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Past due loans include nonaccrual loans and are therefore included in total loans. Included in “Accrued interest and other assets” on the consolidated balance sheets. Collateral includes CRE and an SFR. Adjustment range was (41%) to 28% for CRE and (20%) to 20% for the SFR. Represents revenue that is out of scope of ASC 606 including net loan servicing income, letter of credit commissions, import/export commissions, BOLI income, gains (losses) on sales of loans, income from equity investments, gain on transfer to OREO, and $2.8 million recognized in the third quarter of 2024 for a recovery of a fully charged off loan acquired in a bank acquisition. These ratios are exclusive of the capital conservation buffer. Other fees consist of wealth management fees, miscellaneous loan fees and postage/courier fees. Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity, and OREO income. Included in “Accrued interest and other assets” on the consolidated balance sheets. Represents applicable tenor spread adjustment when the original LIBOR index was discontinued on June 30, 2023. 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Other fees consist of wealth management fees, miscellaneous loan fees and postage/courier fees. Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity, and OREO income. Included in “Accrued interest and other assets” on the consolidated balance sheets. Represents applicable tenor spread adjustment when the original LIBOR index was discontinued on June 30, 2023. Includes non-farm and non-residential real estate loans, multifamily residential and single-family residential loans for a business purpose. Other segment items include expenses for occupancy and equipment, data processing, legal and professional, office, marketing and business promotion, insurance and regulatory assessments, core deposit premium amortization and other expenses. Net of discounts on acquired loans of $789 and $970 and net deferred fees of $1,256 and $1,512 as of September 30, 2024 and December 31, 2023. Included in “Accrued interest and other assets” on the consolidated balance sheets. Represents revenue that is out of scope of ASC 606 including net loan servicing income, letter of credit commissions, import/export commissions, BOLI income, gains (losses) on sales of loans, income from equity investments, gain on transfer to OREO, and $2.8 million recognized in the third quarter of 2024 for a recovery of a fully charged off loan acquired in a bank acquisition. These ratios are exclusive of the capital conservation buffer. The $5.8 million substandard CRE loan with a 2025 vintage represents a loan originated in 2020, that migrated to nonaccrual in 2023, with a collateral short sale in the first quarter of 2025 to a new borrower which included an $816,000 reduction in the loan balance. Collateral includes CRE and a SFR. Nonaccrual SFR mortgage loans include $4.4 million of loans in the process of foreclosure. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September 30~~March 31, ~~2024~~2025 or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-38149

RBB BANCORP

(Exact name of registrant as specified in its charter)

California

27-2776416

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1055 Wilshire Blvd., Suite 1200,
Los Angeles, California	90017

(Address of principal executive offices)

(Zip Code)

(213) 627-9888

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12 (b) of the Act:

Title of each class		Trading Symbol(s)		Name of exchange on which registered
Common Stock, No Par Value		RBB		NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Table of Contents

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of common stock of the registrant: 17,~~693~~739,~~416~~859 outstanding as of ~~November 2~~May 8, ~~2024~~2025.

Table of Contents

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION (UNAUDITED)		3
ITEM 1.	CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	3
	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	8
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	36
	CRITICAL ACCOUNTING POLICIES	37
	OVERVIEW	39
	ANALYSIS OF THE RESULTS OF OPERATIONS	40
	ANALYSIS OF FINANCIAL CONDITION	5049
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	6867
ITEM 4.	CONTROLS AND PROCEDURES	6968
PART II - OTHER INFORMATION		7170
ITEM 1.	LEGAL PROCEEDINGS	7170
ITEM 1A.	RISK FACTORS	7170
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	7170
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	7170
ITEM 4.	MINE SAFETY DISCLOSURES	7170
ITEM 5.	OTHER INFORMATION	7170
ITEM 6.	EXHIBITS	7271
SIGNATURES		7473

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

	(Unaudited)
	September 30,			December 31,
	March 31,			December 31,
	2024			2023
	2025			2024
Assets
Cash and due from banks	$	2625,~~388~~315		$	2227,~~671~~747
Interest-earning deposits with financial institutions		~~323~~213,~~002~~508			~~408~~229,~~702~~998
Cash and cash equivalents		~~349~~238,~~390~~823			~~431~~257,~~373~~745
Interest-earning time deposits in other financial institutions		600			600
Securities:
Available for sale		~~305~~378,~~666~~188			~~318~~420,~~961~~190
Held to maturity (fair value of $5,087 and $5,097 at September 30, 2024 and December 31, 2023)		5,195			5,209
Held to maturity (fair value of $4,920 and $4,948 at March 31, 2025 and December 31, 2024)		5,188			5,191
Mortgage loans held for sale		~~812~~655			111,~~911~~250
Loans held for investment		3,~~091~~143,~~896~~063			3,~~031~~053,~~861~~230
Allowance for loan losses		(4351,~~685~~932	)		(4147,~~903~~729	)
Loans held for investment, net of allowance for loan losses		3,~~048~~091,~~211~~131			23,~~989~~005,~~958~~501
Premises and equipment, net		24,~~839~~308			2524,~~684~~601
Federal Home Loan Bank (FHLB) stock		15,000			15,000
Net deferred tax assets		1519,~~026~~106			1519,~~765~~055
Cash surrender value of bank owned life insurance (BOLI)		5960,~~889~~699			5860,~~719~~296
Goodwill		71,498			71,498
Servicing assets		76,~~256~~766			86,~~110~~985
Core deposit intangibles		21,~~194~~839			2,~~795~~011
Right-of-use assets- operating leases		29,283			29,803
Right-of-use assets - operating leases		26,779			28,048
Accrued interest and other assets		5568,~~618~~820			5064,~~639~~506
Total assets	$	34,~~990~~009,~~477~~400		$	43,~~026~~992,~~025~~477
Liabilities and Shareholders’ Equity
Deposits:
Noninterest-bearing demand	$	~~543~~528,~~623~~205		$	~~539~~563,~~621~~012
Savings, NOW and money market accounts		~~666~~721,~~089~~216			~~632~~663,~~729~~034
Time deposits $250,000 and under		1,~~052~~000,~~462~~106			1,~~190~~007,~~821~~452
Time deposits over $250,000		~~830~~893,~~010~~101			~~811~~850,~~589~~291
Total deposits		3,~~092~~142,~~184~~628			3,~~174~~083,~~760~~789
FHLB advances		~~200~~160,000			~~150~~200,000
Long-term debt, net of issuance costs		119,~~433~~624			119,~~147~~529
Subordinated debentures, net		15,~~102~~211			1415,~~938~~156
Lease liabilities - operating leases		3028,~~880~~483			3129,~~191~~705
Accrued interest and other liabilities		2333,~~150~~148			2436,~~729~~421
Total liabilities		3,~~480~~499,~~749~~094			3,~~514~~484,~~765~~600
Commitments and contingencies - Note 12
Shareholders' equity:
Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding		—			—
Common Stock - 100,000,000 shares authorized, no par value; 17,693,416 shares issued and outstanding at September 30, 2024 and 18,609,179 shares issued and outstanding at December 31, 2023		259,280			271,925
Common Stock - 100,000,000 shares authorized, no par value; 17,738,628 shares issued and outstanding at March 31, 2025 and 17,720,416 shares issued and outstanding at December 31, 2024		260,284			259,957
Additional paid-in capital		3,~~520~~360			3,~~623~~645
Retained earnings		~~262~~263,~~946~~885			~~255~~264,~~152~~460
Non-controlling interest		72			72
Accumulated other comprehensive loss, net		(1617,~~090~~295	)		(1920,~~512~~257	)
Total shareholders’ equity		~~509~~510,~~728~~306			~~511~~507,~~260~~877
Total liabilities and shareholders’ equity	$	34,~~990~~009,~~477~~400		$	43,~~026~~992,~~025~~477

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME – (UNAUDITED)

(In thousands, except ~~per~~ share amounts)

Three Months Ended

~~Nine Months Ended September 30,~~

September 30, 2024

June 30, 2024

September 30, 2023

2024

2023

March 31, 2025

December 31, 2024

March 31, 2024

Interest and dividend income:

Interest and fees on loans

4745,~~326~~621

4546,~~320~~374

4745,~~617~~547

~~138,193~~

~~148,369~~

Interest on interest-earning deposits

32,~~388~~014

3,~~353~~641

35,~~193~~040

~~11,781~~

~~6,096~~

Interest on investment securities

34,~~127~~136

3,~~631~~962

43,~~211~~611

~~10,369~~

~~10,321~~

Dividend income on FHLB stock

~~326~~330

~~327~~330

~~290~~331

~~984~~

~~814~~

Interest on federal funds sold and other

~~258~~235

~~255~~248

~~252~~266

~~779~~

~~716~~

Total interest and dividend income

5452,~~425~~336

5254,~~886~~555

5554,~~563~~795

~~162,106~~

~~166,316~~

Interest expense:

Interest on savings deposits, NOW and money market accounts

54,~~193~~468

4,~~953~~671

34,~~106~~478

~~14,624~~

~~8,180~~

Interest on time deposits

2219,~~553~~084

21,~~850~~361

2123,~~849~~322

~~67,725~~

~~54,424~~

Interest on long-term debt and subordinated debentures

1,~~681~~632

1,~~679~~660

21,~~579~~679

~~5,039~~

~~7,668~~

Interest on other borrowed funds

453

439

440

1,331

2,428

Interest on FHLB advances

989

886

439

Total interest expense

2926,~~880~~173

28,~~921~~578

2729,~~974~~918

~~88,719~~

~~72,700~~

Net interest income before provision for credit losses

2426,~~545~~163

2325,~~965~~977

2724,~~589~~877

~~73,387~~

~~93,616~~

Provision for credit losses

36,~~300~~746

~~557~~6,000

~~1,399~~—

~~3,857~~

~~3,793~~

Net interest income after provision for credit losses

2119,~~245~~417

2319,~~408~~977

2624,~~190~~877

~~69,530~~

~~89,823~~

Noninterest income:

Service charges and fees

1,~~071~~017

~~1,064~~988

~~1,057~~992

~~3,127~~

~~3,200~~

Gain on sale of loans

~~447~~81

~~451~~376

~~212~~312

~~1,210~~

~~258~~

Loan servicing income, net of amortization

~~605~~588

~~579~~492

~~623~~589

~~1,773~~

~~1,959~~

Increase in cash surrender value of life insurance

403

~~385~~407

~~356~~382

~~1,170~~

~~1,036~~

Gain on other real estate owned

—

~~292~~—

~~190~~724

~~1,016~~

~~190~~

Other income

~~3,220~~206

~~717~~466

~~332~~373

~~4,310~~

~~982~~

Total noninterest income

52,~~746~~295

32,~~488~~729

23,~~770~~372

~~12,606~~

~~7,625~~

Noninterest expense:

Salaries and employee benefits

10,~~008~~643

9,~~533~~927

9,~~744~~927

~~29,468~~

~~28,935~~

Occupancy and equipment expenses

2,~~518~~407

2,~~439~~403

2,~~414~~443

~~7,400~~

~~7,242~~

Data processing

1,~~472~~602

1,~~466~~499

1,~~315~~420

~~4,358~~

~~3,969~~

Legal and professional

~~958~~1,515

1,~~260~~355

~~1,022~~880

~~3,098~~

~~6,907~~

Office expenses

~~348~~408

~~352~~399

~~437~~356

~~1,056~~

~~1,163~~

Marketing and business promotion

~~252~~197

~~189~~251

~~340~~172

~~613~~

~~892~~

Insurance and regulatory assessments

~~658~~730

~~981~~677

~~730~~982

~~2,621~~

~~2,043~~

Core deposit intangible

~~200~~172

~~201~~182

~~236~~201

~~602~~

~~708~~

Other expenses

~~1,007~~848

~~703~~956

~~638~~588

~~2,298~~

~~2,445~~

Total noninterest expense

1718,~~421~~522

17,~~124~~649

16,~~876~~969

~~51,514~~

~~54,304~~

Net income before income taxes

93,~~570~~190

95,~~772~~057

1211,~~084~~280

~~30,622~~

~~43,144~~

Income tax expense

~~2,571~~900

~~2,527~~672

3,~~611~~244

~~8,342~~

~~12,752~~

Net income

62,~~999~~290

74,~~245~~385

8,~~473~~036

~~22,280~~

~~30,392~~

Net income per share

Basic

0.3913

0.3925

0.4543

~~1.22~~

~~1.60~~

Diluted

0.3913

0.3925

0.4543

~~1.22~~

~~1.60~~

Weighted-average common shares outstanding

Basic

17,~~812~~727,~~791~~712

1817,~~375~~704,~~970~~992

18,~~995~~601,~~303~~277

~~18,261,702~~

~~18,991,579~~

Diluted

17,~~885~~770,~~359~~588

1817,~~406~~796,~~897~~840

18,~~997~~666,~~304~~683

~~18,313,086~~

~~19,013,838~~

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – (UNAUDITED)

(In thousands)

Three Months Ended

~~Nine Months Ended~~

September 30, 2024

June 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

March 31, 2025

December 31, 2024

March 31, 2024

Net income

62,~~999~~290

74,~~245~~385

8,~~473~~036

~~22,280~~

~~30,392~~

Other comprehensive income/(loss):

Unrealized gain/(loss) on securities available for sale

64,~~936~~272

43(6,011

)

(42,~~824~~085

)

~~4,894~~

~~(5,838~~

)

Related income tax effect

(21,~~111~~310

)

241,845

~~1,468~~615

~~(1,472~~

)

~~1,742~~

Total other comprehensive income/(loss)

42,~~825~~962

67(4,166

)

(31,~~356~~470

)

~~3,422~~

~~(4,096~~

)

Total comprehensive income

115,~~824~~252

~~7,312~~219

56,~~117~~566

~~25,702~~

~~26,296~~

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Table of Contents

RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY – (UNAUDITED)

(In thousands, except share amounts)

	Common Stock														Accumulated
	Shares			Amount			Additional Paid-in Capital			Retained Earnings			Non- Controlling Interest		Other Comprehensive Loss, net			Total
Balance at June 30, 2024		18,182,154		$	266,160		$	3,456		$	262,518		$	72	$	(20,915	)	$	511,291
Balance at January 1, 2025		17,720,416		$	259,957		$	3,645		$	264,460		$	72	$	(20,257	)	$	507,877
Net income		—			—			—			62,~~999~~290			—		—			62,~~999~~290
Stock-based compensation, net		—			—			~~264~~255			—			—		—			~~264~~255
Restricted stock units vested		318,~~537~~212			79327			(~~123~~540	)		—			—		—			(44213	)
Cash dividends on common stock ($0.16 per share)		—			—			—			(2,~~871~~865	)		—		—			(2,~~871~~865	)
Stock options exercised		16,000			384			(77	)		—			—		—			307
Other comprehensive income, net of taxes		—			—			—			—			—		2,962			2,962
Repurchase of common stock		(508,275	)		(7,343	)		—			(3,700	)		—		—			(11,043	)
Balance at March 31, 2025		17,738,628		$	260,284		$	3,360		$	263,885		$	72	$	(17,295	)	$	510,306
Other comprehensive income, net of taxes		—			—			—			—			—		4,825			4,825
Balance at January 1, 2024		18,609,179		$	271,925		$	3,623		$	255,152		$	72	$	(19,512	)	$	511,260
Balance at September 30, 2024		17,693,416		$	259,280		$	3,520		$	262,946		$	72	$	(16,090	)	$	509,728
Net income		—			—			—			8,036			—		—			8,036
Balance at June 30, 2023		18,995,303		$	277,508		$	3,390		$	241,725		$	72	$	(22,405	)	$	500,290
Stock-based compensation, net		—			—			140			—			—		—			140
Net income		—			—			—			8,473			—		—			8,473
Restricted stock units vested		8,238			145			(209	)		—			—		—			(64	)
Stock-based compensation, net		—			—			143			—			—		—			143
Cash dividends on common stock ($0.16 per share)		—			—			—			(2,976	)		—		—			(2,976	)
Cash dividends on common stock ($0.16 per share)		—			—			—			(3,039	)		—		—			(3,039	)
Stock options exercised		41,000			747			(206	)		—			—		—			541
Other comprehensive loss, net of taxes		—			—			—			—			—		(3,356	)		(3,356	)
Repurchase of common stock		(80,285	)		(1,172	)		—			(309	)		—		—			(1,481	)
Balance at September 30, 2023		18,995,303		$	277,508		$	3,533		$	247,159		$	72	$	(25,761	)	$	502,511
Other comprehensive loss, net of taxes		—			—			—			—			—		(1,470	)		(1,470	)
Balance at March 31, 2024		18,578,132		$	271,645		$	3,348		$	259,903		$	72	$	(20,982	)	$	513,986

	Common Stock														Accumulated
	Shares			Amount			Additional Paid-in Capital			Retained Earnings			Non- Controlling Interest		Other Comprehensive Loss, net			Total
Balance at January 1, 2024		18,609,179		$	271,925		$	3,623		$	255,152		$	72	$	(19,512	)	$	511,260
Net income		—			—			—			22,280			—		—			22,280
Stock-based compensation, net		—			—			1,092			—			—		—			1,092
Restricted stock units vested		35,737			672			(780	)		—			—		—			(108	)
Cash dividends on common stock ($0.48 per share)		—			—			—			(8,857	)		—		—			(8,857	)
Stock options exercised		85,250			1,721			(415	)		—			—		—			1,306
Repurchase of common stock		(1,036,750	)		(15,038	)		—			(5,629	)		—		—			(20,667	)
Other comprehensive income, net of taxes		—			—			—			—			—		3,422			3,422
Balance at September 30, 2024		17,693,416		$	259,280		$	3,520		$	262,946		$	72	$	(16,090	)	$	509,728
Balance at January 1, 2023		18,965,776		$	276,912		$	3,361		$	225,883		$	72	$	(21,665	)	$	484,563
Net income		—			—			—			30,392			—		—			30,392
Stock-based compensation, net		—			—			609			—			—		—			609
Restricted stock units vested		20,374			391			(391	)		—			—		—			—
Cash dividends on common stock ($0.48 per share)		—			—			—			(9,116	)		—		—			(9,116	)
Stock options exercised		9,153			205			(46	)		—			—		—			159
Other comprehensive loss, net of taxes		—			—			—			—			—		(4,096	)		(4,096	)
Balance at September 30, 2023		18,995,303		$	277,508		$	3,533		$	247,159		$	72	$	(25,761	)	$	502,511

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RBB BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS – (UNAUDITED)

(In thousands)

