Q2 2024 RBB Bancorp Earnings Call Transcript
Key Points
- RBB Bancorp (RBB) reported a net income of $7.2 million for the second quarter of 2024.
- The company saw modest loan growth with loans increasing by $20 million in the second quarter.
- Interest expenses declined as reliance on wholesale funding was reduced to 4% of total deposits.
- Noninterest income increased slightly to $3.5 million, benefiting from distributions on an equity investment and higher gain on sale of loans.
- Tangible book value per share increased to $24.06 due to earnings and accretive share repurchases.
- Net interest margin declined by 2 basis points, primarily due to the impact of nonaccrual loans.
- Nonperforming loans increased by $22 million, leading to a 48% rise in nonperforming assets.
- Net interest income decreased by $912,000 to $24 million, impacted by nonaccrual loans.
- Average cash balances decreased by $109 million quarter over quarter.
- Allowance to nonperforming loans ratio decreased to 76% due to the increase in nonperforming loans.
Good day and welcome to the RBB Bancorp second-quarter 2024 earnings conference call. (Operator Instructions)
I would now like to turn the call over to your host, Catherine Wei. Please go. Thank you.
Good day, everyone, and thank you for joining us to discuss RBB Bancorp's results for the second quarter of 2024. With me today are Chief Executive Officer, David Morris; President, Johnny Lee; Chief Financial Officer, Lynn Hopkins; Chief Credit Officer, Jeffrey Yeh; Chief Administrative Officer, Gary Fan; and Chief Risk Officer, Vincent Liu.
David and Lynn will briefly summarize the results which can be found in the earnings press release and investor presentation that are available in Investor Relations website, and then we'll open up the call to your questions.
I would ask that everyone, please refer to the disclaimer regarding forward-looking statements in the investor presentation and the company's SEC filing.
Now I'd like to turn the call over to RBB's Chief Executive
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