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Other fees consists of wealth management fees, miscellaneous loan fees and postage/courier fees. 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Table of Contents



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023 

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

Commission File Number: 001-38149

 

RBB BANCORP

(Exact name of registrant as specified in its charter)

 

California

27-2776416

(State or other jurisdiction of

Incorporation or organization)

(I.R.S. Employer

Identification No.)

 

1055 Wilshire Blvd., Suite 1200,

 

Los Angeles, California

90017

(Address of principal executive offices)

(Zip Code)

 

(213) 627-9888

(Registrants telephone number, including area code)

 

Securities registered pursuant to Section 12 (b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of exchange on which registered

Common Stock, No Par Value

 

RBB

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  ☒

 

Number of shares of common stock of the registrant: 18,995,303 outstanding as of October 31, 2023.

 



 

 

 

 

TABLE OF CONTENTS

 

PART I  FINANCIAL INFORMATION (UNAUDITED)

3

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9

ITEM 2.

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

36

 

CRITICAL ACCOUNTING POLICIES

37

 

OVERVIEW

39

 

ANALYSIS OF THE RESULTS OF OPERATIONS

40

 

ANALYSIS OF FINANCIAL CONDITION

49

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

62

ITEM 4.

CONTROLS AND PROCEDURES

63

PART II - OTHER INFORMATION

65

ITEM 1.

LEGAL PROCEEDINGS

65

ITEM 1A.

RISK FACTORS

65

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

65

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

65

ITEM 4.

MINE SAFETY DISCLOSURES

65

ITEM 5.

OTHER INFORMATION

65

ITEM 6.

EXHIBITS

66

SIGNATURES

 

67

 

 

PART I - FINANCIAL INFORMATION 

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(In thousands, except share amounts)

 

  

(Unaudited)

     
  

September 30,

  

December 31,

 
  

2023

  

2022

 

Assets

        

Cash and due from banks

 $330,791  $83,548 

Interest-earning deposits in other financial institutions

  600   600 

Securities:

        

Available for sale

  354,378   256,830 

Held to maturity (fair value of $4,750 and $5,563 at September 30, 2023 and December 31, 2022, respectively)

  5,214   5,729 

Mortgage loans held for sale

  62    

Loans held for investment:

        

Real estate

  2,929,017   3,053,864 

Commercial and other

  191,552   283,106 

Total loans

  3,120,569   3,336,970 

Unaccreted discount on acquired loans

  (998)  (1,238)

Deferred loan costs, net

  1,381   717 

Total loans, net of deferred loan costs and unaccreted discounts on acquired loans

  3,120,952   3,336,449 

Allowance for credit losses

  (42,430)  (41,076)

Net loans

  3,078,522   3,295,373 
         

Premises and equipment, net

  26,134   27,009 

Federal Home Loan Bank (FHLB) stock

  15,000   15,000 

Net deferred tax assets

  18,323   16,977 

Cash surrender value of bank owned life insurance (BOLI)

  58,346   57,310 

Goodwill

  71,498   71,498 

Servicing assets

  8,439   9,521 

Core deposit intangibles

  3,010   3,718 

Right-of-use assets- operating leases

  29,949   25,447 

Accrued interest and other assets

  69,088   50,498 

Total assets

 $4,069,354  $3,919,058 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

(In thousands, except share amounts)

 

 

  (Unaudited)     
  

September 30,

  

December 31,

 
  

2023

  

2022

 

Liabilities and Shareholders’ Equity

        

Deposits:

        

Noninterest-bearing demand

 $572,393  $798,741 

Savings, NOW and money market accounts

  608,020   615,339 

Time deposits $250,000 and under

  1,237,831   837,369 

Time deposits over $250,000

  735,828   726,234 

Total deposits

  3,154,072   2,977,683 
         

Reserve for unfunded commitments

  654   1,157 

FHLB advances

  150,000   220,000 

Long-term debt (net of unamortized debt issuance costs of $981 and $1,415 at September 30, 2023 and December 31, 2022, respectively)

  174,019   173,585 

Subordinated debentures

  14,884   14,720 

Lease liabilities - operating leases

  31,265   26,523 

Accrued interest and other liabilities

  41,949   20,827 

Total liabilities

  3,566,843   3,434,495 
         

Commitments and contingencies - Note 13

          
         

