RBAZ Bancorp, Inc. Announces Unaudited Financial Results For the Quarter and Year Ending December 31, 2024
RBAZ Bancorp reported record earnings for Q4 and full-year 2024. The company achieved a consolidated net income of $793,000 ($0.44 per share) for Q4 2024 and $3,379,000 ($1.90 per share) for the full year, representing a 37% year-over-year increase. The Q4 results showed a 15% increase compared to Q4 2023.
Key financial highlights include: total loans increased by 10.4% to $222,731,000; total deposits grew by 9.7% to $250,201,000, with 74.1% in non-interest-bearing funds; and total interest income rose by 21% to $4,615,000 in Q4 2024. The cost of deposits decreased to 2.13% in Q4, down from a peak of 2.36% in Q1 2024.
The company is proceeding with its planned merger with Pima Federal Credit Union, with shareholders' approval obtained in August 2024 and regulatory applications accepted in January 2025. The merger is expected to close in Q2 2025.
RBAZ Bancorp ha riportato redditi record per il quarto trimestre e per l'intero anno 2024. L'azienda ha registrato un utile netto consolidato di $793,000 ($0.44 per azione) per il Q4 2024 e $3,379,000 ($1.90 per azione) per l'anno intero, con un aumento del 37% rispetto all'anno precedente. I risultati del Q4 hanno mostrato un incremento del 15% rispetto al Q4 2023.
I principali punti finanziari includono: l'aumento totale dei prestiti del 10.4% a $222,731,000; la crescita totale dei depositi del 9.7% a $250,201,000, con il 74.1% in fondi non interessati; e l'aumento totale dei redditi da interessi del 21% a $4,615,000 nel Q4 2024. Il costo dei depositi è diminuito al 2.13% nel Q4, in calo rispetto a un picco del 2.36% nel Q1 2024.
L'azienda sta proseguendo con la fusione pianificata con la Pima Federal Credit Union, con l'approvazione degli azionisti ottenuta nell'agosto 2024 e le domande di regolamentazione accettate a gennaio 2025. La fusione dovrebbe chiudersi nel Q2 2025.
RBAZ Bancorp reportó ganancias récord para el cuarto trimestre y el año completo 2024. La empresa logró un ingreso neto consolidado de $793,000 ($0.44 por acción) para el Q4 2024 y $3,379,000 ($1.90 por acción) para el año completo, lo que representa un aumento del 37% en comparación con el año anterior. Los resultados del Q4 mostraron un aumento del 15% en comparación con el Q4 2023.
Los aspectos financieros clave incluyen: los préstamos totales aumentaron un 10.4% a $222,731,000; los depósitos totales crecieron un 9.7% a $250,201,000, con un 74.1% en fondos no remunerados; y los ingresos totales por intereses aumentaron un 21% a $4,615,000 en el Q4 2024. El costo de los depósitos disminuyó al 2.13% en el Q4, bajando de un pico del 2.36% en el Q1 2024.
La empresa está avanzando con su fusión planeada con Pima Federal Credit Union, con la aprobación de los accionistas obtenida en agosto de 2024 y las solicitudes regulatorias aceptadas en enero de 2025. Se espera que la fusión se cierre en el Q2 2025.
RBAZ Bancorp는 2024년 4분기 및 연간 기록적인 수익을 보고했습니다. 이 회사는 2024년 4분기에 $793,000 ($0.44 per 주식)의 통합 순이익을 달성하였고, 연간 총 $3,379,000 ($1.90 per 주식)의 이익을 기록하여 전년 대비 37% 증가했습니다. 4분기 결과는 2023년 4분기 대비 15% 증가했습니다.
주요 재무 하이라이트에는 총 대출이 10.4% 증가하여 $222,731,000에 달했으며, 총 예금은 9.7% 증가하여 $250,201,000에 이르렀고, 이 중 74.1%는 이자가 없는 자금으로 나타났습니다; 2024년 4분기 총 이자 수익은 21% 증가하여 $4,615,000에 도달했습니다. 4분기 예금 비용은 2.13%로 감소했으며, 2024년 1분기의 2.36%에서 하락했습니다.
