RBB - Why RBB Bancorp Stock Bumped Higher Today

2024-01-23 18:03:58 ET

After market hours Monday, specialty consumer bank RBB Bancorp (NASDAQ: RBB) reported its latest set of quarterly results. Investors were obviously pleased with the numbers, as they traded up the company's stock by just under 2% the following day. That meant a convincing beat over the S&P 500 index, which only inched up by 0.3%.

For its fourth quarter of 2023, RBB booked revenue of just over $33 million, which was slightly down from the more than $41 million it earned in the same period of 2022. Net income also fell, declining to a bit more than $12 million ($0.64 per share) against fourth-quarter 2022's nearly $17.6 million.

During the quarter, the company managed to grow its total deposits (to almost $3.2 billion from the year-ago figure of a bit under $3 billion). Its loans held for investment dropped, however, to slightly over $3 billion from $3.3 billion in the same quarter last year.

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