10-Q 1 rbb20230630_10q.htm FORM 10-Q rbb20230630_10q.htm
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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 June 30, 2023 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: 18,995,303 outstanding as of August 1, 2023.

 



 

 

 

 

TABLE OF CONTENTS

 

PART I  FINANCIAL INFORMATION (UNAUDITED)

3

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9

ITEM 2.

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

36

 

CRITICAL ACCOUNTING POLICIES

37

 

OVERVIEW

39

 

ANALYSIS OF THE RESULTS OF OPERATIONS

40

 

ANALYSIS OF FINANCIAL CONDITION

49

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

62

ITEM 4.

CONTROLS AND PROCEDURES

63

PART II - OTHER INFORMATION

65

ITEM 1.

LEGAL PROCEEDINGS

65

ITEM 1A.

RISK FACTORS

65

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

65

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

65

ITEM 4.

MINE SAFETY DISCLOSURES

65

ITEM 5.

OTHER INFORMATION

65

ITEM 6.

EXHIBITS

66

SIGNATURES

 

67

 

 

PART I - FINANCIAL INFORMATION 

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 JUNE 30, 2023 AND DECEMBER 31, 2022

(In thousands, except share amounts)

 

  

(Unaudited)

     
  

June 30,

  

December 31,

 
  

2023

  

2022

 

Assets

        

Cash and due from banks

 $246,325  $83,548 

Interest-earning deposits in other financial institutions

  600   600 

Securities:

        

Available for sale

  391,116   256,830 

Held to maturity (fair value of $5,539 and $5,563 at June 30, 2023 and December 31, 2022, respectively)

  5,718   5,729 

Mortgage loans held for sale

  555    

Loans held for investment:

        

Real estate

  2,994,470   3,053,864 

Commercial and other

  200,759   283,106 

Total loans

  3,195,229   3,336,970 

Unaccreted discount on acquired loans

  (1,016)  (1,238)

Deferred loan costs, net

  1,782   717 

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

  3,195,995   3,336,449 

Allowance for credit losses

  (43,092)  (41,076)

Net loans

  3,152,903   3,295,373 
         

Premises and equipment, net

  26,600   27,009 

Federal Home Loan Bank (FHLB) stock

  15,000   15,000 

Net deferred tax assets

  16,855   16,977 

Cash surrender value of bank owned life insurance (BOLI)

  57,989   57,310 

Goodwill

  71,498   71,498 

Servicing assets

  8,702   9,521 

Core deposit intangibles

  3,246   3,718 

Right-of-use assets- operating leases

  28,677   25,447 

Accrued interest and other assets

  49,834   50,498 

Total assets

 $4,075,618  $3,919,058 

 

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

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 JUNE 30, 2023 AND DECEMBER 31, 2022

(In thousands, except share amounts)

 

 

  (Unaudited)     
  

June 30,

  

December 31,

 
  

2023

  

2022

 

Liabilities and Shareholders’ Equity

        

Deposits:

        

Noninterest-bearing demand

 $585,746  $798,741 

Savings, NOW and money market accounts

  598,546   615,339 

Time deposits $250,000 and under

  1,275,476   837,369 

Time deposits over $250,000

  715,648   726,234 

Total deposits

  3,175,416   2,977,683 
         

Reserve for unfunded commitments

  798   1,157 

FHLB advances

  150,000   220,000 

Long-term debt (net of unamortized debt issuance costs of $1,126 and $1,415 at June 30, 2023 and December 31, 2022, respectively)

  173,874   173,585 

Subordinated debentures

  14,829   14,720 

Lease liabilities - operating leases

  29,915   26,523 

Accrued interest and other liabilities

  30,496   20,827 

Total liabilities

  3,575,328   3,434,495 
         

Commitments and contingencies - Note 13

          
         

Shareholders' equity:

        

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

      

Common Stock - 100,000,000 shares authorized, no par value; 18,995,303 shares issued and outstanding at June 30, 2023 and 18,965,776 shares issues and outstanding at December 31, 2022

  277,462   276,912 

Additional paid-in capital

  3,436   3,361 

Retained earnings

  241,725   225,883 

Non-controlling interest

  72   72 

Accumulated other comprehensive loss, net

  (22,405)  (21,665)

Total shareholders’ equity

  500,290   484,563 

Total liabilities and shareholders’ equity

 $4,075,618  $3,919,058 

 

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 AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(In thousands, except per share amounts)

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2023

   

2022

   

2023

   

2022

 

Interest and dividend income:

                               

Interest and fees on loans

  $ 50,810     $ 40,157     $ 100,752     $ 78,043  

Interest on interest-earning deposits

    2,112       111       2,903       282  

Interest on investment securities

    3,574       1,419       6,110       2,426  

Dividend income on FHLB stock

    259       222       524       449  

Interest on federal funds sold and other

    247       429       464       704  

Total interest income

    57,002       42,338       110,753       81,904  

Interest expense:

                               

Interest on savings deposits, now and money market accounts

    2,778       844       5,074       1,562  

Interest on time deposits

    19,169       1,506       32,575       3,080  

Interest on subordinated debentures and long-term debt

    2,550       2,379       5,089       4,727  

Interest on other borrowed funds

    579       519       1,988       954  

Total interest expense

    25,076       5,248       44,726       10,323  

Net interest income

    31,926       37,090       66,027       71,581  

Provision for credit losses

    380       915       2,394       1,281  

Net interest income after provision for credit losses

    31,546       36,175       63,633       70,300  

Noninterest income:

                               

Service charges, fees and other

    1,528       1,480       2,785       2,725  

Gain on sale of loans

    18       344       47       1,518  

Loan servicing fees, net of amortization

    606       472       1,337       904  

Unrealized (loss) gain on derivatives

    (3 )     39       7       (194 )

Increase in cash surrender value of life insurance

    344       330       679       654  

Gain on sale of fixed assets

          757             757  
      2,493       3,422       4,855       6,364  

Noninterest expense:

                               

Salaries and employee benefits

    9,327       9,628       19,191       18,997  

Occupancy and equipment expenses

    2,430       2,174       4,828       4,380  

Data processing

    1,356       1,293       2,655       2,551  

Legal and professional

    2,872       2,254       5,885       3,260  

Office expenses

    350       358       725       651  

Marketing and business promotion

    252       501       552       808  

Insurance and regulatory assessments

    809       478       1,313       919  

Core deposit premium

    235       277       472       556  

Other expenses

    886       649       1,807       1,549  
      18,517       17,612       37,428       33,671  

Income before income taxes

    15,522       21,985       31,060       42,993  

Income tax expense

    4,573       6,508       9,141       12,899  

Net income

  $ 10,949     $ 15,477     $ 21,919     $ 30,094  
                                 

Net income per share

                               

Basic

  $ 0.58     $ 0.81     $ 1.15     $ 1.56  

Diluted

    0.58       0.80       1.15       1.54  
                                 

Weighted-average common shares outstanding

                               

Basic

    18,993,483       19,066,621       18,989,686       19,221,155  

Diluted

    18,995,100       19,324,253       19,022,242       19,560,476  

 

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 AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(In thousands)

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30,

   

June 30,

 
   

2023

   

2022

   

2023

   

2022

 

Net income

  $ 10,949     $ 15,477     $ 21,919     $ 30,094  
                                 

Other comprehensive loss:

                               

Unrealized loss on securities available for sale:

    (3,591 )     (7,810 )     (1,014 )     (20,367 )
                                 

Related income tax effect:

    1,064       2,387       274       6,276  
                                 

Total other comprehensive loss

    (2,527 )     (5,423 )     (740 )     (14,091 )
                                 

Total comprehensive income

  $ 8,422     $ 10,054     $ 21,179     $ 16,003  

 

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 AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(In thousands, except share amounts)

 

  

Common Stock

              

Accumulated

     
  

Shares

  

Amount

  

Additional Paid-in Capital

  

Retained Earnings

  

Non- Controlling Interest

  

Other Comprehensive Loss

  

Total

 

Balance at March 31, 2023

  18,992,903  $277,432  $3,316  $233,815  $72  $(19,878) $494,757 

Net income

           10,949         10,949 

Stock-based compensation

        150            150 

Restricted stock unit vested

  2,400   30   (30)            

Cash dividends on common stock ($0.16 per share)

           (3,039)        (3,039)

Other comprehensive loss, net of taxes

                 (2,527)  (2,527)

Balance at June 30, 2023

  18,995,303  $277,462  $3,436  $241,725  $72  $(22,405) $500,290 
                             

Balance at March 31, 2022

  19,247,970  $279,836  $4,392  $188,645  $72  $(10,324) $462,621 

Net income

           15,477         15,477 

Stock-based compensation

        149            149 

Restricted stock cancelled

  (40,000)                  

Restricted stock unit vested

  1,000   27   (27)            

Cash dividends on common stock ($0.14 per share)

           (2,687)        (2,687)

Stock options exercised

  198,613   2,781   (321)           2,460 

Repurchase of common stock

  (525,754)  (7,548)     (3,546)        (11,094)

