RBB Bancorp Declares Quarterly Cash Dividend of $0.13 Per Share and Renews Buyback

Rhea-AI Summary

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.

Positive

• Declaration of a quarterly dividend of $0.13 per share, reflecting commitment to returning value to shareholders.
• Adoption of a stock repurchase program allowing for the buyback of up to 500,000 shares, signifying confidence in company performance.

Negative

• None.

RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank ("the Bank") and RBB Asset Management Company ("RAM"), collectively referred to herein as "the Company", announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per share. The dividend is payable on May 14, 2021 to common shareholders of record as of May 7, 2021.

The Bank also announced that its Board of Directors has adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 500 thousand shares of its common stock, or approximately 2.56% of its outstanding shares.

"Our Board of Directors' decision to increase the dividend and authorize a new share repurchase program demonstrates our confidence in the future prospects of the Bank and provides additional flexibility to create value for our shareholders," said Mr. Alan Thian, Chairman, President and CEO of RBB Bancorp.

The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Commission.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of December 31, 2020, the company had total assets of $3.4 billion. Its wholly-owned subsidiary, the Bank is a full service commercial bank, which provides business banking services to the Chinese-American communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, and in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, automobile lending, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, two branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey and two branches in Chicago, Illinois. The Company's administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its finance and operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company's website address is www.royalbusinessbankusa.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210426005144/en/

FAQ

What is the dividend declared by RBB Bancorp?

RBB Bancorp declared a quarterly cash dividend of $0.13 per share.

When will the dividend be paid to shareholders?

The dividend will be payable on May 14, 2021, to shareholders of record as of May 7, 2021.

What is the purpose of the stock repurchase program by RBB?

The stock repurchase program aims to enhance shareholder value and demonstrates the company's confidence in its future prospects.

How many shares can RBB repurchase under the program?

RBB Bancorp's stock repurchase program allows for the buyback of up to 500,000 shares, or approximately 2.56% of its outstanding shares.

What factors could affect the stock repurchase program?

The repurchase program may be affected by market conditions, repurchase costs, liquidity, and other investment opportunities.