Skip to Content

Press Release

RBB Bancorp Reports First Quarter Earnings for 2022

April 25, 2022 at 4:05 PM EDT

Conference Call and Webcast Scheduled for Tuesday, April 26, 2022 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time

First Quarter 2022 Highlights

  • Net income of $14.6 million, or $0.74 diluted earnings per share, decreased $1.1 million, or 6.9%, from the prior quarter and increased $2.2 million, or 17.4%, from the first quarter of 2021
  • Loans grew by $72.7 million, or 10.0% annualized, from the end of the prior quarter
  • Increased quarterly dividend by 7.7% from last year to $0.14 per share

LOS ANGELES--(BUSINESS WIRE)--Apr. 25, 2022-- 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 financial results for the quarter ended March 31, 2022.

The Company reported net income of $14.6 million, or $0.74 diluted earnings per share, for the three months ended March 31, 2022, compared to net income of $15.7 million, or $0.79 diluted earnings per share, and $12.5 million, or $ 0.63 diluted earnings per share, for the three months ended December 31, 2021 and March 31, 2021, respectively.

“Royal Business Bank had a great start to the year as loans held for investment topped $3 billion for the first time, average non-interest bearing deposits increased by 10%, and net interest income grew. As expected, expenses increased due primarily to compensation-related costs, but we expect them to decline next quarter,” said David Morris, Interim President and CEO of RBB Bancorp. “Importantly, despite the recent personnel announcements, our strategy remains intact and continues to be an effective driver of shareholder value. I appreciate the support the Board has given me and look forward to working with the rest of the RBB team to drive the bank forward.”

"RBB’s first quarter results demonstrated the strength of the franchise and its ability to generate attractive returns," said Dr. James Kao, Chairman of RBB Bancorp. “The Board appreciates David’s leadership over the last few months and has complete confidence in his ability to effectively lead the bank.”

Key Performance Ratios

Net income of $14.6 million for the first quarter of 2022 produced an annualized return on average assets ("ROA") of 1.39%, an annualized return on average tangible common shareholders' equity ("ROTCE") of 14.91%, and an annualized return on average shareholders' equity ("ROE") of 12.59%. This compares to an annualized return on average assets of 1.52%, an annualized return on average tangible common shareholders' equity of 15.98%, and an annualized return on average shareholders' equity of 13.45% for the fourth quarter of 2021. The efficiency ratio for the first quarter of 2022 was 42.90%, compared to 36.56% for the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income, before provision for loan losses, was $34.5 million for the first quarter of 2022, compared to $33.2 million for the fourth quarter of 2021. The $1.3 million increase was primarily attributable to higher interest income due to a $167.7 million increase in average earning assets, partially offset by a $43.0 million increase in average interest-bearing liabilities. Accretion of purchase discounts from prior acquisitions contributed $246,000 to net interest income in the first quarter of 2022, compared to $192,000 in the fourth quarter of 2021.

Compared to the first quarter of 2021, net interest income, before provision for loan losses, increased $5.0 million from $29.5 million. The increase was primarily attributable to an $806.9 million increase in average earning assets, partially offset by a $141.1 million increase in average interest-bearing liabilities. The increases in average earning assets and total deposits were primarily due to increased loan and deposit originations.

Net interest margin was 3.49% for the first quarter of 2022, an increase of 6 basis points from 3.43% in the fourth quarter of 2021. Loan discount accretion contributed 2 basis points to the net interest margin in the first quarter of 2022, compared to 2 basis points in the fourth quarter of 2021.

Noninterest Income

Noninterest income was $2.9 million for the first quarter of 2022, a decrease of $212,000 from $3.2 million in the fourth quarter of 2021. The decrease was primarily driven by a $614,000 decrease in gain on sale of loans, partially offset by a $174,000 increase in loan servicing fees and a $169,000 increase in gain on derivatives during the quarter.

The Company sold $26.9 million in FNMA qualified mortgage loans for a net gain of $711,000 and sold no non-qualified mortgage loans during the first quarter of 2022. This compared to $37.7 million in FNMA qualified mortgage loans sold for a net gain of $1.4 million and no non-qualified mortgage loans during the fourth quarter of 2021. The Company sold $8.3 million in SBA loans during the first quarter of 2022 for a net gain of $463,000, compared to $5.5 million SBA loans sold for a net gain of $436,000 during the fourth quarter of 2021.

Compared to the first quarter of 2021, noninterest income decreased by $3.0 million from $5.9 million. The decrease was primarily attributable to a decrease of $2.7 million in gain on sale of loans and a decrease of $294,000 in service charges, fees and other, partially offset by a $333,000 increase in loss on derivatives.

Noninterest Expense

Noninterest expense for the first quarter of 2022 was $16.1 million, compared to $13.3 million for the fourth quarter of 2021. The $2.8 million increase was primarily attributable to a $2.6 million increase in salaries and benefit expenses. In December 2021, we reversed approximately $2 million in bonus accrual for employees and $260,000 in director compensation (in other expenses) as a result of the change to paying executive bonuses and directors bonuses in restricted stock units. In additional there was a $420,000 increase in data processing related expenses, partially offset by $680,000 decrease in legal and professional expense.

Noninterest expense increased from $15.8 million in the first quarter of 2021. The $269,000 increase was primarily due to a $201,000 increase in legal and professional expenses and a $123,000 increase in marketing and business promotion expenses, partially offset by a $182,000 decrease in data processing expenses.

