Mission Statement, Vision, & Core Values (2024) of RBB Bancorp (RBB)

An Overview of RBB Bancorp (RBB)

General Summary of RBB Bancorp (RBB)

RBB Bancorp (RBB) is a bank holding company based in California, primarily serving the financial needs of individuals and businesses. Established through a series of strategic acquisitions, RBB has built a significant presence in the banking sector since its inception. The company offers a wide range of financial products and services, including commercial banking, retail banking, mortgage lending, and investment services.

As of 2024, RBB Bancorp operates through its subsidiary, Royal Business Bank, which focuses on providing banking services to Asian-American communities and other diverse populations. The bank's primary products include:

• Commercial loans
• Real estate loans
• Small Business Administration (SBA) loans
• Consumer loans
• Deposit accounts (checking and savings)
• Wealth management services

In terms of sales, RBB Bancorp reported total deposits of approximately $3.1 billion as of September 30, 2024, reflecting a decrease of 2.6% from December 31, 2023.

Company's Financial Performance in the Latest Financial Reports

RBB Bancorp's financial performance in the latest reporting period indicates a resilient growth trajectory despite some market fluctuations. For the third quarter of 2024, the company reported:

• Net income: $6.999 million, compared to $7.245 million in the previous quarter and $8.473 million in Q3 2023.
• Earnings per share: $0.39, consistent with the previous quarter.
• Total assets: $4.0 billion, a decrease of $35.5 million from December 31, 2023.
• Net interest income: $24.545 million for Q3 2024, down from $27.589 million in Q3 2023.
• Provision for credit losses: $3.3 million, a significant increase from $1.4 million in Q3 2023.

RBB's noninterest income also saw a notable increase, totaling $5.746 million in Q3 2024, up from $2.770 million in Q3 2023. This growth was primarily driven by a recovery of a previously charged-off loan and increased gains on loan sales.

The bank's loan portfolio remains robust, with total loans held for investment amounting to approximately $3.1 billion, reflecting a 2.0% increase from the prior period. The loan-to-deposit ratio stood at 98.6% as of September 30, 2024.

Introduction to RBB Bancorp as a Leader in the Industry

RBB Bancorp has established itself as a leader in the community banking sector, particularly by catering to the unique financial needs of Asian-American and other diverse communities. The bank's commitment to customer service and community engagement is evident in its strategic initiatives and product offerings.

With a focus on sustainable growth and innovative financial solutions, RBB Bancorp continues to enhance its market position. The company’s capital strength is reflected in its compliance with Basel III capital conservation buffer requirements, ensuring a solid foundation for future expansion.

The following table summarizes key financial metrics for RBB Bancorp as of September 30, 2024:

Mission Statement of RBB Bancorp (RBB)

Mission Statement Overview

RBB Bancorp's mission statement is pivotal in defining its purpose and guiding its strategic direction. It emphasizes the commitment to provide high-quality financial products and services tailored to the needs of its diverse customer base, particularly within Asian-centric communities. This mission serves as a foundation for the company's operational objectives and customer engagement strategies.

Core Component 1: Customer Commitment

RBB Bancorp prioritizes customer satisfaction by delivering exceptional service and tailored financial solutions. As of September 30, 2024, the bank reported total deposits of $3.1 billion, reflecting a strong customer base and trust. The increase in noninterest-bearing deposits by $4.0 million to $543.6 million highlights the effectiveness of its customer engagement strategies.

Core Component 2: Community Focus

The bank's mission emphasizes its dedication to serving the communities it operates in, particularly those with significant minority populations. As a minority depository institution (MDI), RBB Bancorp actively seeks to enhance financial literacy and accessibility. The bank's operations span key markets including California, New York, and Illinois, with a focus on providing loans and services that meet the unique needs of these communities. As of September 30, 2024, RBB’s total loans held for investment stood at $3.1 billion, indicating a robust commitment to community development.

Core Component 3: Innovation and Growth

RBB Bancorp is committed to leveraging technology and innovative practices to enhance customer experience and operational efficiency. The bank has invested in digital banking solutions, which has contributed to a net interest income of $24.5 million for the quarter ended September 30, 2024. This figure illustrates the bank's ability to adapt to changing market conditions while maintaining profitability.

