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For Immediate Release
|Contacts: Yee Phong (Alan) Thian|
|Chairman, President and CEO|
|Executive Vice President and CFO|
RBB Bancorp Reports Second Quarter Earnings for 2017
|||Net income was $8.5 million for the second quarter of 2017 or $0.67 basic earnings per share and $0.62 diluted earnings per share.|
|||Total loans and leases, net of deferred fees and discounts, increased by $74.5 million from the period ended December 31, 2016 to the period ended June 30, 2017, or 6.4%.|
|||Noninterest-bearing deposits grew by $41.4 million or 23.8% for the period ended December 31, 2016 to the period ended June 30, 2017.|
Los Angeles, CA, August 4, 2017 -RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the Bank) and RBB Asset Management Company (RAM), collectively referred to herein as the Company, announced earnings for the quarter ended June 30, 2017.
The Company reported net income of $8.5 million, or $0.62 diluted earnings per share for the three months ended June 30, 2017, compared to a net income of $5.5 million or $0.40 diluted earnings per share and $5.2 million or $0.38 diluted earnings per share for the three months ended March 31, 2017 and June 30, 2016, respectively. Included in the net income for the three months ended June 30, 2017 is a recapture of the provision for loan losses of $4.2 million, reflecting both the receipt of a guaranteed payment on a SBA 7A guaranteed loan of $629,000 in May 2017 that was previously charged-off and the receipt of $3.6 million in July 2017 pursuant to a SBA loan guaranty that we previously fully reserved for in the allowance for loan losses. The effect of the recapture of the provision for loan losses on our after-tax income is approximately $2.5 million. Excluding this one-time event from net income for the three months ended June 30, 2017 would result in net income of approximately $6.0 million and $0.47 in diluted earnings per share.
Mr. Alan Thian, Chairman, President and CEO, stated that we have had a very exciting quarter. On July 31, 2017, we completed our initial public offering of 3,750,000 shares at a price to the public of $23.00 per share and a total offering size of $86,250,000. The offering was originally 3,000,000 shares but due to demand, we increased it to 3,750,000 shares. RBB Bancorp sold 2,857,756 shares and the selling shareholders sold 892,244 shares of RBB Bancorps common stock. The offering resulted in gross proceeds to RBB Bancorp of approximately $61.8 million. RBB Bancorp intends to contribute $25 million of the net proceeds received from this offering to the Bank. Our stock now trades on the Nasdaq Global Select Market under the symbol RBB.
The increase in net income for the three months ended June 30, 2017 as compared to the three months ended June 30, 2016 is attributable primarily to an increase in noninterest income and a reduction in noninterest expense and the recapture of the provision for loan losses of $4.2 million. The increase in net income for the three months ended June 30, 2017 as compared to the second quarter of 2016 is the result of increased loan sales, service charges and lower expenses associated with the TomatoBank merger.
Net income of $8.5 million for the second quarter of 2017 produced an annualized return on average equity of 18.27% and an annualized return on average assets of 2.29%. The efficiency ratio for the second quarter of 2017 was 40.44% compared to 42.92% for the same period last year. Adjusted annualized return on average assets and average tangible common equity for the second quarter of 2017 was 1.49% and 14.28%, respectively compared to 1.37% and 14.57% for the second quarter of 2016.
The following information was filed by Rbb Bancorp (RBB) on Monday, August 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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