LOS ANGELES, Feb. 25, 2019 /PRNewswire/ -- RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank ("the Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company", announced that on Friday, Feb. 22, 2019, the Kroll Bond Rating Agency (KBRA) affirmed the Company's senior unsecured debt rating of BBB+, subordinated debt rating of BBB, and short-term debt rating of K2. In addition, KBRA has affirmed the deposit and senior unsecured debt ratings of A-, subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for the Bank and that the Outlook for all long-term ratings is Stable.
"We are very pleased to have our investment grade rating affirmed by the Kroll Bond Rating Agency," said Mr. Alan Thian, Chairman, President and CEO of RBB Bancorp. "We believe that this rating is an affirmation of our strong financial performance and our continued excellent asset quality and applies to our recently issued subordinated notes due 2028 which continue to be assigned an investment grade rating of BBB by KBRA. We issued $55 million of the Notes last November to be used for general corporate purposes, including providing capital to the Bank and maintaining adequate liquidity at the Company."
KBRA cited that the ratings are supported by RBB's sound capital ratios, its healthy profitability metrics and its efficient operating model. In addition, the ratings are reflective of the Company's solid asset quality metrics, conservative underwriting practices and position as a niche provider in the Chinese-American business banking market. KBRA also cited that the Company's ratings are constrained by its spread reliant revenue streams, higher than average loan-to-deposit ratio and its considerable amount of residential mortgage loans held-for-sale.
For more information regarding the announcement, the full release can be found on the KBRA website at www.krollbondratings.com/announcements/9975.
About KBRA and KBRA Europe
KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Corporate Overview
RBB Bancorp is a community-based bank holding company headquartered in Los Angeles, California. Including FAIC, the Company has total assets of approximately $2.98 billion. Its wholly-owned subsidiary, the Bank is a full service commercial bank, which provides business banking services to the Chinese-American communities in Los Angeles County, Orange County and Ventura County in California, in Las Vegas, Nevada, and now Brooklyn, Queens, and Manhattan in New York. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, automobile lending, trade finance, a full range of depository account products and wealth management services. The Bank has ten branches in Los Angeles County, two branches in Ventura County, one branch in Irvine, California, one branch in Las Vegas, Nevada, and eight branches and two loan offices in Brooklyn, Queens and Manhattan in New York. The Company's administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its finance and operations center is located at 7025 Orangethorpe Avenue, Buena Park, California 90621. The Company's website address is www.royalbusinessbankusa.com.
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SOURCE RBB Bancorp
Yee Phong (Alan) Thian, Chairman, President and CEO, (213) 627-9888; David Morris, Executive Vice President and CFO, (714) 670-2488
