RBB Bancorp (RBB) Tops Q3 EPS by 1c

October 21, 2019 4:10 PM EDT

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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.

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