10-Q 1 rbb20240331_10q.htm FORM 10-Q rbb20240331_10q.htm
0001499422 RBB Bancorp false --12-31 Q1 2024 5,047 5,097 100,000,000 100,000,000 0 0 0 0 100,000,000 100,000,000 0 0 18,578,132 18,578,132 18,609,179 18,609,179 0.16 0.16 6 0 http://fasb.org/us-gaap/2024#CommercialPaperMember http://fasb.org/us-gaap/2024#CommercialPaperMember 0 0 22.3 0 0 0 0 0 0 71.5 0 0 http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMember 0.26 1.65 http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMember 0.26 2.25 http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMember 0.26 2.10 30 55,000 5 0 1.4 0 6.0 0 19.13 1 18.15 20.50 2.3 2024 2038 0 April 18, 2024 May 13, 2024 May 1, 2024 false false false false The amounts primarily represent revenue from contracts with customers that are out of scope of ASC 606: Net loan servicing income, letter of credit commissions, import/export commissions, recoveries on purchased loans, BOLI income, and gains (losses) on sales of mortgage loans, loans and investment securities. Represents applicable tenor spread adjustment when the original Libor index was discontinued on June 30, 2023 Includes non-farm and non-residential real estate loans, multifamily residential and 1-4 residential loans for a business purpose. Included in “Accrued interest and other assets” on the consolidated balance sheets. 26 Includes 31,270 PRSUs with a fair value of $[16.40] on the March 20, 2024 grant date and a 3 year life. Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity and OREO income. Net of discounts and deferred fees and costs. Other fees consists of wealth management fees, miscellaneous loan fees and postage/courier fees. 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Table of Contents



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024 or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

Commission File Number: 001-38149

 

RBB BANCORP

(Exact name of registrant as specified in its charter)

 

California

27-2776416

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

1055 Wilshire Blvd., Suite 1200,

 

Los Angeles, California

90017

(Address of principal executive offices)

(Zip Code)

 

(213) 627-9888

(Registrants telephone number, including area code)

 

Securities registered pursuant to Section 12 (b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of exchange on which registered

Common Stock, No Par Value

 

RBB

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  ☒

 

Number of shares of common stock of the registrant:  18,440,274 outstanding as of May 3, 2024.

 



 

 

 

 

TABLE OF CONTENTS

 

PART I  FINANCIAL INFORMATION (UNAUDITED)

3

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8

ITEM 2.

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

30

 

CRITICAL ACCOUNTING POLICIES

31

 

OVERVIEW

33

 

ANALYSIS OF THE RESULTS OF OPERATIONS

34

 

ANALYSIS OF FINANCIAL CONDITION

41

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

57

ITEM 4.

CONTROLS AND PROCEDURES

58

PART II - OTHER INFORMATION

60

ITEM 1.

LEGAL PROCEEDINGS

60

ITEM 1A.

RISK FACTORS

60

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

60

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

60

ITEM 4.

MINE SAFETY DISCLOSURES

60

ITEM 5.

OTHER INFORMATION

60

ITEM 6.

EXHIBITS

61

SIGNATURES

 

62

 

 

 

PART I - FINANCIAL INFORMATION 

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 MARCH 31, 2024 AND DECEMBER 31, 2023

(In thousands, except share amounts)

 

  

(Unaudited)

     
  

March 31,

  

December 31,

 
  

2024

  

2023

 

Assets

        

Cash and due from banks

 $269,243  $431,373 

Interest-earning deposits in other financial institutions

  600   600 

Securities:

        

Available for sale

  335,194   318,961 

Held to maturity (fair value of $5,047 and $5,097 at March 31, 2024 and December 31, 2023)

  5,204   5,209 

Mortgage loans held for sale

  3,903   1,911 

Loans held for investment

  3,026,887   3,031,319 

Unaccreted discount on acquired loans

  (921)  (970)

Deferred loan costs, net

  1,395   1,512 

Total loans held for investment, net of deferred loan costs and unaccreted discounts on acquired loans