Shareholders' equity:

        

Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding

      

Common Stock - 100,000,000 shares authorized, no par value; 18,995,303 shares issued and outstanding at September 30, 2023 and 18,965,776 shares issues and outstanding at December 31, 2022

  277,462   276,912 

Additional paid-in capital

  3,579   3,361 

Retained earnings

  247,159   225,883 

Non-controlling interest

  72   72 

Accumulated other comprehensive loss, net

  (25,761)  (21,665)

Total shareholders’ equity

  502,511   484,563 

Total liabilities and shareholders’ equity

 $4,069,354  $3,919,058 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In thousands, except per share amounts)

 

 

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Interest and dividend income:

                               

Interest and fees on loans

  $ 47,617     $ 43,588     $ 148,369     $ 121,631  

Interest on interest-earning deposits

    3,193       373       6,096       655  

Interest on investment securities

    4,211       1,784       10,321       4,210  

Dividend income on FHLB stock

    290       224       814       673  

Interest on federal funds sold and other

    252       445       716       1,149  

Total interest income

    55,563       46,414       166,316       128,318  

Interest expense:

                               

Interest on savings deposits, now and money market accounts

    3,106       1,529       8,180       3,091  

Interest on time deposits

    21,849       2,460       54,424       5,540  

Interest on subordinated debentures and long-term debt

    2,579       2,427       7,668       7,154  

Interest on other borrowed funds

    440       1,020       2,428       1,974  

Total interest expense

    27,974       7,436       72,700       17,759  

Net interest income

    27,589       38,978       93,616       110,559  

Provision for credit losses

    1,399       1,766       3,793       3,048  

Net interest income after provision for credit losses

    26,190       37,212       89,823       107,511  

Noninterest income:

                               

Service charges, fees and other

    1,357       1,214       4,150       3,745  

Gain on sale of loans

    212       265       258       1,783  

Loan servicing fees, net of amortization

    623       724       1,959       1,628  

Increase in cash surrender value of life insurance

    356       332       1,036       986  

Gain on sale of OREO

    190             190        

Gain on sale of fixed assets

    32             32       757  
      2,770       2,535       7,625       8,899  

Noninterest expense:

                               

Salaries and employee benefits

    9,744       9,561       28,935       28,558  

Occupancy and equipment expenses

    2,414       2,349       7,242       6,728  

Data processing

    1,315       1,306       3,969       3,857  

Legal and professional

    1,022       1,077       6,907       4,337  

Office expenses

    437       382       1,163       1,033  

Marketing and business promotion

    340       364       892       1,172  

Insurance and regulatory assessments

    730       441       2,043       1,360  

Core deposit premium

    236       277       708       833  

Other expenses

    638       940       2,445       2,489  
      16,876       16,697       54,304       50,367  

Income before income taxes

    12,084       23,050       43,144       66,043  

Income tax expense

    3,611       6,398       12,752       19,297  

Net income

  $ 8,473     $ 16,652     $ 30,392     $ 46,746  
                                 

Net income per share

                               

Basic

  $ 0.45     $ 0.88     $ 1.60     $ 2.44  

Diluted

    0.45       0.87       1.60       2.41  
                                 

Weighted-average common shares outstanding

                               

Basic

    18,995,303       18,988,443       18,991,579       19,142,732  

Diluted

    18,997,304       19,130,447       19,013,838       19,415,558  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

RBB BANCORP AND SUBSIDIARIES

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In thousands)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2023

   

2022

   

2023

   

2022

 

Net income

  $ 8,473     $ 16,652     $ 30,392     $ 46,746  
                                 

Other comprehensive loss:

                               

Unrealized loss on securities available for sale:

    (4,824 )     (9,773 )     (5,838 )     (30,140 )
                                 

Related income tax effect:

    1,468       2,999       1,742       9,275  
                                 

Total other comprehensive loss

    (3,356 )     (6,774 )     (4,096 )     (20,865 )
                                 

Total comprehensive income

  $ 5,117     $ 9,878     $ 26,296     $ 25,881  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

RBB BANCORP AND SUBSIDIARIES

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In thousands, except share amounts)

 

  

Common Stock

              

Accumulated

     
  

