RBAZ Bancorp, Inc. Announces Unaudited Financial Results For the Quarter Ending June 30, 2024
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.
RBAZ Bancorp, Inc. (OTCIQ: RBAZ) ha riportato forti risultati finanziari per il secondo trimestre del 2024, con un utile netto consolidato di 893.000 dollari (0,50 dollari per azione) per il trimestre e 1.607.000 dollari (0,90 dollari per azione) per i sei mesi terminati il 30 giugno 2024. Questo rappresenta un 60% di aumento negli utili del secondo trimestre rispetto all'anno precedente. Le performance dell'azienda sono state trainate da un incremento del reddito netto da interessi e da una crescita positiva dei prestiti. I prestiti totali hanno raggiunto 203.177.000 dollari, in aumento dello 0,7% rispetto al 31 dicembre 2023, mentre i depositi totali sono cresciuti del 10,8% fino a 252.827.000 dollari. RBAZ ha anche annunciato un accordo definitivo per fondersi con la Pima Federal Credit Union, previsto per chiudere nel quarto trimestre del 2024, soggetto ad approvazioni degli azionisti e delle autorità di regolamentazione.
RBAZ Bancorp, Inc. (OTCIQ: RBAZ) reportó sólidos resultados financieros en el segundo trimestre de 2024, con un ingreso neto consolidado de $893,000 ($0.50 por acción) para el trimestre y $1,607,000 ($0.90 por acción) para los seis meses terminados el 30 de junio de 2024. Esto representa un incremento del 60% en las ganancias del segundo trimestre en comparación con el año anterior. El desempeño de la compañía fue impulsado por un aumento en los ingresos netos por intereses y un crecimiento positivo en los préstamos. Los préstamos totales alcanzaron $203,177,000, un aumento del 0.7% desde el 31 de diciembre de 2023, mientras que los depósitos totales crecieron un 10.8% hasta $252,827,000. RBAZ también anunció un acuerdo definitivo para fusionarse con Pima Federal Credit Union, que se espera cerrar en el cuarto trimestre de 2024, sujeto a aprobaciones de los accionistas y de reguladores.
RBAZ Bancorp, Inc. (OTCIQ: RBAZ)는 2024년 2분기 재무 결과를 발표하며, 분기 동안 총 순이익이 $893,000 ($0.50 per share)였고, 2024년 6월 30일 기준으로 6개월 동안의 순이익은 $1,607,000 ($0.90 per share)이라고 전했습니다. 이는 지난해 대비 60% 증가한 수치입니다. 회사의 실적은 순이자수익 증가와 긍정적인 대출 성장으로 인해 이루어졌습니다. 총 대출금은 $203,177,000에 도달했으며, 2023년 12월 31일 대비 0.7% 증가하였고, 총 예금은 10.8% 증가하여 $252,827,000에 달했습니다. RBAZ는 또한 Pima Federal Credit Union과의 합병에 대한 확정 계약을 발표하였으며, 이는 주주와 규제 기관의 승인을 조건으로 2024년 4분기에 종결될 예정입니다.
RBAZ Bancorp, Inc. (OTCIQ: RBAZ) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024, avec un bénéfice net consolidé de 893 000 $ (0,50 $ par action) pour le trimestre et de 1 607 000 $ (0,90 $ par action) pour les six mois se terminant le 30 juin 2024. Cela représente une augmentation de 60% des bénéfices du 2ème trimestre par rapport à l'année précédente. La performance de l'entreprise a été soutenue par une augmentation des revenus nets d'intérêts et une croissance positive des prêts. Le montant total des prêts a atteint 203 177 000 $, en hausse de 0,7 % par rapport au 31 décembre 2023, tandis que le montant total des dépôts a augmenté de 10,8% pour atteindre 252 827 000 $. RBAZ a également annoncé un accord définitif pour fusionner avec la Pima Federal Credit Union, prévu pour clôturer au 4ème trimestre de 2024, sous réserve de l'approbation des actionnaires et des autorités réglementaires.