Income Taxes

The effective tax rate was 30.4% for the first quarter of 2022, 30.0% for the fourth quarter of 2021, and 31.1% for the first quarter of 2021. The Company recognized a tax benefit from stock option exercises of $23,000, $215,000 and $56,000 for the first quarter of 2022, the fourth quarter of 2021, and the first quarter of 2021, respectively.

Loan Portfolio

Loans held for investment, net of deferred fees and discounts, totaled $3.01 billion as of March 31, 2022, an increase of $75.1 million from December 31, 2021, and an increase of $291.3 million from March 31, 2021. The increase from the prior quarter was primarily due to a $60.0 million increase in single-family residential mortgages and a $43.6 million increase in construction & land development loans, partially offset by a $30.0 million decrease in commercial real estate loans. The increase from March 31, 2021 was primarily due to a $154.9 million increase in commercial real estate loans and a $137.0 million increase in construction & land development loans.

During the first quarter of 2022, single-family residential mortgage production was $132.6 million while net payoffs and paydowns were $48.1 million. During the fourth quarter of 2021, single-family residential mortgage production was $137.7 million while payoffs and paydowns were $79.5 million.

Mortgage loans held for sale were $3.6 million as of March 31, 2022, a decrease of $2.4 million from $6.0 million at December 31, 2021 and a decrease of $34.1 million from $37.7 million as of March 31, 2021. The Company originated approximately $23.4 million in FNMA mortgage loans for sale for the first quarter of 2022, compared with $18.2 million during the prior quarter.

In the first quarter of 2022, SBA loan production was $11.9 million and total SBA loan sales were $8.3 million.

Deposits

Deposits were $3.2 billion at March 31, 2022, there was a decrease of $217.3 million compared to December 31, 2021, and an increase of $347.0 million from March 31, 2021. During the first quarter of 2022, noninterest-bearing deposits decreased by $131.8 million, interest-bearing non-maturity deposits decreased by $42.6 million, and time deposits decreased by $42.9 million. Noninterest-bearing deposits decreased due to business fluctuations. As of March 31, 2022, there were no brokered CDs, as compared to $2.4 million brokered CDs as of December 31, 2021 and $17.4 million brokered CDs as of March 31, 2021. Compared to March 31, 2021, total deposits increased by $347.0 million, which included a $372.3 million increase in noninterest bearing deposits, partially offset by a $25.3 million decrease in interest-bearing deposits.

Asset Quality

Nonperforming assets totaled $21.0 million, or 0.52% of total assets at March 31, 2022, compared to $21.0 million, or 0.50% of total assets at December 31, 2021. Nonperforming assets consist of other real estate owned, loans modified under troubled debt restructurings (“TDR”), non-accrual loans, and loans past due 90 days or more and still accruing interest.

In the first quarter of 2022, there were $14,000 in net recoveries, compared to net recoveries of $46,000 in the fourth quarter of 2021.

The Company recorded a provision for credit losses of $366,000 for the first quarter of 2022 which was primarily attributable to loan growth and was a decrease from $635,000 in the prior quarter.

The allowance for loan losses totaled $33.3 million, or 1.11% of loans held for investment at March 31, 2022, compared with $32.9 million, or 1.12%, of total loans at December 31, 2021.

As of March 31, 2022, 14 SBA Paycheck Protection Program ("PPP") loans totaling $2.5 million were outstanding. Presently none of our SBA customers are on a payment deferral plan due to the COVID-19 pandemic.

As of April 15, 2022, the Company had no loans on COVID-19-related deferral.

During the first quarter of 2022, the Company repurchased 233,337 common shares at a weighted average price of $24.58.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2022, the company had total assets of $4.0 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, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. 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 nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, two branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. 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 Ave., Buena Park, California 90621. The Company's website address is www.royalbusinessbankusa.com.

Conference Call

Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time tomorrow, April 26, 2022, to discuss the Company’s first quarter 2022 financial results.

To listen to the conference call, please dial 1-866-831-8713 or 1-203-518-9822, conference ID RBBQ122. A replay of the call will be made available at 1-877-856-8966 or 1-402-220-1610 (no passcode required) approximately one hour after the conclusion of the call and will remain available through May 3, 2022.

