RBB Bancorp Declares Quarterly Cash Dividend of $0.14 Per Share and Renews Buyback

Rhea-AI Summary

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.

Positive

• Quarterly cash dividend of $0.14 per share enhances shareholder value.
• Stock repurchase program may increase earnings per share (EPS) by reducing outstanding shares.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- 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 $0.14 per share. The dividend is payable on August 12, 2022 to common shareholders of record as of August 1, 2022.

The Company 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 2.63% of its outstanding shares.

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 March 31, 2022, the company had total assets of $4.0 billion. Royal Business Bank, its wholly-owned subsidiary, 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, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. 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, three 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, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. 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/20220721005949/en/

David Morris

Interim President & CEO

CFO

(714) 670-2488

Source: RBB Bancorp

FAQ

What is the dividend declared by RBB Bancorp?

RBB Bancorp has declared a quarterly cash dividend of $0.14 per share.

When is the dividend payable for RBB Bancorp?

The dividend is payable on August 12, 2022.

How many shares will RBB Bancorp repurchase?

RBB Bancorp plans to repurchase up to 500,000 shares.

What percentage of outstanding shares does the repurchase represent?

The repurchase represents approximately 2.63% of RBB Bancorp's outstanding shares.

What factors could affect the stock repurchase program of RBB Bancorp?

Market conditions, cost of share repurchase, availability of alternative investments, and liquidity may affect the program.