RBB Stock Price, News & Analysis

RBB Bancorp (NASDAQ:RBB) announced the termination of the Consent Order issued by the FDIC and DFPI on October 25, 2023. The order was lifted on August 21, 2024, following the successful resolution of deficiencies in the Bank's Anti-Money Laundering/Countering the Financing of Terrorism (BSA/CFT) compliance program. CEO David Morris expressed satisfaction with the resolution and thanked the team for their efforts in strengthening the BSA/CFT program.

As of June 30, 2024, RBB Bancorp had total assets of $3.9 billion. The company operates through its subsidiary, Royal Business Bank, providing various banking services to predominantly Asian communities across multiple states, including California, Nevada, New York, New Jersey, Illinois, and Hawaii.

RBB Bancorp (NASDAQ:RBB) reported Q2 2024 net income of $7.2 million, or $0.39 diluted EPS, compared to $8.0 million, or $0.43 diluted EPS in Q1 2024. Net interest margin decreased from 2.69% to 2.67%, with net interest income dropping by $912,000 to $24.0 million. Noninterest income rose by $116,000 to $3.5 million, while noninterest expense increased by $155,000 to $17.1 million. The company recorded a $557,000 provision for credit losses, up from no provision in Q1 2024.

Loan growth was seen at $20 million, with a rise in nonperforming loans to $54.6 million. Total assets were $3.9 billion, a slight decrease from $3.91 billion in Q1 2024. Shareholder equity was $511.3 million, with book value per share rising to $28.12. The board declared a $0.16 per share dividend payable on August 12, 2024. RBB repurchased 448,190 shares for $8.1 million.

RBB Bancorp (NASDAQ: RBB) has announced a quarterly cash dividend of $0.16 per common share, payable on August 12, 2024, to shareholders of record as of July 31, 2024. RBB Bancorp is a bank holding company headquartered in Los Angeles, with total assets of $3.9 billion as of March 31, 2024. Its subsidiary, Royal Business Bank, provides business banking services primarily to Asian communities across California, Nevada, New York, New Jersey, Illinois, and Hawaii. The bank offers a range of services including remote deposit, E-banking, mobile banking, various loan products, and wealth management services. RBB Bancorp operates through a network of branches across these states, with administrative and lending centers in Los Angeles and Buena Park, California.

RBB Bancorp (NASDAQ: RBB) will release its Q2 2024 financial results on July 22, 2024, after market close.

Management will discuss the results during a conference call on July 23, 2024, at 11:00 a.m. PT/2:00 p.m. ET.

Interested parties can join the call by dialing 1-888-506-0062 (passcode 723739) or listen to the live webcast on the company's website.

A replay will be available until August 6, 2024.

RBB Bancorp, headquartered in Los Angeles, CA, had $3.9 billion in assets as of March 31, 2024, and provides various banking services through its subsidiary, Royal Business Bank, across multiple U.S. locations.

RBB Bancorp has appointed Diana Hanson as Senior Vice President and Chief Accounting Officer, effective June 17, 2024. Hanson brings over 30 years of financial services experience, having held key roles at institutions like Banc of California, First Choice Bancorp, and Pacific Western Bank. As a CPA with a background in financial reporting, accounting operations, and internal controls, Hanson aims to contribute significantly to RBB's growth and shareholder value. RBB Bancorp services the Asian communities across several states, boasting assets of $3.9 billion as of March 31, 2024.

RBB Bancorp (NASDAQ:RBB) announced the appointment of Christina Kao as the new Chair of the Board effective May 15, 2024. She succeeds Dr. James Kao, who will now head the Enterprise Risk Committee. Christina Kao has been a director since 2019 and has chaired multiple committees, contributing to improved governance and strategic objectives. The company, headquartered in Los Angeles, serves various communities across the U.S., primarily Asian communities. As of March 31, 2024, RBB Bancorp had total assets of $3.9 billion.