  3,027,361   3,031,861 

Allowance for loan losses

  (41,688)  (41,903)

Total loans held for investment, net

  2,985,673   2,989,958 
         

Premises and equipment, net

  25,363   25,684 

Federal Home Loan Bank (FHLB) stock

  15,000   15,000 

Net deferred tax assets

  16,554   15,765 

Cash surrender value of bank owned life insurance (BOLI)

  59,101   58,719 

Goodwill

  71,498   71,498 

Servicing assets

  7,794   8,110 

Core deposit intangibles

  2,594   2,795 

Right-of-use assets- operating leases

  31,231   29,803 

Accrued interest and other assets

  49,054   50,639 

Total assets

 $3,878,006  $4,026,025 

Liabilities and Shareholders Equity

        

Deposits:

        

Noninterest-bearing demand

 $539,517  $539,621 

Savings, NOW and money market accounts

  642,840   632,729 

Time deposits $250,000 and under

  1,083,898   1,190,821 

Time deposits over $250,000

  762,074   811,589 

Total deposits

  3,028,329   3,174,760 
         

Reserve for unfunded commitments

  671   640 

FHLB advances

  150,000   150,000 

Long-term debt, net of issuance costs

  119,243   119,147 

Subordinated debentures, net

  14,993   14,938 

Lease liabilities - operating leases

  32,690   31,191 

Accrued interest and other liabilities

  18,094   24,089 

Total liabilities

  3,364,020   3,514,765 
         

Commitments and contingencies - Note 12

          
         

Shareholders' equity:

        

Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding

      

Common Stock - 100,000,000 shares authorized, no par value; 18,578,132 shares issued and outstanding at March 31, 2024 and 18,609,179 shares issued and outstanding at December 31, 2023

  271,645   271,925 

Additional paid-in capital

  3,348   3,623 

Retained earnings

  259,903   255,152 

Non-controlling interest

  72   72 

Accumulated other comprehensive loss, net

  (20,982)  (19,512)

Total shareholders’ equity

  513,986   511,260 

Total liabilities and shareholders’ equity

 $3,878,006  $4,026,025 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2024, DECEMBER 31, 2023, AND MARCH 31, 2023

(In thousands, except per share amounts)

 

             
  

Three Months Ended

 
  

March 31, 2024

  

December 31, 2023

  

March 31, 2023

 

Interest and dividend income:

            

Interest and fees on loans

 $45,547  $45,895  $49,942 

Interest on interest-earning deposits

  5,040   4,650   791 

Interest on investment securities

  3,611   3,706   2,536 

Dividend income on FHLB stock

  331   312   265 

Interest on federal funds sold and other

  266   269   217 

Total interest and dividend income

  54,795   54,832   53,751 

Interest expense:

            

Interest on savings deposits, NOW and money market accounts

  4,478   4,026   2,296 

Interest on time deposits

  23,322   22,413   13,406 

Interest on long-term debt and subordinated debentures

  1,679   2,284   2,539 

Interest on other borrowed funds

  439   440   1,409 

Total interest expense

  29,918   29,163   19,650 

Net interest income before provision/(reversal) for credit losses

  24,877   25,669   34,101 

Provision/(reversal) for credit losses

     (431)  2,014 

Net interest income after provision/(reversal) for credit losses

  24,877   26,100   32,087 

Noninterest income:

            

Service charges and fees

  992   972   1,023 

Gain on sale of loans

  312   116   29 

Loan servicing fees, net of amortization

  589   616   731 

Increase in cash surrender value of life insurance

  382   374   335 

Gain/(loss) on other real estate owned

  724   (57)   

Other income

  373   5,373   244 

Total noninterest income

  3,372   7,394   2,362 

Noninterest expense:

            

