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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 June 30, 2022 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:  19,020,331 outstanding as of August 3, 2022.

 



 

 

 

 

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

39

 

ANALYSIS OF THE RESULTS OF OPERATIONS

40

 

ANALYSIS OF FINANCIAL CONDITION

49

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

66

ITEM 4.

CONTROLS AND PROCEDURES

67

PART II - OTHER INFORMATION

68

ITEM 1.

LEGAL PROCEEDINGS

68

ITEM 1A.

RISK FACTORS

68

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

68

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

68

ITEM 4.

MINE SAFETY DISCLOSURES

68

ITEM 5.

OTHER INFORMATION

68

ITEM 6.

EXHIBITS

69

SIGNATURES

 

70

 

 

 

PART I - FINANCIAL INFORMATION (UNAUDITED)

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 JUNE 30, 2022 (UNAUDITED) AND DECEMBER 31, 2021 (AUDITED)

(In thousands, except share amounts)

 

  June 30,  December 31, 
  

2022

  

2021

 

Assets

        

Cash and due from banks

 $224,736  $501,372 

Federal funds sold and other cash equivalents

  100,000   193,000 

Cash and cash equivalents

  324,736   694,372 

Interest-earning deposits in other financial institutions

  600   600 

Securities:

        

Available for sale

  358,135   368,260 

Held to maturity (fair value of $5,615 and $6,577 at June 30, 2022 and December 31, 2021, respectively)

  5,741   6,252 

Mortgage loans held for sale

     5,957 

Loans held for investment:

        

Real estate

  2,725,639   2,560,465 

Commercial and other

  322,772   375,684 

Total loans

  3,048,411   2,936,149 

Unaccreted discount on acquired loans

  (1,388)  (1,727)

Deferred loan fees, net

  (1,077)  (3,072)

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

  3,045,946   2,931,350 

Allowance for loan losses

  (34,154)  (32,912)

Net loans

  3,011,792   2,898,438 
         

Premises and equipment

  27,104   27,199 

Federal Home Loan Bank (FHLB) stock

  15,000   15,000 

Equity Securities

  19,964   19,992 

Other real estate owned (OREO)

  293   293 

Cash surrender value of life insurance (BOLI)

  56,642   55,988 

Goodwill

  71,498   69,243 

Servicing assets

  10,456   11,517 

Core deposit intangibles

  4,248   4,075 

Right-of-use assets- operating leases

  25,931   22,454 

Accrued interest and other assets

  36,897   28,554 

Total assets

 $3,969,037  $4,228,194 

 

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

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 JUNE 30, 2022 (UNAUDITED) AND DECEMBER 31, 2021 (AUDITED) (CONTINUED)

(In thousands, except share amounts)

 

  

June 30,

  

December 31,

 
  

2022

  

2021

 

Liabilities and Shareholders’ Equity

        

Deposits:

        

Noninterest-bearing demand

 $1,045,009  $1,291,484 

Savings, NOW and money market accounts

  868,307   927,609 

Time deposits $250,000 and under

  574,050   587,940 

Time deposits over $250,000

  540,199   578,499 

Total deposits

  3,027,565   3,385,532 
         

Reserve for unfunded commitments

  1,070   1,203 

FHLB advances

  250,000   150,000 

Long-term debt, net of debt issuance costs

  173,296   173,007 

Subordinated debentures

  14,611   14,502 

Lease liabilities - operating leases

  26,823   23,282 

Accrued interest and other liabilities

  11,965   13,985 

Total liabilities

  3,505,330   3,761,511 
           

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; 18,881,829 shares issued and outstanding at June 30, 2022 and 19,455,544 shares issues and outstanding at December 31, 2021

  275,096   282,335 

Additional paid-in capital

  4,193   4,603 

Retained earnings

  200,093   181,329 

Non-controlling interest

  72   72 

Accumulated other comprehensive loss, net

  (15,747)  (1,656)

Total shareholders’ equity

  463,707   466,683 

Total liabilities and shareholders’ equity

 $3,969,037  $4,228,194 

 

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 SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(In thousands, except per share amounts)

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2022

   

2021

   

2022

   

2021

 

Interest and dividend income:

                               

