RBB Bancorp (RBB) Misses Q1 EPS by 8c

April 20, 2020 4:13 PM EDT

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RBB Bancorp (NASDAQ: RBB) reported Q1 EPS of $0.33, $0.08 worse than the analyst estimate of $0.41.

"The onset of the COVID-19 pandemic has created unprecedented challenges in our country and the world," said Mr. Alan Thian, Chairman, President and CEO of RBB Bancorp. "The physical and financial health of our customers, investors and employees are our paramount concerns. We are committed to helping our local businesses and the communities that we serve during these extremely challenging times. We expect to grant loan deferrals to our customers who need temporary relief, and we will partner with the Small Business Administration to offer loans to affected clients through the Payroll Protection Program. However, we plan to continue to originate new loans across all of our business lines in a disciplined manner."

"Though the pandemic did impact our results in the form of lower organic loan growth and an increased provision for loan losses, our overall credit quality remained relatively stable, and our operating expenses were in line with our expectations," added Mr. Thian. "I am generally pleased with our first-quarter financial performance and the healthy underlying fundamentals of the company. We remain focused on maintaining adequate liquidity to help our existing customers manage through this public health crisis and we continue to evaluate opportunities to expand our franchise beyond our existing markets."

For earnings history and earnings-related data on RBB Bancorp (RBB) click here.

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