RBB(US:RBB)2024-04-22 21:07Financial 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]