RBB Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
January 23, 2018 at 03:45 am IST
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RBB Bancorp reported unaudited consolidated earnings results for the fourth quarter and year Ended December 31, 2017. For the quarter, the company's total interest income was $21,479,000 against $16,716,000 a year ago. Net interest income was $17,892,000 against $13,490,000 a year ago. Income before income taxes was $12,370,000 against $9,266,000 a year ago. Net income was $4,889,000 or $0.29 per diluted share against $5,386,000 or $0.39 per diluted share a year ago. Return on average assets, annualized was 1.18% against 2.38% a year ago. Return on average shareholder's equity, annualized was 7.31% against 18.90% a year ago. Return on average tangible common equity, annualized was 8.30% against 22.84% a year ago. Adjusted earnings pre-tax was $10,610,000 against $9,466,000 a year ago. Adjusted earnings non-GAAP was $6,244,000 or $0.37 per diluted share against $5,502,000 or $0.40 per diluted share a year ago. Adjusted return on average assets was 1.51% against 1.53% a year ago. Adjusted return on average tangible common equity was 10.60% against 14.72% a year ago. Tangible book value per share as at December 31, 2017 was $14.70 against $11.68 a year ago. Book value per share as at December 31, 2017 was $16.67 against $14.16 a year ago.
For the year, the company's total interest income was $74,104,000 against $68,189,000 a year ago. Net interest income was $60,166,000 against $56,482,000 a year ago. Income before income taxes was $46,797,000 against $32,568,000 a year ago. Net income was $25,528,000 or $1.68 per diluted share against $19,079,000 or $1.39 per diluted share a year ago. Return on average assets, annualized was 1.66% against 1.41% a year ago. Return on average shareholder's equity, annualized was 11.67% against 11.08% a year ago. Return on average tangible common equity, annualized was 13.52% against 13.14% a year ago.
Net charge-offs were 0.01% of average loans during the fourth quarter of 2017, consisting of $83,000 in gross charge-offs.
The company provided tax rate guidance for the year 2018. For 2018, the company anticipates an effective tax rate of between 29% and 31%.
RBB Bancorp is a bank holding company. The Company's principal business is to serve as the holding company for its wholly owned banking subsidiaries, Royal Business Bank (the Bank) and RBB Asset Management Company (RAM). The Bank provides business-banking products and services predominantly to the Asian-American communities. The products and services include commercial and investor real estate loans, business loans and lines of credit, Small Business Administration (SBA) 7A and 504 loans, mortgage loans, trade finance and a full range of depository accounts, including specialized services, such as remote deposit, E-banking, and mobile banking. It operates 24 branches across two separate regions: the Western region with branches in Los Angeles County, California; Orange County, California; Ventura County, California; Clark County, Nevada; and Honolulu, Hawaii; and the Eastern region with branches in Manhattan, Brooklyn and Queens, New York; Chicago, Illinois and Edison, New Jersey.
RBB Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018