(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 ...

For the last reported quarter, RBB came out with earnings of $0.43 per share versus the Zacks Consensus Estimate of $0.35 per share, representing a surprise of 22.86%. For the previous quarter, the company was expected to post earnings of $0.35 per share and it actually produced earnings of $0.43 per share, delivering a surprise of 22.86%. Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if th ...

RBB Bancorp (RBB) shares ended the last trading session 5.1% higher at $20.68. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 15.3% gain over the past four weeks. This is a positive development for banks that have been reeling under the Fed's aggressive monetary tightening. As the rates come down, so will banks' funding costs. Also, demand for loans is expected to improve. Hence, the investors turned bullish on ba ...

Core Viewpoint - RBB Bancorp, a community-based financial holding company, is set to release its financial results for the second quarter of 2024 on July 22, 2024, after market close [5]. Company Overview - RBB Bancorp is headquartered in Los Angeles, California, with total assets of $3.9 billion as of March 31, 2024 [2]. - The company operates through its wholly-owned subsidiary, Royal Business Bank, which provides a range of banking services primarily to Asian communities across various locations including Los Angeles County, Orange County, Ventura County, Las Vegas, New York, New Jersey, Illinois, and Hawaii [2]. - The Bank offers services such as remote deposit, E-banking, mobile banking, various types of loans, trade finance, and wealth management [2]. - The company has multiple branches across several states, including nine in Los Angeles County and additional locations in New York, New Jersey, Illinois, and Hawaii [2]. Conference Call Information - A conference call is scheduled for July 23, 2024, at 11:00 a.m. Pacific Time to discuss the financial results [3]. - Interested parties can access a live webcast of the call on the company's website, which will also be available for replay shortly after the call [6].

Core Viewpoint - RBB Bancorp will release its financial results for the second quarter of 2024 on July 22, 2024, after market close [1] Financial Results Announcement - The conference call to discuss the financial results will take place on July 23, 2024, at 11:00 a.m. Pacific Time [2] - Interested parties can access the call by dialing specific numbers and using a passcode, with a replay available after the call [2] - A live webcast of the call will also be available on the Company's website, with a recording accessible shortly after the call [3] Corporate Overview - RBB Bancorp is a community-based financial holding company based in Los Angeles, California, with total assets of $3.9 billion as of March 31, 2024 [4] - The Bank provides a range of business banking services primarily to Asian communities across various locations in California, Nevada, New York, New Jersey, Illinois, and Hawaii [4] - The Bank operates multiple branches across these regions, including nine in Los Angeles County and additional branches in other states [4]

