Q3 2024 RBB Bancorp Earnings Call Transcript
Key Points
- RBB Bancorp (RBB) reported a net income of $7 million, or $0.39 per share, for the third quarter of 2024.
- The company experienced a $44 million increase in loans during the third quarter, supported by $175 million in loan production at a weighted average rate of 7.26%.
- Deposits increased by $69 million from the last quarter, with non-interest bearing deposits remaining stable.
- RBB Bancorp (RBB) successfully resolved and terminated its Consent Order in August, allowing the company to focus on growth and value-creating opportunities.
- The tangible book value per share increased to $24.64 due to earnings, accretive share repurchases, and a recovery of AOCI.
- Net interest margin increased by only 1 basis point, which was less than expected.
- Non-performing loans increased to $60.7 million, or 1.52% of total assets, with two loans migrating to non-accrual status.
- The allowance for credit losses increased by $2.1 million in the third quarter, driven by a $3.3 million provision for credit losses.
- RBB Bancorp (RBB) experienced higher non-interest expenses, which increased by $297,000 to $17.4 million due to higher salaries and other expenses.
- The company's reliance on wholesale deposits, although reduced, still accounted for 4.8% of total deposits.
Good day and welcome to the RBB Bancorp Q3 2024 Earnings Call. At this time all participants are on a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. I would now like to turn the call over to [Rebecca]. The floor is yours.
Thank you, [Kelly]. Good day, everyone, and thank you for joining us to discuss RBB Bancorp's results for the third 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 Operations 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 on our Investor Relations website, and then we will open up the call to your questions. I would ask that everyone please refer to the disclaimer regarding forward looking statements and the investor presentation and the company's SEC filings.
Now I
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