RBB Bancorp - RBB STOCK NEWS

RBB Bancorp (NASDAQ: RBB) announced the appointment of Alex Ko as Executive Vice President and Chief Financial Officer, effective March 1, 2023. Ko previously served as CFO at Hope Bancorp, managing a bank with $19.2 billion in assets. David Morris, President and CEO, expressed enthusiasm about Ko's expertise contributing to RBB's growth. RBB Bancorp, headquartered in Los Angeles, has total assets of $3.9 billion as of December 31, 2022, providing various banking services primarily to Chinese-American communities across multiple locations, including California, New York, New Jersey, Illinois, and Hawaii.

RBB Bancorp (NASDAQ:RBB) reported a record net income of $17.6 million, or $0.92 diluted earnings per share for Q4 2022, marking an 11.9% increase year-over-year. Loans rose by $114.4 million, or 14.1% annualized. Noninterest income decreased to $2.4 million, while noninterest expenses fell to $13.1 million. The company declared a $0.16 per share dividend. Despite these achievements, management noted ongoing pressures from rising deposit costs due to market forces. The company has concluded internal investigations and made organizational changes aimed at improvement.

RBB Bancorp has declared a quarterly cash dividend of $0.16 per share, payable on February 10, 2023 to shareholders of record as of January 30, 2023. As of September 30, 2022, RBB Bancorp held total assets of $4.0 billion. The company operates through its wholly-owned subsidiary, Royal Business Bank, serving primarily the Chinese-American communities across several regions in California, New York, New Jersey, Illinois, and Hawaii. This dividend announcement reflects the firm's commitment to returning value to its shareholders amidst a stable asset base.

RBB Bancorp (NASDAQ: RBB) will release its fourth-quarter financial results for the period ending December 31, 2022, on January 23, 2023, post-market. A conference call to discuss these results is scheduled for January 24, 2023, at 11:00 a.m. Pacific Time. Interested participants can join by dialing 1-888-506-0062 or listen via the live webcast on the Company's website. RBB Bancorp, headquartered in Los Angeles, California, reported total assets of $4.0 billion as of September 30, 2022, and operates through its subsidiary, Royal Business Bank, providing various financial services primarily to the Chinese-American communities across multiple states.

RBB Bancorp (NASDAQ: RBB) announced the appointment of Gary Fan as Executive Vice President and Chief Administrative Officer. In this role, he will oversee marketing, wealth management, and operations in key markets such as New York and Chicago. Mr. Fan brings extensive experience from Gateway Bank FSB and a fintech company, aiming to enhance RBB's offerings in digital banking and specialty banking. As of September 30, 2022, RBB Bancorp had total assets of $3.9 billion, focusing on the Asian-American community across multiple states.

RBB Bancorp (NASDAQ: RBB) received a Notice from Nasdaq on November 21, 2022, for failing to file its 2022 Q3 Form 10-Q by the November 9 deadline. The delay is due to the appointment of Crowe LLP as its new CPA, requiring time for Sarbanes-Oxley Act control reviews. While Nasdaq has granted RBB 60 days to submit a compliance plan, the company expects to regain compliance by December 15, 2022. The firm currently holds total assets of $3.9 billion as of September 30, 2022.

RBB Bancorp (NASDAQ:RBB) reported strong Q3 2022 results, with record net income of $16.7 million or $0.87 diluted EPS, up from $15.5 million in Q2 2022. Loans increased by $176.2 million (22.9% annualized), driving net interest income to a record $39.0 million. The efficiency ratio improved to 40.22%, and the ROA and ROE rose to 1.72% and 13.93%, respectively. A quarterly dividend of $0.14 per share was declared. However, noninterest income decreased due to lower gains from loan sales.

RBB Bancorp has elevated David Morris to President and Chief Executive Officer, effective immediately. Morris, who has been the Interim CEO since February 2022 and has 35 years of community banking experience, will also remain the Chief Financial Officer and join the Board of Directors. Shalom Chang will step into the role of Chief Accounting Officer. The company's Chairman emphasized Morris's leadership as crucial for maintaining high ethical standards and a commitment to community growth as RBB Bancorp aims to further serve Asian-American communities.

RBB Bancorp (NASDAQ: RBB) has declared a quarterly cash dividend of $0.14 per share, payable on November 11, 2022 to shareholders of record as of October 31, 2022. The company, headquartered in Los Angeles, California, reported total assets of $4.0 billion as of June 30, 2022. RBB provides various financial services through its subsidiary, Royal Business Bank, primarily serving the Chinese-American communities across multiple regions.