Q3 EPS of $0.74 Beats Prior Quarter as Net Income Climbs to $12.6M
RBB sits 52% above its 52-week low of $16.74.
Summary
RBB Bancorp reported Q3 EPS of $0.74 and net income of $12.6 million, up from $10.1 million ($0.59 per share) in Q2, with the profit rising sequentially on higher net interest income and a gain on the sale of a Brooklyn building. Net interest income came in at $31.8 million with a net interest margin of 3.16%, up from 3.06% in Q2, a modest recovery after the margin narrowing that dragged Q2 results. Nonperforming assets fell 11.3% to $38.7 million. The company also declared a quarterly cash dividend of $0.16 per common share, payable November 12 to holders of record October 30. The quarter follows the September 30 departure of the bank subsidiary's EVP and COO, Gary Fan, disclosed in a September 8-K. For a roughly $430 million market cap bank, a sequential earnings jump of this size is meaningful and supports the $25M buyback authorized in June.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — RBB's Q3 net interest margin was 3.16% versus 3.06% in Q2, nonperforming assets fell 11.3% to $38.7 million, and the $0.16 dividend is payable November 12 to holders of record October 30.
At the time of this announcement, RBB was trading at $25.45 on NASDAQ in the Finance sector, with a market capitalization of approximately $430.5M. The 52-week trading range was $16.74 to $28.24. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.