Rbb Bancorp · NASDAQ:RBB
Rbb Bancorp — Q4 2023 Earnings Presentation
18 slides from Rbb Bancorp's earnings presentation, Jan 23, 2024
Slide 1: 2023 Fourth Quarter Earnings Results
NASDAQ: RBB 2023 Fourth Quarter Earnings Results January 22, 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: 4th Quarter 2023 Financial Highlights
4th Quarter 2023 | Financial Highlights ($ in thousands, except per share data) 1Q23 2Q23 3Q23 4Q23 Q423 Highlights Earnings & Profitability Diluted Earnings Per Share (EPS) $0.58 $0.58 $0.45 $0.64 Net Income Diluted EPS Net Income $10,970 $10,949 $8,473 $12,073 Net Interest Income after Provision f
Slide 4: Strategically Managed Balance Sheet
Strategically Managed Balance Sheet ($ in thousands, except per share Net loans to deposits ratio 3/31/23 6/30/23 9/30/23 12/31/23 data) 104.7% $ in Millions Cash and cash equivalents & ST $ 231,303 $ 246,925 $ 331, 391 $431,973 investments $3,299 $3,153 $3,079 $2,990 AFS securities 293,371 391,116
Slide 5: Diversified Loan Portfolio
Diversified Loan Portfolio Diversified across business lines Loan Portfolio Composition as of 12/31/23 SFR1 - Mainly non-qualified mortgage loans By Business Line: C&I - Majority secured by assets SBA - Primarily SBA 7(a) loans for business CRE2 acquisition or working capital SFR1 45% 49% 58% of tot
Slide 6: Commercial Real Estate: Office Portfolio as of December 31, 2023
Commercial Real Estate: Office Portfolio as of December 31, 2023 LTV Distribution $19,012 $ in Thousands CRE Office exposure totaled $42.7 million: 3.3% of the CRE portfolio and 1.4% of total loans $9,348 $8,910 $3,840 $1,412 Loan-to-value (LTV) distribution: $129 <45% 45%-55% 55%-65% 65%-75% 75%-85
Slide 7: Business Line Profile: CRE | Commercial & Land Development (C&D)
Business Line Profile: CRE | Commercial & Land Development (C&D) As of December 31, 2023: CRE Loans C&D Loans CRE and C&D Portfolio ($mm) $1,167.9 million $181.5 million $281 $257 $260 $181 Single Family Land 5.3% Other Owner Development Occupied 12.7% 16.6% Residential Construction 44.3% Multifamil
Slide 8: Residential Mortgage Portfolio as of December 31, 2023
Residential Mortgage Portfolio as of December 31, 2023 Distribution by Geography Distribution by LTV <50% 50%-55% 55% - 60% SoCal NY NorCal IL NJ NV Other 60% - 65% 65% - 70% >70% NV Other IL 1% 1% 3% NJ 2% >70% NorCal 10% <50% 6% 18% SoCal $1.50 billion 41% 50%-55% Residential $462,398 8% Mortgage
Slide 9: Business Line Profile: C&I | SBA
Business Line Profile: C&I | SBA As of December 31, 2023: C&I Loans SBA Loans C&I and SBA Portfolio ($mm) $130.1 million $52.1 million Unguaranteed Unsecured 2.4% Shared Guaranteed Nat'l Credits 9.0% 2.0% $58.5 $53.5 $50.4 $52.1 $156.0 $131.5 $127.7 $130.1 Credit Lines Unguaranteed 98.0% Secured by
Slide 10: Deposits
Deposits Total Deposits Average Deposit Mix – QoQ Annualized $ in millions +3% $3,175 $3,174 million $2,972 $3,017 +17% $3,141 $60 +2% $3,155 $55 $58 +19% $63 $124 $162 IB $68 $121 $111 $137 $432 $403 $412 Savings $459 $562 6.9% DDA $710 $717 $812 Time 17.0% $632 $763 deposits, greater than $716 $91
Slide 11: Allowance for Credit Losses, Credit Cost Provisions and Credit Metrics
Allowance for Credit Losses, Credit Cost Provisions and Credit Metrics Allowance for Loan Losses (ALL) The allowance for credit losses (ACL) totaled 1.38% $42.5 million and included an allowance for loan $ in Thousands losses (ALL) of $41.9 million and a reserve for 1.35% 1.36% unfunded commitments
Slide 12: Asset Quality Metrics: Non-Performing Assets
Asset Quality Metrics: Non-Performing Assets NPAs / Total Assets Non-Performing Loans Non-Performing Loans $42,439 By Region By Type $40,430 $ in Thousands 1.04% $31,619 NY Other $27,013 0.99% 3.7% Regions 6.2% CRE 0.79% 10,742 Mortgage & 33% 0.66% Consumer IL CA 18,453 33.29% 56.9% 56% C&I 3,544 CR
Slide 13: Asset Quality Metrics: Loan Classifications and Delinquencies
Asset Quality Metrics : Loan Classifications and Delinquencies Special Mention Loans & Substandard Loans Special Mention Loans & Substandard Loans by Type $ in Thousands $ in Thousands $166,745 $55,646 $77,716 $98,222 $102,613 $31,371 $93,933 $23,372 $71,401 $61,091 $14,915 $74,072 $24,275 $18,898 $
Slide 14: Operating Expense & Efficiency
Operating Expense & Efficiency Noninterest Expense Total Revenue & Efficiency Ratio $18.91 $18.52 $ in millions $ in millions $2.34 $16.88 $16.39 $2.53 $3.01 $2.38 $2.50 $2.87 $1.02 55.59% $1.30 $1.32 $1.29 $1.36 $1.36 53.80% $2.40 $2.43 $2.41 $2.39 51.86% $9.86 $9.74 49.58% $9.33 $8.86 $36.46 $34.4
Slide 15: Accumulation of Strong Company Capital Ratios
Accumulation of Strong Company Capital Ratios CET1 Capital Ratio Tangible Common Equity Ratio* 19.07% The Company's capital 16.91% 17.65% levels are higher than 16.33% 10.40% 10.64% 10.71% 11.06% most peer banks Invested $6.7 mm in the 6.50% 6.50% 6.50% 6.50% stock buyback program with the repurchas
Slide 16: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 16
Slide 17: Non-GAAP Reconciliation: Pre-Provision Net Revenue
Non-GAAP Reconciliation: Pre-Provision Net Revenue Some of the financial measures included in this presentation are not measures of financial performance recognized by GAAP. These non-GAAP financial measures include “pre-provision net revenue.” Our management uses these non-GAAP financial measures i
Slide 18: 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