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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) has agreed to acquire the Honolulu branch of Bank of the Orient for $2.8 million. The deal includes approximately $77.8 million in deposits and $10 million in selected loans, with expectations to close by December 31, 2021. President Alan Thian emphasized that this move will strengthen RBB's presence in Asian-American communities. The bank aims to ensure a smooth transition and integration, leveraging experience from past acquisitions. As of March 31, 2021, RBB had total assets of $3.7 billion.
RBB Bancorp (NASDAQ: RBB) announced the election of James Kao, Ph.D., as Chairman of the Board, effective May 19, 2021. Dr. Kao has over 40 years of business experience and has been on the Company's Board since 2015. Yee Phong (Alan) Thian remains a director after serving as the previous Chairman. The separation of the Chairman and CEO roles aims to enhance corporate governance and facilitate the Bank's growth strategy. RBB Bancorp is a community-based financial holding company with total assets of $3.7 billion as of March 31, 2021.
RBB Bancorp (NASDAQ:RBB) reported record net income of $12.5 million or $0.63 diluted EPS for Q1 2021, marking an increase from $11.1 million or $0.56 EPS in Q4 2020. The bank benefited from a growing economy with increases in net interest income to $29.5 million, up from $28.9 million in the previous quarter. Noninterest income rose to $5.9 million, driven by loan sales. Deposits reached $2.8 billion, exhibiting organic growth. However, noninterest expenses increased to $15.8 million from $14.5 million in Q4 2020.
RBB Bancorp (NASDAQ: RBB) has declared a quarterly cash dividend of $0.13 per share, payable on May 14, 2021. Shareholders of record as of May 7, 2021 will receive this dividend. Additionally, the Board has adopted a stock repurchase program that allows the company to buy back up to 500,000 shares, representing about 2.56% of its outstanding shares. This move is seen as a sign of confidence in the company's future prospects and aims to enhance shareholder value.
RBB Bancorp (NASDAQ: RBB) is set to release its financial results for the first quarter ending March 31, 2021, after market close on April 26, 2021. A conference call is scheduled for April 27, 2021, at 11:00 a.m. Pacific Time to discuss these results. Interested parties can participate via phone or listen to a live webcast on the company's website. As of December 31, 2020, RBB Bancorp had total assets of $3.4 billion and operates multiple branches across California, New York, New Jersey, Nevada, and Illinois, providing a variety of banking services.
RBB Bancorp (NASDAQ: RBB) has completed the redemption of all outstanding 6.5% Fixed-to-Floating Subordinated Notes due March 31, 2026, as of March 31, 2021. The redemption price corresponds to 100% of the principal amount plus any accrued interest. Holders of the Notes received notification of the redemption details, with payments processed through RBB and the Depositary Trust Company. As of December 31, 2020, RBB Bancorp had total assets of $3.4 billion and operates as a community-based financial holding company in multiple locations across California, Nevada, New York, New Jersey, and Illinois.
RBB Bancorp (NASDAQ: RBB) has successfully completed its underwritten offering of $120 million in 4.00% Fixed-to-Floating Rate Subordinated Notes due 2031. The offering yielded net proceeds of approximately $118.1 million after discounts and expenses. Janney Montgomery Scott LLC served as the lead manager, with Hovde Group and Stephens Inc. as co-managers. The offering was registered under the Securities Act of 1933. This financing aims to bolster RBB's capital structure, enhancing its ability to serve its communities across multiple states.
RBB Bancorp (NASDAQ: RBB) has announced a public offering of $120 million in 4.00% fixed-to-floating subordinated notes, set to close on March 26, 2021. The notes will initially yield 4.00% until April 2026, after which the rate will adjust to a benchmark rate plus 329 basis points. Proceeds, estimated at $118.5 million post-expenses, will be used to redeem existing subordinated notes and for general corporate purposes, including growth initiatives and regulatory capital investments. Janney Montgomery Scott LLC leads the offering.
RBB Bancorp (NASDAQ:RBB) reported a net income of $11.1 million, or $0.56 EPS, for Q4 2020, an increase from $8.5 million in Q4 2019. Net interest income rose to $28.9 million, boosted by higher earning assets, while net interest margin improved to 3.67%. Noninterest income reached $4.5 million, up from $2.7 million in Q3 2020, driven by a $1.7 million gain on loan sales. The company declared a quarterly dividend of $0.12 per share. However, loans held for investment decreased by $48.4 million from Q3 2020, partly due to increased loan payoffs, signaling potential challenges ahead.
RBB Bancorp (NASDAQ: RBB) has declared a quarterly cash dividend of $0.12 per share, payable on February 12, 2021, to shareholders of record as of February 1, 2021. The company, headquartered in Los Angeles, has total assets of $3.4 billion as of September 30, 2020. RBB operates through its subsidiary, Royal Business Bank, offering various banking services primarily to the Chinese-American communities in several U.S. locations.
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