RBB Bancorp reported a net income of $26.7 million for the fiscal year ending December 31, 2024, a significant decrease of 37.2% compared to $42.5 million in 2023. This decline was primarily driven by a $19.9 million drop in net interest income, which fell to $99.4 million, alongside a $6.5 million increase in the provision for credit losses. The increase in interest expense, which rose by $15.4 million, was attributed to higher funding costs amid a competitive banking environment. The company's earnings per share decreased to $1.47 from $2.24 in the previous year.
Total consolidated assets for RBB Bancorp stood at $4.0 billion as of December 31, 2024, reflecting a slight decrease of $33.5 million from the previous year. The bank's loan portfolio increased marginally to $3.1 billion, with notable growth in commercial real estate loans, which rose by $33.6 million. However, total deposits decreased by $91.0 million to $3.1 billion, primarily due to a reduction in wholesale deposits, which fell by $258.1 million. The bank's noninterest-bearing deposits increased by 4.3%, indicating a shift in the deposit mix towards more stable funding sources.
Strategically, RBB Bancorp has continued to focus on its Asian-centric market, operating 24 banking offices across California, Nevada, New York, Illinois, New Jersey, and Hawaii. The company has maintained its designation as a minority depository institution (MDI) and a community development financial institution (CDFI), which allows it to access federal support and grants. In 2024, RBB Bancorp received $259,000 in CDFI grants, contributing to its community development initiatives.
Operationally, the bank's employee headcount remained stable at 372 full-time equivalent employees. The company has emphasized its commitment to enhancing its digital banking services, which has become increasingly important in the current financial landscape. RBB Bancorp's capital ratios remain strong, with a common equity tier 1 ratio of 17.94% and a total risk-based capital ratio of 24.49%, both exceeding regulatory requirements for well-capitalized institutions.
Looking ahead, RBB Bancorp aims to navigate the challenges posed by rising interest rates and economic uncertainties while continuing to explore growth opportunities through strategic acquisitions and organic expansion. The bank's management remains focused on maintaining a strong capital position and enhancing its service offerings to better meet the needs of its diverse customer base.
About RBB Bancorp
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