회사는 Pima Federal Credit Union과의 계획된 합병을 진행하고 있으며, 2024년 8월에 주주 승인을 받았고, 2025년 1월에 규제 신청이 접수되었습니다. 합병은 2025년 2분기에 완료될 것으로 예상됩니다.
RBAZ Bancorp a annoncé des bénéfices records pour le quatrième trimestre et l'année complète 2024. La société a réalisé un revenu net consolidé de $793,000 ($0.44 par action) pour le Q4 2024 et $3,379,000 ($1.90 par action) pour l'année entière, représentant une augmentation de 37 % par rapport à l'année précédente. Les résultats du Q4 ont montré une augmentation de 15 % par rapport au Q4 2023.
Les points financiers clés incluent : le montant total des prêts a augmenté de 10.4 % pour atteindre $222,731,000 ; le montant total des dépôts a crû de 9.7 % pour atteindre $250,201,000, dont 74.1 % en fonds non rémunérés ; et les revenus totaux d'intérêts ont augmenté de 21 % pour atteindre $4,615,000 au Q4 2024. Le coût des dépôts a diminué à 2.13 % au Q4, en baisse par rapport à un pic de 2.36 % au Q1 2024.
La société avance avec sa fusion prévue avec la Pima Federal Credit Union, avec l'approbation des actionnaires obtenue en août 2024 et les demandes de réglementation acceptées en janvier 2025. La fusion devrait se conclure au Q2 2025.
RBAZ Bancorp hat für das 4. Quartal und das Gesamtjahr 2024 Rekordgewinne gemeldet. Das Unternehmen erzielte im 4. Quartal 2024 ein konsolidiertes Nettoeinkommen von $793,000 ($0.44 pro Aktie) und $3,379,000 ($1.90 pro Aktie) für das gesamte Jahr, was einem Anstieg von 37 % im Vergleich zum Vorjahr entspricht. Die Ergebnisse des 4. Quartals zeigten im Vergleich zum 4. Quartal 2023 einen Anstieg von 15 %.
Wichtige finanzielle Highlights sind: die Gesamtvergabe von Krediten stieg um 10.4 % auf $222,731,000; die Gesamteinlagen wuchsen um 9.7 % auf $250,201,000, wobei 74.1 % in nicht verzinslichen Mitteln lagen; und die gesamten Zinserträge stiegen im 4. Quartal 2024 um 21 % auf $4,615,000. Die Kosten für Einlagen sanken im 4. Quartal auf 2.13 %, nach einem Höchststand von 2.36 % im 1. Quartal 2024.
Das Unternehmen setzt seine geplante Fusion mit der Pima Federal Credit Union fort, wobei die Zustimmung der Aktionäre im August 2024 erteilt wurde und die regulatorischen Anträge im Januar 2025 angenommen wurden. Die Fusion soll im 2. Quartal 2025 abgeschlossen werden.
- Record net income of $3,379,000 for 2024, up 37% YoY
- Total loans increased 10.4% to $222,731,000
- Total deposits grew 9.7% to $250,201,000
- Interest income increased 21% to $4,615,000 in Q4
- Core operating expenses decreased by $126,000
- Well-capitalized status maintained with 11.06% CBLR ratio
- Non-interest expense increased by $239,000 to $2,097,000 in Q4
- $365,000 in merger-related deal costs impacted expenses
Record Earnings Up
PHOENIX, Jan. 30, 2025 (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 proud to report record earnings for RBAZ in our 17-year history reflecting a
Mr. Ruisinger continued, “As an update to our May 16, 2024 announcement of our intent to join forces with Pima Federal Credit Union, RBAZ shareholders approved the transaction on August 22, 2024 and regulatory applications were accepted in January 2025 entering into the customary review period to obtain approval. We anticipate a closing date in the second quarter of this year, and additional information will be provided once approvals are obtained.”
