RBAZ BANCORP INC - RBAZ STOCK NEWS

RBAZ Bancorp, Inc. (OTCIQ: RBAZ) reported strong Q2 2024 financial results, with consolidated net income of $893,000 ($0.50 per share) for the quarter and $1,607,000 ($0.90 per share) for the six months ended June 30, 2024. This represents a 60% increase in Q2 earnings compared to the previous year. The company's performance was driven by increased net interest income and positive loan growth. Total loans reached $203,177,000, up 0.7% from December 31, 2023, while total deposits grew by 10.8% to $252,827,000. RBAZ also announced a definitive agreement to merge with Pima Federal Credit Union, expected to close in Q4 2024 pending shareholder and regulatory approvals.

Pima Federal Credit Union and RBAZ Bancorp announced an all-cash acquisition agreement for Republic Bank of Arizona. Following the transaction, RBAZ shareholders are estimated to receive around $22.00 per fully diluted share. Pima will acquire nearly all assets and assume most liabilities of Republic Bank, expanding its branch network to twelve locations with over $1.5 billion in assets. The acquisition, pending regulatory approvals and RBAZ shareholder consent, is expected to finalize in the second half of 2024. Post-acquisition, Republic Bank will dissolve, and its accounts will be serviced by Pima.

Both companies highlight shared values and strategic growth as key drivers of this deal. Brian Ruisinger, RBAZ's CEO, will continue to lead the Phoenix market for Pima. The agreement has been approved by the Boards of both entities.

RBAZ Bancorp, Inc. reported a consolidated net income of $713,000, or $0.40 per share, for the quarter ending March 31, 2024, showing a 54% increase over the same period in 2023. The company attributed this growth to higher net interest income and improved liquidity. Total loans decreased slightly, while deposits saw a significant increase. RBAZ remains well-capitalized and focused on growth opportunities, especially in construction and commercial lines of credit.

RBAZ Bancorp, Inc., parent company of Republic Bank of Arizona, reported a 29% increase in earnings year-over-year, with consolidated net income of $688,000 for the quarter ended December 31, 2023. The company also announced a 23.9% increase in total loans, totaling $201,829,000, and a 12.2% increase in total deposits, reaching $228,172,000. Additionally, RBAZ's total interest income increased by 45.7% to $3,815,000 for the quarter ended December 31, 2023, while total non-interest expenses increased by $278,000 compared to the same period in the prior year. The Bank remains 'Well Capitalized' under the Community Bank Leverage Ratio framework, with a CBLR ratio of 10.68% as of December 31, 2023.

RBAZ Bancorp, Inc. announced strong quarterly earnings with a consolidated net income of $748,000 for the quarter ended September 30, 2023. Total loans and deposits increased significantly, and total interest income saw a 61.4% increase. However, higher funding costs, compressing margins, and pressuring liquidity are the main challenges the company is facing.

RBAZ Bancorp, Inc. (OTCIQ: RBAZ) reports a 31.5% increase in net earnings for the quarter ended June 30, 2023, driven by significant loan production. Total loans and deposits also saw substantial growth. Despite challenges from higher cost of funds due to Federal Reserve rate increases, RBAZ remains well-capitalized and poised for continued growth.

RBAZ Bancorp, Inc. reported a strong financial performance for Q4 2022, achieving a net income of $644,000 or $0.36 per share, a significant increase from $373,000 or $0.21 per share in Q4 2021. For the full year, net income remained stable at $1.06 per share compared to 2021. Core earnings saw a remarkable 50% year-over-year increase, driven by a 14% rise in net interest income and a 32% boost in non-interest income. Total loans surged to $162.95 million, marking a 20.4% growth, though total deposits dipped 1% to $203.33 million. The bank maintains a robust 11.39% capital ratio under the CBLR framework.

RBAZ Bancorp, Inc. reported a consolidated net income of $490,000 for Q3 2022, representing $0.27 per share, down from $524,000, or $0.29 per share in Q3 2021. For the nine months ended September 30, 2022, net income was $1,270,000 ($0.70 per share) versus $1,545,000 ($0.86 per share) in the prior year. Core earnings increased 20% year-over-year. Total loans rose 5.5% to $142,872,000, while total deposits fell 1.9% to $201,486,000. RBAZ is set to open its third branch in Gilbert, AZ on October 31.