RBB Bancorp Announces Fourth Quarter 2015 Financial Results

08 Mar, 2016, 17:59 ET from RBB Bancorp

LOS ANGELES, March 8, 2016 /PRNewswire/ -- Mr. Louis Chang, Chairman of the Board of RBB Bancorp, a single bank holding company headquartered in Los Angeles, California, today announced the company's financial results for the fourth quarter 2015. 

The Company reported total assets of $1.023 billion at December 31, 2015, representing a 10.5% increase compared to the reporting period ended December 31, 2014.  Deposits closed at $853.4 million, representing an 11.2% increase, when compared to December 31, 2014.   Gross loans were $833.9 million as of December 31, 2016, compared to $746.0 million as of December 31, 2014, an 11.8% increase.

The Bancorp reported net income of $3.7 million ($0.29 per share) for the quarter ended December 31, 2015 compared to a net income of $3.0 million ($0.24 per share) for the same time period in 2014.  For the twelve months ending December 31, 2015 the Bancorp reported net income of $13.0 million ($1.02 per share) compared to $10.4 million ($0.82 per share) for the same period in 2014. 

The Company reported that it has one other real estate owned (OREO) asset with a book value of $293,000.  This asset was a result of acquisitions and not through the Bank's organic loan originations. 

SBA loan production in the fourth quarter of 2015 was $25.1 million.  The Company sold $34.0 million in SBA loans in the fourth quarter for a gain of $2.0 million.  SBA loan production for the twelve months ended December 31, 2015 was $120.0 million.  The Company sold $42.7  million in SBA loans through December 31, 2015 for a gain of $2.7 million.

Mortgage loan production in the fourth quarter of 2015 was $59.3 million.  The Company sold $39.5 million in the fourth  quarter 2015 for a gain of $560,000.  Mortgage loan production for the twelve months ended December 31, 2015 was $191.5 million.  The company sold $128.1 million in mortgage loans through December 31, 2015 for a gain of $1.6 million.

RBB Bancorp is a Bank Holding Company.  It owns Royal Business Bank, which  provides business banking services to the Chinese-American communities in Los Angeles County, Orange County,  Ventura County and in Las Vegas, including remote deposit, mobile banking, E-banking, commercial and investor real estate loans, business loans and lines of credit, SBA 7A and 504 loans, mortgage loans, trade finance and a full range of depository accounts.  It also owns RBB Asset Management Company which was formed to hold and manage problem assets acquired in business combinations. Its executive office is located at 660 S. Figueroa Street, Suite 1888, Los Angeles, California 90017.

FORWARD LOOKING STATEMENTS

Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States government (including the Small Business Administration), and general economic conditions. The Bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.

 

Balance Sheets (unaudited)

For the periods ending





(All amounts in thousands except per share information)

December 31, 2015


December 31, 2014





Asset:









Cash and due from banks

$        80,391


$     97,695






Investments and Federal Funds sold

68,056


40,841






Loans

833,858


746,040






     Less allowance for loan losses

(10,023)


(8,848)






     Loans, net

823,835


737,192






Other real estate owned

293


1,161






Deferred tax asset

7,449


8,712






Bank premises and equipment

6,860


7,014






Cash Surrender Value of Life Insurance

21,398


20,819






Goodwill

4,001


4,001






Other assets

10,801


8,456






     Total assets

$  1,023,084


$   925,891














Liabilities and shareholders' equity:









Deposits

$     853,417


$   767,365






Reserve for unfunded commitments

320


408






Other liabilities

5,702


6,137






     Total liabilities

859,439


773,910






Shareholders' equity

163,645


151,981






     Total liabilities and shareholders' equity

$ 1,023,084


$   925,891























Statements of Operations (unaudited)

Three months ended December 31,


Twelve months ended December 31,



2015


2014


2015


2014

Interest income

$    11,319


$     11,049


$  42,513


$     38,149

Interest expense

1,882


1,372


6,936


4,522

Net interest income

9,437


9,677


35,577


33,627

Provision for loan losses

1,141


(107)


1,386


1,446

Other income

3,153


1,051


7,862


5,496

Other expense

5,100


5,813


20,084


20,112

Income before income taxes

6,349


5,022


21,969


17,565

Income tax expense

2,647


2,016


8,996


7,137

Net income

$     3,702


$       3,006


$  12,973


$    10,428

Net income per share - basic

$       0.29


$         0.24


$      1.02


$        0.82

Ending common shares outstanding

12,770,571


12,720,659


12,770,571


12,720,659










Selected Financial Ratios

For the periods ending





December 31, 2015


December 31, 2014





Net loans to deposits

96.53%


96.07%





Allowance for loan losses to  gross loans

1.20%


1.19%





Non-performing assets as a percent of total assets

0.46%


0.18%





Equity to assets

16.00%


16.41%





Ending book value per share

$      12.81


$         11.95





YTD return on average assets, annualized

1.29%


1.29%





YTD return on average equity, annualized

8.23%


7.15%





 

SOURCE RBB Bancorp