RBB Bancorp (RBB) Tops Q2 EPS by 4c
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RBB Bancorp (NASDAQ: RBB) reported Q2 EPS of $0.33, $0.04 better than the analyst estimate of $0.29.
"While the COVID-19 pandemic had an impact on our operating performance for the second quarter, we were able to make progress towards returning to future earnings growth," said Mr. Alan Thian, Chairman, President and CEO of RBB Bancorp. "We grew our core loans by over 18% on an annualized basis and our loan pipeline remains strong. We continued to drive down our deposit costs while increasing our core noninterest-bearing deposits during the quarter. Our average loan yields also declined, but at a slower pace than the decrease in our funding costs, enabling us to expand our net interest margin. While our results were impacted by lower loan sales and an increased provision for loan losses, our credit quality improved, and our operating expenses were in line with our expectations.
"We are encouraged that 85% of our clients that received loan payment deferrals in April resumed making payments in July," added Mr. Thian. "It is difficult to predict the ultimate impact that this pandemic will have on our clients, given economic uncertainty, the original government stimulus package ending soon, and the number of new COVID-19 cases continuing to increase across some of our primary markets. However, we are well-capitalized and well-positioned to manage through this public health crisis and we continue to evaluate opportunities to expand our franchise beyond our existing markets.
"Our board of directors approved a quarterly dividend of $0.06 per share, consistent with the second quarter, and we anticipate being able to restore the dividend to a higher level once we obtain more clarity on future business conditions and the earnings potential of the company," Mr. Thian concluded.
For earnings history and earnings-related data on RBB Bancorp (RBB) click here.
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