December 31, 2024 Company Highlights Include:
- Total loans of
$222,731,000 increased$20,902,000 , or10.4% , from December 31, 2023. This increase consisted of$51,397,000 in new loan originations and advances on construction lines of credit, offset by$29,397,000 in loan maturities and participations sold. Advances and repayments on commercial lines of credit and normal payment attrition comprised the balance of the loan activity in 2024. - Total deposits of
$250,201,000 increased$22,029,000 , or9.7% , from December 31, 2023 and related entirely to core deposit generation, in which74.1% was in non-interest-bearing funds. The increase in core deposits was a mix of deepening of existing relationships and cultivation of new banking relationships. - Total interest income increased
$800,000 t o$4,615,000 for the quarter ended December 31, 2024 outpacing total interest income of$3,815,000 for the same period of the prior year equating to an increase of21.0% . - Cost of deposits was
2.13% for the quarter ended December 31, 2024. After peaking at2.36% in Q1 2024, this reduction of 23 basis points indicates a turning point in the interest rate environment within the greater Phoenix market following the Federal Reserve’s rate reductions totaling 100 basis points in the second half of 2024. - Total non-interest expense increased
$239,000 t o$2,097,000 for the quarter ended December 31, 2024 compared to$1,858,000 for the same period of the prior year. However, this increase includes$365,000 in non-recurring expenses associated with the pending transaction with Pima Federal Credit Union incurred in 2024. Therefore, core operating expenses decreased$126,000 b etween comparative quarters resulting primarily from a reduction in professional fees and marketing expenses.
The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:
| December 31, 2024 (%) | Ratio to be Well Capitalized (%) | ||
| CBLR ratio | 11.06 | 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, but are not limited to, 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 December 31, | For the twelve months ended December 31, | ||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||
| (dollars in thousands, except per share data) | |||||||||
| Summary Income Data: | |||||||||
| Interest income | |||||||||
| Interest expense | 1,457 | 1,359 | 5,923 | 4,742 | |||||
| Net interest income | 3,158 | 2,456 | 12,012 | 9,466 | |||||
| Provision for credit losses | 233 | - | 627 | - | |||||
| Non-interest income | 245 | 219 | 967 | 820 | |||||
| Non-interest expense | 2,097 | 1,858 | 7,907 | 7,142 | |||||
| Income before provision for income tax | 1,073 | 817 | 4,445 | 3,144 | |||||
| Provision for income tax | 280 | 129 | 1,066 | 684 | |||||
| Net income | |||||||||
| Per Share Data: | |||||||||
| Shares outstanding end-of-period | 1,790 | 1,795 | 1,790 | 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 | 32,731 | 40,998 | 32,731 | 40,998 | |||||
| Securities held-to-maturity | 9,855 | 10,648 | 9,855 | 10,648 | |||||
| Loans | 222,731 | 201,829 | 222,731 | 201,829 | |||||
| Allowance for credit losses | 2,428 | 2,116 | 2,428 | 2,116 | |||||
| Deposits | 250,201 | 228,172 | 250,201 | 228,172 | |||||
| Other borrowings | 5,958 | 20,929 | 5,958 | 20,929 | |||||
| Shareholders’ equity | 24,723 | 21,128 | 24,723 | 21,128 | |||||
| Performance Ratios: | |||||||||
| Return on average shareholders’ equity (annualized) (%) | 12.83 | 13.03 | 13.67 | 11.64 | |||||
| Net interest margin (%) | 4.58 | 3.81 | 4.32 | 3.68 | |||||
| Average assets | |||||||||
| Return on average assets (annualized) (%) | 1.10 | 1.04 | 1.17 | 0.93 | |||||
| Shareholders’ equity to assets (%) | 8.75 | 7.77 | 8.75 | 7.77 | |||||
| Efficiency ratio (%) | 61.62 | 69.46 | 60.92 | 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 | |||||
| Nonperforming loans to total loans (%) | 0.19 | 0.10 | 0.19 | 0.10 | |||||
| Allowance for credit losses to total loans (%) | 1.09 | 1.05 | 1.09 | 1.05 | |||||
| Allowance for credit losses to nonperforming loans (%) | 580.86 | 1,012.44 | 580.86 | 1,012.44 | |||||
| Net charge-offs (recoveries) for period | $- | ( | ) | ||||||
| Average loans | |||||||||
| Ratio of net charge-offs (recoveries) to average loans (%) | 0.01 | n/a | 0.09 | (0.20 | ) | ||||
Contact: Brian Ruisinger
President and Chief Executive Officer
Phone: 602.280.9404
Email: bruisinger@republicaz.com
FAQ
What was RBAZ's net income for Q4 2024?
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