RBB Bancorp (RBB) Tops Q3 EPS by 1c
- Wall Street rallies, snaps longest weekly losing streak in decades
- 'Always Bet on Michael': Dell (DELL) Stock Soars After Crushing Estimates, Analysts Say Results are Impressive
- Credit Suisse Says Tesla (TSLA) Stock Offers an Attractive Entry Point, Sees Nearly 60% Upside From Here
- Citi Downgrades US Equities to Neutral on Recession Risk
- Elon Musk Says Recession Could Last 12 to 18 Months, But 'Actually a Good Thing'
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
RBB Bancorp (NASDAQ: RBB) reported Q3 EPS of $0.39, $0.01 better than the analyst estimate of $0.38.
"We are pleased to report financial and operating results for the third quarter that are in line with our expectations," said Mr. Alan Thian, Chairman, President and CEO. "We have successfully completed the balance sheet repositioning that we initiated at the start of the year. We also resumed loan growth, generating strong production in both residential and commercial real estate that outpaced continued elevated levels of loan payoffs and paydowns. Our focus on increasing core deposits helped drive deposit growth and reduce our reliance on wholesale funding. While our net interest margin was negatively impacted by temporary excess liquidity, our ongoing low credit costs and well-managed expenses enabled us to meet our profitability goal for the quarter."
In September, RBB Bancorp agreed to acquire Chicago-based PGB Holdings Inc. and its wholly-owned subsidiary Pacific Global Bank for approximately $32.5 million. The transaction is expected to close in the first quarter of 2020 and result in earnings per share (EPS) accretion in the high single-digits next year.
"We are also very pleased to be acquiring Pacific Global Bank, which enables us to expand the RBB franchise to the attractive Chicago market and serve its large community of Asian-Americans. We are excited to enter this new market and intend to open two new branches in metro Chicago next year. We believe that this transaction will position us well for continued growth and help create greater value for our shareholders in the years ahead," 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
- Genius Group (GNS) Reports 2021 Results and 2022 Guidance
- Zscaler (ZS) Shares Gain After 'Very Good' Results
- Loop Industries (LOOP) Reports Q4 Net Loss of $14.3M, Provides Update On Continuing Business Developments
Create E-mail Alert Related CategoriesCorporate News, Earnings, Management Comments
Related EntitiesEarnings, Definitive Agreement
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!