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RBB Bancorp (RBB+0.90%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $4.0 billion, a decrease from $4.03 billion in the previous year. The decrease was primarily due to a reduction in cash and cash equivalents.
Net income for the year was $26.7 million, down from $42.5 million the previous year, attributed to a decrease in net interest income and an increase in the provision for credit losses.
The company reported total deposits of $3.1 billion, a decrease from $3.17 billion at the end of 2023, with a noted shift in the composition of deposit types.
RBB Bancorp's loan portfolio totaled $3.05 billion, with single-family residential mortgages making up 48.9% of the total loans.
The allowance for loan losses was reported at $47.7 million, representing 1.56% of total loans held for investment.
Nonperforming assets increased to $81.0 million, or 2.03% of total assets, compared to $31.6 million, or 0.79%, in the prior year.
The company's capital ratios remain strong, with a Tier 1 leverage ratio of 11.92% and a total risk-based capital ratio of 24.49%.
RBB Bancorp's strategic focus includes maintaining regulatory capital levels in excess of Basel III requirements and providing banking services to Asian-centric communities.
The filing also highlights the company's commitment to organic growth and potential acquisitions that align with its long-term strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RBB Bancorp annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.