RBB Bancorp reported its financial results for the third quarter ended September 30, 2024, showing a mixed performance compared to previous periods. Total interest and dividend income for the quarter was $54.4 million, a slight increase from $52.9 million in the prior quarter but a decrease from $55.6 million year-over-year. Net interest income before provision for credit losses was $24.5 million, down from $27.6 million in Q3 2023, while net interest income after provision for credit losses fell to $21.2 million from $26.2 million in the same quarter last year.
Total noninterest income surged to $5.7 million, significantly higher than $3.5 million in Q2 2024 and $2.8 million in Q3 2023. This increase was driven by a $2.8 million recovery of a fully charged-off loan. However, total noninterest expenses rose to $17.4 million, up from $17.1 million in the previous quarter and $16.9 million in Q3 2023.
Net income for the third quarter was $7.0 million, down from $7.2 million in Q2 2024 and $8.5 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $22.3 million, a decrease from $30.4 million in the same period last year. The company’s effective tax rate for Q3 2024 was 26.9%, compared to 29.9% in Q3 2023.
RBB Bancorp's total assets as of September 30, 2024, were $4.0 billion, a decrease of $35.5 million from December 31, 2023. Total loans held for investment increased by $60.0 million to $3.1 billion, primarily due to a rise in commercial real estate loans. Total deposits decreased by $82.6 million to $3.1 billion, attributed to lower interest-bearing deposits.
The company’s allowance for credit losses (ACL) increased to $44.5 million, reflecting a provision for credit losses of $3.3 million in Q3 2024. Nonaccrual loans rose to $60.7 million, representing 1.52% of total assets, up from $31.6 million at the end of 2023.
RBB Bancorp also engaged in a stock repurchase program, buying back 508,275 shares for $11.0 million during the third quarter. The company declared a cash dividend of $0.16 per share, payable on November 12, 2024. As of September 30, 2024, total shareholders' equity stood at $509.7 million, reflecting a slight decrease from the previous quarter.
About RBB Bancorp
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