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RBB Bancorp (RBB-1.07%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $6,999,000, or $0.39 per diluted share, compared to $8,473,000, or $0.45 per diluted share, for the same quarter the previous year.
Total assets were reported at $4.0 billion as of September 30, 2024, reflecting a decrease from $4.0 billion as of December 31, 2023. This decrease was primarily due to a reduction in cash and cash equivalents.
Total loans held for investment increased by $60 million, or 2.0%, to $3.1 billion as of September 30, 2024, driven by growth in commercial real estate loans.
Total deposits decreased by $82.6 million, or 2.6%, to $3.1 billion as of September 30, 2024, with a decline in time deposits being a significant factor.
The company reported a net interest income of $24,545,000 for the quarter, compared to $27,589,000 in the same quarter of the previous year. The decrease is attributed to higher interest expenses.
Noninterest income increased to $5,746,000 for the quarter, up from $2,770,000 in the previous year, largely due to a recovery of a fully charged-off loan.
Noninterest expense for the quarter was $17,421,000, compared to $16,876,000 in the previous year, with increases in salaries and employee benefits noted.
The allowance for credit losses was $44,464,000 as of September 30, 2024, reflecting an increase from $42,430,000 as of December 31, 2023, due to higher provisions for credit losses.
RBB Bancorp continues to maintain its designation as a minority depository institution, serving predominantly Asian-centric communities.
The report also details various financial agreements, including subordinated debentures and Federal Home Loan Bank advances.
RBB Bancorp does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RBB Bancorp quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.