RBB Bancorp Announces Third Quarter 2024 Earnings Results
RBB Bancorp (NASDAQ: RBB) has reported its financial results for the quarter ending September 30, 2024.
Key Financial Metrics (Q3 2024)
| Metric | Actual Q3 2024 | Q2 2024 | YoY % Change | Consensus Estimate | Result vs. Estimate |
|---|---|---|---|---|---|
| Net Income | $7.0M | $7.2M | -2.78% | N/A | N/A |
| Earnings Per Share (EPS) | $0.39 | $0.39 | No Change | $0.38 | Beat |
Despite a slight drop in net income compared to the previous quarter, RBB Bancorp met the consensus estimate for EPS, reflecting stabilized earnings performance.
Segment Revenue Performance
| Segment | Q3 2024 Revenue Contribution | Interpretation |
|---|---|---|
| Loans (HFI) | $3.1B | Increased loans by 6% on an annualized rate showcasing growth |
| Interest Income | $24.5M | A modest rise in net interest margin demonstrates increased loan yields |
The increase in loans HFI by $44.2 million indicates effective growth in lending activities, mainly fueled by an increment in commercial real estate loans.
Key Developments
- Repurchased 508,275 shares of common stock for $11.0 million, completing the authorized repurchase program.
- Declared a quarterly cash dividend of $0.16 per common share.
- Enhanced book value per share to $28.81, up from $28.12 at the end of Q2 2024.
Executive Summary
David Morris, CEO of RBB Bancorp, highlighted the growth in loans and expressed optimism about continued expansion in net interest margin. Christina Kao, Chair of the Board of Directors, reaffirmed the Bank's focus on growth to enhance long-term shareholder value.
Dividends & Share Repurchase Program
- A dividend of $0.16 per share is announced, payable on November 12, 2024.
- Completed the stock repurchase program, repurchasing 1,000,000 shares as authorized.
Forward Guidance
No specific forward guidance was provided in this release; however, the management expressed optimism regarding resolving the majority of non-performing loans by mid-2025.
Stock Price Movement
Post-earnings release, RBB Bancorp's stock experienced a decline of approximately 3.01%.
Overall, RBB Bancorp showcases resilience through steady financial metrics and strategic focus on loan growth and operational efficiency, while navigating market challenges.
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