Financial Performance - For the quarter ended March 31, 2024, net income was $8.0 million, or $0.43 diluted earnings per share, down from $12.1 million, or $0.64 per share in the previous quarter[185]. - Net income for the three months ended March 31, 2024, was $8.0 million, down from $12.1 million for the same period in 2023[197]. - Basic earnings per share decreased to $0.43 for the three months ended March 31, 2024, down from $0.64 for the previous quarter[197]. - Net interest income for Q1 2024 was $24.9 million, a decrease of $9.2 million from $34.1 million in Q1 2023, driven by higher interest expense of $10.3 million[210]. - Noninterest income for Q1 2024 was $3.4 million, a decrease of $4.0 million from $7.4 million in Q4 2023, primarily due to the absence of a $5.0 million CDFI ERP award recognized in Q4 2023[217]. - Total noninterest expense increased to $16.97 million in Q1 2024, up $576,000 from $16.39 million in Q4 2023[223]. Asset and Liability Management - Total assets decreased by $148.0 million, or 3.7%, to $3.9 billion from $4.0 billion at December 31, 2023, primarily due to a $162.1 million decrease in cash and cash equivalents[186]. - Total liabilities decreased by $150.7 million to $3.4 billion at March 31, 2024, primarily due to a $146.4 million decrease in deposits[279]. - Total deposits decreased by $146.4 million, or 4.6%, to $3.0 billion as of March 31, 2024, primarily due to a decline in interest-bearing deposits[189]. - Total interest-bearing liabilities were $2,873.0 million with an average cost of 4.19% for Q1 2024[205]. - The total cost of deposits was $3,117.2 million with a cost of 3.59% for Q1 2024[208]. Loan Portfolio - Total loans held for investment decreased by $4.5 million, or 0.15%, to $3.0 billion at March 31, 2024, with notable decreases in single-family residential mortgages and commercial and industrial loans[188]. - The loan-to-deposit ratio increased to 98.6% at March 31, 2024, compared to 94.2% at December 31, 2023[188]. - Single-family residential (SFR) mortgage loans represent approximately 50% of total loans as of March 31, 2024, with a balance of $1.46 billion[246]. - The loan portfolio composition includes 6.5% in construction and land development, 38.9% in commercial real estate, 48.4% in SFR mortgages, 4.0% in commercial and industrial loans, and 1.8% in SBA loans as of March 31, 2024[246]. - The total loans HFI at the end of the period were $3.027 billion, down from $3.342 billion at the end of 2023[265]. Credit Quality - The allowance for loan losses (ALL) as a percentage of loans held for investment (HFI) was 1.38% as of March 31, 2024, unchanged from December 31, 2023[192]. - The company recorded no provision for credit losses in Q1 2024, compared to a provision of $2.0 million in Q1 2023, reflecting improved credit quality metrics[215]. - Nonperforming assets totaled $37.0 million, or 0.95% of total assets, as of March 31, 2024, an increase from $31.6 million or 0.79% at December 31, 2023[270]. - The company reported net charge-offs to average loans HFI of 0.02% for the three months ended March 31, 2024, compared to 0.10% for the twelve months ended December 31, 2023[264]. Capital and Equity - Total shareholders' equity increased by $2.7 million to $514.0 million compared to December 31, 2023, driven by net earnings of $8.0 million[193]. - Shareholders' equity increased by $2.7 million, or 0.5%, to $514.0 million as of March 31, 2024, from $511.3 million at December 31, 2023, driven by net earnings of $8.0 million and stock option exercises of $541,000[295]. - The tangible common equity to tangible assets ratio was 19.10% as of March 31, 2024, compared to 19.07% at December 31, 2023[302]. - The company exceeded all regulatory capital requirements under Basel III, with a total risk-based capital ratio of 25.91% as of March 31, 2024[302]. Interest Rate Sensitivity - The net interest margin for Q1 2024 was 2.69%, compared to 2.73% in Q4 2023[208]. - Net interest margin decreased to 2.69% for Q1 2024, down 101 basis points from 3.70% in Q1 2023, primarily due to a 157 basis point increase in the cost of interest-bearing deposits[211]. - Net interest income sensitivity showed a dollar change of $9,640,000 with a 100 basis point decrease in rates, representing a 9.1% change[321]. - Economic Value of Equity (EVE) is expected to decrease in both up and down rate scenarios, indicating sensitivity to interest rate changes[324]. Operational Efficiency - The efficiency ratio increased to 60.07% for the three months ended March 31, 2024, compared to 49.58% for the previous quarter[197]. - The average interest rate on total interest-bearing deposits increased to 4.32% for the three months ended March 31, 2024, compared to 3.56% for the year ended December 31, 2023[281]. - Noninterest expense for Q1 2024 was $17.0 million, an increase of $576,000 from Q4 2023, primarily due to higher salaries and employee benefits expenses of $1.1 million[224]. Investment Portfolio - Available for sale investment securities totaled $335.2 million, with a pre-tax net unrealized loss of $30.2 million due to higher market interest rates[187]. - The weighted-average book yield on the total investment portfolio at March 31, 2024, was 4.16%, compared to 4.00% at December 31, 2023[235]. - The total available for sale securities amounted to $335.194 million with a weighted average yield of 4.27% as of March 31, 2024[240]. - The company actively monitors its investment portfolio to ensure adequate credit support and identify potential credit impairment[231].

