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Reliant Bancorp, Inc. (NASDAQ: RBNC) announced a quarterly cash dividend of $0.12 per share, payable on November 12, 2021, to shareholders who are on record as of October 29, 2021. This marks a 20% increase from the same quarter in 2020, reflecting the company's growth. As of September 30, 2021, Reliant Bancorp reported approximately $3.0 billion in total assets, $2.4 billion in loans, and $2.5 billion in deposits, demonstrating a strong financial position.
Reliant Bancorp reported a net income of $13.3 million, or $0.79 per diluted share, for Q3 2021, reflecting growth from $11.5 million in Q3 2020. Loan growth was strong, with an annualized increase of 11.8% and a 3.6% rise excluding PPP loans. The net interest margin improved to 4.22%, despite a decrease from the previous year. Customer deposits comprised 89.9% of the portfolio, leading to a lower cost of deposits at 0.58%. Shareholder value was enhanced with increases in book value per share by 2.8% and tangible book value by 3.7%.
Reliant Bancorp, Inc. (Nasdaq: RBNC) has declared a quarterly cash dividend of $0.12 per share, payable on August 12, 2021. This dividend represents a 20% increase from the same quarter in 2020, reflecting the company’s growth. As of June 30, 2021, Reliant Bancorp reported approximately $3.1 billion in total assets, $2.3 billion in loans for investment, and $2.6 billion in deposits, showcasing the bank's robust financial position.
Reliant Bancorp (RBNC) reported a net income of $13 million ($0.78 per diluted share) for Q2 2021, up from $12.1 million in Q1 2021 and $7.9 million in Q2 2020. Loan growth accelerated by 1.9% from the previous quarter and 3.2% excluding PPP loans. Non-time deposits increased by 6.3%, while book value per share rose by 4.3% to $20.77. Net interest margin decreased to 4.14%, primarily due to a swap termination fee. The company maintained strong asset quality with nonperforming loans at 0.23% of total loans. Shareholders’ equity rose to 11.18% of total assets.
United Community Banks will acquire Reliant Bancorp in an all-stock transaction valued at approximately $517 million, equating to $30.58 per share. The merger, projected to close in Q1 2022, aims to enhance United's market presence in Tennessee, ranking it 10th in deposit market share post-closure. United expects the merger to be accretive to earnings, adding $0.15 (6.1%) per share in 2022 and $0.22 (8.5%) in 2023. Both banks anticipate solid second quarter earnings, with United at $0.77-$0.80 EPS and Reliant at $0.76-$0.79 EPS.
Reliant Bancorp, Inc. (Nasdaq: RBNC) will release its 2021 Q2 financial results on July 22, 2021, post-market. A conference call for discussion is scheduled for July 23, 2021, at 9:00 a.m. Central Time, which will be available for live streaming online. Reliant Bancorp, based in Brentwood, Tennessee, operates through Reliant Bank, offering a range of financial services across multiple counties in Tennessee. This announcement precedes the earnings report, raising investor anticipation for the bank's performance metrics.
Reliant Bancorp, Inc. (Nasdaq: RBNC) announced a quarterly cash dividend of $0.12 per share, reflecting a 20% increase from the previous year. This dividend is payable on May 20, 2021, to shareholders recorded by the close of business on May 10, 2021. Chairman and CEO DeVan Ard, Jr. highlighted strong operating results, solid earnings, and improved net interest margins as factors supporting this increase. Reliant remains optimistic about future earnings and loan demand as economic activity picks up in 2021.
Reliant Bancorp (Nasdaq: RBNC) reported a net income of $12.1 million, or $0.73 per diluted share, for Q1 2021, maintaining earnings from Q4 2020 and recovering from a loss in Q1 2020. Loan production surged to $253.6 million, a 69% increase year-over-year, aided by a strong net interest margin of 4.51%. Non-time deposits grew by 8.1%, reflecting client relationship strategies. Shareholder value increased, with a 20% rise in dividends. The bank's credit quality remained stable, with a low nonperforming loan rate of 0.27%. Overall, the outlook for future earnings appears optimistic.
Reliant Bancorp, Inc. (Nasdaq: RBNC) announced that it will release its 2021 first quarter financial results on April 22, 2021, after market close. A conference call to discuss the results will be held on April 23, 2021, at 9:00 a.m. Central Time. Investors can access the call live via the company's website. Reliant Bancorp, based in Brentwood, Tennessee, operates Reliant Bank, offering a range of banking products and services across multiple counties in Tennessee.
Reliant Bancorp, Inc. (Nasdaq: RBNC) has authorized a stock repurchase plan of up to $10.0 million for its common stock, reflecting management's confidence in the company’s growth prospects.
Chairman and CEO DeVan Ard, Jr. stated that this initiative aims to enhance earnings per share while leveraging the company's financial strength. The repurchases may occur through various methods depending on market conditions and will be funded using cash on hand and generated from operations. The plan is effective through December 31, 2021, but can be modified if deemed necessary based on market factors.
