Rbb Bancorp · NASDAQ:RBB
Rbb Bancorp — Q3 2024 Earnings Presentation
17 slides from Rbb Bancorp's earnings presentation, Oct 22, 2024
Slide 1: 2024 Third Quarter Earnings Results
NASDAQ: RBB 2024 Third Quarter Earnings Results October 21, 2024
Slide 2: Disclosure Statement
Disclosure Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “po
Slide 3: 3rd Quarter 2024 Financial Highlights
3rd Quarter 2024 | Financial Highlights ($ in thousands, except per share data) 4Q23 1Q24 2Q24 3Q24 3Q24 Highlights Earnings & Profitability Diluted Earnings Per Share (EPS) $ 0.64 $ 0.43 $ 0.39 $ 0.39 Net Income (4) Net Interest Income before Provision for $ 25,669 $ 24,877 $ 23,965 $ 24,545 $7.0 m
Slide 4: Strategically Managed Balance Sheet
Strategically Managed Balance Sheet ($ in thousands, except per share data) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Net loans to deposits ratio Cash and Due From Banks $ 431,973 $ 269,843 $ 253,369 $ 349,990 98.6% 99.4% Available for Sale (AFS) Securities 318,961 335,194 325,582 305,666 98.6% Held
Slide 5: Diversified Loan Portfolio
Diversified Loan Portfolio Diversified across business lines Loan Portfolio Composition as of 9/30/24 SFR - Mainly non-qualified mortgage loans CRE – loans secured by commercial real estate; mainly multifamily, owner occupied CRE and non-owner occupied CRE C&I - Majority secured by assets Othe
Slide 6: Business Line Profile: CRE | C&D
Business Line Profile: CRE | C&D CRE Loans ($ in thousands) $ % $1.25 billion $ 176,922 14.1% Warehouse Hotel/Motel 121,156 9.7% Single Other Family Owner Office 46,973 3.7% 4.3% Occupied 14.3% Other 234,228 18.8% CRE Owner Occupied & Non- 579,279 46.3% Owner Occupied Multifamily Other Non-Owner 49.
Slide 7: Business Line Profile: Residential Mortgage Portfolio
Business Line Profile: Residential Mortgage Portfolio Distribution by Geography Distribution by LTV (1) <50% 50.01%-55% 55.01% - 60% SoCal NY NorCal IL NJ NV Other 60.01%-65% 65.01% - 70% >70% NV Other IL 1% 2% 3% >70% NJ 6% 2% NorCal <50% 7% 65.01% - 27% 70% SoCal 22% 40% $1.47 billion $473,660 Res
Slide 8: Business Line Profile: C&I | SBA
Business Line Profile: C&I | SBA C&I Loans SBA Loans C&I and SBA Portfolio ($mm) $128.9 million Shared $48.1 million Nat'l Guaranteed Credits 3.8% 2.0% $52.1 $54.7 $50.3 $48.1 Commercial Term 21.2% Unguaranteed 504 Loans (1) Secured by RE 39.4% $130.1 $121.4 $126.6 $128.9 51.8% Credit Lines 76.8% Un
Slide 9: Asset Quality Metrics: Non-Performing Loans (NPLs)
Asset Quality Metrics: Non-Performing Loans (NPLs) Non-Performing Loans # $ % NPAs / Total Assets ($ in thousands) $60,662 16 $ 13,997 23.1% SFR $54,589 $ in Thousands CRE 6 20,430 33.6% $37,006 1.52% 2 19,032 31.4% $31,619 1.41% C&D C&I 22 6,465 10.7% 0.95% 0.79% 6 738 1.2% SBA Total Non-Performing
Slide 10: Non-Performing Loans > $1 Million
NON-PERFORMING LOANS > $1 Million Non-Performing Loans ($ in thousands) Non-performing loans increased $6.1 million to $60.7 million due $ Amount mostly to additions of $13.7 million, offset by payoffs of $6.1 Line # Loan 3Q24 2Q24 Incr (Decr) million and partial charge-offs of Category $1.2 million
Slide 11: Asset Quality Metrics: Loan Classifications and Delinquencies
Asset Quality Metrics : Loan Classifications and Delinquencies Special Mention Loans & Substandard Loans by Special Mention Loans & Substandard Loans Type $ in Thousands $157,332 $77,501 $79,831 $2,157 $14,703 $93,941 $79,831 $77,750 $82,596 $10,727 $61,099 $57,170 $63,076 $75,344 $77,501 $54,401 $3
Slide 12: Allowance for Credit Losses, Credit Cost Provisions and Credit Metrics
Allowance for Credit Losses, Credit Cost Provisions and Credit Metrics The allowance for loan losses (ALL) was $43.7 Allowance for Loan Losses (ALL) million and a reserve for unfunded commitments $43,685 (RUC) was $779K at 9/30/24. The allowance for $ in Thousands credit losses (ACL) totaled $44.5 m
Slide 13: Deposits
Deposits Total Deposits Deposit Mix – QoQ Annualized $ in millions $3.09 billion Wholesale +3% -18% -1% +9% deposits $3,154 $3,175 $3,092 $3,028 $3,024 4.8% $608 $632 $643 $648 $666 Time $437 $406 $198 $121 $147 DDA deposits, 17.6% $746 $790 $808 greater $736 $812 than $250,000 Savings, $801 $785 $9
Slide 14: Operating Expense & Efficiency
Operating Expense & Efficiency Total Revenue & Efficiency Ratio Noninterest Expense $ in millions $16.97 $17.12 $17.42 $16.39 62.38% 60.07% $2.30 $2.43 $2.47 57.51% $2.50 $0.88 $0.96 $1.26 $1.47 49.58% $1.29 $1.42 $1.47 $ in millions $1.36 $2.44 $2.52 $2.39 $2.44 $33.06 $30.29 $28.25 $27.45 $8.86 $9
Slide 15: Accumulation of Strong Company Capital Ratios
Accumulation of Strong Company Capital Ratios CET1 Capital Ratio Tangible Common Equity Ratio(1) The Company's capital levels are higher than 19.07% 19.10% 18.89% 18.16% 11.06% 11.56% 11.53% 11.13% most peer banks Invested $11.0 million in 6.50% 6.50% 6.50% 6.50% the stock buyback program with the 1
Slide 16: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 16
Slide 17: Non-GAAP Reconciliation: Tangible Common Equity and Tangible Assets
Non-GAAP Reconciliation: Tangible Common Equity and Tangible Assets Some of the financial measures included in this presentation are not measures of financial performance recognized by GAAP. These non-GAAP financial measures include “tangible common equity to tangible assets,” “tangible book value p