in the previous year[46] - Total loans as of June 30, 2024, were $3,047,712, with commercial real estate loans making up 39.1% of the portfolio[49] - Net loans held for investment stood at $3,005,971 as of June 30, 2024, showing a slight decrease from $3,152,903 as of June 30, 2023[69] - Total assets decreased to $3,868,186 as of June 30, 2024, compared to $4,075,618 as of June 30, 2023, reflecting a decline of 5.1% year-over-year[69] - Total assets-GAAP declined to $3,868,186 thousand in June 2024 from $4,075,618 thousand in June 2023[77] - Tangible assets decreased to $3,794,294 thousand in June 2024 from $4,000,874 thousand in June 2023[77] Deposits and Funding Costs - Total deposits decreased by $4.7 million to $3.0 billion as of June 30, 2024, with noninterest-bearing deposits increasing by $3.5 million to $543.0 million[23] - Total cost of deposits for the second quarter of 2024 was $26.803 million, with a cost of 3.59%[45] - Total cost of funds for the second quarter of 2024 was $28.921 million, with a cost of 3.54%[45] - Total interest-bearing deposits increased to $2,531,686 in June 2024 from $2,427,265 in June 2023, with a cost of 4.34% compared to 3.13% in the previous year[46] - Total deposits slightly decreased to $3.02 billion as of June 30, 2024, compared to $3.03 billion in March 2024 and $3.18 billion in June 2023[60] - Noninterest-bearing demand deposits accounted for 18.0% ($542.97 million) of total deposits as of June 30, 2024, compared to 17.8% ($539.52 million) in March 2024 and 18.4% ($585.75 million) in June 2023[60] - Time deposits over $250,000 increased to $790.48 million (26.1% of total deposits) as of June 30, 2024, compared to $746.61 million (24.7%) in March 2024 and $662.76 million (20.9%) in June 2023[60] - Total deposits were $3,023,605 as of June 30, 2024, down from $3,175,416 as of June 30, 2023, a decrease of 4.8%[69] - Cost of average total deposits was 3.59% for the quarter ended June 30, 2024, up from 2.80% in the same period last year[72] Credit Quality and Allowances - Substandard loans increased to $63.1 million, or 2.07% of total loans, as of June 30, 2024, up from $57.2 million, or 1.89% of total loans, in Q1 2024[13] - The allowance for credit losses totaled $42.4 million as of June 30, 2024, with the allowance for loan losses as a percentage of nonperforming loans decreasing to 76% from 116% in Q1 2024[14] - Nonperforming assets increased to $54.6 million, or 1.41% of total assets, as of June 30, 2024, up from $37.0 million, or 0.95% of total assets, as of March 31, 2024[35] - 30-89 day delinquent loans decreased by $9.7 million to $11.3 million as of June 30, 2024, compared to $21.0 million as of March 31, 2024[36] - Special mention loans decreased to $19.52 million (0.64% of total loans) as of June 30, 2024, compared to $20.58 million (0.68%) in March 2024 and $24.15 million (0.76%) in June 2023[58] - Substandard loans increased to $63.08 million (2.07% of total loans) as of June 30, 2024, compared to $57.17 million (1.89%) in March 2024 and $74.07 million (2.32%) in June 2023[58] - Nonperforming loans rose to $54.59 million (1.79% of total loans) as of June 30, 2024, compared to $35.94 million (1.19%) in March 2024 and $41.86 million (1.31%) in June 2023[58] - Net charge-offs increased to $551,000 (0.07% of average loans) for the quarter ended June 30, 2024, compared to $184,000 (0.02%) in March 2024 and $580,000 (0.07%) in June 2023[58] - Allowance for loan losses to nonperforming loans decreased to 76.46% as of June 30, 2024, compared to 116.01% in March 2024 and 102.94% in June 2023[58] - Provision for credit losses for the six months ended June 30, 2024, was $557,000, down from $2.39 million in the same period in 2023[65] Shareholder Equity and Share Repurchases - Total shareholders' equity decreased by $2.7 million to $511.3 million as of June 30, 2024, compared to March 31, 2024, due to dividends paid and share repurchases[37] - The company repurchased 448,190 shares of common stock for $8.1 million during Q2 2024[3] - The company repurchased 448,190 shares at a weighted average share price of $18.01 during the second quarter of 2024[38] - Total shareholders' equity increased to $511,291 thousand as of June 30, 2024, compared to $500,290 thousand in June 2023[77] - Tangible common equity decreased slightly to $437,399 thousand in June 2024 from $439,894 thousand in March 2024[77] - Common equity to assets ratio improved to 13.22% in June 2024 from 12.28% in June 2023[77] - Tangible common equity to tangible assets ratio increased to 11.53% in June 2024 from 10.64% in June 2023[77] - Common shares outstanding decreased to 18,182,154 in June 2024 from 18,995,303 in June 2023[77] Noninterest Income and Expense - Noninterest income increased to $3.5 million in Q2 2024, up $116,000 from Q1 2024, driven by higher gains on sale of loans and equity investment income[7] - Total noninterest income for the six months ended June 30, 2024, increased to $6.86 million from $4.86 million in the same period in 2023[65] - Total noninterest expense for the six months ended June 30, 2024, decreased to $34.09 million from $37.43 million in the same period in 2023[65] Book Value and Tangible Equity - Book value per share increased to $28.12 as of June 30, 2024, up from $27.67 at March 31, 2024[3] - Tangible common equity to tangible assets ratio stood at 11.53% as of June 30, 2024, compared to 11.56% in March 2024 and 10.64% in June 2023[58] - Book value per share increased to $28.12 as of June 30, 2024, from $26.34 as of June 30, 2023[72] - Tangible book value per share rose to $24.06 as of June 30, 2024, compared to $22.40 as of June 30, 2023[72] - Book value per share rose to $28.12 in June 2024 from $26.34 in June 2023[77] - Tangible book value per share increased to $24.06 in June 2024 from $22.40 in June 2023[77] Interest Expense and Yields - Total interest expense for the six months ended June 30, 2024, increased to $58.84 million from $44.73 million in the same period in 2023[65] - Interest on savings deposits, NOW, and money market accounts for the six months ended June 30, 2024, was $9.43 million, up from $5.07 million in the same period in 2023[65] - Interest on time deposits for the six months ended June 30, 2024, was $45.17 million, compared to $32.58 million in the same period in 2023[65] - Total interest-earning assets decreased to $3,667,597 in June 2024 from $3,770,997 in June 2023, with a yield of 5.91% compared to 5.93% in the previous year[46] Efficiency and Ratios - Efficiency ratio increased to 62.38% for the quarter ended June 30, 2024, from 53.80% in the same period last year[72] - Return on average tangible common equity was 7.01% for the six months ended June 30, 2024, compared to 10.49% in the same period in 2023[52] - Return on average assets, annualized, was 0.76% for the quarter ended June 30, 2024, compared to 1.08% for the same period in 2023[72] - Return on average shareholders' equity, annualized, was 5.69% for the quarter ended June 30, 2024, down from 8.78% in the same period last year[72] - Tier 1 leverage ratio increased to 12.48% as of June 30, 2024, compared to 12.16% in March 2024 and 11.60% in June 2023[58]

(1) Includes brokered deposits, collateralized deposits from the State of California, and internet listing services. | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|---------------|-------|----------------|-------|---------------|-------| | (dollars in thousands, except share and per share data) | June 30, 2024 | | March 31, 2024 | | June 30, 2023 | | | Tangible common equity: | | | | | | | | Total shareholders' equity | $ 511,291 | | $ 513,986 | | $ 50 ...