RBB Bancorp Approves $15M Stock Repurchase Program

TL;DR

RBB just authorized a $15M buyback, effective immediately until April 2025. Bullish.

AI Summary

RBB Bancorp announced on April 22, 2024, that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to $15.0 million of its common stock. The program is effective immediately and will continue until April 18, 2025, or until the repurchase authorization is fully utilized.

Why It Matters

This significant stock repurchase program signals management's confidence in the company's valuation and can potentially increase shareholder value by reducing the number of outstanding shares.

Risk Assessment

Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is generally a positive signal from management.

Key Numbers

• $15.0M — Stock Repurchase Authorization (Amount authorized for repurchase of common stock.)
• April 18, 2025 — Repurchase Program Expiration (The date until which the repurchase program is authorized to continue.)

Key Players & Entities

• RBB Bancorp (company) — Registrant
• $15.0 million (dollar_amount) — Stock repurchase authorization
• April 18, 2025 (date) — Expiration of repurchase program
• April 22, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $410,000 — t provides for a minimum base salary of $410,000 per year, subject to periodic upward ad
• $175,000 — to grant to Executive the equivalent of $175,000 in a Restricted Stock Unit Award (the "
• $0.16 — f Directors declared a cash dividend of $0.16 per share of its common stock, payable

Filing Documents

• rbb20240316_8k.htm (8-K) — 47KB
• ex_658039.htm (EX-10.1) — 114KB
• ex_640653.htm (EX-99.1) — 658KB
• ex_658208.htm (EX-99.2) — 11KB
• ex_640655.htm (EX-99.3) — 12KB
• logo.jpg (GRAPHIC) — 9KB
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• 0001437749-24-012741.txt ( ) — 3188KB
• rbb-20240418.xsd (EX-101.SCH) — 3KB
• rbb-20240418_def.xml (EX-101.DEF) — 12KB
• rbb-20240418_lab.xml (EX-101.LAB) — 15KB
• rbb-20240418_pre.xml (EX-101.PRE) — 12KB
• rbb20240316_8k_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On April 22, 2024, RBB Bancorp (the "Company") issued a press release setting forth the financial results for the quarter ended March 31, 2024, and information relating to our quarterly conference call and webcast. A copy of this press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference. The information furnished under Item 2.02 and Exhibit 99.1 of Item 9.01 of this Current Report on Form 8-K shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such Section, nor shall such information be deemed incorporated by reference into any registration statement or other filings of the Company under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set for by specific reference in such filing. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Employment Agreement Effective as of April 22, 2024, RBB Bancorp (the "Company") and the Company's wholly owned subsidiary, Royal Business Bank (the "Bank"), appointed Ms. Lynn M. Hopkins, Interim Executive Vice President and Chief Financial Officer of the Company and the Bank, as the Company's and the Bank's permanent Executive Vice President and Chief Financial Officer. New Employment Agreement Effective April 22, 2024, the Company and the Bank entered into a new permanent employment agreement (the "Employment Agreement") with Ms. Hopkins, the material terms of which are summarized below. Capitalized terms used below but not defined have the meanings set forth in the Employment Agreement. The employment agreement dated December 7, 2023 between the Company, the Bank and Ms. Hopkins has been cancelled. Term. The Employment Agreement has a term from April 22, 2024, to April 3

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On April 23, 2024, RBB Bancorp will hold a conference call to discuss its financial results for the quarter ended March 31, 2024 and other matters relating to the Company. The Company has also made available on its website, www.royalbusinessbankusa.com, presentation materials containing certain historical and forward-looking information relating to the Company (the "Presentation Materials"). The Presentation Materials are furnished as Exhibit 99.2 hereto and are incorporated by reference herein. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided. The information furnished under Item 7.01 and Item 9.01 of this Current Report on Form 8-K (including Exhibit 99.2) shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such Section, nor shall such information be deemed incorporated by reference into any registration statement or other filings of the Company under the Securities Act, except as otherwise expressly stated in such filing.

01 Other Events

Item 8.01 Other Events. On April 22, 2024, in conjunction with press release setting forth the financial results for the quarter ended March 31, 2024, the Company announced the appointment of Ms. Lynn Hopkins as the permanent Executive Vice President and Chief Financial Officer of the Company and the Bank effective April 22, 2024. A copy of this press release is attached hereto as Exhibit 99.1. On April 18, 2024, RBB Bancorp announced that its Board of Directors declared a cash dividend of $0.16 per share of its common stock, payable on May 13, 2024, to common shareholders of record as of May 1, 2024. A copy of the press release announcing the cash dividend described in this Item 8.01 is attached as Exhibit 99.3 hereto and incorporated by reference herein. The information contained in Exhibit 99.3 shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such Section, nor shall such information and Exhibit be deemed incorporated by reference into any registration statement or other filings of the Company under the Securities Act, except as shall be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 10.1 Employment Agreement, effective as of April 22, 2024, between RBB Bancorp, Royal Business Bank and Ms. Lynn M. Hopkins. 99.1 Press Release, dated April 22, 2024, announcing the financial results of RBB Bancorp for the quarter ended March 31, 2024. 99.2 Presentation Materials 99.3 Press Release, dated April 18, 2024, announcing RBB Bancorp declared a quarterly cash dividend of $0.16 per share. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. RBB BANCORP (Registrant) Date: April 22, 2024 By: /s/ Lynn Hopkins Lynn Hopkins Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR