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0001499422 RBB Bancorp false --12-31 Q3 2021 6,598 7,603 100,000,000 100,000,000 0 0 0 0 100,000,000 100,000,000 0 0 19,516,393 19,516,393 19,565,921 19,565,921 26.8 3 0.43 0 0 0 0 0 0 0 7 6 0 0 0 0 1 3 1.5 1 3 1.7 0 5 30 5 5 5 0 150.0 0 0 0 6.0 6.0 6.0 6.0 4.34 2.80 3 0 4.30 0 0 293,000 2029 November 12, 2021 November 1, 2021 Included in total loans. The amounts primarily represent revenue from contracts with customers that are out of scope of ASC 606: Net loan servicing income, letter of credit commissions, import/export commissions, recoveries on purchased loans, BOLI income, and gains (losses) on sales of mortgage loans, loans and investment securities. Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity and OREO income. 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, 2021 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:  19,516,393 outstanding as of November 2, 2021.

 



 

 

    

 

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

38

 

OVERVIEW

40

 

ANALYSIS OF THE RESULTS OF OPERATIONS

41

 

ANALYSIS OF FINANCIAL CONDITION

50

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

67

ITEM 4.

CONTROLS AND PROCEDURES

68

PART II - OTHER INFORMATION

69

ITEM 1.

LEGAL PROCEEDINGS

69

ITEM 1A.

RISK FACTORS

69

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

69

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

69

ITEM 4.

MINE SAFETY DISCLOSURES

69

ITEM 5.

OTHER INFORMATION

69

ITEM 6.

EXHIBITS

70

SIGNATURES

 

71

 

 

 

PART I - FINANCIAL INFORMATION (UNAUDITED)

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2021 (UNAUDITED) AND DECEMBER 31, 2020 (AUDITED)

(In thousands, except share amounts)

 

  September 30,  December 31, 
  

2021

  

2020

 

Assets

        

Cash and due from banks

 $206,927  $137,654 

Federal funds sold and other cash equivalents

  170,000   57,000 

Cash and cash equivalents

  376,927   194,654 

Interest-earning deposits in other financial institutions

  600   600 

Securities:

        

Available for sale

  345,000   210,867 

Held to maturity (fair value of $6,598 and $7,603 at September 30, 2021 and December 31, 2020, respectively)

  6,258   7,174 

Mortgage loans held for sale

  15,188   49,963 

Loans held for investment:

        

Real estate

  2,456,816   2,320,216 

Commercial and other

  388,568   392,066 

Total loans

  2,845,384   2,712,282 

Unaccreted discount on acquired loans

  (1,919)  (2,872)

Deferred loan fees, net

  (3,111)  (2,644)

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

  2,840,354   2,706,766 

Allowance for loan losses

  (32,231)  (29,337)

Net loans

  2,808,123   2,677,429 
         

Premises and equipment

  27,157   27,103 

Federal Home Loan Bank (FHLB) stock

  15,000   15,641 

Other real estate owned (OREO)

  293   293 

Cash surrender value of life insurance (BOLI)

  55,656   35,121 

Goodwill

  69,243   69,243 

Servicing assets

  12,141   13,965 

Core deposit intangibles

  4,327   5,196 

Right-of-use assets- operating leases

  23,735    

Accrued interest and other assets

  42,159   42,823 

Total assets

 $3,801,807  $3,350,072 

 

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

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2021 (UNAUDITED) AND DECEMBER 31, 2020 (AUDITED) (CONTINUED)

(In thousands, except share amounts)

 

  

September 30,

  

December 31,

 
  

2021

  

2020

 

Liabilities and Shareholders’ Equity

        

Deposits:

        