Interest and fees on loans

  $ 40,157     $ 34,669     $ 78,043     $ 69,185  

Interest on interest-earning deposits

    111       125       282       173  

Interest on investment securities

    1,419       794       2,426       1,421  

Dividend income on FHLB stock

    222       225       449       417  

Interest on federal funds sold and other

    429       158       704       315  

Total interest income

    42,338       35,971       81,904       71,511  

Interest expense:

                               

Interest on savings deposits, now and money market accounts

    844       708       1,562       1,406  

Interest on time deposits

    1,506       2,410       3,080       5,374  

Interest on subordinated debentures and long-term debt

    2,379       2,356       4,727       4,314  

Interest on other borrowed funds

    519       440       954       875  

Total interest expense

    5,248       5,914       10,323       11,969  

Net interest income

    37,090       30,057       71,581       59,542  

Provision for loan losses

    915       628       1,281       2,128  

Net interest income after provision for loan losses

    36,175       29,429       70,300       57,414  

Noninterest income:

                               

Service charges, fees and other

    1,382       1,332       2,622       2,800  

Gain on sale of loans

    344       2,572       1,518       6,413  

Loan servicing fees, net of amortization

    472       118       904       364  

Recoveries on loans acquired in business combinations

    98       5       103       10  

Unrealized loss on equity investments

          (35 )           (55 )

Gain (Loss) on derivatives

    39       (38 )     (194 )     129  

Increase in cash surrender value of life insurance

    330       217       654       404  

Gain on sale of fixed assets

    757             757        
      3,422       4,171       6,364       10,065  

Noninterest expense:

                               

Salaries and employee benefits

    9,628       8,742       18,997       17,984  

Occupancy and equipment expenses

    2,174       2,135       4,380       4,377  

Data processing

    1,293       1,231       2,551       2,671  

Legal and professional

    2,254       536       3,260       1,341  

Office expenses

    358       272       651       527  

Marketing and business promotion

    501       231       808       415  

Insurance and regulatory assessments

    478       354       919       702  

Core deposit premium

    277       287       556       588  

OREO expenses

    5       4       13       9  

Merger expenses

    23       17       60       59  

Other expenses

    621       871       1,476       1,799  
      17,612       14,680       33,671       30,472  

Income before income taxes

    21,985       18,920       42,993       37,007  

Income tax expense

    6,508       5,540       12,899       11,171  

Net income

  $ 15,477     $ 13,380     $ 30,094     $ 25,836  
                                 

Net income per share

                               

Basic

  $ 0.81     $ 0.69     $ 1.56     $ 1.32  

Diluted

    0.80       0.67       1.54       1.30  

Cash dividends declared per common share

    0.14       0.13       0.28       0.25  

 

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 SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(In thousands)

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2022

   

2021

   

2022

   

2021

 

Net income

  $ 15,477     $ 13,380     $ 30,094     $ 25,836  
                                 

Other comprehensive (loss)/gain:

                               

Unrealized losses on securities available for sale:

                               

Change in unrealized (losses)/gains

    (7,810 )     448       (20,367 )     (1,368 )
      (7,810 )     448       (20,367 )     (1,368 )

Related income tax effect:

                               

Change in unrealized (losses)/gains

    2,387       (131 )     6,276       406  
      2,387       (131 )     6,276       406  
                                 

Total other comprehensive (loss)/gain

    (5,423 )     317       (14,091 )     (962 )
                                 

Total comprehensive income

  $ 10,054     $ 13,697     $ 16,003     $ 24,874  

 

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 SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(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 March 31, 2022

    19,247,970     $ 279,836     $ 4,392     $ 190,849     $ 72     $ (10,324 )   $ 464,825  

Net income

                      15,477                   15,477  

Stock-based compensation

                149                         149  

Restricted stock cancelled

    (40,000 )                                    

Restricted stock unit vested

    1,000       27       (27 )                        

Cash dividend

                      (2,687 )                 (2,687 )

Stock options exercised, net of expense recognized

    198,613       2,781       (321 )                       2,460  

Repurchase of common stock

    (525,754 )     (7,548 )           (3,546 )                 (11,094 )

Other comprehensive income, net of taxes

                                  (5,423 )     (5,423 )

Balance at June 30, 2022

    18,881,829     $ 275,096     $ 4,193     $ 200,093     $ 72     $ (15,747 )   $ 463,707  
                                                         

Balance at March 31, 2021

    19,528,249     $ 282,845     $ 5,095     $ 147,806     $ 72     $ (150 )   $ 435,668  

