RBB Bancorp reported a record net income of $15.7 million, or $0.79 diluted earnings per share, for the three months ended December 31, 2021. This represents an increase of $342,000, or 2.2%, from the prior quarter and an increase of $4.6 million, or 40.9%, from the fourth quarter of 2020.
Record net income of $15.7 million, or $0.79 diluted earnings per share, increased $342,000, or 2.2%, from the prior quarter and increased $4.6 million, or 40.9%, from the fourth quarter of 2020
Net interest income, before provision for loan losses, was $33.2 million for the fourth quarter of 2021, compared to $31.6 million for the third quarter of 2021.
Deposits were $3.4 billion at December 31, 2021, an increase of $417.7 million from September 30, 2021, and an increase of $750.4 million from December 31, 2020
Agreement to Acquire Gateway Bank, F.S.B. On December 28, 2021, RBB Bancorp announced that it entered into a definitive agreement to acquire Gateway Bank, F.S.B
The Company expects the transaction to be accretive to earnings per share in 2022 in the mid-single digit range. The Company also expects to incur tangible book value per share dilution of approximately 1.8% upon closing of the transaction, with a tangible book value dilution payback period of approximately 1.8 years.
Analyze how earnings announcements historically affect stock price performance