Shares

  

Amount

  

Additional Paid-in Capital

  

Retained Earnings

  

Non- Controlling Interest

  

Other Comprehensive Loss, net

  

Total

 

Balance at June 30, 2023

  18,995,303  $277,462  $3,436  $241,725  $72  $(22,405) $500,290 

Net income

           8,473         8,473 

Stock-based compensation

        143            143 

Cash dividends on common stock ($0.16 per share)

           (3,039)        (3,039)

Other comprehensive loss, net of taxes

                 (3,356)  (3,356)

Balance at September 30, 2023

  18,995,303  $277,462  $3,579  $247,159  $72  $(25,761) $502,511 
                             

Balance at June 30, 2022

  18,881,829  $275,096  $4,193  $197,889  $72  $(15,747) $461,503 

Net income

           16,652         16,652 

Stock-based compensation

        274            274 

Restricted stock unit vested

  6,450   175   (175)            

Cash dividends on common stock ($0.14 per share)

           (2,663)        (2,663)

Stock options exercised

  217,932   3,680   (1,099)           2,581 

Repurchase of common stock

  (94,539)  (1,370)     (608)        (1,978)

Other comprehensive loss, net of taxes

                 (6,774)  (6,774)

Balance at September 30, 2022

  19,011,672  $277,581  $3,193  $211,270  $72  $(22,521) $469,595 

 

  

Common Stock

              

Accumulated

     
  

Shares

  

Amount

  

Additional Paid-in Capital

  

Retained Earnings

  

Non- Controlling Interest

  

Other Comprehensive Loss, net

  

Total

 

Balance at January 1, 2023

  18,965,776  $276,912  $3,361  $225,883  $72  $(21,665) $484,563 

Net income

           30,392         30,392 

Stock-based compensation

        609            609 

Restricted stock unit vested

  20,374   391   (391)            

Cash dividends on common stock ($0.48 per share)

           (9,116)        (9,116)

Stock options exercised

  9,153   159               159 

Other comprehensive loss, net of taxes

                 (4,096)  (4,096)

Balance at September 30, 2023

  18,995,303  $277,462  $3,579  $247,159  $72  $(25,761) $502,511 
                             

Balance at January 1, 2022

  19,455,544  $282,335  $4,603  $181,329  $72  $(1,656) $466,683 

Cumulative effect of change in accounting principle related to ASC 326 (1)

           (2,204)        (2,204)

Net income

           46,746         46,746 

Stock-based compensation

        680            680 

Restricted stock cancelled

  (40,000)                  

Restricted stock vested

     355   (355)            

Restricted stock unit vested

  7,450   202   (202)            

Cash dividends on common stock ($0.42 per share)

           (8,074)        (8,074)

Stock options exercised

  442,308   6,969   (1,533)           5,436 

Repurchase of common stock

  (853,630)  (12,280)     (6,527)        (18,807)

Other comprehensive loss, net of taxes

                 (20,865)  (20,865)

Balance at September 30, 2022

  19,011,672  $277,581  $3,193  $211,270  $72  $(22,521) $469,595 

 

(1) Represents the impact of the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) on January 1, 2022.

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS – (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(In thousands)

 

   

Nine Months Ended

 
   

September 30,

 
   

2023

   

2022

 

Operating activities

               

Net income

  $ 30,392     $ 46,746  

Adjustments to reconcile net income to net cash from Operating activities:

               

Depreciation and amortization of premises and equipment

    1,520       1,869  

Net accretion of securities, loans, deposits, and other

    (4,257 )     (391 )

Amortization of investment in affordable housing tax credits

    846       778  

Amortization of intangible assets

    1,976       3,023  

Amortization of right-of-use asset

    3,765       3,858  

Change in operating lease liabilities

    (3,525 )     (3,754 )

Provision for credit losses

    3,793       3,048  

Stock-based compensation

    609       680  
Deferred tax benefit     395       72  

Gain on sale of loans

    (258 )     (1,783 )

Gain on sale of OREO

    (190 )      

Gain on sale of fixed assets

    (32 )     (757 )

Increase in cash surrender value of life insurance

    (1,036 )     (986 )

Loans originated and purchased for sale, net

    (10,236 )     (37,612 )