Net income

                      13,380                   13,380  

Stock-based compensation

                315                         315  

Cash dividend

                      (2,540 )                 (2,540 )

Stock options exercised, net of expense recognized

    43,976       466                               466  

Repurchase of common stock

    (222,423 )     (3,058 )     (135 )     (2,088 )                 (5,281 )

Other comprehensive income, net of taxes

                                  317       317  

Balance at June 30, 2021

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

 

   

Common Stock

                           

Accumulated

         
   

Shares

   

Amount

   

Additional Paid-in Capital

   

Retained Earnings

   

Non- Controlling Interest

   

Other Comprehensive Income (Loss)

   

Total

 

Balance at December 31, 2021

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

Net income

                      30,094                   30,094  

Stock-based compensation

                406                         406  

Restricted stock cancelled

    (40,000 )                                    

Restricted stock vested

          355       (355 )                        

Restricted stock unit vested

    1,000       27       (27 )                        

Cash dividend

                      (5,411 )                 (5,411 )

Stock options exercised, net of expense recognized

    224,376       3,289       (434 )                       2,855  

Repurchase of common stock

    (759,091 )     (10,910 )           (5,919 )                 (16,829 )

Other comprehensive loss, net of taxes

                                  (14,091 )     (14,091 )

Balance at June 30, 2022

    18,881,829     $ 275,096     $ 4,193     $ 200,093     $ 72     $ (15,747 )   $ 463,707  
                                                         

Balance at December 31, 2020

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

Net income

                      25,836                   25,836  

Stock-based compensation

                602                         602  

Restricted stock granted

    60,000                                      

Cash dividend

                      (4,887 )                 (4,887 )

Stock options exercised, net of expense recognized

    76,265       930       (124 )                       806  

Repurchase of common stock

    (352,384 )     (4,938 )     (135 )     (2,486 )                 (7,559 )

Other comprehensive loss, net of taxes

                                  (962 )     (962 )

Balance at June 30, 2021

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

 

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 SIX MONTHS ENDED JUNE 30, 2022 AND 2021

(In thousands)

 

   

Six Months Ended

 
   

June 30,

 
   

2022

   

2021

 

Operating activities

               

Net income

  $ 30,094     $ 25,836  

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

               

Depreciation and amortization of premises and equipment

    1,346       980  

Net accretion of securities, loans, deposits, and other

    (209 )     (369 )

Unrealized loss on equity securities

          55  

Amortization of investment in affordable housing tax credits

    510       519  

Amortization of intangible assets

    2,249       3,411  

Amortization of right-of-use asset

    2,586       2,618  

Change in operating lease liabilities

    (2,523 )     (2,512 )

Provision for loan losses

    1,281       2,128  

Stock-based compensation

    406       602  

Deferred tax (benefit) expense

    (417 )     203  

Gain on sale of loans

    (1,518 )     (6,413 )

Gain on sale of fixed assets

    (757 )      

Increase in cash surrender value of life insurance

    (654 )     (404 )

Loans originated and purchased for sale, net

    (32,739 )     (108,425 )

Proceeds from loans sold

    50,014       216,770  

Other items

    (4,174 )     (2,672 )

Net cash provided by operating activities

    45,495       132,327  

Investing activities

               

Securities available for sale:

               

Purchases

    (315,434 )     (372,303 )

Maturities, prepayments and calls

    305,355       242,162  

Securities held to maturity:

               

Maturities, prepayments and calls

    500       500  

Purchase of other equity securities, net

    (171 )     (43 )

Redemption of Federal Home Loan Bank stock

          641  

Net increase of investment in qualified affordable housing projects

    (3 )     (453 )

Net increase in loans

    (117,356 )     (64,521 )

Purchase of bank owned life insurance

          (19,800 )

Net cash received in connection with a branch purchase

    71,352        

Proceeds from sale of fixed assets

    757        

Purchases of premises and equipment

    (1,215 )     (895 )

Net cash used in investing activities

    (56,215 )     (214,712 )

Financing activities

               

Net (decrease) increase in demand deposits and savings accounts

    (387,475 )     450,349  

Net decrease in time deposits

    (52,056 )     (15,436 )

Advances on short-term FHLB advances

    220,000        

Repays of short-term FHLB Advances

    (120,000 )      

Cash dividends paid

    (5,411 )     (4