Noninterest-bearing demand

 $824,771  $617,206 

Savings, NOW and money market accounts

  931,517   731,084 

Time deposits $250,000 and under

  614,146   688,875 

Time deposits over $250,000

  597,379   597,963 

Total deposits

  2,967,813   2,635,128 
         

Reserve for unfunded commitments

  1,304   1,383 

FHLB advances

  150,000   150,000 

Long-term debt, net of debt issuance costs

  172,862   104,391 

Subordinated debentures

  14,447   14,283 

Lease liabilities - operating leases

  24,524    

Accrued interest and other liabilities

  14,833   16,399 

Total liabilities

  3,345,783   2,921,584 
         

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; 19,516,393 shares issued and outstanding at September 30, 2021 and 19,565,921 shares issues and outstanding at December 31, 2020

  283,170   284,261 

Additional paid-in capital

  4,387   4,932 

Retained earnings

  168,933   138,094 

Non-controlling interest

  72   72 

Accumulated other comprehensive (loss) income, net

  (538)  1,129 

Total shareholders’ equity

  456,024   428,488 

Total liabilities and shareholders’ equity

 $3,801,807  $3,350,072 

 

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, 2021 AND 2020

(In thousands, except per share amounts)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2021

   

2020

   

2021

   

2020

 

Interest and dividend income:

                               

Interest and fees on loans

  $ 35,601     $ 34,153     $ 104,786     $ 99,062  

Interest on interest-earning deposits

    219       61       392       586  

Interest on investment securities

    889       621       2,310       2,329  

Dividend income on FHLB stock

    225       190       642       379  

Interest on federal funds sold and other

    174       100       489       900  

Total interest income

    37,108       35,125       108,619       103,256  

Interest expense:

                               

Interest on savings deposits, now and money market accounts

    697       779       2,103       2,804  

Interest on time deposits

    2,048       4,746       7,422       17,765  

Interest on subordinated debentures and long-term debt

    2,342       1,905       6,656       5,776  

Interest on other borrowed funds

    445       444       1,320       1,033  

Total interest expense

    5,532       7,874       17,501       27,378  

Net interest income

    31,576       27,251       91,118       75,878  

Provision for loan losses

    1,196       3,861       3,324       8,815  

Net interest income after provision for loan losses

    30,380       23,390       87,794       67,063  

Noninterest income:

                               

Service charges, fees and other

    3,100       1,199       5,884       3,343  

Gain on sale of loans

    1,790       760       8,203       3,552  

Loan servicing fees, net of amortization

    62       546       426       1,846  

Recoveries on loans acquired in business combinations

    68       32       78       79  

Unrealized loss on equity investments

    (5 )     (56 )     (60 )     (56 )

Gain on derivatives

    178             323        

Increase in cash surrender value of life insurance

    331       194       735       576  

Gain on sale of securities

          52             210  
      5,524       2,727       15,589       9,550  

Noninterest expense:

                               

Salaries and employee benefits

    8,772       7,599       26,756       25,207  

Occupancy and equipment expenses

    2,189       2,360       6,566       7,291  

Data processing

    965       1,200       3,636       3,224  

Legal and professional

    746       675       2,087       1,949  

Office expenses

    311       271       838       931  

Marketing and business promotion

    324       131       739       456  

Insurance and regulatory assessments

    384       363       1,086       774  

Core deposit premium

    281       357       869       1,071  

OREO expenses

    4       3       13       31  

Merger expenses

    40       62       99       741  

Other expenses

    404       957       2,203       3,385  
      14,420       13,978       44,892       45,060  

Income before income taxes

    21,484       12,139       58,491       31,553  

Income tax expense

    6,120       3,619       17,291       9,772  

Net income

  $ 15,364     $ 8,520     $ 41,200     $ 21,781  
                                 

Net income per share

                               

Basic

  $ 0.79     $ 0.43     $ 2.11     $ 1.10  

Diluted

    0.77       0.43       2.07       1.09  

Cash dividends declared per common share

    0.13       0.06       0.39       0.24  

 

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, 2021 AND 2020

(In thousands)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2021

   

2020

   

2021

   

2020

 

Net income

  $ 15,364     $ 8,520     $ 41,200     $ 21,781  
                                 

Other comprehensive income (loss):

                               

Unrealized (losses) gains on securities available for sale:

                               

Change in unrealized (losses) gains

    (1,001 )     (106 )     (2,369 )     1,311  

Reclassification of gains recognized in net income

          (52 )           (210 )
      (1,001 )     (158 )     (2,369 )     1,101  

Related income tax effect:

                               

Change in unrealized (gains) losses

    296       32       702       (387 )

Reclassification of gains recognized in net income

          15             62  
      296       47       702       (325 )
                                 

Total other comprehensive income (loss)

    (705 )     (111 )     (1,667 )     776  
                                 

Total comprehensive income

  $ 14,659     $ 8,409     $ 39,533     $ 22,557  

 

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, 2021 AND 2020

(In thousands, except share amounts)

 

   

Common Stock

                           

Accumulated

         
   

Shares

   

Amount

   

Additional Paid-in Capital

   

Retained Earnings

   

Non- Controlling Interest

   

Other Comprehensive Income (Loss)

   

Total

 

Balance at June 30, 2021

    19,349,802     $ 280,253     $ 5,275     $ 156,558     $ 72     $ 167     $ 442,325  

Net income

                      15,364                   15,364  

Stock-based compensation

                268                         268  

Restricted stock vested

          425       (425 )                        

Cash dividend

                      (2,517 )                 (2,517 )

Stock options exercised, net of expense recognized

    211,478       3,140       (731 )                       2,409  

Repurchase of common stock

    (44,887 )     (648 )           (472 )                 (1,120 )

Other comprehensive income, net of taxes

                                  (705 )     (705 )

Balance at September 30, 2021

    19,516,393     $ 283,170     $ 4,387     $ 168,933     $ 72     $ (538 )   $ 456,024  
                                                         

Balance at June 30, 2020

    19,739,280     $ 286,350     $ 4,999     $ 121,478     $ 72     $ 1,126     $ 414,025  

Net income

                      8,520                   8,520  

Stock-based compensation

                166                         166  

Restricted stock vested

          425       (425 )                        

Cash dividend

                      (1,184 )                 (1,184 )

Other comprehensive income, net of taxes

                                  (111 )     (111 )

Balance at September 30, 2020

    19,739,280     $ 286,775     $ 4,740     $ 128,814     $ 72     $ 1,015     $ 421,416  

 

 

   

Common Stock

                           

Accumulated

         
   

Shares

   

Amount

   

Additional Paid-in Capital

   

Retained Earnings

   

Non- Controlling Interest

   

Other Comprehensive Income (Loss)

   

Total

 

Balance at December 31, 2020

    19,565,921     $ 284,261     $ 4,932     $ 138,094     $ 72     $ 1,129     $ 428,488  

Net income

                      41,200                   41,200  

Stock-based compensation

                870                         870  

Restricted stock granted

    60,000                                      

Restricted stock vested

          425       (425 )                        

Cash dividend

                      (7,403 )                 (7,403 )

Stock options exercised, net of expense recognized

    287,744       4,205       (990 )                       3,215  

Repurchase of common stock

    (397,272 )     (5,721 )           (2,958 )                 (8,679 )

Other comprehensive loss, net of taxes

                                  (1,667 )     (1,667 )

Balance at September 30, 2021

    19,516,393     $ 283,170     $ 4,387     $ 168,933     $ 72     $ (538 )   $ 456,024  
                                                         

Balance at December 31, 2019

    20,030,866     $ 290,395     $ 4,938     $ 112,046     $ 72     $ 239     $ 407,690  

Net income

                      21,781                   21,781  

Stock-based compensation

                493                         493  

Restricted stock vested

          425       (425 )                        

Cash dividend

                      (4,782 )                 (4,782 )

Stock options exercised, net of expense recognized

    56,498       978       (266 )                       712  

Repurchase of common stock

    (348,084 )     (5,023 )           (231 )                 (5,254 )

Other comprehensive income, net of taxes

                                  776       776  

Balance at September 30, 2020

    19,739,280     $ 286,775     $ 4,740     $ 128,814     $ 72     $ 1,015     $ 421,416  

 

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, 2021 AND 2020

(In thousands)

 

   

Nine Months Ended

 
   

September 30,

 
   

2021

   

2020

 

Operating activities

               

Net income

  $ 41,200     $ 21,781  

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

               

Depreciation and amortization of premises and equipment

    1,456       1,535  

Net accretion of securities, loans, deposits, and other

    (342 )     (2,827 )

Unrealized loss on equity securities

    60       56  

Amortization of investment in affordable housing tax credits

    778       740  

Amortization of intangible assets

    5,000       4,141  

(Reversal of) Impairment loss on mortgage servicing rights

    (416 )     416  

Amortization of right-of-use asset

    3,933        

Change in operating lease liabilities

    (3,786 )      

Provision for loan losses

    3,324       8,815  

Stock-based compensation

    870       493  

Gain on sale of securities

          (210 )

Gain on sale of loans

    (8,203 )     (3,552 )

Increase in cash surrender value of life insurance

    (735 )     (576 )

Loans originated and purchased for sale, net

    (134,320 )     (82,051 )

Proceeds from loans sold

    260,795       141,226  

Other items

    147       (9,856 )

Net cash provided by operating activities

    169,761       80,131  

Investing activities

               

Securities available for sale:

               

Purchases

    (480,269 )     (499,116 )

Maturities, prepayments and calls

    343,529       400,844  

Sales

          11,661  

Securities held to maturity:

               

Maturities, prepayments and calls

    900       745  

Purchase of other equity securities, net

    (166 )      

Redemption of Federal Home Loan Bank stock

    641        

Purchase of Federal Home Loan Bank stock and other equity securities, net

          (95 )

Net increase of investment in qualified affordable housing projects

    (494 )     (2,230 )

Net increase in loans

    (218,451 )     (356,142 )

Purchase of bank owned life insurance

    (19,800 )      

Net cash received in connection with acquisition

          6,634  

Purchases of premises and equipment

    (1,475 )     (881 )

Net cash used in investing activities

    (375,585 )     (438,580 )

Financing activities

               

Net increase in demand deposits and savings accounts

    407,999       112,096  

Net increase (decrease) in time deposits

    (75,146 )     62,544  

Advances on long-term FHLB advances

          190,000  

Cash dividends paid

    (7,403 )     (4,782 )

Redemption of subordinated debentures

    (50,000 )      

Issuance of subordinated debentures, net of issuance costs

    118,111        

Common stock repurchased, net of repurchased costs

    (8,679 )     (5,254 )

Exercise of stock options

    3,215       712  

Net cash provided by financing activities

    388,097       355,316  

Net increase (decrease) in cash and cash equivalents

    182,273       (3,133 )

Cash and cash equivalents at beginning of period

    194,654       181,763  

Cash and cash equivalents at end of period

  $ 376,927     $ 178,630  

Supplemental disclosure of cash flow information

               

Cash paid during the period:

               

Interest paid

  $ 17,502     $ 26,911  

Taxes paid

    19,240       9,645  

Non-cash investing and financing activities:

               

Loans transfer to (from) held for sale, net

    83,497       (28,685 )

Loan to facilitate OREO

          1,015  

Additions to servicing assets

    1,890       1,125  

Net change in unrealized holding gain on securities available for sale

    1,667       776  

Recognition of operating lease right-of-use assets

    (27,668 )      

Recognition of operating lease liabilities

    27,668        

Acquisition:

               

Assets acquired, net of cash received

          183,281  

Liabilities assumed

          200,210  

Cash considerations

          32,885  

Goodwill

          10,680  

 

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 financial 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, 2021, the Company had total consolidated assets of $3.8 billion, gross consolidated loans (held for investment and held for sale) of $2.9 billion, total consolidated deposits of $3.0 billion and total consolidated stockholders' equity of $456.0 million. RBB’s common stock trades on the Nasdaq Global Select Market under the symbol “RBB”.

 

The Bank provides business-banking services to the Chinese-American communities in Los Angeles County, Orange County and Ventura County in California, in Las Vegas, Nevada, the New York City, New York metropolitan area, including Edison, New Jersey, and Chicago, Illinois. 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; and Edison, New Jersey. 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 leases and, to a lesser extent, from interest received on investment securities. 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 principle expenses include interest expense on deposits and subordinated debentures, and operating expenses, such as salaries and employee benefits, occupancy and equipment, data processing, and income tax expense.

 

The Company has completed six acquisitions from July 2011 through January 2020, including the acquisition of Pacific Global Bank Holdings, Inc. (“PGBH”) and its wholly-owned subsidiary, Pacific Global Bank (“PGB”), in which the PGBH acquisition closed on January 10, 2020. PGB operated branches in the Chicago neighborhoods of Chinatown and Bridgeport. See Note 3 – Acquisition, for more information about the PGBH acquisition transaction. All of the Company’s acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates.

 

 

 

NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results for the full year. These interim unaudited financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2020, included in our Annual Report filed on Form 10-K/A for the fiscal year ended December 31, 2020 (our “2020 Annual Report”).

 

Use of Estimates in the Preparation of Financial Statements

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It is reasonably possible our estimate of the allowance for loan losses and the fair value of mortgage servicing rights could change as actual results could differ from those estimates. Actual results could differ from those estimates.

 

9

 

Summary of Significant Accounting Policies

 

The accompanying unaudited consolidated financial statements were compiled in accordance with the accounting policies set forth in Note 2 – Basis of Presentation and Summary of Significant Policies in our Consolidated Financial Statements as of and for the year ended December 31, 2020, included in our 2020 Annual Report.  The Financial Accounting Standards Board ("FASB") issues Accounting Standards Updates ("ASU" or “Update”) and Accounting Standards Codifications (“ASC”), which are the primary source of GAAP.

 

Recent Accounting Pronouncements

 

When RBB conducted its initial public offering (“IPO”) in 2017, we qualified as an emerging growth company (“EGC”). We will remain an EGC until the earliest of (i) the end of the fiscal year during which we have total annual gross revenues of $1.0 billion or more, (ii) the end of the fiscal year following the fifth anniversary of the completion of our IPO, (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt and (iv) the date on which we are deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We anticipate no longer qualifying as an EGC on December 31, 2022. EGCs are entitled to reduced regulatory and reporting requirements under the Securities Act of 1933, as amended (the “Securities Act”), and the Exchange Act, as compared to public business entities ("PBE").

 

In  February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The most significant change for lessees is the requirement under the new guidance to recognize right-of-use assets and lease liabilities for all leases not considered short-term leases, which is generally defined as a lease term of less than 12 months. This change will result in lessees recognizing right-of-use assets and lease liabilities for most leases currently accounted for as operating leases under current lease accounting guidance.. The Company has several lease agreements, which are currently considered operating leases and are therefore not included on the Company’s Consolidated Balance Sheets. Under the new guidance, the Company recognized on the Consolidated Balance Sheets right-of-use assets with a corresponding lease liability.  The Company early adopted this ASU on January 1, 2021 and recorded the right-of-use asset and lease liability of approximately $26.8.

 

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instrument (Topic 326), including subsequent amending ASUs. This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today's "incurred loss" approach with an "expected loss" model. The new model, referred to as the current expected credit loss ("CECL") model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held to maturity securities, loan commitments, and financial guarantees. For available for sale (“AFS”) debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amort