RBB Bancorp Approves $20M Stock Repurchase Program
Ticker: RBB · Form: 8-K · Filed: May 17, 2024 · CIK: 1499422
| Field | Detail |
|---|---|
| Company | Rbb Bancorp (RBB) |
| Form Type | 8-K |
| Filed Date | May 17, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: stock-repurchase, shareholder-value, board-approval
TL;DR
RBB just authorized a $20M buyback, effective immediately until May 2025.
AI Summary
RBB Bancorp announced on May 16, 2024, that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to $20 million of its common stock. The program is effective immediately and will continue until May 15, 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: medium — Stock repurchase programs can be influenced by market conditions and the company's financial performance, introducing a degree of risk.
Key Numbers
- $20.0M — Stock Repurchase Authorization (Amount authorized for repurchase of common stock.)
- May 15, 2025 — Repurchase Program Expiration (The date until which the stock repurchase program is effective.)
Key Players & Entities
- RBB Bancorp (company) — Registrant
- $20 million (dollar_amount) — Stock repurchase authorization
- May 16, 2024 (date) — Announcement date
- May 15, 2025 (date) — Expiration of repurchase program
FAQ
What is the total amount authorized for RBB Bancorp's stock repurchase program?
RBB Bancorp's Board of Directors has authorized the repurchase of up to $20 million of its common stock.
When does the new stock repurchase program become effective?
The stock repurchase program is effective immediately as of May 16, 2024.
What is the expiration date of the stock repurchase program?
The stock repurchase program will continue until May 15, 2025, or until the authorization is fully utilized.
What type of security is RBB Bancorp repurchasing?
RBB Bancorp is repurchasing its common stock.
Who approved the stock repurchase program?
The stock repurchase program was approved by RBB Bancorp's Board of Directors.
Filing Stats: 917 words · 4 min read · ~3 pages · Grade level 11 · Accepted 2024-05-16 20:01:11
Filing Documents
- rbb20240514_8k.htm (8-K) — 51KB
- ex_674967.htm (EX-99.1) — 6KB
- rbblogo02.jpg (GRAPHIC) — 11KB
- 0001437749-24-017365.txt ( ) — 209KB
- rbb-20240515.xsd (EX-101.SCH) — 3KB
- rbb-20240515_def.xml (EX-101.DEF) — 12KB
- rbb-20240515_lab.xml (EX-101.LAB) — 15KB
- rbb-20240515_pre.xml (EX-101.PRE) — 12KB
- rbb20240514_8k_htm.xml (XML) — 3KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. On May 15, 2024, RBB Bancorp (the "Company") held its 2024 Annual Meeting of Shareholders (the "Annual Meeting"). At the Annual Meeting, the shareholders of the Company: elected William Bennett, Robert M. Franko, Dr. James W. Kao, Christina Kao, Joyce Wong Lee, Chuang-I (Christopher) Lin, Geraldine Pannu, Scott Polakoff, Frank Wong, and David R. Morris to the board of directors of the Company (the "Board"); approved, on a non-binding, advisory basis, the compensation of the Company's named executive officers; approved, on a non-binding basis, the frequency of shareholder advisory votes on the Company's named executive offices should be held every year; and ratified the appointment of Crowe LLP as the Company's independent auditor for the fiscal year ending December 31, 2024. On March 18, 2024, the record date for the Annual Meeting, there were 18,621,781 shares of Company common stock issued, outstanding and entitled to vote. Shareholders holding 11,960,252 shares of Company common stock participated in the Annual Meeting, in person, by webcast, telephonically or by proxy. The results of the matters voted upon at the 2024 Annual Meeting were as follows: Proposal 1: Ten nominees were elected to the Board with the following vote counts: FOR WITHHELD BROKER NON-VOTES William Bennett 9,959,621 26,309 1,974,322 Robert M. Franko 9,806,497 179,433 1,974,322 Dr. James W. Kao 9,925,987 59,943 1,974,322 Christina Kao 9,793,913 192,017 1,974,322 Joyce Wong Lee 9,928,586 57,344 1,974,322 Chuang-I (Christopher) Lin 9,672,110 313,820 1,974,322 Geraldine Pannu 9,809,098 176,832 1,974,322 Scott Polakoff 9,806,497 179,433 1,974,322 Frank Wong 9,959,624 26,306 1,974,322 David R. Morris 9,928,588 57,342 1,974,322 Proposal 2: The compensation of the Company's named executive officers was approved, on a non-binding advisory basis, having received the following votes: FO
01 Other Events
Item 8.01 Other Events. On May 15, 2024, the Company issued a press release related to the appointment of Ms. Christina Kao as Chair of the Boards of the Company and the Bank effective May 15, 2024, and that Dr. James Kao will remain on the Boards. A copy of this press release is attached hereto as Exhibit 99.1.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 99.1 Press Release 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: May 16, 2024 By: /s/ Lynn M. Hopkins Lynn M. Hopkins EVP and Chief Financial Officer