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Mar 31, 2023
Rbb Bancorp Q1 2023 Earnings Report
Reported solid start to 2023 with net income impacted by increased legal expenses and other professional expenses, but expected expenses to normalize in future quarters.
Key Takeaways
RBB Bancorp reported a net income of $11.0 million, or $0.58 diluted earnings per share, for the quarter ended March 31, 2023. Deposits, excluding brokered certificates of deposits, increased by $58.5 million. The company's capital position remained strong.
Net income of $11.0 million, or $0.58 diluted earnings per share.
Net interest income of $34.1 million.
Deposits, excluding brokered certificates of deposits, increased by $58.5 million, or 8.7% annualized, from the end of the fourth quarter.
Return on average assets of 1.12%.
Forward Guidance
Management expects to reduce the size of the loan portfolio in the next few quarters by slowing the pace of loan originations and focusing on supporting core relationships. Management is targeting a reduction in the loan to deposit ratio to below 100% by June 30, 2023 and to below 95% by the end of 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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