The following is a summary of the RBB Bancorp (RBB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• RBB Bancorp reported Q1 earnings of $0.43 per diluted share, reflecting a decrease of $0.02 from the last quarter, after adjusting for last quarter's $5 million CDFI income.

• Net income for the quarter stood at $8 million.

• Despite a decline in the net interest margin, earning asset yield expanded due to an increase of 11 basis points in the total loan yield.

• The total cost of funds increased to 3.54% due to pressure on the cost of interest-bearing deposits.

• Non-interest income was affected primarily by the impact of the last quarter's $5 million CDFI award, leading to a decrease to $3.4 million.

Business Progress:

• RBB Bancorp succeeded in originating approximately $69 million of commercial loans in Q1, leading to an overall increase in loan portfolio yield.

• The company is employing longer-term strategies to attract lower-cost deposits to improve funding costs over time.

• RBB Bancorp has plans to enlarge its C&I portfolio in the future, which is expected to have a positive effect on non-interest-bearing deposits.

• The company commenced a share repurchase plan, managing to buy back about 80,000 shares in Q1.

• Lynn Hopkins assumed the role as Chief Financial Officer.

More details: RBB Bancorp IR

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