Proceeds from loans sold

    14,626       56,480  

Other items

    21,716       17  

Net cash provided by operating activities

    60,104       71,288  

Investing activities

               

Securities available for sale:

               

Purchases

    (592,177 )     (340,226 )

Maturities, repayments and calls

    493,220       412,480  

Securities held to maturity:

               

Maturities, repayments and calls

    500       500  

Purchase of other equity securities, net

    (378 )     (1,208 )

Net increase of investment in qualified affordable housing projects

    (72 )     (133 )

Net decrease (increase) in loans

    188,856       (294,693 )

Proceeds from sales of OREO

    483        

Net cash received in connection with a branch purchase

          71,352  

Proceeds from sale of fixed assets

    32       757  

Purchases of premises and equipment

    (614 )     (1,473 )

Net cash provided by (used in) investing activities

    89,850       (152,644 )

Financing activities

               

Net decrease in demand deposits and savings accounts

    (233,667 )     (502,364 )

Net increase (decrease) in time deposits

    409,913       (5,028 )

Proceeds from FHLB advances

    80,000       470,000  

Repayments of FHLB Advances

    (150,000 )     (380,000 )

Cash dividends paid

    (9,116 )     (8,074 )

Common stock repurchased, net of repurchased costs

          (18,807 )

Exercise of stock options

    159       5,436  

Net cash provided by (used in) financing activities

    97,289       (438,837 )

Net increase (decrease) in cash and cash equivalents

    247,243       (520,193 )

Cash and cash equivalents at beginning of period

    83,548       694,372  

Cash and cash equivalents at end of period

  $ 330,791     $ 174,179  

Supplemental disclosure of cash flow information

               

Cash paid during the period:

               

Interest paid

  $ 64,936     $ 15,500  

Taxes paid

    2,829       19,263  

Non-cash investing and financing activities:

               

Loans transfer to held for sale, net

    4,194       12,313  

Additions to servicing assets

    186       727  

Net change in unrealized holding gain on securities available for sale

    (5,838 )     (30,140 )

Recognition of operating lease right-of-use assets

    (8,267 )     (6,172 )

Recognition of operating lease liabilities

    8,267       6,172  

Acquisition:

               

Assets acquired, net of cash received

          8,183  

Liabilities assumed

          81,790  

Cash considerations

          (71,040 )

Goodwill

          2,255  

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

RBB BANCORP AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

 

 

NOTE 1 - BUSINESS DESCRIPTION

 

RBB Bancorp (“RBB”) is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. RBB Bancorp’s principal business is to serve as the holding company for its wholly-owned banking subsidiaries, Royal Business Bank (“Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company.” RAM was formed to hold and manage problem assets acquired in business combinations.

 

At September 30, 2023, the Company had total consolidated assets of $4.1 billion, gross consolidated loans of $3.1 billion, total consolidated deposits of $3.2 billion and total consolidated shareholders' equity of $502.5 million. RBB’s common stock trades on the Nasdaq Global Select Market under the symbol “RBB.”

 

The Bank provides business-banking services to the Asian-American communities in Los Angeles County, Orange County and Ventura County in California, in Las Vegas, Nevada, the New York City metropolitan areas, Edison, New Jersey, Chicago, Illinois, and Honolulu, Hawaii. Specific services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, Small Business Administration (“SBA”) 7A and 504 loans, mortgage loans, trade finance and a full range of depository accounts. 

 

The Company operates full-service banking offices in Arcadia, Cerritos, Diamond Bar, Irvine, Los Angeles, Monterey Park, Oxnard, Rowland Heights, San Gabriel, Silver Lake, Torrance, and Westlake Village, California; Las Vegas, Nevada; Manhattan, Brooklyn, Flushing, and Elmhurst, New York; the Chinatown and Bridgeport neighborhoods of Chicago, Illinois; Edison, New Jersey; and Honolulu, Hawaii. The Company’s primary source of revenue is providing loans to customers, who are predominantly small and middle-market businesses and individuals. 

 

The Company generates its revenue primarily from interest received on loans and, to a lesser extent, from interest received on investment securities and interest-earning deposits. The Company also derives income from noninterest sources, such as fees received in connection with various lending and deposit services, loan servicing, gain on sales of loans and wealth management services. The Company’s principal