Welcome to our dedicated page for RBB Bancorp news (Ticker: RBB), a resource for investors and traders seeking the latest updates and insights on RBB Bancorp stock.
RBB Bancorp (symbol: RBB) is a prominent bank holding company headquartered in California. It primarily serves as the holding company for Royal Business Bank and RBB Asset Management Company. Royal Business Bank, a state-chartered commercial bank, is the cornerstone of RBB Bancorp’s operations, focusing on delivering exceptional commercial banking services.
RBB Bancorp’s core business revolves around providing a wide range of financial products and services. These include traditional commercial real estate loans, secured commercial and industrial loans, and trade finance services, which are crucial for companies engaged in business activities in China, Taiwan, and other Asian countries. Additionally, the bank offers non-qualified single-family residential mortgage loans and Small Business Administration (SBA) loans.
The diverse array of banking services provided by RBB Bancorp includes checking accounts, savings accounts, money market accounts, and certificates of deposits. Moreover, the bank extends modern banking conveniences such as remote deposit capture, e-banking, and mobile banking to its customers.
RBB Bancorp generates its revenue primarily from the interest accrued on loans and leases. A portion of its revenue also comes from interest on investment securities. Additionally, noninterest income sources such as fees from various lending and deposit services, loan servicing, gains on sales of loans, and wealth management services contribute significantly to the company’s financial health.
As of March 31, 2017, RBB Bancorp reported total consolidated assets of $1.5 billion, total consolidated deposits of $1.2 billion, and total consolidated shareholders' equity of $183.5 million. These figures underscore the company’s robust financial condition and steady growth trajectory.
RBB Bancorp continues to expand its influence and customer base through strategic partnerships and projects. The bank is committed to serving the financial needs of businesses and individuals, especially within the Asian-American community, maintaining a strong focus on client satisfaction and community development.
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
RBB Bancorp (NASDAQ: RBB) will announce its third-quarter financial results for the period ending September 30, 2022, on October 24, 2022, after market close. A conference call will be held on October 25, 2022, at 11:00 AM PT to discuss the results. The company, headquartered in Los Angeles, had total assets of $4.0 billion as of June 30, 2022, with its subsidiary, Royal Business Bank, catering to various communities across California and other states. Interested parties can join the call via phone or webcast.
RBB Bancorp (NASDAQ:RBB) reported a net income of $15.5 million for Q2 2022, reflecting a 5.9% increase from Q1 and a 15.7% rise year-over-year. Diluted earnings per share rose to $0.80. Loans grew by $35.9 million or 4.8% annualized. The bank declared a $0.14 per share quarterly dividend. Noninterest income saw a 16.5% rise compared to Q1 but a decline from the previous year. Net interest income increased to $37.1 million, driven by higher interest rates. Nonperforming assets decreased, indicating an improvement in asset quality.
RBB Bancorp has declared a quarterly cash dividend of $0.14 per share, payable on August 12, 2022, to shareholders of record as of August 1, 2022. Additionally, the Board of Directors has approved a stock repurchase program allowing for the buyback of up to 500,000 shares, approximately 2.63% of outstanding shares. This program provides flexibility in how shares can be repurchased and can be modified or terminated based on market conditions and other factors.
RBB Bancorp (NASDAQ: RBB) is set to release its financial results for the second quarter ended June 30, 2022, on July 25, 2022, after market close. A conference call will be held on July 26, 2022, at 11:00 a.m. PT to discuss these results. As of March 31, 2022, RBB Bancorp reported total assets of $4.0 billion. Stakeholders can access the call via phone or webcast, with replays available after the event.
RBB Bancorp (NASDAQ: RBB) announces the hiring of several key employees aimed at enhancing client relationships and driving growth. Edwin Oh joins as Senior VP and SBA Manager, along with Rick Carpenter as Senior VP and Commercial Lending Manager. They bring extensive experience from previous roles in the banking sector. In total, RBB has onboarded eight new bankers in the last six months, positioning the company for strengthened shareholder value. As of March 31, 2022, RBB had total assets of $4.0 billion, servicing key communities in California and beyond.
RBB Bancorp (NASDAQ: RBB) has submitted a Supplement to its Proxy Statement ahead of the Annual Meeting of Shareholders scheduled for May 18, 2022. This Supplement, dated May 16, 2022, provides updates on nominees for the Board of Directors and clarifies that all current directors and nominees are independent. The details can be accessed on RBB's website and the SEC's website. As of March 31, 2022, RBB Bancorp reported total assets of $4.0 billion and operates primarily through Royal Business Bank, catering to Chinese-American communities in several regions including California, New York, and Hawaii.
FAQ
What is the current stock price of RBB Bancorp (RBB)?
What is the market cap of RBB Bancorp (RBB)?
What is RBB Bancorp?
What type of loans does Royal Business Bank offer?
How does RBB Bancorp generate revenue?
What are some of the banking services provided by RBB Bancorp?
What was RBB Bancorp's total consolidated assets as of March 31, 2017?
Who are the primary clients of Royal Business Bank?
What additional services does RBB Bancorp offer?
What is the significance of Royal Business Bank?
What financial products are available at RBB Bancorp?
How does RBB Bancorp support small businesses?