RBAZ Bancorp, Inc. (OTCIQ: RBAZ) hat starke Finanzzahlen für das 2. Quartal 2024 gemeldet, mit einem konsolidierten Nettoergebnis von 893.000 $ (0,50 $ pro Aktie) für das Quartal und 1.607.000 $ (0,90 $ pro Aktie) für die sechs Monate bis zum 30. Juni 2024. Dies stellt einen 60% Anstieg der Gewinne im 2. Quartal im Vergleich zum Vorjahr dar. Die Unternehmensleistung wurde durch einen Anstieg der Nettozinseinnahmen und positives Kreditwachstum unterstützt. Die Gesamtkredite erreichten 203.177.000 $, was einem Anstieg von 0,7% seit dem 31. Dezember 2023 entspricht, während die Gesamteinlagen um 10,8% auf 252.827.000 $ wuchsen. RBAZ gab außerdem eine definitive Vereinbarung zur Fusion mit der Pima Federal Credit Union bekannt, die voraussichtlich im 4. Quartal 2024 nach Genehmigung durch die Aktionäre und Aufsichtsbehörden abgeschlossen wird.
- Consolidated net income increased by 60% year-over-year for Q2 2024
- Total loans grew by 0.7% to $203,177,000 from December 31, 2023
- Total deposits increased by 10.8% to $252,827,000 from December 31, 2023
- Total interest income rose by 31.4% to $4,459,000 for Q2 2024
- The Bank remains 'Well Capitalized' with a CBLR ratio of 10.11%
- Announced merger agreement with Pima Federal Credit Union
- Cost of deposits increased to 2.03% for Q2 2024 from 1.75% in Q2 2023
- Total non-interest expense increased by $221,000 to $1,986,000 for Q2 2024
Mid-Year 2024; Earnings up
PHOENIX, July 26, 2024 (GLOBE NEWSWIRE) -- RBAZ Bancorp, Inc. (OTCIQ: RBAZ) (the “Company”), parent company of Republic Bank of Arizona (the “Bank” or “RBAZ”), announced a consolidated net income of
President and CEO Brian Ruisinger stated, “I am pleased with our strong Q2 earnings performance reflecting an increase of
Mr. Ruisinger continued, “On May 16th, we announced the signing of a definitive agreement to join forces with Pima Federal Credit Union. Pima has a rich history dating back to 1951 and is headquartered in Tucson, AZ with total assets of
June 30, 2024 Company Highlights Include:
- Total loans of
$203,177,000 increased$1,348,000 , or0.7% , from December 31, 2023. This increase consisted of$16,869,000 in new loan originations and advances on construction lines of credit, offset by$15,531,000 in scheduled loan maturities and participations sold. Advances and repayments on commercial lines of credit and normal payment attrition comprise the balance of the loan activity in the first half of 2024. - Total deposits of
$252,827,000 increased$24,655,000 , or10.8% , from December 31, 2023 and related entirely to core deposit generation. The increase in core deposits was the result of deepening of existing relationships and cultivation of new banking relationships. Liquidity continues to be a top priority for 2024. - Total interest income increased
$1,066,000 t o$4,459,000 for the quarter ended June 30, 2024 outpacing total interest income of$3,393,000 for the same period of the prior year equating to an increase of31.4% . - Cost of deposits increased to
2.03% for the quarter ended June 30, 2024 from1.75% for the quarter ended June 30, 2023. This increase of 28 basis points marks the smallest quarter-over-quarter increase since Q3 2022 when the Federal Reserve began rapidly increasing interest rates and evidences stabilization in the interest rate environment as the Federal Reserve continues to hold rates at5.25% to5.50% . - Total non-interest expense increased
$221,000 t o$1,986,000 for the quarter ended June 30, 2024 compared to$1,765,000 for the same period of the prior year resulting primarily from several additional full-time employees and the addition of the new Scottsdale AZ branch and conversion of the existing location to an administrative office, all of which took place in Q4 2023.
The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:
June 30, 2024 (%) | Ratio to be Well Capitalized (%) | ||
CBLR ratio | 10.11 | 9.00 | |
About the Company
RBAZ Bancorp, Inc. was established on June 10, 2021 as a single-bank holding company for its Arizona state-chartered bank subsidiary, Republic Bank of Arizona. The Company is traded over-the-counter as RBAZ.
About the Bank
Republic Bank of Arizona is a locally owned, community bank in Phoenix, Scottsdale and Gilbert, Arizona. RBAZ is a full service, community bank providing deposit and loan products and convenient, online and mobile banking to individuals, businesses and professionals. The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Additional branches are located at 7373 N. Scottsdale Road, Suite A-195, Scottsdale, AZ and 1417 W. Elliot Road, Gilbert, AZ. The Bank is the wholly-owned subsidiary of RBAZ Bancorp, Inc. For further information, please visit our web site: www.republicbankaz.com.
