Exhibit 99.1

Press Release

For Immediate Release

 

 

Contacts:

Yee Phong (Alan) Thian

 

 

Chairman, President and CEO

 

 

(626) 307-7559

 

 

David Morris

 

 

Executive Vice President and CFO

 

 

(714) 670-2488

 

RBB Bancorp Reports First Quarter Earnings for 2018

Conference Call and Webcast Scheduled for Today, April 23, 2018 at

10:00 a.m. Pacific Time/1:00 p.m. Eastern Time

Net income was $8.8 million or $0.52 diluted earnings per share

Total loans, including loans held for sale, increased by $70.4 million, or 20.8% annualized growth, from the end of the prior quarter

Total deposits increased by $36.2 million, or 11.0% annualized growth, from the end of the prior quarter

Definitive agreement to acquire First American International Corp. and enter the New York City market  

Los Angeles, CA, April 23, 2018 – 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 financial results for the quarter ended March  31, 2018.

The Company reported net income of $8.8 million, or $0.52 diluted earnings per share, for the three months ended March 31, 2018, compared to net income of $4.9 million, or $0.29 diluted earnings per share, and $5.5 million, or $0.40 diluted earnings per share, for the three months ended December 31, 2017 and March 31, 2017, respectively.

“We saw a significant increase in our profitability during the first quarter, as our earnings per share increased by 30% over the prior year,” said Mr. Alan Thian, Chairman, President and CEO of RBB Bancorp. “We continue to see strong demand for residential mortgage loans, which drove an over 20% annualized increase in total loans during the quarter.  We continue to fund this loan demand with lower cost sources, as our noninterest-bearing demand deposits increased by more than 10% from the end of the prior quarter.  Our loan pipeline remains strong, which should lead to continued improvement in revenue and earnings as we move through the year.  In addition to the strong organic growth we are generating, the acquisition of First American International Corp. announced today will provide us with another catalyst for growing our franchise and creating additional long-term value for our shareholders.”

Key Performance Ratios

Net income of $8.8 million for the first quarter of 2018 produced an annualized return on average assets of 2.15% and an annualized return on average equity of 13.27%. This compares to an annualized return on average assets of 1.18% and an annualized return on average equity of 7.31% for the fourth quarter of 2017.  The efficiency ratio for the first quarter of 2018 was 43.85%, compared to 31.74% for the prior quarter.


The following information was filed by Rbb Bancorp (RBB) on Monday, April 23, 2018 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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