RBB Bancorp reports Q3 EPS 39c, consensus 38c

Reports Q3 Net interest income was $24.5 M for the third quarter of 2024, compared to $24M for the second quarter of 2024. The $580,000 increase was due to an increase in interest income of $1.5M offset by an increase in interest expense of $959,000. The increase in interest income was due mostly to higher interest income on loans held for investment HFI of $2.0M partially offset by lower interest income on investment securities of $504,000. The increase in loan interest income was mostly due to higher average loans HFI of $54.4M combined with a 9 basis point increase in the HFI loan yield. The decrease in investment income was attributed to lower average balances and a lower portfolio yield as proceeds from maturing short-term commercial paper were invested into loans and interest-earning cash. The increase in interest expense was due to higher average interest-bearing deposits of $42.3M in the third quarter of 2024.