RBB Bancorp (NASDAQ:RBB) Q1 2024 Earnings Conference Call April 23, 2024 2:00 PM ET Company Participants Catherine Wei - Investor Relations Officer 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 Nathan Race - Piper Sandler Erik Zwick - Hovde Group Operator Good day, ladies and gentlemen. And welcome to the RBB Bancorp F ...

April 22, 2024 RBB Bancorp Disclosure Statement Non-GAAP Financial Measures Certain financial information in this presentation has not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and is presented on a non-GAAP basis. Investors should refer to the reconciliations included in this presentation and should consider the Company's non-GAAP measures in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. These measures may not b ...

Financial Performance - The Company reported net income of $8.0 million, or $0.43 diluted earnings per share, for Q1 2024, down from $12.1 million, or $0.64 per share in Q4 2023[3] - Net income for the three months ended March 31, 2024, was $8,036,000, down from $12,073,000 in the previous quarter and $10,970,000 in the same quarter last year[41] - Basic and diluted net income per share for the three months ended March 31, 2024, was $0.43, compared to $0.64 in the previous quarter and $0.58 in the same quarter last year[41] Income and Expenses - Net interest income was $24.9 million for Q1 2024, a decrease of $792,000 from $25.7 million in Q4 2023, attributed to higher interest expenses[7] - Total interest expense increased to $29,918,000 for the three months ended March 31, 2024, from $29,163,000 in the previous quarter and $19,650,000 in the same quarter last year[41] - Total noninterest income decreased significantly to $3,372,000 from $7,394,000 in the previous quarter and increased from $2,362,000 in the same quarter last year[41] - Total noninterest expense increased to $16,969,000 for the three months ended March 31, 2024, from $16,393,000 in the previous quarter and decreased from $18,911,000 in the same quarter last year[41] Asset and Liability Management - Total deposits were $3.0 billion as of March 31, 2024, a decrease of $146.4 million, or 4.6%, compared to December 31, 2023[17] - Total liabilities of RBB Bancorp were $3.36 billion as of March 31, 2024, a decrease from $3.62 billion a year earlier[39] - As of March 31, 2024, RBB Bancorp had total assets of $3.9 billion, a decrease from $4.1 billion on March 31, 2023[30] Credit Quality - Nonperforming assets increased to $37.0 million, or 0.95% of total assets, at March 31, 2024, compared to $31.6 million, or 0.79% at December 31, 2023[18] - The allowance for credit losses totaled $42.4 million, with an allowance for loan losses of $41.7 million, unchanged from the previous quarter[23] - Nonperforming loans increased to $35,935, accounting for 1.19% of total loans, compared to $31,619 (1.04%) in the previous quarter and $26,436 (0.79%) a year ago[50] Shareholder Equity - Total shareholders' equity increased to $514.0 million at March 31, 2024, a $2.7 million increase from December 31, 2023, driven by net earnings and stock option exercises[25] - Shareholders' equity increased to $534.90 million as of March 31, 2024, compared to $514.56 million on March 31, 2023, representing a growth of approximately 3.9%[39] Operational Metrics - Return on average assets decreased to 0.81% in Q1 2024 from 1.20% in the previous quarter, while return on average common equity fell to 6.30% from 9.48%[6] - The efficiency ratio increased to 60.07% for the quarter ended March 31, 2024, compared to 49.58% in the previous quarter and 51.86% a year ago[60] - The net interest margin decreased to 2.69% for the quarter ended March 31, 2024, down from 2.73% in the previous quarter and 3.70% a year ago[60] Future Outlook - The company plans to hold a conference call on April 23, 2024, to discuss its first quarter 2024 financial results[31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 001-38149 RBB BANCORP (Exact name of Registrant as specified in its Charter) California 27-2776416 (State or other jurisdiction of incorp ...