	Nine Months Ended
	Three Months Ended
	September 30,
	March 31,
	2024			2023
	2025			2024
Operating activities
Net income	$	222,~~280~~290		$	308,~~392~~036
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization of premises and equipment		~~1,424~~477			~~1,520~~479
Net accretion of securities, loans, deposits, and other		(~~3,617~~857	)		(41,~~257~~430	)
Amortization of investment in affordable housing tax credits		~~969~~419			~~846~~301
Amortization of intangible assets		~~1,735~~458			~~1,976~~597
Amortization of right-of-use asset		31,~~749~~269			31,~~765~~251
Change in operating lease liabilities		(31,~~540~~222	)		(31,~~525~~180	)
Provision for credit losses		36,~~857~~746			~~3,793~~—
Stock-based compensation		~~1,092~~255			~~609~~140
Deferred tax (benefit) expense		(733	)		395
Deferred tax benefit		(1,362	)		(174	)
Gain on sale of loans		(~~1,210~~81	)		(~~258~~312	)
Gain on sale and transfer of OREO		~~(1,016~~—	)		(~~190~~724	)
Gain on sale of fixed assets		—			(32	)
Increase in cash surrender value of life insurance		(403	)		(382	)
Increase in cash surrender value of life insurance		(1,170	)		(1,036	)
Loans originated and purchased for sale, net		(997	)		(7,252	)
Loans originated and purchased for sale, net		(26,302	)		(10,236	)
Proceeds from loans held for sale		4,405			9,077
Proceeds from loans sold		49,996			14,626
Other items		(3,624	)		(3,578	)
Other items		(6,493	)		21,716
Net cash provided by operating activities		7,773			4,849
Net cash provided by operating activities		41,021			60,104
Investing activities
Securities available for sale:
Purchases		(~~259~~42,~~383~~382	)		(~~592~~113,~~177~~293	)
Maturities, repayments and calls		~~280~~89,~~247~~259			~~493~~96,~~220~~082
Securities held to maturity:
Net increase in other equity securities		(60	)		(71	)
Maturities, repayments and calls		—			500
Net increase of investment in qualified affordable housing projects		(55	)		—
Net decrease (increase) in other equity securities		343			(378	)
Net increase in loans		(110,430	)		(674	)
Net increase of investment in qualified affordable housing projects		(1,540	)		(72	)
Proceeds from sales of loans originally classified as HFI		13,890			—
Net (increase) decrease in loans		(84,072	)		188,856
Proceeds from sales of OREO		7,526			1,573
Proceeds from sales of OREO		2,936			483
Purchases of premises and equipment		(180	)		(149	)
Proceeds from sale of fixed assets		—			32
Net cash used in investing activities		(42,432	)		(16,532	)
Purchases of premises and equipment		(555	)		(614	)
Net cash (used in) provided by investing activities		(62,024	)		89,850
Financing activities
Net increase (decrease) in demand deposits and savings accounts		37,362			(233,667	)
Net increase in demand deposits and savings accounts		23,375			10,007
Net (decrease) increase in time deposits		(120,016	)		409,913
Net increase (decrease) in time deposits		35,440			(156,474	)
Proceeds from FHLB advances		50110,000			~~80,000~~—
Repayments of FHLB Advances		—(150,000	)		~~(150,000~~—	)
Cash dividends paid		(82,~~857~~865	)		(92,~~116~~976	)
Restricted stock units vesting		(~~108~~213	)		—(64	)
Common stock repurchased, net of repurchase costs		~~(20,667~~—	)		—(1,481	)
Exercise of stock options		~~1,306~~—			~~159~~541
Net cash (used in) provided by financing activities		(60,980	)		97,289
Net cash provided by (used in) financing activities		15,737			(150,447	)
Net (decrease) increase in cash and cash equivalents		(81,983	)		247,243
Net decrease in cash and cash equivalents		(18,922	)		(162,130	)
Cash and cash equivalents at beginning of period		~~431~~257,~~373~~745			83431,~~548~~373
Cash and cash equivalents at end of period	$	~~349~~238,~~390~~823		$	~~330~~269,~~791~~243
Supplemental disclosure of cash flow information
Cash paid during the period:
Interest paid	$	9428,~~328~~646		$	6435,~~936~~300
Taxes paid		~~4,831~~740			~~2,829~~—
Non-cash investing and financing activities:
Transfer from loans to other real estate owned		111,~~920~~696			—1,920
Loans transfer to held for sale, net		20,094			4,194
Loans transferred to held for sale, net		6,621			3,505
Additions to servicing assets		~~280~~67			~~186~~80
Net change in unrealized holding gain on securities available for sale		4,894			(5,838	)
Recognition of operating lease right-of-use assets		—			(2,679	)
Recognition of operating lease right-of-use assets		(3,229	)		(8,267	)
Recognition of operating lease liabilities		—			2,679
Recognition of operating lease liabilities		3,229			8,267

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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RBB BANCORP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (UNAUDITED)

NOTE 1 - BUSINESS DESCRIPTION

RBB Bancorp (“RBB”) is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. RBB Bancorp’s principal business is to serve as the holding company for its wholly-owned banking subsidiaries, Royal Business Bank ("Bank") and RBB Asset Management Company (“RAM”). RAM was formed to hold and manage problem assets acquired in business combinations. When we refer to “we”, “us”, “our”, or the “Company”, we are referring to RBB Bancorp and its consolidated subsidiaries including the Bank and RAM, collectively. When we refer to the “parent company”, “Bancorp”, or the “holding company”, we are referring to RBB Bancorp, the parent company, on a stand-alone basis.

At ~~September 30~~March 31, ~~2024~~2025, we had total assets of $4.0 billion, total loans of $3.1 billion, total deposits of $3.1 billion and total shareholders' equity of $~~509~~510.7 3 million. RBB’s common stock trades on the Nasdaq Global Select Market under the symbol “RBB”.

The Bank provides business-banking products and services predominantly to Asian-centric communities through 24 full service branches located in Los Angeles County, Orange County and Ventura County in California, Las Vegas (Nevada), the New York City metropolitan areas, Chicago (Illinois), Edison (New Jersey) and Honolulu (Hawaii). The products and services include commercial and investor real estate loans, business loans and lines of credit, Small Business Administration (“SBA”) 7A and 504 loans, mortgage loans, trade finance and a full range of depository accounts, including specialized services such as remote deposit, E-banking, mobile banking and treasury management services.

We operate as a minority depository institution (“MDI”), which is defined by the Federal Deposit Insurance Corporation (“FDIC”) as a federally insured depository institution where 51% or more of the voting stock is owned by minority individuals or a majority of the board of directors is minority and the community that the institution serves is predominantly minority. A MDI is eligible to receive support from the FDIC and other federal regulatory agencies such as training, technical assistance and review of proposed new deposit taking and lending programs, and the adoption of applicable policies and procedures governing such programs. We intend to maintain our MDI designation, as it is expected that at least 51% of our issued and outstanding shares of capital shall remain owned by minority individuals. The MDI designation has been historically beneficial to us, and we continue to use the program for technical assistance.

WeIn ~~operate full-service banking offices in Arcadia~~addition, ~~Cerritos,~~we ~~Diamond~~have ~~Bar,~~been ~~Irvine,~~designated ~~Los~~a ~~Angeles,~~Community ~~Monterey~~Development ~~Park,~~Financial ~~Oxnard,~~Institution ~~Rowland~~(“CDFI”). ~~Heights,~~CDFIs ~~San~~are ~~Gabriel,~~certified ~~Silver~~by ~~Lake,~~the ~~Torrance,~~CDFI ~~and~~Fund ~~Westlake~~at ~~Village,~~the ~~California;~~U.S. ~~Las~~Department ~~Vegas,~~of ~~Nevada;~~the ~~Manhattan~~Treasury, ~~Brooklyn,~~which ~~Flushing,~~provide ~~and~~funds ~~Elmhurst,~~to ~~New~~CDFIs ~~York; the~~through ~~Chinatown~~a ~~and~~variety ~~Bridgeport neighborhoods~~ of ~~Chicago,~~programs. ~~Illinois; Edison,~~We ~~New~~have ~~Jersey;~~established ~~and~~a ~~Honolulu,~~CDFI ~~Hawaii.~~advisory ~~Our~~board ~~primary~~to ~~source~~assist ofthe ~~revenue~~Bank isin ~~providing~~finding ~~loans~~organizations to ~~customers,~~support ~~who are predominantly small and middle~~low-~~market~~to-moderate ~~businesses~~income ~~and~~ individuals.

We operate 24 banking offices in Arcadia, Cerritos, Diamond Bar, Irvine, Los Angeles, Monterey Park, Oxnard, Rowland Heights, San Gabriel, Silver Lake, Torrance, and Westlake Village, California; Las Vegas, Nevada; Manhattan, Brooklyn, Flushing, and Elmhurst, New York; the Chinatown and Bridgeport neighborhoods of Chicago, Illinois; Edison, New Jersey; and Honolulu, Hawaii. Our primary source of revenue is providing loans to customers, who are predominantly small and middle-market businesses and individuals.

We generate our revenue primarily from interest received on loans and, to a lesser extent, from interest received on investment securities. We also derive income from noninterest sources, such as fees received in connection with various lending and deposit services, loan servicing, gain on sales of loans and wealth management services. Our principal expenses include interest expense on deposits and borrowings, and operating expenses, such as salaries and employee benefits, occupancy and equipment, data processing, and income tax expense.

We completed six whole bank acquisitions and one branch acquisition from July 2011 through January 2022. All of our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates.

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NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on our net income or shareholders’ equity. The results of operations for the three months ~~and the nine months~~ ended ~~September~~March 3031, ~~2024~~2025 are not necessarily indicative of the results for the full year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, ~~2023~~2024, included in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2023~~2024 (our “~~2023~~2024 Annual Report”).

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It is reasonably possible that these estimates could change as actual results could differ from those estimates. The allowance for credit losses, realization of deferred tax assets, the valuation of goodwill and other intangible assets, other derivatives, and the fair value measurement of financial instruments are particularly subject to change and such change could have a material effect on the consolidated financial statements.

Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements were compiled in accordance with the accounting policies set forth in "“Note 2 – Basis of Presentation and Summary of Significant Accounting Policies"” in our consolidated financial statements as of and for the year ended December 31, ~~2023~~2024, included in our ~~2023~~2024 Annual Report. The Financial Accounting Standards Board ("“FASB"”) issues Accounting Standards Updates ("“ASU"” or “Update”) and Accounting Standards Codifications (“ASC”), which are the primary source of GAAP. We have not made any changes to our significant accounting policies from those disclosed in our ~~2023~~ 2024 Annual Report.