The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

Disclosure

This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, local, regional, national and international economic and market conditions and events and the impact they may have on us, our customers and our assets and liabilities; our ability to attract deposits and other sources of funding or liquidity; supply and demand for real estate and periodic deterioration in real estate prices and/or values in California or other states where we lend, including both residential and commercial real estate; a prolonged slowdown or decline in real estate construction, sales or leasing activities; changes in the financial performance and/or condition of our borrowers, depositors or key vendors or counterparties; changes in our levels of delinquent loans, nonperforming assets, allowance for loan losses and charge-offs; expectations regarding the impact of the COVID-19 pandemic; the costs or effects of acquisitions or dispositions we may make, whether we are able to obtain any required governmental or shareholder approvals in connection with any such acquisitions or dispositions, and/or our ability to realize the contemplated financial or business benefits associated with any such acquisitions or dispositions; the effect of changes in laws, regulations and applicable judicial decisions (including laws, regulations and judicial decisions concerning financial reforms, taxes, banking capital levels, consumer, commercial or secured lending, securities and securities trading and hedging, compliance, employment, executive compensation, insurance, vendor management and information security) with which we and our subsidiaries must comply or believe we should comply; changes in estimates of future reserve requirements and minimum capital requirements based upon the periodic review thereof under relevant regulatory and accounting requirements, including changes in the Basel Committee framework establishing capital standards for credit, operations and market risk; inflation, interest rate, securities market and monetary fluctuations; changes in government interest rates or monetary policies; changes in the amount and availability of deposit insurance; cyber-security threats, including loss of system functionality or theft or loss of Company or customer data or money; political instability; acts of war or terrorism, or natural disasters, such as earthquakes, drought, or the effects of pandemic diseases; the timely development and acceptance of new banking products and services and the perceived overall value of these products and services by our customers and potential customers; the Company’s relationships with and reliance upon vendors with respect to the operation of certain of the Company’s key internal and external systems and applications; changes in commercial or consumer spending, borrowing and savings preferences or behaviors; technological changes and the expanding use of technology in banking (including the adoption of mobile banking and funds transfer applications); the ability to retain and increase market share, retain and grow customers and control expenses; changes in the competitive and regulatory environment among financial and bank holding companies, banks and other financial service providers; volatility in the credit and equity markets and its effect on the general economy or local or regional business conditions; fluctuations in the price of the Company’s common stock or other securities; and the resulting impact on the Company’s ability to raise capital or make acquisitions, the effect of changes in accounting policies and practices, as may be adopted from time-to-time by our regulatory agencies, as well as by the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard-setters, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments”, commonly referenced as the Current Expected Credit Loss (“CECL”) model, which will change how we estimate credit losses and may increase the required level of our allowance for credit losses after adoption; changes in our organization, management, compensation and benefit plans, and our ability to retain or expand our workforce, management team and/or our board of directors; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (such as securities, consumer or employee class action litigation), regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations or reviews; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California DFPI (formerly DBO); our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K/A and Form 10-K for the year ended December 31, 2021, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

RBB BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, except for December 31, 2021)

(Dollars in thousands)

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

149,767

 

 

$

501,372

 

 

$

206,927

 

 

$

493,653

 

 

$

362,930

 

Federal funds sold and other cash equivalents

 

 

200,000

 

 

 

193,000

 

 

 

170,000

 

 

 

110,000

 

 

 

57,000

 

Total cash and cash equivalents

 

 

349,767

 

 

 

694,372

 

 

 

376,927

 

 

 

603,653

 

 

 

419,930

 

Interest-bearing deposits in other financial institutions

 

 

600

 

 

 

600

 

 

 

600

 

 

 

600

 

 

 

600

 

Investment securities available for sale

 

 

420,448

 

 

 

368,260

 

 

 

345,000

 

 

 

339,568

 

 

 

281,582

 

Investment securities held to maturity

 

 

6,246

 

 

 

6,252

 

 

 

6,258

 

 

 

6,664

 

 

 

6,668

 

Mortgage loans held for sale

 

 

3,572

 

 

 

5,957

 

 

 

15,188

 

 

 

9,246

 

 

 

37,675

 

Loans held for investment

 

 

3,006,484

 

 

 

2,931,350

 

 

 

2,840,354

 

 

 

2,709,206

 

 

 

2,715,205

 

Allowance for loan losses

 

 

(33,292

)

 

 

(32,912

)

 

 

(32,231

)

 

 

(31,352

)

 

 

(30,795

)

Net loans held for investment

 

 

2,973,192

 

 

 

2,898,438

 

 

 

2,808,123

 

 

 

2,677,854

 

 

 

2,684,410

 

Premises and equipment, net

 

 

27,455

 

 

 

27,199

 

 

 

27,157

 

 

 

27,039

 

 

 

27,093

 

Federal Home Loan Bank (FHLB) stock

 

 

15,000

 

 

 

15,000

 

 

 

15,000

 

 

 

15,000

 

 

 

15,641

 

Cash surrender value of life insurance

 

 

56,313

 

 

 

55,988

 

 

 

55,656

 

 

 

55,325

 

 

 

35,308

 

Goodwill

 

 

71,498

 

 

 

69,243

 

 

 

69,243

 

 

 

69,243

 

 

 

69,243

 

Servicing assets

 

 

11,048

 

 

 

11,517

 

 

 

12,141

 

 

 

12,558

 

 

 

13,264

 

Core deposit intangibles

 

 

4,525

 

 

 

4,075

 

 

 

4,327

 

 

 

4,608

 

 

 

4,895

 

Right-of-use assets- operating leases

 

 

22,451

 

 

 

22,454

 

 

 

23,735

 

 

 

25,050

 

 

 

25,500

 

Accrued interest and other assets

 

 

51,454

 

 

 

48,839

 

 

 

42,452

 

 

 

44,230

 

 

 

42,490

 

Total assets

 

$

4,013,569

 

 

$

4,228,194

 

 

$

3,801,807

 

 

$

3,890,638

 

 

$

3,664,299

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

 

$

1,159,703

 

 

$

1,291,484

 

 

$

824,771

 

 

$

940,041

 

 

$

787,439

 

Savings, NOW and money market accounts

 

 

885,050

 

 

 

927,609

 

 

 

931,517

 

 

 

858,597

 

 

 

791,486

 

Time deposits, less than $250,000

 

 

570,274

 

 

 

587,940

 

 

 

614,146

 

 

 

658,393

 

 

 

649,190

 

