RBB Bancorp

For the period ended Mar 31, 2024. Filed May 9, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 9, 2024

RBB$26.09+0.2%Stored close · as of Nov 10, 2026

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Contents

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1.	CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

** MARCH 31, 2024**** AND DECEMBER 31, 2023**

(In thousands, except share amounts)

(Unaudited)
	March 31,	December 31,
	2024	2023
Assets
Cash and due from banks	$269,243	$431,373
Interest-earning deposits in other financial institutions	600	600
Securities:
Available for sale	335,194	318,961
Held to maturity (fair value of $5,047 and $5,097 at March 31, 2024 and December 31, 2023)	5,204	5,209
Mortgage loans held for sale	3,903	1,911
Loans held for investment	3,026,887	3,031,319
Unaccreted discount on acquired loans	(921)	(970)
Deferred loan costs, net	1,395	1,512
Total loans held for investment, net of deferred loan costs and unaccreted discounts on acquired loans	3,027,361	3,031,861
Allowance for loan losses	(41,688)	(41,903)
Total loans held for investment, net	2,985,673	2,989,958
Premises and equipment, net	25,363	25,684
Federal Home Loan Bank (FHLB) stock	15,000	15,000
Net deferred tax assets	16,554	15,765
Cash surrender value of bank owned life insurance (BOLI)	59,101	58,719
Goodwill	71,498	71,498
Servicing assets	7,794	8,110
Core deposit intangibles	2,594	2,795
Right-of-use assets- operating leases	31,231	29,803
Accrued interest and other assets	49,054	50,639
Total assets	$3,878,006	$4,026,025
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing demand	$539,517	$539,621
Savings, NOW and money market accounts	642,840	632,729
Time deposits $250,000 and under	1,083,898	1,190,821
Time deposits over $250,000	762,074	811,589
Total deposits	3,028,329	3,174,760
Reserve for unfunded commitments	671	640
FHLB advances	150,000	150,000
Long-term debt, net of issuance costs	119,243	119,147
Subordinated debentures, net	14,993	14,938
Lease liabilities - operating leases	32,690	31,191
Accrued interest and other liabilities	18,094	24,089
Total liabilities	3,364,020	3,514,765
Shareholders' equity:
Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding	—	—
Common Stock - 100,000,000 shares authorized, no par value; 18,578,132 shares issued and outstanding at March 31, 2024 and 18,609,179 shares issued and outstanding at December 31, 2023	271,645	271,925
Additional paid-in capital	3,348	3,623
Retained earnings	259,903	255,152
Non-controlling interest	72	72
Accumulated other comprehensive loss, net	(20,982)	(19,512)
Total shareholders’ equity	513,986	511,260
Total liabilities and shareholders’ equity	$3,878,006	$4,026,025

CONSOLIDATED STATEMENTS OF INCOME–** (UNAUDITED)**

FOR THE THREE MONTHS ENDED MARCH 31, 2024, DECEMBER 31, 2023, AND MARCH 31, 2023

(In thousands, except per share amounts)

	Three Months Ended
	March 31, 2024	December 31, 2023	March 31, 2023
Interest and dividend income:
Interest and fees on loans	$45,547	$45,895	$49,942
Interest on interest-earning deposits	5,040	4,650	791
Interest on investment securities	3,611	3,706	2,536
Dividend income on FHLB stock	331	312	265
Interest on federal funds sold and other	266	269	217
Total interest and dividend income	54,795	54,832	53,751
Interest expense:
Interest on savings deposits, NOW and money market accounts	4,478	4,026	2,296
Interest on time deposits	23,322	22,413	13,406
Interest on long-term debt and subordinated debentures	1,679	2,284	2,539
Interest on other borrowed funds	439	440	1,409
Total interest expense	29,918	29,163	19,650
Net interest income before provision/(reversal) for credit losses	24,877	25,669	34,101
Provision/(reversal) for credit losses	—	(431)	2,014
Net interest income after provision/(reversal) for credit losses	24,877	26,100	32,087
Noninterest income:
Service charges and fees	992	972	1,023
Gain on sale of loans	312	116	29
Loan servicing fees, net of amortization	589	616	731
Increase in cash surrender value of life insurance	382	374	335
Gain/(loss) on other real estate owned	724	(57)	—
Other income	373	5,373	244
Total noninterest income	3,372	7,394	2,362
Noninterest expense:
Salaries and employee benefits	9,927	8,860	9,864
Occupancy and equipment expenses	2,443	2,387	2,398
Data processing	1,420	1,357	1,299
Legal and professional	880	1,291	3,013
Office expenses	356	349	375
Marketing and business promotion	172	241	300
Insurance and regulatory assessments	982	1,122	504
Core deposit premium	201	215	237
Other expenses	588	571	921
Total noninterest expense	16,969	16,393	18,911
Net income before income taxes	11,280	17,101	15,538
Income tax expense	3,244	5,028	4,568
Net income	$8,036	$12,073	$10,970
Net income per share
Basic	$0.43	$0.64	$0.58
Diluted	0.43	0.64	0.58
Weighted-average common shares outstanding
Basic	18,601,277	18,887,501	18,985,846
Diluted	18,666,683	18,900,351	19,049,685

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME–** (UNAUDITED)**

FOR THE THREE MONTHS ENDED MARCH 31, 2024, DECEMBER 31, 2023, AND MARCH 31, 2023

(In thousands)

	Three Months Ended
	March 31, 2024	December 31, 2023	March 31, 2023
Net income	$8,036	$12,073	$10,970
Other comprehensive (loss)/income:
Unrealized (loss)/gain on securities available for sale	(2,085)	8,987	2,577
Related income tax effect	615	(2,738)	(790)
Total other comprehensive (loss)/income	(1,470)	6,249	1,787
Total comprehensive income	$6,566	$18,322	$12,757

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’** EQUITY**–** (UNAUDITED)**

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(In thousands, except share amounts)

Common Stock · Accumulated
	Shares	Amount	Additional Paid-in Capital	Retained Earnings	Non- Controlling Interest	Other Comprehensive (Loss)/income, net	Total
Balance at January 1, 2024	18,609,179	$271,925	$3,623	$255,152	$72	$(19,512)	$511,260
Net income	—	—	—	8,036	—	—	8,036
Stock-based compensation, net	—	—	140	—	—	—	140
Restricted stock units vested	8,238	145	(209)	—	—	—	(64)
Cash dividends on common stock ($0.16 per share)	—	—	—	(2,976)	—	—	(2,976)
Stock options exercised	41,000	747	(206)	—	—	—	541
Repurchase of common stock	(80,285)	(1,172)	—	(309)	—	—	(1,481)
Other comprehensive loss, net of taxes	—	—	—	—	—	(1,470)	(1,470)
Balance at March 31, 2024	18,578,132	$271,645	$3,348	$259,903	$72	$(20,982)	$513,986
Balance at January 1, 2023	18,965,776	$276,912	$3,361	$225,883	$72	$(21,665)	$484,563
Net income	—	—	—	10,970	—	—	10,970
Stock-based compensation, net	—	—	316	—	—	—	316
Restricted stock units vested	17,974	361	(361)	—	—	—	—
Cash dividends on common stock ($0.16 per share)	—	—	—	(3,038)	—	—	(3,038)
Stock options exercised	9,153	205	(46)	—	—	—	159
Other comprehensive income, net of taxes	—	—	—	—	—	1,787	1,787
Balance at March 31, 2023	18,992,903	$277,478	$3,270	$233,815	$72	$(19,878)	$494,757

CONSOLIDATED STATEMENTS OF CASH FLOWS – (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(In thousands)

	Three Months Ended
	March 31,
	2024	2023
Operating activities
Net income	$8,036	$10,970
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization of premises and equipment	479	504
Net accretion of securities, loans, deposits, and other	(1,430)	(629)
Amortization of investment in affordable housing tax credits	301	282
Amortization of intangible assets	597	609
Amortization of right-of-use asset	1,251	1,280
Change in operating lease liabilities	(1,180)	(1,209)
Provision for credit losses	—	2,014
Stock-based compensation	140	316
Deferred tax benefit	(174)	(293)
Gain on sale of loans	(312)	(29)
Gain on sale and transfer of OREO	(724)	—
Increase in cash surrender value of life insurance	(382)	(335)
Loans originated and purchased for sale, net	(7,252)	(831)
Proceeds from loans sold	9,077	991
Other items	(3,578)	3,178
Net cash provided by operating activities	4,849	16,818
Investing activities
Securities available for sale:
Purchases	(113,293)	(87,070)
Maturities, repayments and calls	96,082	53,838
Purchase of other equity securities, net	(71)	(222)
Net increase of investment in qualified affordable housing projects	—	(24)
Net increase in loans	(674)	(6,124)
Proceeds from sales of OREO	1,573	—
Purchases of premises and equipment	(149)	(524)
Net cash used in investing activities	(16,532)	(40,126)
Financing activities
Net increase (decrease) in demand deposits and savings accounts	10,007	(124,803)
Net (decrease) increase in time deposits	(156,474)	298,145
Proceeds from FHLB advances	—	80,000
Repayments of FHLB Advances	—	(80,000)
Cash dividends paid	(2,976)	(3,038)
Restricted stock units vesting	(64)	—
Common stock repurchased, net of repurchased costs	(1,481)	—
Exercise of stock options	541	159
Net cash (used in) provided by financing activities	(150,447)	170,463
Net (decrease) increase in cash and cash equivalents	(162,130)	147,155
Cash and cash equivalents at beginning of period	431,373	83,548
Cash and cash equivalents at end of period	$269,243	$230,703
Supplemental disclosure of cash flow information
Cash paid during the period:
Interest paid	$35,300	$18,700
Taxes paid (refund)	—	(46)
Non-cash investing and financing activities:
Transfer from loans to other real estate owned	1,920	—
Loans transfer to held for sale, net	3,505	132
Additions to servicing assets	80	10
Net change in unrealized holding gain on securities available for sale	(2,085)	2,577
Recognition of operating lease right-of-use assets	(2,679)	(5,764)
Recognition of operating lease liabilities	2,679	5,764

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.