RBB Bancorp
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 12, 2024
RBB$26.09+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
(In thousands)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Operating activities | |||
| Net income | $42,465 | $64,327 | $56,906 |
| Adjustments to reconcile net income to net cash from Operating activities: | |||
| Depreciation and amortization of premises and equipment | 2,018 | 2,022 | 1,943 |
| Net accretion of discount for securities, loans, deposits, and other | (5,396) | (432) | (191) |
| Unrealized (gain)/loss on equity securities | (24) | — | 360 |
| Amortization of investment in affordable housing tax credits | 1,127 | 1,053 | 1,037 |
| Amortization of intangible assets | 2,568 | 3,853 | 6,347 |
| Reversal of an impairment allowance on mortgage servicing rights | — | — | (417) |
| Amortization of right-of-use asset | 5,042 | 5,145 | 5,245 |
| Change in operating lease liabilities | (4,730) | (4,897) | (5,058) |
| Provision for credit losses | 3,362 | 4,935 | 3,959 |
| Stock-based compensation, net | 750 | 848 | 1,086 |
| Deferred tax expense/(benefit) | 216 | (2,249) | (1,093) |
| Gain on sale of loans | (374) | (1,895) | (9,991) |
| Gain on sale of OREO | (134) | — | — |
| Gain on sale of fixed assets | (32) | (757) | — |
| Increase in cash surrender value of BOLI | (1,409) | (1,322) | (1,067) |
| Loans originated and purchased for sale, net | (15,058) | (39,152) | (161,972) |
| Proceeds from loans sold | 18,743 | 60,170 | 305,337 |
| Other items | 2,158 | 2,163 | (256) |
| Net cash provided by operating activities | 51,292 | 93,812 | 202,175 |
| Investing activities | |||
| Securities available for sale: | |||
| Purchases | (694,210) | (402,656) | (603,836) |
| Maturities, repayments and calls | 640,993 | 485,796 | 442,056 |
| Securities held to maturity: | |||
| Maturities, repayments and calls | 500 | 500 | 900 |
| Redemption of Federal Home Loan Bank stock | — | — | 641 |
| Purchase of Federal Home Loan Bank stock and other equity securities, net | (479) | (2,608) | (5,839) |
| Net increase of investment in qualified affordable housing projects | (279) | (227) | (763) |
| Net decrease/(increase) in loans | 296,693 | (411,316) | (315,551) |
| Proceeds from sales of OREO | 711 | — | — |
| Purchase of bank owned life insurance | — | — | (19,800) |
| Net cash received in connection with acquisition | — | 71,352 | — |
| Proceeds from sale of fixed assets | 32 | 1,053 | — |
| Purchases of premises and equipment | (652) | (2,065) | (1,989) |
| Net cash provided by/(used in) investing activities | 243,309 | (260,171) | (504,181) |
| Financing activities | |||
| Net (decrease)/increase in demand deposits and savings accounts | (241,730) | (886,712) | 870,803 |
| Net increase/(decrease) in time deposits | 438,625 | 397,329 | (120,178) |
| Advances from Federal Home Loan Bank | 80,000 | 570,000 | — |
| Repayment of Federal Home Loan Bank borrowings | (150,000) | (500,000) | — |
| Cash dividends paid | (12,163) | (10,736) | (9,947) |
| Redemption of subordinated notes | (55,000) | — | (50,000) |
| Issuance of subordinated notes, net of issuance costs | — | — | 118,111 |
| Common stock repurchased, net of repurchased costs | (6,803) | (19,822) | (10,540) |
| Exercise of stock options | 295 | 5,476 | 3,475 |
| Net cash provided by/(used in) financing activities | 53,224 | (444,465) | 801,724 |
| Net increase/(decrease) in cash and cash equivalents | 347,825 | (610,824) | 499,718 |
| Cash and cash equivalents at beginning of period | 83,548 | 694,372 | 194,654 |
| Cash and cash equivalents at end of period | $431,373 | $83,548 | $694,372 |
| Supplemental disclosure of cash flow information | |||
| Cash paid during the period: | |||
| Interest paid | $93,721 | $29,734 | $22,507 |
| Taxes paid | 21,389 | 24,019 | 25,786 |
| Non-cash investing and financing activities: | |||
| Transfer from loans to other real estate owned | — | 142 | — |
| Loans transfer to held for sale, net | 5,254 | 13,166 | 89,368 |
| Additions to servicing assets | 234 | 771 | 2,361 |
| Recognition of operating lease right-of-use assets | (9,398) | (8,138) | (27,699) |
| Recognition of operating lease liabilities | 9,398 | 8,138 | 27,699 |
| Acquisition: | |||
| Assets acquired, net of cash received | — | 8,183 | — |
| Liabilities assumed | — | 81,790 | — |
| Cash receipts | — | (71,040) | — |
| Goodwill | — | 2,255 | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.