Salaries and employee benefits

  9,927   8,860   9,864 

Occupancy and equipment expenses

  2,443   2,387   2,398 

Data processing

  1,420   1,357   1,299 

Legal and professional

  880   1,291   3,013 

Office expenses

  356   349   375 

Marketing and business promotion

  172   241   300 

Insurance and regulatory assessments

  982   1,122   504 

Core deposit premium

  201   215   237 

Other expenses

  588   571   921 

Total noninterest expense

  16,969   16,393   18,911 

Net income before income taxes

  11,280   17,101   15,538 

Income tax expense

  3,244   5,028   4,568 

Net income

 $8,036  $12,073  $10,970 
             

Net income per share

            

Basic

 $0.43  $0.64  $0.58 

Diluted

  0.43   0.64   0.58 
             

Weighted-average common shares outstanding

            

Basic

  18,601,277   18,887,501   18,985,846 

Diluted

  18,666,683   18,900,351   19,049,685 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2024, DECEMBER 31, 2023, AND MARCH 31, 2023

(In thousands)

 

  

Three Months Ended

 
  

March 31, 2024

  

December 31, 2023

  

March 31, 2023

 

Net income

 $8,036  $12,073  $10,970 
             

Other comprehensive (loss)/income:

            

Unrealized (loss)/gain on securities available for sale

  (2,085)  8,987   2,577 

Related income tax effect

  615   (2,738)  (790)

Total other comprehensive (loss)/income

  (1,470)  6,249   1,787 
             

Total comprehensive income

 $6,566  $18,322  $12,757 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(In thousands, except share amounts)

 

 

  

Common Stock

              

Accumulated

     
  

Shares

  

Amount

  

Additional Paid-in Capital

  

Retained Earnings

  

Non- Controlling Interest

  

Other Comprehensive (Loss)/income, net

  

Total

 

Balance at January 1, 2024

  18,609,179  $271,925  $3,623  $255,152  $72  $(19,512) $511,260 

Net income

           8,036         8,036 

Stock-based compensation, net

        140            140 

Restricted stock units vested

  8,238   145   (209)           (64)

Cash dividends on common stock ($0.16 per share)

           (2,976)        (2,976)

Stock options exercised

  41,000   747   (206)           541 

Repurchase of common stock

  (80,285)  (1,172)     (309)        (1,481)

Other comprehensive loss, net of taxes

                 (1,470)  (1,470)

Balance at March 31, 2024

  18,578,132  $271,645  $3,348  $259,903  $72  $(20,982) $513,986 
                             

Balance at January 1, 2023

  18,965,776  $276,912  $3,361  $225,883  $72  $(21,665) $484,563 

Net income

           10,970         10,970 

Stock-based compensation, net

        316            316 

Restricted stock units vested

  17,974   361   (361)            

Cash dividends on common stock ($0.16 per share)

           (3,038)        (3,038)

Stock options exercised

  9,153   205   (46)           159 

Other comprehensive income, net of taxes

                 1,787   1,787 

Balance at March 31, 2023

  18,992,903  $277,478  $3,270  $233,815  $72  $(19,878) $494,757 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS – (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(In thousands)

 

   

Three Months Ended

 
   

March 31,

 
   

2024

   

2023

 

Operating activities

               

Net income

  $ 8,036     $ 10,970  

Adjustments to reconcile net income to net cash from operating activities:

               

Depreciation and amortization of premises and equipment

    479       504  

Net accretion of securities, loans, deposits, and other

    (1,430 )     (629 )

Amortization of investment in affordable housing tax credits

    301       282  

Amortization of intangible assets

    597       609  

Amortization of right-of-use asset

    1,251       1,280  

Change in operating lease liabilities

    (1,180 )     (1,209 )

Provision for credit losses

          2,014  

Stock-based compensation

    140       316  

Deferred tax benefit

    (174 )     (293 )

Gain on sale of loans

    (312 )     (29 )

Gain on sale and transfer of OREO

    (724 )      

Increase in cash surrender value of life insurance

    (382 )     (335 )

Loans originated and purchased for sale, net

    (7,252 )     (831 )

Proceeds from loans sold

    9,077       991  

Other items

    (3,578 )     3,178  

Net cash provided by operating activities

    4,849       16,818  

Investing activities

               

