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Mar 31, 2020
Rbb Bancorp Q1 2020 Earnings Report
Reported a decrease in net income due to the impact of the COVID-19 pandemic and completed the acquisition of Pacific Global Bank.
Key Takeaways
RBB Bancorp reported a net income of $6.7 million, or $0.33 diluted earnings per share, for the quarter ended March 31, 2020. The company completed the acquisition of Pacific Global Bank on January 10, 2020, and is actively addressing client needs during the COVID-19 pandemic, including offering loan relief and enrolling clients in the SBA Paycheck Protection Program.
Net income was $6.7 million, or $0.33 diluted earnings per share.
Completed the acquisition of Pacific Global Bank on January 10, 2020, and the system conversion on March 15, 2020.
Loans held for investment increased by $202.8 million, or 37.1% annualized growth, from the end of the prior quarter, including a $173.2 million contribution from PGB.
Total deposits (excluding brokered deposits) increased by $220.9 million, or 8.32%, from the end of the prior quarter, including a $188.4 million contribution from PGB.
Forward Guidance
Company expects to grant loan deferrals to customers who need temporary relief, and will partner with the Small Business Administration to offer loans to affected clients through the Payroll Protection Program. However, the company plans to continue to originate new loans across all of our business lines in a disciplined manner and continue to evaluate opportunities to expand franchise beyond existing markets.
Positive Outlook
- Grant loan deferrals to customers who need temporary relief
- Partner with the Small Business Administration to offer loans to affected clients through the Payroll Protection Program
- Continue to originate new loans across all of our business lines in a disciplined manner
- Maintain adequate liquidity to help existing customers manage through this public health crisis
- Continue to evaluate opportunities to expand franchise beyond existing markets
Challenges Ahead
- COVID-19 pandemic has created unprecedented challenges in our country and the world
- The physical and financial health of our customers, investors and employees are paramount concerns
Historical Earnings Impact
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Avg. Return Before/After Earnings
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