Time deposits, greater than or equal to $250,000

 

 

553,226

 

 

 

578,499

 

 

 

597,379

 

 

 

612,894

 

 

 

593,178

 

Total deposits

 

 

3,168,253

 

 

 

3,385,532

 

 

 

2,967,813

 

 

 

3,069,925

 

 

 

2,821,293

 

Reserve for unfunded commitments

 

 

1,186

 

 

 

1,203

 

 

 

1,304

 

 

 

1,216

 

 

 

1,320

 

FHLB advances

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

 

 

150,000

 

Long-term debt, net of debt issuance costs

 

 

173,152

 

 

 

173,007

 

 

 

172,862

 

 

 

172,718

 

 

 

172,581

 

Subordinated debentures

 

 

14,556

 

 

 

14,502

 

 

 

14,447

 

 

 

14,393

 

 

 

14,338

 

Lease liabilities - operating leases

 

 

23,314

 

 

 

23,282

 

 

 

24,524

 

 

 

25,798

 

 

 

26,199

 

Accrued interest and other liabilities

 

 

18,283

 

 

 

13,985

 

 

 

14,833

 

 

 

14,263

 

 

 

42,900

 

Total liabilities

 

 

3,548,744

 

 

 

3,761,511

 

 

 

3,345,783

 

 

 

3,448,313

 

 

 

3,228,631

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholder's equity

 

 

475,077

 

 

 

468,267

 

 

 

456,490

 

 

 

442,086

 

 

 

435,746

 

Non-controlling interest

 

 

72

 

 

 

72

 

 

 

72

 

 

 

72

 

 

 

72

 

Accumulated other comprehensive (loss) income - Net of tax

 

 

(10,324

)

 

 

(1,656

)

 

 

(538

)

 

 

167

 

 

 

(150

)

Total shareholders' equity

 

 

464,825

 

 

 

466,683

 

 

 

456,024

 

 

 

442,325

 

 

 

435,668

 

Total liabilities and shareholders’ equity

 

$

4,013,569

 

 

$

4,228,194

 

 

$

3,801,807

 

 

$

3,890,638

 

 

$

3,664,299

 

RBB BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

For the Three Months Ended

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

March 31, 2021

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

37,886

 

 

$

36,783

 

 

$

34,516

 

Interest on interest-bearing deposits

 

 

171

 

 

 

160

 

 

 

48

 

Interest on investment securities

 

 

1,007

 

 

 

1,069

 

 

 

627

 

Dividend income on FHLB stock

 

 

227

 

 

 

227

 

 

 

192

 

Interest on federal funds sold and other

 

 

275

 

 

 

205

 

 

 

157

 

Total interest income

 

 

39,566

 

 

 

38,444

 

 

 

35,540

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on savings deposits, NOW and money market accounts

 

 

718

 

 

 

683

 

 

 

698

 

Interest on time deposits

 

 

1,574

 

 

 

1,748

 

 

 

2,964

 

Interest on subordinated debentures and long term debt

 

 

2,348

 

 

 

2,343

 

 

 

1,958

 

Interest on other borrowed funds

 

 

435

 

 

 

445

 

 

 

435

 

Total interest expense

 

 

5,075

 

 

 

5,219

 

 

 

6,055

 

Net interest income before provision for loan losses

 

 

34,491

 

 

 

33,225

 

 

 

29,485

 

Provision for loan losses

 

 

366

 

 

 

635

 

 

 

1,500

 

Net interest income after provision for loan losses

 

 

34,125

 

 

 

32,590

 

 

 

27,985

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges, fees and other

 

 

1,121

 

 

 

1,355

 

 

 

1,415

 

Gain on sale of loans

 

 

1,174

 

 

 

1,788

 

 

 

3,841

 

Loan servicing fees, net of amortization

 

 

432

 

 

 

258

 

 

 

246

 

Unrealized (loss) on equity investments

 

 

 

 

 

(300

)

 

 

(20

)

(Loss) gain on derivatives

 

 

(108

)

 

 

(277

)

 

 

225

 

Increase in cash surrender value of life insurance

 

 

325

 

 

 

332

 

 

 

187

 

Total noninterest income

 

 

2,944

 

 

 

3,156

 

 

 

5,894

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,369

 

 

 

6,812

 

 

 

9,242

 

Occupancy and equipment expenses

 

 

2,206

 

 

 

2,125

 

 

 

2,242

 

Data processing

 

 

1,258

 

 

 

838

 

 

 

1,440

 

Legal and professional

 

 

1,006

 

 

 

1,686

 

 

 

805

 

Office expenses

 

 

293

 

 

 

359

 

 

 

255

 

Marketing and business promotion

 

 

307

 

 

 

418

 

 

 

184

 

Insurance and regulatory assessments

 

 

441

 

 

 

475

 

 

 

348

 

Core deposit premium

 

 

279

 

 

 

252

 

 

 

301

 

OREO expenses

 

 

8

 

 

 

4

 

 

 

5

 

Merger expenses

 

 

37

 

 

 

38

 

 

 

42

 

Other expenses

 

 

857

 

 

 

293

 

 

 

928

 

Total noninterest expense

 

 

16,061

 

 

 

13,300

 

 

 

15,792

 

Income before income taxes

 

 

21,008

 

 

 

22,446

 

 

 

18,087

 

Income tax expense

 

 

6,391

 

 

 

6,740

 

 

 

5,631

 

