RBB Bancorp (RBB) Misses Q2 EPS by 1c

July 22, 2019 4:24 PM EDT

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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.

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