Other comprehensive loss, net of taxes

                 (5,423)  (5,423)

Balance at June 30, 2022

  18,881,829  $275,096  $4,193  $197,889  $72  $(15,747) $461,503 

 

  

Common Stock

              

Accumulated

     
  

Shares

  

Amount

  

Additional Paid-in Capital

  

Retained Earnings

  

Non- Controlling Interest

  

Other Comprehensive Loss

  

Total

 

Balance at January 1, 2023

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

Net income

           21,919         21,919 

Stock-based compensation

        466            466 

Restricted stock unit vested

  20,374   391   (391)            

Cash dividends on common stock ($0.32 per share)

           (6,077)        (6,077)

Stock options exercised

  9,153   159               159 

Other comprehensive loss, net of taxes

                 (740)  (740)

Balance at June 30, 2023

  18,995,303  $277,462  $3,436  $241,725  $72  $(22,405) $500,290 
                             

Balance at January 1, 2022

  19,455,544  $282,335  $4,603  $181,329  $72  $(1,656) $466,683 

Cumulative effect of change in accounting principle related to ASC 326 (1)

           (2,204)        (2,204)

Net income

           30,094         30,094 

Stock-based compensation

        406            406 

Restricted stock cancelled

  (40,000)                  

Restricted stock vested

     355   (355)            

Restricted stock unit vested

  1,000   27   (27)            

Cash dividends on common stock ($0.28 per share)

           (5,411)        (5,411)

Stock options exercised

  224,376   3,289   (434)           2,855 

Repurchase of common stock

  (759,091)  (10,910)     (5,919)        (16,829)

Other comprehensive loss, net of taxes

                 (14,091)  (14,091)

Balance at June 30, 2022

  18,881,829  $275,096  $4,193  $197,889  $72  $(15,747) $461,503 

 

(1) Represents the impact of the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) on January 1, 2022.

 

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 SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(In thousands)

 

   

Six Months Ended

 
   

June 30,

 
   

2023

   

2022

 

Operating activities

               

Net income

  $ 21,919     $ 30,094  

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

               

Depreciation and amortization of premises and equipment

    1,019       1,346  

Net accretion of securities, loans, deposits, and other

    (2,470 )     (209 )

Amortization of investment in affordable housing tax credits

    564       510  

Amortization of intangible assets

    1,319       2,249  

Amortization of right-of-use asset

    2,541       2,586  

Change in operating lease liabilities

    (2,379 )     (2,523 )

Provision for credit losses

    2,394       1,281  

Stock-based compensation

    466       406  

Deferred tax benefit

    395       (417 )

Gain on sale of loans

    (47 )     (1,518 )

Gain on sale of fixed assets

          (757 )

Increase in cash surrender value of life insurance

    (679 )     (654 )

Loans originated and purchased for sale, net

    (2,759 )     (32,739 )

Proceeds from loans sold

    2,382       50,014  

Other items

    10,161       (4,174 )

Net cash provided by operating activities

    34,826       45,495  

Investing activities

               

Securities available for sale:

               

Purchases

    (376,015 )     (315,434 )

Maturities, repayments and calls

    243,115       305,355  

Securities held to maturity:

               

Maturities, repayments and calls

          500  

Purchase of other equity securities, net

    (341 )     (171 )

Net increase of investment in qualified affordable housing projects

    (71 )     (3 )

Net decrease (increase) in loans

    140,124       (117,356 )

Net cash received in connection with a branch purchase

          71,352  

Proceeds from sale of fixed assets

          757  

Purchases of premises and equipment

    (589 )     (1,215 )

Net cash provided by (used in) investing activities

    6,223       (56,215 )

Financing activities

               

Net decrease in demand deposits and savings accounts

    (229,788 )     (387,475 )

Net increase (decrease) in time deposits

    427,434       (52,056 )

Proceeds from FHLB advances

    80,000       220,000  

Repayments of FHLB Advances

    (150,000 )     (120,000 )

Cash dividends paid

    (6,077 )     (5,411 )

Common stock repurchased, net of repurchased costs

          (16,829 )

Exercise of stock options

    159       2,855  

Net cash provided by (used in) financing activities

    121,728       (358,916 )

Net increase (decrease) in cash and cash equivalents

    162,777       (369,636 )

Cash and cash equivalents at beginning of period

    83,548       694,372  

Cash and cash equivalents at end of period

  $ 246,325     $ 324,736  

Supplemental disclosure of cash flow information

               

Cash paid during the period:

               

Interest paid

  $ 41,115     $ 10,407  

Taxes paid