Securities available for sale:

               

Purchases

    (113,293 )     (87,070 )

Maturities, repayments and calls

    96,082       53,838  

Purchase of other equity securities, net

    (71 )     (222 )

Net increase of investment in qualified affordable housing projects

          (24 )

Net increase in loans

    (674 )     (6,124 )

Proceeds from sales of OREO

    1,573        

Purchases of premises and equipment

    (149 )     (524 )

Net cash used in investing activities

    (16,532 )     (40,126 )

Financing activities

               

Net increase (decrease) in demand deposits and savings accounts

    10,007       (124,803 )

Net (decrease) increase in time deposits

    (156,474 )     298,145  

Proceeds from FHLB advances

          80,000  

Repayments of FHLB Advances

          (80,000 )

Cash dividends paid

    (2,976 )     (3,038 )

Restricted stock units vesting

    (64 )      

Common stock repurchased, net of repurchased costs

    (1,481 )      

Exercise of stock options

    541       159  

Net cash (used in) provided by financing activities

    (150,447 )     170,463  

Net (decrease) increase in cash and cash equivalents

    (162,130 )     147,155  

Cash and cash equivalents at beginning of period

    431,373       83,548  

Cash and cash equivalents at end of period

  $ 269,243     $ 230,703  

Supplemental disclosure of cash flow information

               

Cash paid during the period:

               

Interest paid

  $ 35,300     $ 18,700  

Taxes paid (refund)

          (46 )

Non-cash investing and financing activities:

               

Transfer from loans to other real estate owned

    1,920        

Loans transfer to held for sale, net

    3,505       132  

Additions to servicing assets

    80       10  

Net change in unrealized holding gain on securities available for sale

    (2,085 )     2,577  

Recognition of operating lease right-of-use assets

    (2,679 )     (5,764 )

Recognition of operating lease liabilities

    2,679       5,764  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

RBB BANCORP AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

 

NOTE 1 - BUSINESS DESCRIPTION

 

RBB Bancorp (“RBB”) is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. RBB Bancorp’s principal business is to serve as the holding company for its wholly-owned banking subsidiaries, Royal Business Bank ("Bank") and RBB Asset Management Company (“RAM”). RAM was formed to hold and manage problem assets acquired in business combinations. When we refer to “we”, “us”, “our”, or the “Company”, we are referring to RBB Bancorp and its consolidated subsidiaries including the Bank and RAM, collectively. When we refer to the “parent company”, “Bancorp”, or the “holding company”, we are referring to RBB Bancorp, the parent company, on a stand-alone basis.

 

At March 31, 2024, we had total assets of $3.9 billion, total loans of $3.0 billion, total deposits of $3.0 billion and total shareholders' equity of $514.0 million. RBB’s common stock trades on the Nasdaq Global Select Market under the symbol “RBB”.

 

The Bank provides business-banking products and services predominantly to the Asian-American communities through full service branches located in Los Angeles County, Orange County and Ventura County in California, Las Vegas (Nevada), the New York City metropolitan areas, Chicago (Illinois), Edison (New Jersey) and Honolulu (Hawaii). The products and services include commercial and investor real estate loans, business loans and lines of credit, Small Business Administration (“SBA”) 7A and 504 loans, mortgage loans, trade finance and a full range of depository accounts, including specialized services such as remote deposit, E-banking, and mobile banking.

 

We operate as a minority depository institution, which is defined by the FDIC as a federally insured depository institution where 51% or more of the voting stock is owned by minority individuals or a majority of the board of directors is minority and the community that the institution serves is predominantly minority. A minority depository institution is eligible to receive from the FDIC and other federal regulatory agencies training, technical assistance and review, and assistance regarding the implementation of proposed new deposit taking and lending programs, as well as with respect to the adoption of applicable policies and procedures governing such programs. We intend to maintain our minority depository institution designation, as it is expected that at least 51% of our issued and outstanding shares of capital shall remain owned by minority individuals. The minority depository institution designation has been historically beneficial to us, as the FDIC has reviewed and assisted with the implementation of our deposit and lending programs, and we continue to use the program for technical assistance.