Recent Accounting Pronouncements

Recently adopted

In ~~June~~November ~~2022~~2023, the FASB issued ASU ~~2022~~2023-0307, ~~Fair~~Segment ~~Value~~Reporting ~~Measurement~~ (Topic ~~820~~280) - ~~Fair~~Improvements ~~Value~~to ~~Measurement~~Reportable Segments. The amendments in this Update improve financial reporting by requiring disclosure of ~~Equity~~incremental ~~Securities~~segment ~~Subject~~information toon ~~Contractual~~an ~~Sale~~annual ~~Restrictions~~and interim basis. ~~This~~Amendments ~~pronouncement clarifies~~in this Update include: a requirement that a ~~contractual~~public ~~restriction~~entity onprovide ~~the~~all ~~sale~~annual ofdisclosures anabout ~~equity~~a ~~security~~reportable ~~is not considered~~segment’s ~~part~~profit or loss in its interim period disclosures, disclosure of significant segment expenses that are regularly provided to the ~~unit~~chief ofoperating ~~account~~decision maker (“CODM”), disclosure of ~~the~~amounts ~~equity~~for ~~security~~other segment items by reportable segment and, ~~therefore~~a description of its composition, ~~is not considered~~clarification that if the CODM uses more than one measure of a segment’s profit or loss in ~~measuring~~assessing ~~fair~~segment ~~value.~~performance ~~ASU 2022-03 also~~and ~~clarifies~~deciding ~~that~~how anto allocate resources, a public entity may ~~cannot~~report one or more of those additional measures of segment profit or loss, asa requirement that a ~~separate~~public ~~unit~~entity disclose the title and position of ~~account~~the CODM, ~~recognize~~ and an explanation of how the CODM uses the reported measure(s) aof ~~contractual~~segment ~~sale~~profit ~~restriction~~or loss, and ~~requires~~a ~~certain~~requirement that ~~new~~a public entity that has a single reportable segment provide all the disclosures required by this Update as well as all existing disclosures required in Topic 280. The amendments in this Update are effective for ~~equity~~the ~~securities~~Company ~~subject~~beginning towith ~~contractual~~its ~~sale~~2024 ~~restrictions~~annual financial statement disclosures for the year ended December 31, 2024, and for all interim and annual periods thereafter. We adopted ~~ASU~~ ~~2022~~ASU 2023-03 07 on ~~January~~ December 131, 2024 and the adoption did not have a material impact on our consolidated financial statements.

In March 2023, the FASB issued ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323). This Update permits reporting entities to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met. It requires that a liability to be recognized for delayed equity contributions that are unconditional and legally binding or for equity contributions that are contingent upon a future event when that contingent event becomes probable. The reporting entity needs to disclose the nature of its tax equity investments and the effect of its tax equity investments on its financial position and results of operations. ASU 2023-02 became effective for us in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. We adopted ASU 2023-02 on January 1, 2024 and the adoption did not have a material impact on our consolidated financial statements.

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Recently issued not yet effective

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements. This pronouncement amends the FASB Accounting Standards Codification to reflect updates and simplifications to certain disclosure requirements referred to the FASB by the SEC in 2018, including disclosures for the statement of cash flows, earnings per share, commitments, debt and equity instruments, and certain industry information, among other things. Each amendment is effective when the related disclosure is effectively removed from Regulations S-X or S-K; early adoption is prohibited. All amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the pending amendments will be removed and will not become effective for any entity. Adoption of ASU 2023-06 is not expected to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segments. The amendments in this Update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis. Amendments in this Update include: a requirement that a public entity provide all annual disclosures about a reportable segment’s profit or loss in its interim period disclosures, disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclosure of amounts for other segment items by reportable segment and a description of its composition, clarification that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss, a requirement that a public entity disclose the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss, and a requirement that a public entity that has a single reportable segment provide all the disclosures required by this Update as well as all existing disclosures required in Topic 280. The amendments in this Update are effective for the Company beginning with its 2024 annual financial statement disclosures for the year ended December 31, 2024, and for all interim and annual periods thereafter. Early adoption is permitted. Adoption of ASU 2023-07 is not expected to have a material impact on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This Update enhances the transparency and decision usefulness of income tax disclosures. The amendments in this Update require the following: 1) consistent categories and greater disaggregation of information in the rate reconciliation, and 2) income taxes paid disaggregated by jurisdiction. The amendments in the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this Update should be applied on a prospective basis. However, retrospective application in all prior periods presented is permitted. Adoption of ASU 2023-09 is not expected to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosure of income statement expenses within the footnotes to the financial statements for any relevant expense caption presented on the face of the income statement within continuing operations into the following required natural expense categories, as applicable: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion and amortization recognized as part of oil- and gas-producing activities or other types of depletion services. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The guidance should be applied prospectively with an option to apply it retrospectively for each period presented. We are currently evaluating the potential impact of the pending adoption of ASU 2024-03 on our consolidated financial statements.

NOTE 3 - INVESTMENT SECURITIES

The following table summarizes the amortized cost and fair value of investment securities available for sale (“AFS”) and held to maturity (“HTM”) and the corresponding amounts of gross unrealized gains and losses as of the dates indicated:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
September 30, 2024	Cost		Gains		Losses			Value
March 31, 2025	Cost		Gains		Losses			Value
Available for sale	(dollars in thousands)
Government agency securities	$	620,~~745~~179	$	—20	$	(~~286~~231	)	$	619,~~459~~968
SBA agency securities		2625,~~877~~644		~~202~~141		(~~149~~214	)		2625,~~930~~571
Mortgage-backed securities: residential		4165,~~278~~348		26178		(45,~~860~~711	)		3659,~~444~~815
Collateralized mortgage obligations: residential		~~103~~114,~~084~~505		~~560~~410		(10,~~458~~950	)		93103,~~186~~965
Collateralized mortgage obligations: commercial		7992,~~024~~710		~~183~~174		(2,~~283~~489	)		7690,~~924~~395
Commercial paper		2437,~~512~~446		1—		—(6	)		2437,~~513~~440
Corporate debt securities		34,~~751~~717		4853		(32,~~067~~674	)		3132,~~732~~096
Municipal tax-exempt securities		12,~~610~~593		—		(3,~~132~~655	)		98,~~478~~938
Total available for sale	$	~~328~~403,~~881~~142	$	~~1,020~~976	$	(2425,~~235~~930	)	$	~~305~~378,~~666~~188
Held to maturity
Municipal tax-exempt securities	$	4,695	$	—	$	(110	)	$	4,585
Municipal taxable securities	$	500	$	1	$	—		$	501
Municipal taxable securities		500		2		—			502
Municipal tax-exempt securities		4,688		—		(269	)		4,419
Total held to maturity	$	5,~~195~~188	$	21	$	(~~110~~269	)	$	54,~~087~~920

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			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
December 31, 2023	Cost		Gains		Losses			Value
December 31, 2024	Cost		Gains		Losses			Value
Available for sale	(dollars in thousands)
Government agency securities	$	821,~~705~~592	$	—	$	(~~544~~550	)	$	821,~~161~~042
SBA agency securities		1327,~~289~~231		~~144~~—		(~~216~~467	)		1326,~~217~~764
Mortgage-backed securities: residential		4062,~~507~~351		—		(56,~~855~~674	)		3455,~~652~~677
Collateralized mortgage obligations: residential		94117,~~071~~936		~~454~~178		(12,~~198~~638	)		82105,~~327~~476
Collateralized mortgage obligations: commercial		6994,~~941~~284		22175		(2,~~664~~803	)		6791,~~299~~656
Commercial paper		7378,~~121~~687		—1		(163	)		7378,~~105~~685
Corporate debt securities		34,~~800~~733		—43		(42,~~109~~961	)		3031,~~691~~815
Municipal tax-exempt securities		12,~~636~~602		—		(3,~~127~~527	)		9,~~509~~075
Total available for sale	$	~~347~~449,~~070~~416	$	~~620~~397	$	(2829,~~729~~623	)	$	~~318~~420,~~961~~190
Held to maturity
Municipal tax-exempt securities	$	4,708	$	—	$	(115	)	$	4,593
Municipal taxable securities	$	500	$	1	$	—		$	501
Municipal taxable securities		501		3		—			504
Municipal tax-exempt securities		4,691		—		(244	)		4,447
Total held to maturity	$	5,~~209~~191	$	31	$	(~~115~~244	)	$	54,~~097~~948

We pledged investment securities with a fair value of $4528.58 million and $9523.24 million for certificates of deposit from the State of California at March 31, ~~secured~~2025 and December ~~Federal~~31, ~~funds~~2024. ~~arrangements~~One security with a fair value of $46, 000 and ~~other~~$48,000 was pledged to secure a local agency ~~deposits~~deposit at ~~September 30~~March 31, ~~2024~~ 2025 and December 31, ~~2023~~2024.

There were no sales of investment securities during the three months ended ~~September~~March 3031, ~~2024~~2025, ~~June~~December 3031, 2024, and ~~September~~March 3031, ~~2023 and nine months ended September 30,~~ 2024 ~~and September 30, 2023~~.

Accrued interest receivable for investment securities at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 totaled $1.1 5 million and $~~962,000~~1.6 million.

