RBB Stock Price, News & Analysis

RBB Bancorp (NASDAQ:RBB) reported a net income of $11.0 million, or $0.58 diluted earnings per share, for Q1 2023, down from $17.6 million ($0.92 per share) in Q4 2022. The decline was attributed to increased legal and professional expenses. Deposits rose by $58.5 million (8.7% annualized), showcasing strong customer loyalty, while net interest income declined to $34.1 million due to rising interest expenses on time deposits. The company’s liquidity remains robust with a strong capital position. Nonperforming assets increased to $27.0 million, representing 0.66% of total assets, indicating a slight deterioration in asset quality. Management is restructuring to target a loan-to-deposit ratio below 100% by mid-2023. Additionally, a $0.16 cash dividend was declared, payable on May 12, 2023.

RBB Bancorp (NASDAQ:RBB) announced the appointment of Robert Franko and Scott Polakoff to its Board of Directors, effective April 20, 2023. Franko brings over 35 years of commercial banking experience, previously serving as President & CEO of First Choice Bancorp, sold to Enterprise Financial Services Corp (NASDAQ:EFSC) in July 2021. Polakoff has extensive regulatory experience, having been with the FDIC for 22 years and now serving as Executive Vice President at FinPro, Inc. Chairman Dr. James Kao expressed confidence in their ability to enhance shareholder value through their industry expertise. RBB Bancorp, a community-based financial holding company, had total assets of $3.9 billion as of December 31, 2022, serving Chinese-American communities across several states.

RBB Bancorp has declared a quarterly cash dividend of $0.16 per share, set to be paid on May 12, 2023 to shareholders of record as of May 1, 2023. The company, headquartered in Los Angeles, California, reported total assets of $3.9 billion as of December 31, 2022. RBB Bancorp operates through its primary subsidiary, Royal Business Bank, which provides comprehensive banking services to Chinese-American communities across several regions including California, Nevada, New York, New Jersey, Illinois, and Hawaii.

RBB Bancorp (NASDAQ: RBB) plans to announce its first quarter financial results for 2023 on April 24, 2023, after market close. A conference call will be held on April 25, 2023, at 11:00 AM PT to discuss these results. Interested parties can access the call by dialing 1-888-506-0062 or through a live webcast available on the company's website. RBB Bancorp operates as a community-based financial holding company with total assets amounting to $3.9 billion as of December 31, 2022. Its main subsidiary, Royal Business Bank, offers a full range of banking services primarily to Chinese-American communities across multiple locations in California, Nevada, New York, New Jersey, Illinois, and Hawaii.