Business
RBB Bancorp Reports Second Quarter Earnings for 2022
Conference Call and Webcast Scheduled for Tuesday, July 26, 2022 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time Second Quarter 2022 Highlights Net income
About this update from Rbb Bancorp
[{"type":"text","content":"\nConference Call and Webcast Scheduled for Tuesday, July 26, 2022 at 11:00 a.m. Pacific Time/2:00 p.m. Eastern Time\n\nSecond Quarter 2022 Highlights\n\n\nNet income of $15.5 million, or $0.80 diluted earnings per share, increased $860,000, or 5.9%, from the prior quarter and increased $2.1 million, or 15.7%, from the second quarter of 2021\n\n\nLoans grew by $35.9 million, or 4.8% annualized, from the end of the prior quarter\n\n\nDeclared $0.14 per share quarterly dividend\n\n\n 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, 2022.\n\nThe Company reported net income of $15.5 million, or $0.80 diluted earnings per share, for the three months ended June 30, 2022, compared to net income of $14.6 million, or $0.74 diluted earnings per share, and $13.4 million, or $ 0.67 diluted earnings per share, for the three months ended March 31, 2022 and June 30, 2021, respectively.\n\n“Our performance in the second quarter demonstrated the strength of our differentiated business model as the Bank delivered strong earnings, improving margins, and loan growth,” said David Morris, Interim President and CEO of RBB Bancorp. “Expenses were higher than expected due to the ongoing costs related to the Board of Directors investigation, which we expect to wind down in the third quarter. We were pleased to announce several new hires and re-hires during the quarter and look forward to working with our new colleagues to build shareholder value.”\n\n\"The excellent second quarter results demonstrate the value of Royal Business Bank,\" said Dr. James Kao, Chairman of RBB Bancorp. “The Bank is well-positioned to continue to generate attractive returns and shareholder value.”\n\nKey Performance Ratios\n\nNet income of $15.5 million for the second quarter of 2022 produced an annualized return on average assets (\"ROA\") of 1.60%, an annualized return on average tangible common shareholders' equity (\"ROTCE\") of 15.89%, and an annualized return on average shareholders' equity (\"ROE\") of 13.30%. This compares to an annualized ROA of 1.39%, an annualized ROTCE of 14.91%, and an annualized ROE of 12.59% for the first quarter of 2022. The efficiency...