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The table below summarizes amortized cost and fair value of the investment securities portfolio, by expected maturity, as of the dates indicated. Mortgage-backed securities are classified in accordance with their estimated average life. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

	One Year or Less				More than One Year to Five Years				More than Five Years to Ten Years				More than Ten Years				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
September 30, 2024	(dollars in thousands)
March 31, 2025	(dollars in thousands)
Government agency securities	$	90154	$	88152	$	610,~~655~~147	$	69,~~371~~919	$	—9,878	$	—9,897	$	—	$	—	$	620,~~745~~179	$	619,~~459~~968
SBA agency securities		—		—		7,~~191~~190		7,~~048~~139		1918,~~686~~454		1918,~~882~~432		—		—		2625,~~877~~644		2625,~~930~~571
Mortgage-backed securities: residential		—		—		916,~~429~~941		816,~~710~~384		3148,~~849~~407		2743,~~734~~431		—		—		4165,~~278~~348		3659,~~444~~815
Collateralized mortgage obligations: residential		64,~~869~~390		74,~~068~~482		5556,~~468~~195		54,~~283~~816		4053,~~747~~920		3144,~~835~~667		—		—		~~103~~114,~~084~~505		93103,~~186~~965
Collateralized mortgage obligations: commercial		35,~~558~~088		35,~~533~~039		3733,~~933~~829		3633,~~294~~690		3753,~~533~~793		3751,~~097~~666		—		—		7992,~~024~~710		7690,~~924~~395
Commercial paper		2437,~~512~~446		2437,~~513~~440		—		—		—		—		—		—		2437,~~512~~446		2437,~~513~~440
Corporate debt securities		24,~~000~~024		13,~~985~~991		11,~~893~~934		11,~~742~~566		1816,~~237~~150		1514,~~972~~672		2,~~621~~609		21,~~033~~867		34,~~751~~717		3132,~~732~~096
Municipal tax-exempt securities		—		—		—		—		—572		—455		12,~~610~~021		98,~~478~~483		12,~~610~~593		98,~~478~~938
Total available for sale	$	3751,~~029~~102	$	3751,~~187~~104	$	~~128~~136,~~569~~236	$	~~124~~133,~~448~~514	$	~~148~~201,~~052~~174	$	~~132~~183,~~520~~220	$	1514,~~231~~630	$	1110,~~511~~350	$	~~328~~403,~~881~~142	$	~~305~~378,~~666~~188
Municipal tax-exempt securities	$	—	$	—	$	—	$	—	$	2,950	$	2,885	$	1,745	$	1,700	$	4,695	$	4,585
Municipal taxable securities	$	500	$	501	$	—	$	—	$	—	$	—	$	—	$	—	$	500	$	501
Municipal taxable securities		500		502		—		—		—		—		—		—		500		502
Municipal tax-exempt securities		—		—		860		828		2,985		2,787		843		804		4,688		4,419
Total held to maturity	$	500	$	~~502~~501	$	—860	$	—828	$	2,~~950~~985	$	2,~~885~~787	$	~~1,745~~843	$	~~1,700~~804	$	5,~~195~~188	$	54,~~087~~920
December 31, 2023
December 31, 2024
Government agency securities	$	—90	$	—88	$	811,~~705~~644	$	811,~~161~~304	$	—9,858	$	—9,650	$	—	$	—	$	821,~~705~~592	$	821,~~161~~042
SBA agency securities		—		—		25,~~292~~934		25,~~095~~721		1021,~~997~~297		1121,~~122~~043		—		—		1327,~~289~~231		1326,~~217~~764
Mortgage-backed securities: residential		—		—		118,~~023~~892		98,~~986~~099		1953,~~762~~459		1647,~~965~~578		~~9,722~~—		~~7,701~~—		4062,~~507~~351		3455,~~652~~677
Collateralized mortgage obligations: residential		185,126		175,235		3655,~~876~~015		3552,~~758~~867		57,~~177~~795		4647,~~552~~374		—		—		94117,~~071~~936		82105,~~327~~476
Collateralized mortgage obligations: commercial		~~3,014~~705		~~3,018~~704		2038,~~296~~811		1838,~~481~~527		4654,~~631~~768		4552,~~800~~425		—		—		6994,~~941~~284		6791,~~299~~656
Commercial paper		7378,~~121~~687		7378,~~105~~685		—		—		—		—		—		—		7378,~~121~~687		7378,~~105~~685
Corporate debt securities		—2,000		—1,989		1211,~~912~~886		1211,~~491~~706		1918,~~249~~233		16,~~232~~250		2,~~639~~614		1,~~968~~870		34,~~800~~733		3031,~~691~~815
Municipal tax-exempt securities		—		—		—		—		—		—		12,~~636~~602		9,~~509~~075		12,~~636~~602		9,~~509~~075
Total available for sale	$	7686,~~153~~608	$	7686,~~140~~701	$	92132,~~104~~182	$	86128,~~972~~224	$	~~153~~215,~~816~~410	$	~~136~~194,~~671~~320	$	2415,~~997~~216	$	1910,~~178~~945	$	~~347~~449,~~070~~416	$	~~318~~420,~~961~~190
Municipal tax-exempt securities	$	—	$	—	$	—	$	—	$	2,952	$	2,873	$	1,756	$	1,720	$	4,708	$	4,593
Municipal taxable securities	$	500	$	501	$	—	$	—	$	—	$	—	$	—	$	—	$	500	$	501
Municipal taxable securities		—		—		501		504		—		—		—		—		501		504
Municipal tax-exempt securities		—		—		360		347		2,985		2,795		1,346		1,305		4,691		4,447
Total held to maturity	$	—500	$	—501	$	~~501~~360	$	~~504~~347	$	2,~~952~~985	$	2,~~873~~795	$	1,~~756~~346	$	1,~~720~~305	$	5,~~209~~191	$	54,~~097~~948

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The following tables show the fair value and gross unrealized losses of our investment securities, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position, as of the dates indicated:

	Less than Twelve Months					~~Twelve Months or More~~		Twelve Months or More			~~Total~~						Total
	Fair Value		Unrealized Losses			~~Fair~~# ~~Value~~of Issuances		~~Unrealized~~Fair ~~Losses~~Value			~~Fair~~Unrealized ~~Value~~Losses			~~Unrealized~~# ~~Losses~~of Issuances			Fair Value		Unrealized Losses			# of Issuances
September 30, 2024	(dollars in thousands)
March 31, 2025	(dollars in thousands)
Government agency securities	$	—4,813	$	—(10	)	$	~~6,459~~1	$	~~(286~~5,258	)	$	~~6,459~~(221	)	$	~~(286~~4	)	$	10,071	$	(231	)		5
SBA agency securities		9,~~304~~726		(367	)		~~1,954~~3		~~(146~~1,785	)		~~11,258~~(147	)		~~(149~~4	)		11,511		(214	)		7
Mortgage-backed securities: residential		—12,806		—(314	)		~~32,470~~2		(429,~~860~~696	)		32(5,~~470~~397	)		~~(4,860~~15	)		42,502		(5,711	)		17
Collateralized mortgage obligations: residential		519,~~937~~834		(98216	)		~~59,095~~4		~~(10~~54,~~360~~817	)		65(10,~~032~~734	)		~~(10,458~~24	)		74,651		(10,950	)		28
Collateralized mortgage obligations: commercial		1422,~~101~~466		(64165	)		~~35,555~~3		(238,~~219~~608	)		49(2,~~656~~324	)		~~(2,283~~21	)		61,074		(2,489	)		24
Corporate debt securities		—		—			25,956		(3,067	)		25,956			(3,067	)
Commercial paper		19,809		(6	)		1		—			—			—			19,809		(6	)		1
Municipal tax-exempt securities		—		—			9,478		(3,132	)		9,478			(3,132	)
Corporate debt securities		—		—			—		26,295			(2,674	)		30			26,295		(2,674	)		30
Total available for sale	$	29,342	$	(165	)	$	170,967	$	(24,070	)	$	200,309		$	(24,235	)
Municipal tax-exempt securities		—		—			—		8,938			(3,655	)		11			8,938		(3,655	)		11
Municipal tax-exempt securities	$	—	$	—		$	4,585	$	(110	)	$	4,585		$	(110	)
Total available for sale	$	89,454	$	(778	)		14	$	165,397		$	(25,152	)		109		$	254,851	$	(25,930	)		123
Total held to maturity	$	—	$	—		$	4,585	$	(110	)	$	4,585		$	(110	)
Municipal tax-exempt securities	$	—	$	—			—	$	4,419		$	(269	)		10		$	4,419	$	(269	)		10
Total held to maturity	$	—	$	—			—	$	4,419		$	(269	)		10		$	4,419	$	(269	)		10

	Less than Twelve Months					~~Twelve Months or More~~		Twelve Months or More			~~Total~~						Total
	Fair Value		Unrealized Losses			~~Fair~~# ~~Value~~of Issuances		~~Unrealized~~Fair ~~Losses~~Value			~~Fair~~Unrealized ~~Value~~Losses			~~Unrealized~~# ~~Losses~~of Issuances			Fair Value		Unrealized Losses			# of Issuances
December 31, 2023	(dollars in thousands)
December 31, 2024	(dollars in thousands)
Government agency securities	$	414,~~238~~620	$	(72219	)	$	3~~,923~~	$	~~(472~~6,422	)	$	~~8,161~~(331	)	$	~~(544~~4	)	$	21,042	$	(550	)		7
SBA agency securities		524,~~102~~971		(18273	)		~~2,094~~7		~~(198~~1,793	)		~~7,196~~(194	)		~~(216~~4	)		26,764		(467	)		11
Mortgage-backed securities: residential		—25,479		—(578	)		~~34,652~~5		(530,~~855~~198	)		34(6,~~652~~096	)		~~(5,855~~15	)		55,677		(6,674	)		20
Collateralized mortgage obligations: residential		236,~~597~~166		(37649	)		~~60,275~~8		~~(12~~55,~~161~~255	)		62(11,~~872~~989	)		~~(12,198~~24	)		91,421		(12,638	)		32
Collateralized mortgage obligations: commercial		1835,~~463~~753		(70367	)		~~35,077~~7		(230,~~594~~114	)		53(2,~~540~~436	)		~~(2,664~~18	)		65,867		(2,803	)		25
Commercial paper		5348,~~211~~874		(163	)		—3		—			~~53,211~~—			~~(16~~—	)		48,874		(3	)		3
Corporate debt securities		—		—			~~30,691~~—		(426,~~109~~035	)		30(2,~~691~~961	)		~~(4,109~~30	)		26,035		(2,961	)		30
Municipal tax-exempt securities		—		—			~~9,509~~—		(39,~~127~~075	)		9(3,~~509~~527	)		~~(3,127~~11	)		9,075		(3,527	)		11
Total available for sale	$	83185,~~611~~863	$	(~~213~~2,089	)	$	~~176,221~~33	$	~~(28~~158,~~516~~892	)	$	~~259~~(27,~~832~~534	)	$	~~(28,729~~106	)	$	344,755	$	(29,623	)		139
Municipal tax-exempt securities	$	~~1,397~~—	$	~~(19~~—	)	$	~~3,196~~—	$	~~(96~~4,447	)	$	~~4,593~~(244	)	$	~~(115~~10	)	$	4,447	$	(244	)		10
Total held to maturity	$	~~1,397~~—	$	~~(19~~—	)	$	~~3,196~~—	$	~~(96~~4,447	)	$	~~4,593~~(244	)	$	~~(115~~10	)	$	4,447	$	(244	)		10

