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RBB Bancorp Reports Fourth Quarter and Fiscal Year 2024 Earnings
RBBRBB(RBB) Newsfilter·2025-02-03 21:58

Core Viewpoint - RBB Bancorp reported a decline in net income for the fourth quarter and the fiscal year 2024, attributed to increased interest expenses and a decrease in interest income from loans, despite improvements in net interest income and net interest margin [2][8][9]. Financial Performance - The company reported net income of 4.4millionforQ42024,downfrom4.4 million for Q4 2024, down from 7.0 million in Q3 2024, and total net income for the year was 26.7million,comparedto26.7 million, compared to 42.5 million in 2023 [2][8]. - Diluted earnings per share for Q4 2024 were 0.25,downfrom0.25, down from 0.39 in Q3 2024, and for the year, it was 1.47comparedto1.47 compared to 2.24 in 2023 [2][8]. Net Interest Income and Margin - Net interest income for Q4 2024 was 26.0million,anincreasefrom26.0 million, an increase from 24.5 million in Q3 2024, driven by a decrease in interest expense [4]. - The net interest margin (NIM) improved to 2.76% in Q4 2024 from 2.68% in Q3 2024, influenced by a reduction in the overall cost of funds [5][6]. Credit Quality - The provision for credit losses increased to 6.0millioninQ42024from6.0 million in Q4 2024 from 3.3 million in Q3 2024, reflecting higher specific reserves and net charge-offs [11]. - Nonperforming assets rose to 81.0million,or2.0381.0 million, or 2.03% of total assets, compared to 60.7 million, or 1.52% of total assets, at the end of Q3 2024 [24]. Balance Sheet - Total assets as of December 31, 2024, were 4.0billion,aslightincreasefrom4.0 billion, a slight increase from 3.99 billion at the end of Q3 2024, but a decrease from 4.03billionattheendof2023[20].−Loansheldforinvestmenttotaled4.03 billion at the end of 2023 [20]. - Loans held for investment totaled 3.1 billion, a decrease from 3.1billioninQ32024,withanotabledeclineincommercialrealestateloans[21].Deposits−Totaldepositswere3.1 billion in Q3 2024, with a notable decline in commercial real estate loans [21]. Deposits - Total deposits were 3.1 billion as of December 31, 2024, a decrease from 3.1billioninQ32024,primarilyduetoareductionininterest−bearingdeposits[23].Shareholders′Equity−Totalshareholders′equitywas3.1 billion in Q3 2024, primarily due to a reduction in interest-bearing deposits [23]. Shareholders' Equity - Total shareholders' equity was 507.9 million at the end of Q4 2024, down from $509.8 million at the end of Q3 2024, influenced by higher unrealized losses on available-for-sale securities [31][32].