RBB Bancorp Reports Second Quarter 2024 Earnings

Core Viewpoint - RBB Bancorp reported a net income of $7.2 million for the quarter ended June 30, 2024, reflecting a decrease from the previous quarter's net income of $8.0 million, with diluted earnings per share at $0.39 compared to $0.43 [6][7]. Financial Performance - Net income for the second quarter of 2024 was $7.2 million, down from $8.0 million in the first quarter of 2024 [7]. - Return on average assets was 0.76%, a decrease from 0.81% in the previous quarter [9]. - Net interest margin decreased to 2.67%, down two basis points from 2.69% in the first quarter of 2024 [9][12]. - Net interest income was $24.0 million, a decrease from $24.9 million in the first quarter of 2024 [11]. Balance Sheet Highlights - Total assets as of June 30, 2024, were $3.9 billion, a decrease of $9.8 million from March 31, 2024 [18]. - Total shareholders' equity was $511.3 million, a decrease of $2.7 million from the previous quarter [29]. - Loans held for investment totaled $3.0 billion, an increase of $20.4 million from March 31, 2024 [19]. - Total deposits were $3.0 billion, a decrease of $4.7 million compared to the previous quarter [21]. Credit Quality - Nonperforming assets totaled $54.6 million, or 1.41% of total assets, an increase from $37.0 million, or 0.95% of total assets, in the previous quarter [22]. - The allowance for credit losses was $42.4 million, with an allowance for loan losses of $41.7 million [27]. Shareholder Actions - The company repurchased 448,190 shares of common stock for $8.1 million during the quarter [9]. - A cash dividend of $0.16 per share was declared, payable on August 12, 2024 [30]. Management Commentary - The CEO noted signs of stabilization with modest loan growth and unchanged funding costs, expressing cautious optimism for future net interest margin expansion [10].