The securities that were in an unrealized loss position at ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024, were evaluated to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or other factors. ~~At September 30, 2024 and December 31, 2023, there was no allowance for credit losses (“ACL”) on the HTM securities portfolio.~~

We concluded that the unrealized losses were primarily attributed to yield curve movement, together with widened liquidity spreads and credit spreads. All SBA agency securities, mortgage-backed securities, and collateralized mortgage obligations are issued by government or government sponsored entities and have the support of the U.S. federal government. The issuers have not, to our knowledge, established any cause for default on these securities. We expect to recover the amortized cost basis of our securities and have no present intent to sell and ~~will~~do not expect to be required to sell securities that have declined below their cost before their anticipated recovery. As of ~~September~~March 31, 302025, ~~2024~~ all of our HTM securities were rated “AA-” or above. Accordingly, no ACL was recorded as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, against HTM or AFS securities, and there was no provision for credit losses recognized for the three months ~~and nine months~~ ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024.

Equity Securities - We have several Community Reinvestment Act (“CRA”) equity investments, other bank ~~stock~~stocks, and other equity investments. We recorded no gain or loss for any of the periods presented. Other equity securities (included in “Accrued interest and other assets” in the consolidated balance sheets) were $23.20 million and $2322.49 million as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

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NOTE 4 - LOANS AND ALLOWANCE FOR CREDIT LOSSES

Our loan portfolio consists primarily of loans to borrowers within the Southern California metropolitan area, the New York City metropolitan area, Chicago (Illinois), Las Vegas (Nevada), Edison (New Jersey) and Honolulu (Hawaii). Although we seek to avoid concentrations of loans to a single industry or based upon a single class of collateral, real estate and real estate associated businesses are among the principal industries in our market area and, as a result, our loan and collateral portfolios are, to some degree, concentrated in those industries.

The following table presents the balances in our loan held for investment ("HFI") portfolio as of the dates indicated:

	September 30, 2024			December 31, 2023
	March 31, 2025			December 31, 2024
Loans HFI: (1)	(dollars in thousands)
Real Estate:
Construction and land development	$	~~180~~158,~~196~~883		$	~~181~~173,~~469~~290
Commercial real estate (2)		1,~~252~~245,~~682~~402			1,~~167~~201,~~857~~420
Single-family residential mortgages		1,~~473~~545,~~396~~822			1,~~487~~494,~~796~~022
Commercial:
Commercial and industrial		~~128~~135,~~861~~538			~~130~~129,~~096~~585
SBA		4850,~~089~~651			5247,~~074~~263
Other		86,~~672~~767			127,~~569~~650
Total loans HFI	$	3,~~091~~143,~~896~~063		$	3,~~031~~053,~~861~~230
Allowance for loan losses		(4351,~~685~~932	)		(4147,~~903~~729	)
Total loans HFI, net	$	3,~~048~~091,~~211~~131		$	23,~~989~~005,~~958~~501

	(1)	Net of premiums (discounts) on acquired loans ~~of $789~~ and ~~$970 and~~ net deferred (fees) ~~of $1,256~~ and ~~$1,512~~costs ason oforiginated ~~September 30, 2024 and December 31, 2023~~loans.
	(2)	Includes non-farm and non-residential real estate loans, multifamily residential and single-family residential loans for a business purpose.

The following table presents a summary of the changes in the ACL for the periods indicated:

	For the Three Months Ended
	September 30, 2024									June 30, 2024									September 30, 2023
	March 31, 2025									December 31, 2024									March 31, 2024
	Allowance for loan losses			Reserve for unfunded loan commitments (1)			Allowance for credit losses			Allowance for loan losses			Reserve for unfunded loan commitments (1)			Allowance for credit losses			Allowance for loan losses			Reserve for unfunded loan commitments (1)			Allowance for credit losses
	(dollars in thousands)
Beginning balance	$	4147,~~741~~729		$	~~624~~729		$	4248,~~365~~458		$	4143,~~688~~685		$	~~671~~779		$	4244,~~359~~464		$	4341,~~092~~903		$	~~797~~640		$	4342,~~889~~543
Provision for/(reversal of) credit losses		36,~~145~~846			~~155~~(100	)		36,~~300~~746			~~604~~6,050			(4750	)		~~557~~6,000			~~1,544~~(31	)		~~(145~~31	)		~~1,399~~—
Charge-offs		(12,~~210~~727	)		—			(12,~~210~~727	)		(~~567~~2,092	)		—			(~~567~~2,092	)		(~~2,217~~214	)		—			(~~2,217~~214	)
Recoveries		984			—			984			1686			—			1686			1130			—			1130
Ending balance	$	4351,~~685~~932		$	~~779~~629		$	4452,~~464~~561		$	4147,~~741~~729		$	~~624~~729		$	4248,~~365~~458		$	4241,~~430~~688		$	~~652~~671		$	4342,~~082~~359

(1)	Included in “Accrued interest and other liabilities”

	For the Nine Months Ended September 30,
	2024								2023
	Allowance for loan losses			Reserve for unfunded loan commitments (1)		Allowance for credit losses			Allowance for loan losses			Reserve for unfunded loan commitments (1)			Allowance for credit losses
	(dollars in thousands)
Beginning balance	$	41,903		$	640	$	42,543		$	41,076		$	1,156		$	42,232
Provision for/(reversal of) credit losses		3,718			139		3,857			4,297			(504	)		3,793
Charge-offs		(1,991	)		—		(1,991	)		(2,992	)		—			(2,992	)
Recoveries		55			—		55			49			—			49
Ending balance	$	43,685		$	779	$	44,464		$	42,430		$	652		$	43,082

(1) Included in “Accrued interest and other liabilities”

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The following tables present the balance and activity related to the ALL for loans HFI by loan portfolio segment for the periods presented.

	For the Three Months Ended September 30, 2024
	For the Three Months Ended March 31, 2025
	Construction and land development			Commercial real estate			Single-family residential mortgages			Commercial and industrial			SBA			Other			Total
Allowance for loan losses:	(dollars in thousands)
Beginning balance	$	16,~~352~~053		$	1821,~~434~~879		$	1917,~~840~~518		$	1,~~285~~339		$	~~675~~654		$	~~155~~286		$	4147,~~741~~729
Provision for/(reversal of) credit losses		12,~~441~~193			42,~~406~~321			(2,~~898~~243	)		3163			(947	)		~~174~~(21	)		36,~~145~~846
Charge-offs		(~~974~~1,246	)		~~(189~~—	)		—(1,388	)		(680	)		—			(4113	)		(12,~~210~~727	)
Recoveries		—			—			—			178			—			86			984
Ending allowance balance	$	17,~~819~~000		$	2224,~~651~~200		$	1618,~~942~~373		$	1,~~311~~400		$	~~666~~701		$	~~296~~258		$	4351,~~685~~932

	For the Three Months Ended June 30, 2024
	For the Three Months Ended December 31, 2024
	Construction and land development			Commercial real estate			Single-family residential mortgages			Commercial and industrial			SBA			Other			Total
Allowance for loan losses:	(dollars in thousands)
Beginning balance	$	1,~~311~~819		$	1822,~~307~~651		$	1916,~~878~~942		$	1,~~294~~311		$	~~735~~666		$	~~163~~296		$	4143,~~688~~685
Provision for/(reversal of) credit losses		414,408			~~653~~981			~~(38~~576	)		(930	)		~~(60~~66	)		17(11	)		~~604~~6,050
Charge-offs		—(174	)		(~~526~~1,814	)		—			—(2	)		—(78	)		(4124	)		(~~567~~2,092	)
Recoveries		—			—61			—			—			—			1625			1686
Ending allowance balance	$	16,~~352~~053		$	1821,~~434~~879		$	1917,~~840~~518		$	1,~~285~~339		$	~~675~~654		$	~~155~~286		$	4147,~~741~~729

	For the Three Months Ended September 30, 2023
	For the Three Months Ended March 31, 2024
	Construction and land development			Commercial real estate			Single-family residential mortgages			Commercial and industrial			SBA			Other			Total
Allowance for loan losses:	(dollars in thousands)
Beginning balance	$	21,~~448~~219		$	17,~~305~~826		$	2120,~~116~~117		$	1,~~110~~348		$	~~623~~1,196		$	~~490~~197		$	4341,~~092~~903
(Reversal of)/provision for credit losses		(668	)		2,407			(776	)		256			553			(228	)		1,544
Provision for/(reversal of) credit losses		92			597			(239	)		(52	)		(461	)		32			(31	)
Charge-offs		~~(13~~—	)		(~~2,137~~116	)		—			—(3	)		—			(6795	)		(~~2,217~~214	)
Recoveries		—			—			—			1			—			1029			1130
Ending allowance balance	$	1,~~767~~311		$	1718,~~575~~307		$	2019,~~340~~878		$	1,~~367~~294		$	~~1,176~~735		$	~~205~~163		$	4241,~~430~~688

	For the Nine Months Ended September 30, 2024
	Construction and land development			Commercial real estate			Single-family residential mortgages			Commercial and industrial			SBA			Other			Total
Allowance for loan losses:	(dollars in thousands)
Beginning balance	$	1,219		$	17,826		$	20,117		$	1,348		$	1,196		$	197		$	41,903
Provision for/(reversal of) credit losses		1,574			5,656			(3,175	)		(30	)		(530	)		223			3,718
Charge-offs		(974	)		(831	)		—			(9	)		—			(177	)		(1,991	)
Recoveries		—			—			—			2			—			53			55
Ending allowance balance	$	1,819		$	22,651		$	16,942		$	1,311		$	666		$	296		$	43,685

	For the Nine Months Ended September 30, 2023
	Construction and land development			Commercial real estate			Single-family residential mortgages			Commercial and industrial			SBA			Other			Total
Allowance for loan losses:	(dollars in thousands)
Beginning balance	$	2,638		$	17,657		$	17,640		$	1,804		$	621		$	716		$	41,076
(Reversal of)/provision for credit losses		(858	)		2,454			2,793			(438	)		616			(270	)		4,297
Charge-offs		(13	)		(2,536	)		(93	)		—			(62	)		(288	)		(2,992	)
Recoveries		—			—			—			1			1			47			49
Ending allowance balance	$	1,767		$	17,575		$	20,340		$	1,367		$	1,176		$	205		$	42,430

We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. We analyze loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous loans such as commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. We use the following definitions for risk ratings:

Pass - Loans classified as pass include loans not meeting the risk ratings defined below.

Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

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Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

The following tables summarize our loans HFI by loan portfolio segment, risk rating and vintage year as of the dates indicated. The vintage year is the year of origination, renewal or major modification.

	Term Loan by Vintage
September 30, 2024	2024		2023		2022		2021		2020		Prior		Revolving		Revolving Converted to Term During the Period		Total
March 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving		Revolving Converted to Term During the Period		Total
Real estate:		(dollars in thousands)
Construction and land development
Pass	$	~~95,477~~453	$	819,~~939~~179	$	—8,951	$	—40,219	$	14,~~375~~049	$	~~102~~6,171	$	—	$	—	$	~~105~~79,~~893~~022
Special mention		—		—		—		—		~~43,566~~—		—44,248		—		—		4344,~~566~~248
Substandard		—		~~8,996~~—		—		~~11,706~~—		1026,~~035~~395		—9,218		—		—		3035,~~737~~613
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	~~95,477~~453	$	1719,~~935~~179	$	—8,951	$	1140,~~706~~219	$	5430,~~976~~444	$	~~102~~59,637	$	—	$	—	$	~~180~~158,~~196~~883
YTD gross charge-offs	$	—	$	—	$	~~974~~—	$	—1,246	$	—	$	—	$	—	$	—	$	~~974~~1,246
Commercial real estate
Pass	$	~~222~~54,~~379~~625	$	58181,~~587~~269	$	~~396~~57,~~870~~212	$	~~153~~405,~~510~~328	$	~~162~~165,~~438~~246	$	~~203~~332,~~457~~046	$	—	$	—	$	1,~~197~~195,~~241~~726
Special mention		—		—		—		~~16,324~~932		38,~~055~~476		1210,~~399~~044		—		—		3119,~~778~~452
Substandard		—		—		—		3,292		10,708		9,663		—		—		23,663
Substandard (1)		5,780		—		—		—		10,200		14,244		—		—		30,224
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	~~222~~60,~~379~~405	$	58181,~~587~~269	$	~~396~~57,~~870~~212	$	~~173~~406,~~126~~260	$	~~176~~183,~~201~~922	$	~~225~~356,~~519~~334	$	—	$	—	$	1,~~252~~245,~~682~~402
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	~~414~~—	$	~~417~~—	$	—	$	—	$	~~831~~—
Single-family residential mortgages
Pass	$	~~102~~99,~~590~~567	$	~~141~~155,~~238~~715	$	~~560~~133,~~767~~133	$	~~227~~540,~~913~~912	$	~~114~~222,~~684~~726	$	~~310~~392,~~340~~518	$	1,~~192~~206	$	—	$	1,~~458~~545,~~724~~777
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		~~736~~—		~~1,604~~—		~~1,918~~—		~~10,414~~45		—		—		~~14,672~~45
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	~~102~~99,~~590~~567	$	~~141~~155,~~238~~715	$	~~561~~133,~~503~~133	$	~~229~~540,~~517~~912	$	~~116~~222,~~602~~726	$	~~320~~392,~~754~~563	$	1,~~192~~206	$	—	$	1,~~473~~545,~~396~~822
YTD gross charge-offs	$	—	$	—	$	—	$	—537	$	—170	$	—681	$	—	$	—	$	—1,388
Commercial:
Commercial and industrial
Pass	$	72,~~556~~323	$	16,~~152~~523	$	21,~~771~~098	$	42,~~169~~407	$	23,~~307~~815	$	67,~~231~~379	$	95105,~~591~~177	$	—	$	~~119~~128,~~777~~722
Special mention		—		—		—		—		—		—		~~1,156~~579		—		~~1,156~~579
Substandard		—		—		759		—69		~~1,340~~—		46,~~826~~118		~~1,687~~41		—		76,~~928~~237
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	72,~~556~~323	$	16,~~152~~523	$	21,~~846~~107	$	42,~~169~~476	$	3,~~647~~815	$	1113,~~057~~497	$	98105,~~434~~797	$	—	$	~~128~~135,~~861~~538
YTD gross charge-offs	$	6—	$	—3	$	3—	$	—	$	—	$	—77	$	—	$	—	$	980
SBA
Pass	$	53,~~657~~917	$	16,~~829~~933	$	101,~~893~~767	$	910,~~780~~810	$	~~429~~9,659	$	1513,~~700~~350	$	—	$	—	$	4446,~~288~~436
Special mention		—		—		—		—		~~1,001~~—		—		—		—		~~1,001~~—
Substandard		~~144~~—		—66		—		~~333~~—		—335		23,~~323~~814		—		—		24,~~800~~215
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	53,~~801~~917	$	16,~~829~~999	$	101,~~893~~767	$	10,~~113~~810	$	19,~~430~~994	$	1817,~~023~~164	$	—	$	—	$	4850,~~089~~651
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other:
Pass	$	—	$	~~141~~—	$	~~1,795~~120	$	61,~~337~~336	$	~~353~~5,097	$	2176	$	13—	$	—	$	86,~~641~~729
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		31—		—38		—		—		—		3138
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	~~141~~—	$	~~1,795~~120	$	61,~~368~~336	$	~~353~~5,135	$	2176	$	13—	$	—	$	86,~~672~~767
YTD gross charge-offs	$	—	$	—	$	4—	$	~~167~~—	$	613	$	—	$	—	$	—	$	~~177~~13
Total by risk rating:
Pass	$	~~433~~160,~~659~~885	$	~~211~~369,~~886~~619	$	~~973~~202,~~096~~281	$	~~401~~1,~~709~~001,012	$	~~281~~410,~~586~~592	$	~~535~~751,~~832~~640	$	96106,~~796~~383	$	—	$	23,~~934~~002,~~564~~412
Special mention		—		—		—		~~16,324~~932		478,~~622~~476		1254,~~399~~292		~~1,156~~579		—		7764,~~501~~279
Substandard		~~144~~5,780		~~8,996~~66		~~811~~9		~~16,966~~69		2436,~~001~~968		2733,~~226~~439		~~1,687~~41		—		7976,~~831~~372
Doubtful		—		—		—		—		—		—		—		—		—
Total loans	$	~~433~~166,~~803~~665	$	~~220~~369,~~882~~685	$	~~973~~202,~~907~~290	$	~~434~~1,~~999~~002,013	$	~~353~~456,~~209~~036	$	~~575~~839,~~457~~371	$	99107,~~639~~003	$	—	$	3,~~091~~143,~~896~~063
Total YTD gross charge-offs	$	6—	$	—3	$	~~981~~—	$	~~167~~1,783	$	~~420~~183	$	~~417~~758	$	—	$	—	$	12,~~991~~727

(1) The $5.8 million substandard CRE loan with a 2025 vintage represents a loan originated in 2020, that migrated to nonaccrual in 2023, with a collateral short sale in the first quarter of 2025 to a new borrower which included an $816,000 reduction in the loan balance.

