RBB Bancorp reported a net income of $2.3 million, or $0.13 per diluted share, for the first quarter of 2025, a decline from $4.4 million, or $0.25 per diluted share, in the previous quarter and $8.0 million, or $0.43 per diluted share, in the same quarter last year. The decrease in profitability was attributed to a provision for credit losses of $6.7 million, compared to $6.0 million in the prior quarter and no provision in the same quarter last year. The bank's total interest income for the quarter was $52.3 million, down from $54.6 million in the previous quarter and $54.8 million a year ago, while total interest expense decreased to $26.2 million from $28.6 million in the prior quarter.
Total assets for RBB Bancorp increased to $4.0 billion as of March 31, 2025, up $16.9 million from the previous quarter. This growth was primarily driven by an increase in gross loans held for investment (HFI), which rose by $89.8 million, or 2.9%, to $3.1 billion. The bank's total deposits also increased by $58.8 million to $3.1 billion, with a loan-to-deposit ratio of 98.4%. However, investment securities decreased by $42.0 million during the quarter, reflecting a strategic shift in asset allocation.
Operationally, RBB Bancorp continues to focus on its core markets, predominantly serving Asian-centric communities through 24 branches across California, Nevada, New York, Illinois, New Jersey, and Hawaii. The bank's loan portfolio remains diversified, with single-family residential mortgages making up 49.2% of total loans, followed by commercial real estate loans at 39.6%. The bank's allowance for credit losses increased to $52.6 million, representing 1.65% of total loans HFI, reflecting a proactive approach to managing credit risk amid changing economic conditions.
Looking ahead, RBB Bancorp remains committed to maintaining its minority depository institution (MDI) designation and enhancing its capital position. The bank's total shareholders' equity increased to $510.3 million, with a tangible book value per share of $24.63. Management anticipates continued growth in loans and deposits, supported by strategic initiatives and a focus on credit quality. The bank's capital ratios remain strong, exceeding regulatory requirements, positioning RBB Bancorp for future opportunities in a competitive banking landscape.
About RBB Bancorp
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