Forward-Looking Statements
This press release may include forward-looking statements about the Company and the Bank (collectively referred to herein as the “Company”), for which the Company claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. Several important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.
Summary Company Financial Information (unaudited) | |||||
For the three months ended June 30, | For the six months ended June 30, | Year-End | |||
2024 | 2023 | 2024 | 2023 | 2023 | |
(dollars in thousands, except per share data) | |||||
Summary Income Data: | |||||
Interest income | |||||
Interest expense | 1,439 | 1,096 | 2,996 | 2,037 | 4,742 |
Net interest income | 3,020 | 2,297 | 5,672 | 4,397 | 9,466 |
Provision for credit losses | 125 | - | 125 | - | - |
Non-interest income | 256 | 194 | 475 | 405 | 820 |
Non-interest expense | 1,986 | 1,765 | 3,928 | 3,449 | 7,142 |
Income before provision for income tax | 1,165 | 726 | 2,094 | 1,353 | 3,144 |
Provision for income tax | 272 | 165 | 487 | 330 | 684 |
Net income | |||||
Per Share Data: | |||||
Shares outstanding end-of-period | 1,779 | 1,808 | 1,779 | 1,808 | 1,795 |
Earnings per common share | |||||
Diluted earnings per common share | |||||
Book value per share | |||||
Selected Balance Sheet Data: | |||||
Total assets | |||||
Securities available-for-sale, at fair value | 37,429 | 39,880 | 37,429 | 39,880 | 40,998 |
Securities held-to-maturity | 10,651 | 11,326 | 10,651 | 11,326 | 10,648 |
Loans | 203,177 | 176,986 | 203,177 | 176,986 | 201,829 |
Allowance for credit losses | 2,163 | 2,116 | 2,163 | 2,116 | 2,116 |
Deposits | 252,827 | 240,169 | 252,827 | 240,169 | 228,172 |
Other borrowings | 5,943 | 5,914 | 5,943 | 5,914 | 20,929 |
Shareholders’ equity | 22,617 | 19,112 | 22,617 | 19,112 | 21,128 |
Performance Ratios: | |||||
Return on average shareholders’ equity (annualized) (%) | 15.79 | 11.74 | 14.21 | 10.71 | 11.64 |
Net interest margin (%) | 4.20 | 3.61 | 4.12 | 3.58 | 3.68 |
Average assets | |||||
Return on average assets (annualized) (%) | 1.20 | 0.86 | 1.11 | 0.80 | 0.93 |
Shareholders’ equity to assets (%) | 7.99 | 7.17 | 7.99 | 7.17 | 7.77 |
Efficiency ratio (%) | 60.62 | 70.86 | 63.90 | 71.82 | 69.43 |
Asset Quality Data: | |||||
Nonaccrual loans | |||||
Loan modifications to borrowers experiencing financial difficulty | $- | $- | $- | ||
Other real estate owned | $- | $- | $- | $- | $- |
Nonperforming loans | |||||
Nonperforming loans to total assets (%) | 0.15 | 0.08 | 0.15 | 0.08 | 0.08 |
Nonperforming loans to total loans (%) | 0.21 | 0.13 | 0.21 | 0.13 | 0.10 |
Allowance for credit losses to total loans (%) | 1.06 | 1.20 | 1.06 | 1.20 | 1.05 |
Allowance for credit losses to nonperforming loans (%) | 496.10 | 944.64 | 496.10 | 944.64 | 1,012.44 |
Net charge-offs (recoveries) for period | $- | ( | ( | ||
Average loans | |||||
Ratio of net charge-offs (recoveries) to average loans (%) | 0.01 | n/a | 0.01 | (0.21) | (0.20) |
Contact: Brian Ruisinger
President and Chief Executive Officer
Phone: 602.280.9404
Email: bruisinger@republicaz.com
![](https://ml.globenewswire.com/media/YmM5NmQ1ZTMtZWM1Zi00MmI1LWIyNjEtNjBmZWUyZTIwZDlhLTEwMzEyMjM=/tiny/Republic-Bank-of-Arizona.png)
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