RBB Bancorp
For the period ended Mar 31, 2025. Filed May 12, 2025.
View on SEC.govAbout 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, 2025 · Filed May 12, 2025
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 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| ITEM 1. | CONSOLIDATED FINANCIAL STATEMENTS |
|---|
CONSOLIDATED BALANCE SHEETS
| (Unaudited) | ||
|---|---|---|
| March 31, | December 31, | |
| 2025 | 2024 | |
| Assets | ||
| Cash and due from banks | $25,315 | $27,747 |
| Interest-earning deposits with financial institutions | 213,508 | 229,998 |
| Cash and cash equivalents | 238,823 | 257,745 |
| Interest-earning time deposits in other financial institutions | 600 | 600 |
| Securities: | ||
| Available for sale | 378,188 | 420,190 |
| Held to maturity (fair value of $4,920 and $4,948 at March 31, 2025 and December 31, 2024) | 5,188 | 5,191 |
| Mortgage loans held for sale | 655 | 11,250 |
| Loans held for investment | 3,143,063 | 3,053,230 |
| Allowance for loan losses | (51,932) | (47,729) |
| Loans held for investment, net of allowance for loan losses | 3,091,131 | 3,005,501 |
| Premises and equipment, net | 24,308 | 24,601 |
| Federal Home Loan Bank (FHLB) stock | 15,000 | 15,000 |
| Net deferred tax assets | 19,106 | 19,055 |
| Cash surrender value of bank owned life insurance (BOLI) | 60,699 | 60,296 |
| Goodwill | 71,498 | 71,498 |
| Servicing assets | 6,766 | 6,985 |
| Core deposit intangibles | 1,839 | 2,011 |
| Right-of-use assets - operating leases | 26,779 | 28,048 |
| Accrued interest and other assets | 68,820 | 64,506 |
| Total assets | $4,009,400 | $3,992,477 |
| Liabilities and Shareholders’ Equity | ||
| Deposits: | ||
| Noninterest-bearing demand | $528,205 | $563,012 |
| Savings, NOW and money market accounts | 721,216 | 663,034 |
| Time deposits $250,000 and under | 1,000,106 | 1,007,452 |
| Time deposits over $250,000 | 893,101 | 850,291 |
| Total deposits | 3,142,628 | 3,083,789 |
| FHLB advances | 160,000 | 200,000 |
| Long-term debt, net of issuance costs | 119,624 | 119,529 |
| Subordinated debentures, net | 15,211 | 15,156 |
| Lease liabilities - operating leases | 28,483 | 29,705 |
| Accrued interest and other liabilities | 33,148 | 36,421 |
| Total liabilities | 3,499,094 | 3,484,600 |
| Shareholders' equity: | ||
| Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding | — | — |
| Common Stock - 100,000,000 shares authorized, no par value; 17,738,628 shares issued and outstanding at March 31, 2025 and 17,720,416 shares issued and outstanding at December 31, 2024 | 260,284 | 259,957 |
| Additional paid-in capital | 3,360 | 3,645 |
| Retained earnings | 263,885 | 264,460 |
| Non-controlling interest | 72 | 72 |
| Accumulated other comprehensive loss, net | (17,295) | (20,257) |
| Total shareholders’ equity | 510,306 | 507,877 |
| Total liabilities and shareholders’ equity | $4,009,400 | $3,992,477 |
CONSOLIDATED STATEMENTS OF INCOME–** (UNAUDITED)**
| Three Months Ended | |||
|---|---|---|---|
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |
| Interest and dividend income: | |||
| Interest and fees on loans | $45,621 | $46,374 | $45,547 |
| Interest on interest-earning deposits | 2,014 | 3,641 | 5,040 |
| Interest on investment securities | 4,136 | 3,962 | 3,611 |
| Dividend income on FHLB stock | 330 | 330 | 331 |
| Interest on federal funds sold and other | 235 | 248 | 266 |
| Total interest and dividend income | 52,336 | 54,555 | 54,795 |
| Interest expense: | |||
| Interest on savings deposits, NOW and money market accounts | 4,468 | 4,671 | 4,478 |
| Interest on time deposits | 19,084 | 21,361 | 23,322 |
| Interest on long-term debt and subordinated debentures | 1,632 | 1,660 | 1,679 |
| Interest on FHLB advances | 989 | 886 | 439 |
| Total interest expense | 26,173 | 28,578 | 29,918 |
| Net interest income before provision for credit losses | 26,163 | 25,977 | 24,877 |
| Provision for credit losses | 6,746 | 6,000 | — |
| Net interest income after provision for credit losses | 19,417 | 19,977 | 24,877 |
| Noninterest income: | |||
| Service charges and fees | 1,017 | 988 | 992 |
| Gain on sale of loans | 81 | 376 | 312 |
| Loan servicing income, net of amortization | 588 | 492 | 589 |
| Increase in cash surrender value of life insurance | 403 | 407 | 382 |
| Gain on other real estate owned | — | — | 724 |
| Other income | 206 | 466 | 373 |
| Total noninterest income | 2,295 | 2,729 | 3,372 |
| Noninterest expense: | |||
| Salaries and employee benefits | 10,643 | 9,927 | 9,927 |
| Occupancy and equipment expenses | 2,407 | 2,403 | 2,443 |
| Data processing | 1,602 | 1,499 | 1,420 |
| Legal and professional | 1,515 | 1,355 | 880 |
| Office expenses | 408 | 399 | 356 |
| Marketing and business promotion | 197 | 251 | 172 |
| Insurance and regulatory assessments | 730 | 677 | 982 |
| Core deposit intangible | 172 | 182 | 201 |
| Other expenses | 848 | 956 | 588 |
| Total noninterest expense | 18,522 | 17,649 | 16,969 |
