RBB Bancorp reported a net income of $6.5 million, or $0.33 diluted earnings per share, for the quarter ended June 30, 2020. Loan growth was strong, increasing by $108.7 million, excluding PPP and held-for-sale loans.
Net income was $6.5 million, or $0.33 diluted earnings per share.
Loans held for investment increased by $108.7 million, or 18.2% annualized growth, from the end of the prior quarter, excluding SBA Paycheck Protection program (“PPP”) loans of $32.8 million and held-for-sale loans of $53.1 million that were transferred to held-for-investment loans.
Total deposits (excluding brokered deposits) increased by $31.3 million, or 5.2% annualized growth, from the end of the prior quarter.
Nonperforming assets to total assets was 0.56%, improving 10 basis points from the prior quarter.
The Company expects gain on sale of loan income to return to prior levels in the fourth quarter.
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