RBB Bancorp (RBB) Q1 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.678 Thank you, Matthew. Good day, everyone. And thank you for joining us to discuss RBB Bancorp 00:00:05.678 -- 00:00:09.022 results for the first quarter of 2025. 00:00:09.022 -- 00:00:14.168 With me today are Johnny Lin, David Morris, Lynn Hopkins, 00:00:14.168 -- 00:00:19.214 and Jeffrey Yang. David, Johnny, and Lynn will briefly summarize the results 00:00:19.214 -- 00:00:24.521 which can be found in the earnings press release and investor presentation that are available 00:00:24.521 -- 00:00:29.512 on our investor relations website. And then we'll open up the call to your questions. 00:00:29.512 -- 00:00:34.297 I would ask that everyone please refer to the disclaimer regarding forward-looking statements 00:00:34.297 -- 00:00:39.161 in the investor presentation and the company's SEC filings. 00:00:39.161 -- 00:00:44.306 Now I'd like to turn over the call to RBD Bancorp's Chief Executive Officer, David 00:00:44.306 -- 00:00:46.248 Morris. David? 00:00:46.248 -- 00:00:51.233 Thank you, Rebecca. Good day, everyone, and thank you for joining us today. 00:00:51.233 -- 00:00:56.731 First quarter net income declined to $2.3 million, or 13 cents per share. 00:00:56.731 -- 00:01:01.839 as we took decisive strategic action to address our nonperforming 00:01:01.839 -- 00:01:06.566 assets. We reduced our nonperforming assets by 20% 00:01:06.566 -- 00:01:11.734 and our net exposure to nonperforming loans by 32% to $51 00:01:11.734 -- 00:01:13.557 million. 00:01:13.557 -- 00:01:19.085 To accomplish this, we sold 18 million of loans, recognized provisions 00:01:19.085 -- 00:01:20.948 of $6.7 00:01:20.948 -- 00:01:22.948 million, 00:01:22.988 -- 00:01:28.874 and received paydowns of $1.8 million. We believe 00:01:28.874 -- 00:01:34.160 the provisi...