Net income

 

$

14,617

 

 

$

15,706

 

 

$

12,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.75

 

 

$

0.81

 

 

$

0.64

 

Diluted

 

$

0.74

 

 

$

0.79

 

 

$

0.63

 

Cash Dividends declared per common share

 

$

0.14

 

 

$

0.13

 

 

$

0.12

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

19,377,407

 

 

 

19,444,148

 

 

 

19,475,814

 

Diluted

 

 

19,799,323

 

 

 

19,851,202

 

 

 

19,812,841

 

 

 

RBB BANCORP AND SUBSIDIARIES

AVERAGE BALANCE SHEET AND NET INTEREST INCOME

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

For the three months ended

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

March 31, 2021

 

 

 

Average

 

 

Interest

 

 

Yield /

 

 

Average

 

 

Interest

 

 

Yield /

 

 

Average

 

 

Interest

 

 

Yield /

 

(tax-equivalent basis, dollars in thousands)

 

Balance

 

 

& Fees

 

 

Rate

 

 

Balance

 

 

& Fees

 

 

Rate

 

 

Balance

 

 

& Fees

 

 

Rate

 

Earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds sold, cash equivalents & other (1)

 

$

628,634

 

 

$

673

 

 

 

0.43

%

 

$

587,980

 

 

$

592

 

 

 

0.40

%

 

$

215,230

 

 

$

397

 

 

 

0.75

%

Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale (2)

 

 

392,858

 

 

 

974

 

 

 

1.01

%

 

 

376,601

 

 

 

1,037

 

 

 

1.09

%

 

 

239,768

 

 

 

571

 

 

 

0.97

%

Held to maturity (2)

 

 

6,250

 

 

 

57

 

 

 

3.70

%

 

 

6,256

 

 

 

56

 

 

 

3.55

%

 

 

7,000

 

 

 

64

 

 

 

3.71

%

Mortgage loans held for sale

 

 

3,652

 

 

 

43

 

 

 

4.78

%

 

 

3,721

 

 

 

40

 

 

 

4.26

%

 

 

54,021

 

 

 

411

 

 

 

3.09

%

Loans held for investment: (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate

 

 

2,602,382

 

 

 

33,095

 

 

 

5.16

%

 

 

2,492,396

 

 

 

31,978

 

 

 

5.09

%

 

 

2,307,431

 

 

 

29,521

 

 

 

5.19

%

Commercial

 

 

380,978

 

 

 

4,748

 

 

 

5.05

%

 

 

380,098

 

 

 

4,765

 

 

 

4.97

%

 

 

384,442

 

 

 

4,584

 

 

 

4.84

%

Total loans

 

 

2,983,360

 

 

 

37,843

 

 

 

5.14

%

 

 

2,872,494

 

 

 

36,743

 

 

 

5.07

%

 

 

2,691,873

 

 

 

34,105

 

 

 

5.14

%

Total earning assets

 

 

4,014,754

 

 

$

39,590

 

 

 

4.00

%

 

 

3,847,052

 

 

$

38,468

 

 

 

3.97

%

 

 

3,207,892

 

 

$

35,548

 

 

 

4.49

%

Noninterest-earning assets

 

 

241,235

 

 

 

 

 

 

 

 

 

 

 

240,059

 

 

 

 

 

 

 

 

 

 

 

228,002

 

 

 

 

 

 

 

 

 

Total assets

 

$

4,255,989

 

 

 

 

 

 

 

 

 

 

$

4,087,111

 

 

 

 

 

 

 

 

 

 

$

3,435,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOW

 

$

75,399

 

 

$

43

 

 

 

0.23

%

 

$

73,896

 

 

$

48

 

 

 

0.26

%

 

$

64,592

 

 

$

44

 

 

 

0.28

%

Money Market

 

 

720,197

 

 

 

643

 

 

 

0.36

%

 

 

668,742

 

 

 

602

 

 

 

0.36

%

 

 

579,347

 

 

 

623

 

 

 

0.44

%

Saving deposits

 

 

145,327

 

 

 

32

 

 

 

0.09

%

 

 

138,906

 

 

 

33

 

 

 

0.09

%

 

 

131,151

 

 

 

31

 

 

 

0.10

%

Time deposits, less than $250,000

 

 

600,563

 

 

 

754

 

 

 

0.51

%

 

 

599,119

 

 

 

827

 

 

 

0.55

%

 

 

663,029

 

 

 

1,496

 

 

 

0.92

%

Time deposits, $250,000 and over

 

 

570,210

 

 

 

820

 

 

 

0.58

%

 

 

588,265

 

 

 

921

 

 

 

0.62

%

 

 

593,981

 

 

 

1,468

 

 

 

1.00

%

Total interest-bearing deposits

 

 

2,111,696

 

 

 

2,292

 

 

 

0.44

%

 

 

2,068,928

 

 

 

2,431

 

 

 

0.47

%

 

 

2,032,100

 

 

 

3,662

 

 

 

0.73

%

FHLB advances

 

 

150,000

 

 

 

435

 

 

 

1.18

%

 

 

150,000

 

 

 

445

 

 

 

1.18

%

 

 

150,001

 

 

 

435

 

 

 

1.18

%

Long-term debt

 

 

173,057

 

 

 

2,194

 

 

 

5.14

%

 

 

172,912

 

 

 

2,195

 

 

 

5.04

%

 

 

