RBB Bancorp Announces Fourth Quarter 2015 Financial Results

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.

SOURCE RBB Bancorp