RBB(US:RBB)2025-02-04 01:17Financial Performance - Net income for Q4 2024 was $4.4 million, or $0.25 diluted earnings per share, down from $7.0 million, or $0.39 diluted earnings per share in Q3 2024[3]. - The company reported net income of $4.4 million for the fourth quarter of 2024, contributing to a total net income of $26.7 million for the year[33]. - Net income for the year ended December 31, 2024, was $26,665 thousand, a decrease from $42,465 thousand in the previous year[45]. - Net income available to common shareholders for Q4 2024 was $4,385,000, a decrease from $6,999,000 in Q3 2024 and $12,073,000 in Q4 2023[67]. - Return on average assets, annualized, decreased to 0.44% for the quarter ended December 31, 2024, down from 1.20% in the same quarter of the previous year[58]. - Return on average tangible common equity (ROATCE) for Q4 2024 was 3.98%, down from 6.40% in Q3 2024 and 11.12% in Q4 2023[67]. - Return on average common equity for Q4 2024 was 3.41%, a decline from 5.47% in Q3 2024 and 9.48% in Q4 2023[67]. Interest Income and Margin - Net interest income increased to $26.0 million in Q4 2024 from $24.5 million in Q3 2024, driven by a $1.4 million increase in interest income and a $1.3 million decrease in interest expense[6]. - The net interest margin (NIM) improved to 2.76% in Q4 2024, up 8 basis points from 2.68% in Q3 2024[7]. - Net interest income before provision for credit losses was $25,977 thousand for the three months ended December 31, 2024, up from $24,545 thousand in September 2024[45]. - The net interest margin for the same period was 2.76%, compared to 2.68% for the previous quarter[47]. - The net interest income for the year ended December 31, 2024, was $99,463 thousand, with an interest rate spread of 1.74%[51]. Assets and Liabilities - Total assets as of December 31, 2024, were $4.0 billion, a slight increase of $2.0 million from September 30, 2024, but a decrease of $33.5 million from December 31, 2023[22]. - Total liabilities increased to $3,484,600 thousand as of December 31, 2024, from $3,480,749 thousand in September 2024[43]. - Total assets increased to $3,992,477 thousand as of December 31, 2024, compared to $3,990,477 thousand in September 2024, reflecting a slight growth[43]. - Total deposits were $3.1 billion as of December 31, 2024, a decrease of $8.4 million from September 30, 2024[25]. - Total deposits decreased to $3,083,789 as of December 31, 2024, from $3,174,760 a year prior, indicating a decline of 2.9%[64]. Credit Quality - Nonperforming assets increased to $81.0 million, or 2.03% of total assets, at December 31, 2024, compared to $60.7 million, or 1.52% of total assets, at September 30, 2024[26]. - The provision for credit losses was $6.0 million in Q4 2024, up from $3.3 million in Q3 2024, reflecting an increase in specific reserves[12]. - Substandard loans totaled $100.3 million as of December 31, 2024, an increase of $20.5 million from $79.8 million at September 30, 2024[29]. - The allowance for credit losses increased to $48.5 million at December 31, 2024, compared to $44.5 million at September 30, 2024, driven by a $6.0 million provision for credit losses[31]. - The allowance for loan losses as a percentage of loans held for investment (HFI) rose to 1.56% at December 31, 2024, from 1.41% at September 30, 2024[31]. - Nonperforming loans held for investment (HFI) increased to $69,843, representing 2.29% of total loans HFI, compared to 1.04% a year earlier[58]. - The allowance for loan losses increased to $47,729, representing 1.56% of total loans HFI, compared to 1.38% a year earlier[58]. Shareholder Information - Total shareholders' equity was $507.9 million at December 31, 2024, a decrease of $1.9 million from September 30, 2024, due to higher net unrealized losses on securities[33]. - Book value per share decreased to $28.66 at December 31, 2024, down from $28.81 at September 30, 2024[33]. - Book value per share as of December 31, 2024, is $28.66, compared to $27.47 as of December 31, 2023, reflecting a year-over-year increase of 4.3%[64]. - Average shareholders' equity increased to $512,208,000 in Q4 2024 from $508,720,000 in Q3 2024 and $505,184,000 in Q4 2023[67]. - The common stock dividend payout ratio increased to 64.00% for the quarter ended December 31, 2024, compared to 25.00% in the same quarter of the previous year[58]. Operational Highlights - The company operates nine branches in Los Angeles County and has expanded its presence in several states including Nevada and New York[35]. - The company plans to hold a conference call on February 4, 2025, to discuss its fourth quarter 2024 financial results[36].