111,739

 

 

 

1,808

 

 

 

6.56

%

Subordinated debentures

 

 

14,520

 

 

 

154

 

 

 

4.30

%

 

 

14,466

 

 

 

148

 

 

 

4.06

%

 

 

14,302

 

 

 

150

 

 

 

4.25

%

Total interest-bearing liabilities

 

 

2,449,273

 

 

 

5,075

 

 

 

0.84

%

 

 

2,406,306

 

 

 

5,219

 

 

 

0.86

%

 

 

2,308,142

 

 

 

6,055

 

 

 

1.06

%

Noninterest-bearing liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

1,301,497

 

 

 

 

 

 

 

 

 

 

 

1,177,948

 

 

 

 

 

 

 

 

 

 

 

653,674

 

 

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

 

34,321

 

 

 

 

 

 

 

 

 

 

 

39,483

 

 

 

 

 

 

 

 

 

 

 

40,118

 

 

 

 

 

 

 

 

 

Total noninterest-bearing liabilities

 

 

1,335,818

 

 

 

 

 

 

 

 

 

 

 

1,217,431

 

 

 

 

 

 

 

 

 

 

 

693,792

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

470,898

 

 

 

 

 

 

 

 

 

 

 

463,374

 

 

 

 

 

 

 

 

 

 

 

433,960

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

4,255,989

 

 

 

 

 

 

 

 

 

 

$

4,087,111

 

 

 

 

 

 

 

 

 

 

$

3,435,894

 

 

 

 

 

 

 

 

 

Net interest income / interest rate spreads

 

 

 

 

 

$

34,515

 

 

 

3.16

%

 

 

 

 

 

$

33,249

 

 

 

3.11

%

 

 

 

 

 

$

29,493

 

 

 

3.43

%

Net interest margin

 

 

 

 

 

 

 

 

 

 

3.49

%

 

 

 

 

 

 

 

 

 

 

3.43

%

 

 

 

 

 

 

 

 

 

 

3.73

%

_____________

(1)

 

Includes income and average balances for FHLB stock, term federal funds, interest-bearing time deposits and other miscellaneous interest-bearing assets.

(2)

 

Interest income and average rates for tax-exempt loans and securities are presented on a tax-equivalent basis.

(3)

 

Average loan balances include nonaccrual loans and loans held for sale. Interest income on loans includes - amortization of deferred loan fees, net of deferred loan costs.

RBB BANCORP AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

For the three months ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

Per share data (common stock)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.75

 

 

$

0.81

 

 

$

0.64

 

Diluted

 

$

0.74

 

 

$

0.79

 

 

$

0.63

 

Dividends declared

 

$

0.14

 

 

$

0.13

 

 

$

0.12

 

Book value

 

$

24.15

 

 

$

23.99

 

 

$

22.31

 

Tangible book value

 

$

20.20

 

 

$

20.22

 

 

$

18.51

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

19,377,407

 

 

 

19,444,148

 

 

 

19,475,814

 

Diluted

 

 

19,799,323

 

 

 

19,851,202

 

 

 

19,812,841

 

Shares outstanding at period end

 

 

19,247,970

 

 

 

19,455,544

 

 

 

19,528,249

 

Performance ratios

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets, annualized

 

 

1.39

%

 

 

1.52

%

 

 

1.47

%

Return on average shareholders' equity, annualized

 

 

12.59

%

 

 

13.45

%

 

 

11.64

%

Return on average tangible common equity, annualized

 

 

14.91

%

 

 

15.98

%

 

 

14.05

%

Noninterest income to average assets, annualized

 

 

0.28

%

 

 

0.31

%

 

 

0.70

%

Noninterest expense to average assets, annualized

 

 

1.53

%

 

 

1.29

%

 

 

1.86

%

Yield on average earning assets

 

 

4.00

%

 

 

3.97

%

 

 

4.49

%

Cost of average total deposits

 

 

0.27

%

 

 

0.30

%

 

 

0.55

%

Cost of average interest-bearing deposits

 

 

0.44

%

 

 

0.47

%

 

 

0.73

%

Cost of average interest-bearing liabilities

 

 

0.84

%

 

 

0.86

%

 

 

1.06

%

Accretion on loans to average earning assets

 

 

0.02

%

 

 

0.02

%

 

 

0.06

%

Net interest spread

 

 

3.16

%

 

 

3.11

%

 

 

3.43

%

Net interest margin

 

 

3.49

%

 

 

3.43

%

 

 

3.73

%

Efficiency ratio

 

 

42.90

%

 

 

36.56

%

 

 

44.64

%

Common stock dividend payout ratio

 

 

18.67

%

 

 

16.05

%

 

 

18.75

%

RBB BANCORP AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

As of

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

Loan to deposit ratio

 

 

94.89

%

 

 

86.58

%

 

 

96.24

%

Core deposits / total deposits

 

 

82.54

%

 

 

82.91

%

 

 

78.97

%

Net non-core funding dependence ratio

 

 

-0.28

%

 

 

-6.50

%

 

 

4.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Data:

 

 

 

 

 

 

 

 

 

 

 

 

Loans 30-89 days past due

 

$

17,635

 

 

$

17,640

 

 

$

10,653

 

Loans 30-89 days past due to total loans

 

 

0.59

%

 

 

0.60

%

 

 

0.39

%

Nonperforming loans

 

$

20,691

 

 