 

We operate full-service banking offices in Arcadia, Cerritos, Diamond Bar, Irvine, Los Angeles, Monterey Park, Oxnard, Rowland Heights, San Gabriel, Silver Lake, Torrance, and Westlake Village, California; Las Vegas, Nevada; Manhattan, Brooklyn, Flushing, and Elmhurst, New York; the Chinatown and Bridgeport neighborhoods of Chicago, Illinois; Edison, New Jersey; and Honolulu, Hawaii. Our primary source of revenue is providing loans to customers, who are predominantly small and middle-market businesses and individuals. 

 

We generate our revenue primarily from interest received on loans and, to a lesser extent, from interest received on investment securities. We also derive income from noninterest sources, such as fees received in connection with various lending and deposit services, loan servicing, gain on sales of loans and wealth management services. Our principal expenses include interest expense on deposits and borrowings, and operating expenses, such as salaries and employee benefits, occupancy and equipment, data processing, and income tax expense.

 

We completed six whole bank acquisitions and one branch acquisition from July 2011 through January 2022. All of our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates. 

 

NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results for the full year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2023, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our “2023 Annual Report”).

 

Use of Estimates in the Preparation of Financial Statements

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It is reasonably possible that these estimates could change as actual results could differ from those estimates. The allowance for credit losses, realization of deferred tax assets, the valuation of goodwill and other intangible assets, other derivatives, and the fair value measurement of financial instruments are particularly subject to change and such change could have a material effect on the consolidated financial statements.

 

Summary of Significant Accounting Policies

 

The accompanying unaudited consolidated financial statements were compiled in accordance with the accounting policies set forth in "Note 2 – Basis of Presentation and Summary of Significant Accounting Policies" in our consolidated financial statements as of and for the year ended December 31, 2023, included in our 2023 Annual Report. The Financial Accounting Standards Board ("FASB") issues Accounting Standards Updates ("ASU" or “Update”) and Accounting Standards Codifications (“ASC”), which are the primary source of GAAP.

 

 

8

 

Recent Accounting Pronouncements

 

Recently adopted

 

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820)—Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This pronouncement clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires certain new disclosures for equity securities subject to contractual sale restrictions. We adopted ASU 2022-03 on  January 1, 2024 and the adoption did not have a material impact on our consolidated financial statements.

 

In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323). This Update permits reporting entities to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met. It requires that a liability to be recognized for delayed equity contributions that are unconditional and legally binding or for equity contributions that are contingent upon a future event when that contingent event becomes probable. The reporting entity needs to disclose the nature of its tax equity investments and the effect of its tax equity investments on its financial position and results of operations. ASU 2023-02 is effective for us in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted ASU 2023-02 on  January 1, 2024 and the adoption did not have a material impact on our consolidated financial statements.

 

9

 

Recently issued not yet effective

 

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements. This pronouncement amends the FASB Accounting Standards Codification to reflect updates and simplifications to certain disclosure requirements referred to the FASB by the SEC in 2018, including disclosures for the statement of cash flows, earnings per share, commitments, debt and equity instruments, and certain industry information, among other things. Each amendment is effective when the related disclosure is effectively removed from Regulations S-X or S-K; early adoption is prohibited. All amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the pending amendments will be removed and will not become effective for any entity.

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This Update enhances the transparency and decision usefulness of income tax disclosures. The amendments in this Update require the following: 1) consistent categories and greater disaggregation of information in the rate reconciliation, and 2) income taxes paid disaggregated by jurisdiction. The amendments in the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. Retrospective application is permitted. Adoption of ASU 2023-09 is not expected to have a material impact on our consolidated financial statements.