Vision Statement of RBB Bancorp (RBB)

Vision Statement of RBB Bancorp

The vision statement of RBB Bancorp emphasizes its commitment to serving the community and fostering economic growth. As of 2024, RBB aims to be recognized as a leader in providing financial services to Asian-centric communities while maintaining a strong focus on innovation and customer satisfaction.

RBB Bancorp places significant emphasis on community engagement as a cornerstone of its vision. The company operates full-service branches in key regions, including:

• Los Angeles County
• Orange County
• Ventura County
• Las Vegas, Nevada
• New York City metropolitan areas
• Chicago, Illinois
• Edison, New Jersey
• Honolulu, Hawaii

As of September 30, 2024, RBB had total assets of $4.0 billion and total deposits of $3.1 billion, reflecting its strong foothold in these communities.

RBB Bancorp is committed to providing innovative financial solutions tailored to the needs of its diverse clientele. The bank offers a range of products, including:

• Commercial and investor real estate loans
• Business loans and lines of credit
• Small Business Administration (SBA) loans
• Mortgage loans
• Trade finance services

In the third quarter of 2024, RBB reported an increase in gross loans held for investment (HFI) by $60.0 million, totaling $3.1 billion.

As a minority depository institution, RBB Bancorp is dedicated to fostering diversity within its operations and community. The bank's mission includes:

• Maintaining at least 51% of its voting stock owned by minority individuals
• Ensuring that a majority of its board of directors is composed of minority members

This commitment not only enhances its community impact but also aligns with regulatory support for minority depository institutions.

RBB Bancorp's financial stability is a key component of its vision. The bank reported:

• Net income of $6.999 million for the quarter ending September 30, 2024
• Earnings per share of $0.39
• Return on average assets of 0.72%
• Return on average shareholders’ equity of 5.47%

These metrics highlight RBB's robust financial health and its ability to deliver value to shareholders.

RBB Bancorp is focused on leveraging technology to enhance customer experience and operational efficiency. The bank's services include:

• Remote deposit
• E-banking
• Mobile banking solutions
• Treasury management services

This commitment to technological innovation is reflected in the bank's increasing adoption of digital banking solutions, which are essential for meeting the evolving needs of its customers.

These financial indicators illustrate RBB Bancorp's performance trajectory and its ongoing commitment to financial stability as part of its vision.

Core Values of RBB Bancorp (RBB)

Integrity

Integrity is the cornerstone of RBB Bancorp's values, guiding all interactions and fostering trust among clients and stakeholders. The company emphasizes transparency and ethical behavior in its operations.

RBB Bancorp demonstrates its commitment to integrity through rigorous compliance programs and adherence to regulatory standards. For instance, in 2024, the company maintained a compliance rate of 100% in its audits, reflecting its dedication to ethical practices.

Community Focus

RBB Bancorp prioritizes community engagement and support, particularly in the Asian-centric communities it serves. The company actively participates in local initiatives and provides financial education programs.

In 2024, RBB Bancorp contributed over $500,000 to community development projects and hosted 15 financial literacy workshops, reaching more than 1,200 participants. This involvement underscores the bank's commitment to enhancing the economic well-being of its community.

Customer Commitment

RBB Bancorp is dedicated to providing exceptional service to its customers, ensuring their needs are met with personalized attention and innovative banking solutions.

In 2024, RBB Bancorp achieved a customer satisfaction rating of 92%, as reported in its annual survey. The bank launched several new products, including a mobile banking app that increased user engagement by 30% within the first six months of launch, highlighting its commitment to customer-centric services.

Innovation

Innovation is a key value for RBB Bancorp, as it seeks to leverage technology to enhance its banking services and improve operational efficiency.

In 2024, the bank invested $2 million in upgrading its IT infrastructure, which resulted in a 40% reduction in transaction processing times. Moreover, the introduction of AI-driven customer service chatbots improved response times by 50%, showcasing RBB's commitment to embracing technological advancements.

Diversity and Inclusion

Diversity and inclusion are central to RBB Bancorp's corporate culture, fostering a workplace where all employees feel valued and empowered.

As of 2024, RBB Bancorp reported that 60% of its workforce comprises individuals from diverse backgrounds. The bank also implemented a mentorship program aimed at underrepresented groups, resulting in a 25% increase in promotions within these demographics over the past year.

Updated on 16 Nov 2024

Resources:

1. RBB Bancorp (RBB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of RBB Bancorp (RBB)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View RBB Bancorp (RBB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.