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 Second Quarter Earnings for 2018

Conference Call and Webcast Scheduled for Tuesday, July 24, 2018 at

11:00 a.m. Pacific Time/2:00 p.m. Eastern Time

Net income was $9.4 million, or $0.54 diluted earnings per share

Total loans, including loans held for sale, increased by $120.5 million, or 33.4% annualized growth, from the end of the prior quarter

Total deposits increased by $50.9 million, or 14.9% annualized growth, from the end of the prior quarter

Received Bank Enterprise Award by the Department of Treasury

Los Angeles, CA, July 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 June 30, 2018.

The Company reported net income of $9.4 million, or $0.54 diluted earnings per share, for the three months ended June 30, 2018, compared to net income of $8.8 million, or $0.52 diluted earnings per share, and $8.5 million, or $0.62 diluted earnings per share, for the three months ended March 31, 2018 and June 30, 2017, respectively.

“We are very pleased with our operating performance for the second quarter,” said Mr. Alan Thian, Chairman, President and CEO. “We delivered another solid quarter of net income, driven by continued momentum in mortgage originations, improved fee income, strong credit quality and careful management of expenses. Our loan pipeline remains strong and we are ramping up our SBA loan production, which is approaching historical levels, although we are seeing an elevated level of SBA loan payoffs impacting our servicing income.

“We are proud to receive an award from the Department of Treasury’s Bank Enterprise Award Program as a result of our community investments in the markets that we serve,” added Mr. Thian. “We also look forward to closing the previously announced acquisition of First American International Corp. in the second half of this year.”    

Key Performance Ratios

Net income of $9.4 million for the second quarter of 2018 produced an annualized return on average assets of 2.18%, an annualized return on average tangible common equity of 15.13%, and an annualized return on average equity of 13.45%. This compares to an annualized return on average assets of 2.15%, an annualized return on average tangible common equity of 15.01%, and an annualized return on average equity of 13.27% for the first quarter of 2018.  The efficiency ratio for the second quarter of 2018 was 39.72%, compared to 43.85% for the prior quarter.


The following information was filed by Rbb Bancorp (RBB) on Tuesday, July 24, 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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