$

20,725

 

 

$

19,911

 

Nonperforming loans to total loans

 

 

0.69

%

 

 

0.71

%

 

 

0.73

%

Nonperforming assets

 

$

20,984

 

 

$

21,018

 

 

$

20,204

 

Nonperforming assets to total assets

 

 

0.52

%

 

 

0.50

%

 

 

0.55

%

Allowance for loan losses to total loans

 

 

1.11

%

 

 

1.12

%

 

 

1.13

%

Allowance for loan losses to nonperforming loans

 

 

160.90

%

 

 

158.80

%

 

 

154.66

%

Net charge-offs to average loans (for the quarter-to-date period)

 

 

0.00

%

 

 

-0.01

%

 

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory and other capital ratios—Company

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets

 

 

9.87

%

 

 

9.47

%

 

 

10.07

%

Tier 1 leverage ratio

 

 

9.90

%

 

 

10.21

%

 

 

11.30

%

Tier 1 common capital to risk-weighted assets

 

 

14.12

%

 

 

14.86

%

 

 

14.53

%

Tier 1 capital to risk-weighted assets

 

 

14.63

%

 

 

15.40

%

 

 

15.11

%

Total capital to risk-weighted assets

 

 

21.96

%

 

 

23.15

%

 

 

23.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory capital ratios—Bank only

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 leverage ratio

 

 

12.29

%

 

 

12.45

%

 

 

13.44

%

Tier 1 common capital to risk-weighted assets

 

 

18.15

%

 

 

18.80

%

 

 

17.96

%

Tier 1 capital to risk-weighted assets

 

 

18.15

%

 

 

18.80

%

 

 

17.96

%

Total capital to risk-weighted assets

 

 

19.37

%

 

 

20.05

%

 

 

19.21

%

RBB BANCORP AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

1st Quarter

 

 

4th Quarter

 

 

3rd Quarter

 

 

2nd Quarter

 

 

1st Quarter

 

Quarterly Consolidated Statements of Earnings

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

37,886

 

 

$

36,783

 

 

$

35,601

 

 

$

34,669

 

 

$

34,516

 

Investment securities and other

 

 

1,680

 

 

 

1,661

 

 

 

1,507

 

 

 

1,302

 

 

 

1,024

 

Total interest income

 

 

39,566

 

 

 

38,444

 

 

 

37,108

 

 

 

35,971

 

 

 

35,540

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,292

 

 

 

2,431

 

 

 

2,745

 

 

 

3,118

 

 

 

3,662

 

Interest on subordinated debentures and other

 

 

2,348

 

 

 

2,343

 

 

 

2,342

 

 

 

2,356

 

 

 

1,958

 

Other borrowings

 

 

435

 

 

 

445

 

 

 

445

 

 

 

440

 

 

 

435

 

Total interest expense

 

 

5,075

 

 

 

5,219

 

 

 

5,532

 

 

 

5,914

 

 

 

6,055

 

Net interest income before provision for loan losses

 

 

34,491

 

 

 

33,225

 

 

 

31,576

 

 

 

30,057

 

 

 

29,485

 

Provision for loan losses

 

 

366

 

 

 

635

 

 

 

1,196

 

 

 

628

 

 

 

1,500

 

Net interest income after provision for loan losses

 

 

34,125

 

 

 

32,590

 

 

 

30,380

 

 

 

29,429

 

 

 

27,985

 

Noninterest income

 

 

2,944

 

 

 

3,156

 

 

 

5,524

 

 

 

4,171

 

 

 

5,894

 

Noninterest expense

 

 

16,061

 

 

 

13,300

 

 

 

14,420

 

 

 

14,680

 

 

 

15,792

 

Earnings before income taxes

 

 

21,008

 

 

 

22,446

 

 

 

21,484

 

 

 

18,920

 

 

 

18,087

 

Income taxes

 

 

6,391

 

 

 

6,740

 

 

 

6,120

 

 

 

5,540

 

 

 

5,631

 

Net income

 

$

14,617

 

 

$

15,706

 

 

$

15,364

 

 

$

13,380

 

 

$

12,456

 

Net income per common share - basic

 

$

0.75

 

 

$

0.81

 

 

$

0.79

 

 

$

0.69

 

 

$

0.64

 

Net income per common share - diluted

 

$

0.74

 

 

$

0.79

 

 

$

0.77

 

 

$

0.67

 

 

$

0.63

 

Cash dividends declared per common share

 

$

0.14

 

 

$

0.13

 

 

$

0.13

 

 

$

0.13

 

 

$

0.12

 

Cash dividends declared on common shares

 

$

2,724

 

 

$

2,537

 

 

$

2,516

 

 

$

2,540

 

 

$

2,347

 

Yield on average assets, annualized

 

 

1.39

%

 

 

1.52

%

 

 

1.54

%

 

 

1.39

%

 

 

1.47

%

Yield on average earning assets

 

 

4.00

%

 

 

3.97

%

 

 

3.97

%

 

 

3.99

%

 

 

4.49

%

Cost of average deposits

 

 

0.27

%

 

 

0.30

%

 

 

0.35

%

 

 

0.41

%

 

 

0.55

%

Cost of average interest-bearing deposits

 

 

0.44

%

 

 

0.47

%

 

 

0.51

%

 

 

0.59

%

 

 

0.73

%

Cost of average interest-bearing liabilities

 

 

0.84

%

 