| Net income before income taxes | 3,190 | 5,057 | 11,280 |
| Income tax expense | 900 | 672 | 3,244 |
| Net income | $2,290 | $4,385 | $8,036 |
| Net income per share | |||
| Basic | $0.13 | $0.25 | $0.43 |
| Diluted | $0.13 | $0.25 | $0.43 |
| Weighted-average common shares outstanding | |||
| Basic | 17,727,712 | 17,704,992 | 18,601,277 |
| Diluted | 17,770,588 | 17,796,840 | 18,666,683 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME–** (UNAUDITED)**
(In thousands)
| Three Months Ended | |||
|---|---|---|---|
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |
| Net income | $2,290 | $4,385 | $8,036 |
| Other comprehensive income/(loss): | |||
| Unrealized gain/(loss) on securities available for sale | 4,272 | (6,011) | (2,085) |
| Related income tax effect | (1,310) | 1,845 | 615 |
| Total other comprehensive income/(loss) | 2,962 | (4,166) | (1,470) |
| Total comprehensive income | $5,252 | $219 | $6,566 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’** EQUITY**–** (UNAUDITED)**
| Common Stock · Accumulated | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amount | Additional Paid-in Capital | Retained Earnings | Non- Controlling Interest | Other Comprehensive Loss, net | Total | |
| Balance at January 1, 2025 | 17,720,416 | $259,957 | $3,645 | $264,460 | $72 | $(20,257) | $507,877 |
| Net income | — | — | — | 2,290 | — | — | 2,290 |
| Stock-based compensation, net | — | — | 255 | — | — | — | 255 |
| Restricted stock units vested | 18,212 | 327 | (540) | — | — | — | (213) |
| Cash dividends on common stock ($0.16 per share) | — | — | — | (2,865) | — | — | (2,865) |
| Other comprehensive income, net of taxes | — | — | — | — | — | 2,962 | 2,962 |
| Balance at March 31, 2025 | 17,738,628 | $260,284 | $3,360 | $263,885 | $72 | $(17,295) | $510,306 |
| 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 |
CONSOLIDATED STATEMENTS OF CASH FLOWS – (UNAUDITED)
(In thousands)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2025 | 2024 | |
| Operating activities | ||
| Net income | $2,290 | $8,036 |
| Adjustments to reconcile net income to net cash from operating activities: | ||
| Depreciation and amortization of premises and equipment | 477 | 479 |
| Net accretion of securities, loans, deposits, and other | (857) | (1,430) |
| Amortization of investment in affordable housing tax credits | 419 | 301 |
| Amortization of intangible assets | 458 | 597 |
| Amortization of right-of-use asset | 1,269 | 1,251 |
| Change in operating lease liabilities | (1,222) | (1,180) |
| Provision for credit losses | 6,746 | — |
| Stock-based compensation | 255 | 140 |
| Deferred tax benefit | (1,362) | (174) |
| Gain on sale of loans | (81) | (312) |
| Gain on sale and transfer of OREO | — | (724) |
| Increase in cash surrender value of life insurance | (403) | (382) |
| Loans originated and purchased for sale, net | (997) | (7,252) |
| Proceeds from loans held for sale | 4,405 | 9,077 |
| Other items | (3,624) | (3,578) |
| Net cash provided by operating activities | 7,773 | 4,849 |
| Investing activities | ||
| Securities available for sale: | ||
| Purchases | (42,382) | (113,293) |
| Maturities, repayments and calls | 89,259 | 96,082 |
| Net increase in other equity securities | (60) | (71) |
| Net increase of investment in qualified affordable housing projects | (55) | — |
| Net increase in loans | (110,430) | (674) |
| Proceeds from sales of loans originally classified as HFI | 13,890 | — |
| Proceeds from sales of OREO | 7,526 | 1,573 |
| Purchases of premises and equipment | (180) | (149) |
| Net cash used in investing activities | (42,432) | (16,532) |
| Financing activities | ||
| Net increase in demand deposits and savings accounts | 23,375 | 10,007 |
| Net increase (decrease) in time deposits | 35,440 | (156,474) |
| Proceeds from FHLB advances | 110,000 | — |
| Repayments of FHLB Advances | (150,000) | — |
| Cash dividends paid | (2,865) | (2,976) |
| Restricted stock units vesting | (213) | (64) |
| Common stock repurchased, net of repurchase costs | — | (1,481) |
| Exercise of stock options | — | 541 |
| Net cash provided by (used in) financing activities | 15,737 | (150,447) |
| Net decrease in cash and cash equivalents | (18,922) | (162,130) |
| Cash and cash equivalents at beginning of period | 257,745 | 431,373 |
| Cash and cash equivalents at end of period | $238,823 | $269,243 |
| Supplemental disclosure of cash flow information | ||
| Cash paid during the period: | ||
| Interest paid | $28,646 | $35,300 |
| Taxes paid | 740 | — |
| Non-cash investing and financing activities: | ||
| Transfer from loans to other real estate owned | 11,696 | 1,920 |
| Loans transferred to held for sale, net | 6,621 | 3,505 |
| Additions to servicing assets | 67 | 80 |
| Recognition of operating lease right-of-use assets | — | (2,679) |
| Recognition of operating lease liabilities | — | 2,679 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.