RBB Bancorp Reports Third Quarter 2024 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

Core Viewpoint RBB Bancorp reported its financial results for the third quarter of 2024, showing stable net income and improvements in net interest margin, while also addressing credit quality concerns and ongoing efforts to enhance shareholder value. Financial Performance - Net income for Q3 2024 was $7.0 million, or $0.39 diluted earnings per share, slightly down from $7.2 million in Q2 2024 [2][31] - Return on average assets decreased to 0.72% from 0.76% in the previous quarter [2] - Net interest margin increased to 2.68% from 2.67% in Q2 2024 [2][5] Shareholder Actions - The company repurchased 508,275 shares for $11.0 million during the quarter, completing its authorized repurchase program [2][22] - Book value per share increased to $28.81 from $28.12, and tangible book value per share rose to $24.64 from $24.06 [2][21] Loan and Deposit Growth - Loans held for investment (HFI) totaled $3.1 billion, up $44.2 million from Q2 2024, primarily driven by increases in commercial real estate loans [12] - Total deposits reached $3.1 billion, an increase of $68.6 million from the previous quarter, with interest-bearing deposits contributing to this growth [14] Credit Quality - Nonperforming assets rose to $60.7 million, or 1.52% of total assets, compared to $54.6 million, or 1.41%, in Q2 2024 [15] - The provision for credit losses increased significantly to $3.3 million from $557,000 in the previous quarter, reflecting higher specific reserves and credit quality concerns [7][19] Noninterest Income and Expenses - Noninterest income increased to $5.7 million, up from $3.5 million in Q2 2024, largely due to a recovery of a previously charged-off loan [8] - Noninterest expenses rose to $17.4 million, an increase of $297,000 from the previous quarter, driven by higher salaries and employee benefits [9] Tax and Balance Sheet - The effective tax rate for Q3 2024 was 26.9%, up from 25.9% in Q2 2024 [10] - Total assets increased to $4.0 billion, a rise of $122.3 million from Q2 2024 [11]