 

0.86

%

 

 

0.89

%

 

 

0.97

%

 

 

1.06

%

Accretion on loans to average earning assets

 

 

0.02

%

 

 

0.02

%

 

 

0.03

%

 

 

0.02

%

 

 

0.06

%

Net interest margin

 

 

3.49

%

 

 

3.43

%

 

 

3.38

%

 

 

3.33

%

 

 

3.73

%

RBB BANCORP AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited, except for December 31, 2021)

(Dollars in thousands, except per share amounts)

 

Loan Portfolio Detail

 

As of
March 31, 2022

 

 

As of
December 31, 2021

 

 

As of
September 30, 2021

 

 

As of
June 30, 2021

 

 

As of
March 31, 2021

 

(dollars in thousands)

 

$

 

 

%

 

 

$

 

 

%

 

 

$

 

 

%

 

 

$

 

 

%

 

 

$

 

 

%

 

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

280,825

 

 

 

9.3

%

 

$

268,709

 

 

 

9.2

%

 

$

276,387

 

 

 

9.7

%

 

$

277,080

 

 

 

10.2

%

 

$

286,016

 

 

 

10.5

%

SBA

 

 

67,688

 

 

 

2.3

%

 

 

76,136

 

 

 

2.6

%

 

 

88,784

 

 

 

3.1

%

 

 

98,572

 

 

 

3.6

%

 

 

111,330

 

 

 

4.1

%

Construction and land development

 

 

346,766

 

 

 

11.5

%

 

 

303,144

 

 

 

10.3

%

 

 

271,764

 

 

 

9.6

%

 

 

236,965

 

 

 

8.7

%

 

 

209,727

 

 

 

7.7

%

Commercial real estate (1)

 

 

1,217,985

 

 

 

40.5

%

 

 

1,247,999

 

 

 

42.6

%

 

 

1,205,630

 

 

 

42.4

%

 

 

1,102,467

 

 

 

40.7

%

 

 

1,063,104

 

 

 

39.2

%

Single-family residential mortgages

 

 

1,064,581

 

 

 

35.4

%

 

 

1,004,576

 

 

 

34.3

%

 

 

974,780

 

 

 

34.3

%

 

 

984,311

 

 

 

36.3

%

 

 

1,041,260

 

 

 

38.3

%

Other loans

 

 

28,639

 

 

 

1.0

%

 

 

30,786

 

 

 

1.0

%

 

 

23,009

 

 

 

0.9

%

 

 

9,811

 

 

 

0.5

%

 

 

3,768

 

 

 

0.2

%

Total loans (2)

 

$

3,006,484

 

 

 

100.0

%

 

$

2,931,350

 

 

 

100.0

%

 

$

2,840,354

 

 

 

100.0

%

 

$

2,709,206

 

 

 

100.0

%

 

$

2,715,205

 

 

 

100.0

%

Allowance for loan losses

 

 

(33,292

)

 

 

 

 

 

 

(32,912

)

 

 

 

 

 

 

(32,231

)

 

 

 

 

 

 

(31,352

)

 

 

 

 

 

 

(30,795

)

 

 

 

 

Total loans, net

 

$

2,973,192

 

 

 

 

 

 

$

2,898,438

 

 

 

 

 

 

$

2,808,123

 

 

 

 

 

 

$

2,677,854

 

 

 

 

 

 

$

2,684,410

 

 

 

 

 

_____________

(1)

 

Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.

(2)

 

Net of discounts and deferred fees and costs.

 

 

Three Months Ended

 

Change in Allowance for Loan Losses

 

March 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

Beginning balance

 

$

32,912

 

 

$

29,337

 

Additions to the allowance charged to expense

 

 

366

 

 

 

1,500

 

Net recoveries (charge-offs) on loans

 

 

14

 

 

 

(42

)

Ending balance

 

$

33,292

 

 

$

30,795

 

Tangible Book Value Reconciliations (non-GAAP)

The tangible book value per share is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2022 and 2021, and December 31, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands, except per share data)

 

March 31, 2022

 

 

December 31, 2021

 

 

March 31, 2021

 

Tangible common equity:

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

$

464,825

 

 

$

466,683

 

 

$

435,668

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

(71,498

)

 

 

(69,243

)

 

 

(69,243

)

Core deposit intangible

 

 

(4,525

)

 

 

(4,075

)

 

 

(4,895

)

Tangible common equity

 

$

388,802

 

 

$

393,365

 

 

$

361,530

 

Tangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Total assets-GAAP

 

$

4,013,569

 

 

$

4,228,194

 

 

$

3,664,299

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

(71,498

)

 

 

(69,243

)

 

 

(69,243

)

Core deposit intangible

 

 

(4,525

)

 

 

(4,075

)

 

 

(4,895

)

Tangible assets

 

$

3,937,546

 

 

$

4,154,876

 

 

$

3,590,161

 

Common shares outstanding

 

$

19,247,970

 

 

 

19,455,544

 

 

 

19,528,249

 

Tangible common equity to tangible assets ratio

 

 

9.87

%

 

 

9.47

%

 

 

10.07

%

Book value per share

 

$

24.15

 

 

$

23.99

 

 

$

22.31

 

Tangible book value per share

 

$

20.20

 

 

$

20.22

 

 

$

18.51

 

 

David Morris
Interim President and CEO
CFO
(714) 670-2488

Source: RBB Bancorp