RBB Bancorp (RBB) Misses Q2 EPS by 1c
- Wall St sinks as yields spike, financials fall after Goldman miss
- Largest Tech Deal Ever: Microsoft (MSFT) Buys Activision Blizzard (ATVI) for $68.7 Billion, Seen as an 'Aggressive Consumer Acquisition'
- Tesla (TSLA) Price Target Raised at Credit Suisse, Analyst Names 4 Catalysts for 2022
- Goldman Sachs (GS) Misses Q4 EPS by 95c, Revenue Beats
- 'Buy Now': Boeing (BA) Stock Gains as Bernstein Names it Top Choice for 2022, Sees Several Near-Term Catalysts
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
RBB Bancorp (NASDAQ: RBB) reported Q2 EPS of $0.50, $0.01 worse than the analyst estimate of $0.51.
"We are pleased with our operating performance for the second quarter," said Mr. Alan Thian, Chairman, President and CEO. "We made significant progress on our balance sheet initiatives, selling $175.0 million in residential mortgage loans during the quarter and reducing our reliance on wholesale funding by $235.0 million. Our focus on increasing core deposits helped drive our deposit growth and we continued to experience low credit costs and well-managed expenses. These factors all contributed to another solid quarter of net income.
"Our integration of First American International Corp. is nearly complete. We have optimized its operational footprint, with the closing of two non-banking offices and one branch and the opening of one new branch. We have also renegotiated and entered into new contracts with our core system vendor. We are making good progress on introducing our business deposit and commercial lending products to the First American branch network and anticipate future growth from that franchise. Our last project is to implement a common residential mortgage origination platform for both regions.
"With our balance sheet repositioning nearly complete and given our loan pipeline, we are looking forward to resuming growth at a more normalized rate. In addition to organic growth opportunities, we plan to continue to expand our franchise through a combination of acquisitions and de novo branch openings," concluded Mr. Thian.
For earnings history and earnings-related data on RBB Bancorp (RBB) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ford Motor (F) Issues Update on Special Items in FY2021 Report
- Gran Tierra Energy (GTE) Issues Corporate Update
- Fulton Financial (FULT) Reports In-Line Q4 EPS
Create E-mail Alert Related CategoriesCorporate News, Earnings, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!