 

 

NOTE 3 - INVESTMENT SECURITIES

 

The following table summarizes the amortized cost and fair value of investment securities available for sale (“AFS”) and  held to maturity (“HTM”) and the corresponding amounts of gross unrealized gains and losses as of the dates indicated:

 

      

Gross

  

Gross

     

(dollars in thousands)

 

Amortized

  

Unrealized

  

Unrealized

  

Fair

 

March 31, 2024

 

Cost

  

Gains

  

Losses

  

Value

 

Available for sale

                

Government agency securities

 $7,586  $  $(527) $7,059 

SBA agency securities

  14,524   40   (250)  14,314 

Mortgage-backed securities: residential

  39,567      (6,387)  33,180 

Collateralized mortgage obligations: residential

  100,808   169   (12,878)  88,099 

Collateralized mortgage obligations: commercial

  78,404   105   (2,872)  75,637 

Commercial paper

  77,088      (22)  77,066 

Corporate debt securities

  34,784   21   (4,175)  30,630 

Municipal securities

  12,627      (3,418)  9,209 

Total available for sale

 $365,388  $335  $(30,529) $335,194 
                 

Held to maturity

                

Municipal taxable securities

 $501  $  $(1) $500 

Municipal securities

  4,703      (156)  4,547 

Total held to maturity

 $5,204  $  $(157) $5,047 

 

 

      

Gross

  

Gross

     

(dollars in thousands)

 

Amortized

  

Unrealized

  

Unrealized

  

Fair

 

December 31, 2023

 

Cost

  

Gains

  

Losses

  

Value

 

Available for sale

                

Government agency securities

 $8,705  $  $(544) $8,161 

SBA agency securities

  13,289   144   (216)  13,217 

Mortgage-backed securities: residential

  40,507      (5,855)  34,652 

Collateralized mortgage obligations: residential

  94,071   454   (12,198)  82,327 

Collateralized mortgage obligations: commercial

  69,941   22   (2,664)  67,299 

Commercial paper

  73,121      (16)  73,105 

Corporate debt securities

  34,800      (4,109)  30,691 

Municipal securities

  12,636      (3,127)  9,509 

Total available for sale

 $347,070  $620  $(28,729) $318,961 
                 

Held to maturity

                

Municipal taxable securities

 $501  $3  $  $504 

Municipal securities

  4,708      (115)  4,593 

Total held to maturity

 $5,209  $3  $(115) $5,097 

 

We pledged investment securities with a fair value of $33.1 million and $95.3 million for certificates of deposit from the State of California, secured Federal funds arrangements, and other local agency deposits at March 31, 2024 and December 31, 2023.

 

There were no sales of investment securities during the three months ended March 31, 2024, December 31, 2023, and March 31, 2023.

 

Accrued interest receivable for investment securities at March 31, 2024 and December 31, 2023 totaled $1.1 million and $962,000.

 

10

 

The table below summarizes amortized cost and fair value of the investment securities portfolio, by expected maturity, as of the dates indicated. Mortgage-backed securities are classified in accordance with their estimated average life. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 

(dollars in thousands) 

Less than One Year

  

More than One Year to Five Years

  

More than Five Years to Ten Years

  

More than Ten Years

  

Total

 

March 31, 2024

 

Amortized Cost

  

Fair Value

  

Amortized Cost

  

Fair Value

  

Amortized Cost

  

Fair Value

  

Amortized Cost

  

Fair Value

  

Amortized Cost

  

Fair Value

 

Government agency securities

 $  $  $7,586  $7,059  $  $  $  $  $7,586  $7,059 

SBA agency securities

        2,241   2,024   12,283   12,290         14,524   14,314 

Mortgage-backed securities: residential

        10,505   9,428   19,435   16,327   9,627   7,425   39,567   33,180 

Collateralized mortgage obligations: residential

  17   16   36,137   35,226   64,654   52,857         100,808   88,099 

Collateralized mortgage obligations: commercial

  4,096   4,071   19,849   18,023   54,459   53,543         78,404   75,637 

Commercial paper

  77,088   77,066                     77,088   77,066 

Corporate debt securities

        12,906   12,533   19,245   16,160   2,633   1,937   34,784   30,630 

Municipal securities

                    12,627   9,209   12,627