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RBB Bancorp Reports Second Quarter 2023 Earnings
LOS ANGELES--(BUSINESS WIRE)-- RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (“the Bank”) and RBB Asset Management Company (“RAM”),
About this update from Rbb Bancorp
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nRBB 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 financial results for the quarter ended June 30, 2023.\n\n\nThe Company reported net income of $10.9 million, or $0.58 diluted earnings per share, for the quarter ended June 30, 2023, compared to net income of $11.0 million, or $0.58 diluted earnings per share, and $15.5 million, or $0.80 diluted earnings per share, for the quarter ended March 31, 2023 and June 30, 2022, respectively.\n\n\n“I’d like to welcome Johnny Lee to the Royal Business Bank team as President and Chief Banking Officer,” said David Morris, CEO of RBB Bancorp. “His hiring is one of the more visible steps we have taken over the past 15 months to strengthen our management team.”\n\n\nMr. Morris continued, “We continued to reduce our loan to deposit ratio in the second quarter by increasing deposit balances and allowing out-of-market loans to run off. We are proactively managing our loan portfolio and are confident that our underwriting standards will limit ultimate losses.”\n\n\n“Over the past several months, the Board has taken important steps to enhance corporate governance and strengthen our Board and, as David noted, our management team,” said Dr. James Kao, Chairman of the Company. “In addition to the two independent directors we added in April, two independent directors were elected to the Board at our annual shareholder meeting in June, bringing the total number of independent directors to nine. We believe our governance and management enhancements, combined with our prudent approach to underwriting, credit risk management, and capital management, position us to continue to navigate the institution through this challenged operating environment.”\n\n\nSecond Quarter 2023 Highlights Compared to First Quarter 2023\n\n\n\nNet income decreased to $10.9 million, or $0.58 diluted earnings per share.\n\n\n\nNet interest income decreased to $31.9 million.\n\n\n\nNoninterest income increased to $2.5 million and noninterest expense decreased to $18.5 million.\n\n\n\nTotal loans held for investment decreased by $146.4 million and total deposits increased by $24.4 million, resulting in a decrease in the net loan to deposit ratio to 99.3% from 104.7% at th...