Table of Contents

	Term Loan by Vintage
December 31, 2023	2023		2022		2021		2020		2019		Prior		Revolving		Revolving Converted to Term During the Period		Total
December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving		Revolving Converted to Term During the Period		Total
Real estate:		(dollars in thousands)
Construction and land development
Pass	$	~~127~~62,~~602~~541	$	258,~~880~~945	$	~~12,168~~—	$	~~3,919~~—	$	~~192~~1,370	$	3265	$	—	$	—	$	~~169~~72,~~793~~921
Special mention		—		—		~~11,676~~—		—		—44,042		—		—		—		1144,~~676~~042
Substandard		—		—8,782		—		—38,101		—9,444		—		—		—		—56,327
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	~~127~~62,~~602~~541	$	2517,~~880~~727	$	~~23,844~~—	$	338,~~919~~101	$	~~192~~54,856	$	3265	$	—	$	—	$	~~181~~173,~~469~~290
YTD gross charge-offs	$	—	$	—	$	—1,148	$	—	$	—	$	~~140~~—	$	—	$	—	$	~~140~~1,148
Commercial real estate
Pass	$	90220,~~126~~623	$	~~423~~58,~~564~~597	$	~~186~~389,~~904~~578	$	~~175~~158,~~650~~188	$	94157,~~796~~480	$	~~152~~186,~~847~~619	$	—	$	—	$	1,~~123~~171,~~887~~085
Special mention		—		—		—936		—10,251		73,~~719~~040		47,~~880~~060		—		—		1221,~~599~~287
Substandard		~~301~~—		—		—		~~11,410~~—		21,~~295~~188		177,~~365~~860		—		—		319,~~371~~048
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	90220,~~427~~623	$	~~423~~58,~~564~~597	$	~~186~~390,~~904~~514	$	~~187~~168,~~060~~439	$	~~104~~161,~~810~~708	$	~~175~~201,~~092~~539	$	—	$	—	$	1,~~167~~201,~~857~~420
YTD gross charge-offs	$	—	$	~~2,078~~164	$	—	$	~~459~~—	$	—2,064	$	—417	$	—	$	—	$	2,~~537~~645
Single-family residential mortgages
Pass	$	~~156~~159,~~372~~940	$	~~593~~137,~~539~~264	$	~~239~~549,~~502~~525	$	~~125~~225,~~346~~877	$	83108,~~002~~541	$	~~265~~299,~~050~~553	$	1,~~720~~126	$	—	$	1,~~464~~481,~~531~~826
Special mention		—		—		~~619~~—		—		—		~~3,855~~—		—		—		~~4,474~~—
Substandard		—		~~719~~—		~~758~~2,178		41,~~985~~401		~~545~~1,858		116,~~740~~759		44—		—		1812,~~791~~196
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	~~156~~159,~~372~~940	$	~~594~~137,~~258~~264	$	~~240~~551,~~879~~703	$	~~130~~227,~~331~~278	$	83110,~~547~~399	$	~~280~~306,~~645~~312	$	1,~~764~~126	$	—	$	1,~~487~~494,~~796~~022
YTD gross charge-offs	$	—	$	—	$	—	$	93—	$	—	$	—	$	—	$	—	$	93—
Commercial:
Commercial and industrial																		—
Pass	$	17,~~305~~304	$	31,~~283~~126	$	62,~~281~~593	$	23,~~901~~991	$	2,~~049~~270	$	45,~~700~~242	$	9998,~~339~~878	$	—	$	~~119~~121,~~858~~404
Special mention		—		—		—		—		—		—		~~2,737~~—		—		~~2,737~~—
Substandard		—		87—		—70		~~1,410~~—		71,317		4,~~952~~820		1,~~045~~974		—		78,~~501~~181
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	17,~~305~~304	$	31,~~370~~126	$	62,~~281~~663	$	43,~~311~~991	$	23,~~056~~587	$	910,~~652~~062	$	~~103~~100,~~121~~852	$	—	$	~~130~~129,~~096~~585
YTD gross charge-offs	$	—8	$	—	$	—3	$	—	$	—	$	—	$	—	$	—	$	—11
SBA
Pass	$	56,~~642~~889	$	111,~~023~~813	$	10,~~037~~855	$	29,~~324~~731	$	~~4,588~~400	$	1314,~~783~~209	$	—	$	—	$	4743,~~397~~897
Special mention		—		—		~~331~~—		—		—		~~1,025~~—		—		—		~~1,356~~—
Substandard		—65		—		—		—334		85—		32,~~236~~967		—		—		3,~~321~~366
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	56,~~642~~954	$	111,~~023~~813	$	10,~~368~~855	$	210,~~324~~065	$	~~4,673~~400	$	1817,~~044~~176	$	—	$	—	$	5247,~~074~~263
YTD gross charge-offs	$	—78	$	—	$	—	$	—	$	—	$	62—	$	—	$	—	$	6278
Other:
Pass	$	~~193~~—	$	~~2,727~~130	$	81,~~813~~517	$	~~674~~5,718	$	29246	$	—	$	1816	$	—	$	127,~~454~~627
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		80—		28—		723		—		—		—		—		~~115~~23
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	~~193~~—	$	~~2,807~~130	$	81,~~841~~517	$	~~681~~5,741	$	29246	$	—	$	1816	$	—	$	127,~~569~~650
YTD gross charge-offs	$	—	$	79—	$	~~273~~4	$	10191	$	—6	$	—	$	—	$	—	$	~~362~~201
Total by risk rating:
Pass	$	~~381~~457,~~240~~297	$	1207,~~060,016~~875	$	~~463~~954,~~705~~068	$	~~310~~403,~~814~~505	$	~~184~~270,~~656~~307	$	~~436~~505,~~412~~688	$	~~101~~100,~~077~~020	$	—	$	2,~~937~~898,~~920~~760
Special mention		—		—		~~12,626~~936		—10,251		747,~~719~~082		97,~~760~~060		~~2,737~~—		—		3265,~~842~~329
Substandard		~~301~~65		~~886~~8,782		~~786~~2,248		1739,~~812~~859		213,~~932~~807		3722,~~293~~406		1,~~089~~974		—		6189,~~099~~141
Doubtful		—		—		—		—		—		—		—		—		—
Total loans	$	~~381~~457,~~541~~362	$	1216,~~060,902~~657	$	~~477~~957,~~117~~252	$	~~328~~453,~~626~~615	$	~~195~~331,~~307~~196	$	~~483~~535,~~465~~154	$	~~104~~101,~~903~~994	$	—	$	3,~~031~~053,~~861~~230
Total YTD gross charge-offs	$	—86	$	~~2,157~~164	$	~~273~~1,155	$	~~562~~191	$	—2,070	$	~~202~~417	$	—	$	—	$	34,~~194~~083

Table of Contents

The following tables present the aging of the recorded investment in past due loans HFI, by loan ~~portfolio~~ segment and class, as of the dates indicated.

September 30, 2024	30-59 Days		60-89 Days		90 Days Or More		Total Past Due (1)		Loans Not Past Due		Total Loans (1)		Nonaccrual Loans (1)
	Accruing Loans
Real estate:		(dollars in thousands)
March 31, 2025	30-59 Days		60-89 Days		90 Days Or More		Total Past Due (1)		Nonaccrual Loans		Current		Total Loans HFI
Construction and land development	$	—	$	—	$	19,032	$	19,032	$	161,164	$	180,196	$	19,032
Real estate:	(dollars in thousands)
Commercial real estate		1,119		3,292		16,916		21,327		1,231,355		1,252,682		20,430
Construction and land development	$	—	$	—	$	—	$	—	$	35,613	$	123,270	$	158,883
Single-family residential mortgages		9,111		1,710		10,358		21,179		1,452,217		1,473,396		13,997
Commercial real estate		1,387		—		—		1,387		18,451		1,225,564		1,245,402
Single-family residential mortgages		4,272		—		—		4,272		—		1,541,550		1,545,822
Commercial:
Commercial and industrial		6557		~~117~~1		~~6,348~~—		~~6,530~~58		~~122~~4,~~331~~819		~~128~~130,~~861~~661		6135,~~464~~538
SBA		~~1,072~~177		81—		~~467~~—		~~1,620~~177		461,~~469~~478		48,~~089~~996		~~739~~50,651
Other		6028		115		—		7133		~~8,601~~19		86,~~672~~715		—6,767
Total	$	115,~~427~~921	$	~~5,211~~6	$	~~53,121~~—	$	695,~~759~~927	$	360,~~022,137~~380	$	3,~~091~~076,~~896~~756	$	603,~~662~~143,063

December 31, 2023
Real estate:
Construction and land development	$	—	$	—	$	—	$	—	$	181,469	$	181,469	$	—
Commercial real estate		1,341		216		1,582		3,139		1,164,718		1,167,857		10,569
Single-family residential mortgages		9,050		5,795		15,134		29,979		1,457,817		1,487,796		18,103
Commercial:
Commercial and industrial		1,544		—		854		2,398		127,698		130,096		854
SBA		356		—		2,085		2,441		49,633		52,074		2,085
Other		160		20		8		188		12,381		12,569		8
Total	$	12,451	$	6,031	$	19,663	$	38,145	$	2,993,716	$	3,031,861	$	31,619

(1)

Past due loans exclude nonaccrual loans.

(1) Past due loans include nonaccrual loans and are therefore included in total loans.

	*Accruing Loans*
December 31, 2024	*30-59 Days*		*60-89 Days*		*90 Days Or More*		Total Past Due ⁽¹⁾		*Nonaccrual Loans*		*Current*		*Total Loans HFI*
Real estate:	*(dollars in thousands)*
Construction and land development	$	—	$	11,706	$	—	$	11,706	$	44,621	$	116,963	$	173,290
Commercial real estate		505		218		—		723		7,353		1,193,344		1,201,420
Single-family residential mortgages ⁽²⁾		7,173		1,013		—		8,186		11,524		1,474,312		1,494,022
Commercial:
Commercial and industrial		51		64		—		115		4,819		124,651		129,585
SBA		315		1,041		—		1,356		1,514		44,393		47,263
Other		—		—		—		—		12		7,638		7,650
Total	$	8,044	$	14,042	$	—	$	22,086	$	69,843	$	2,961,301	$	3,053,230

We had no loans that were 90 days or more past due and still accruing at September 30, 2024 and December 31, 2023.

	(1)	Past due loans exclude nonaccrual loans.
	(2)	Nonaccrual SFR mortgage loans include $4.4 million of loans in the process of foreclosure.

The following table presents the loans HFI on nonaccrual status and the balance of such loans with no ALL, by loan ~~portfolio~~ segment and class, as of the dates indicated:

September 30, 2024

December 31, 2023

March 31, 2025

December 31, 2024

Nonaccrual Loans

with no

Allowance

for Loan Loss

Nonaccrual Loans

for Loan Loss

Nonaccrual Loans

Real estate:

(dollars in thousands)

Construction and land development

199,~~032~~219

1935,~~032~~613

—18,226

—44,621

Commercial real estate

1311,~~173~~443

2018,~~430~~451

~~10,569~~346

107,~~569~~353

Single-family residential mortgages

~~13,997~~—

1811,~~103~~524

Commercial:

Commercial and industrial (1)

6,348

6,464

610

854

Commercial and industrial

4,708

4,819

4,708

4,819

SBA

~~739~~1,478

~~937~~1,514

21,~~085~~514

Other:

—

—19

—

812

Total

5326,~~289~~848

60,~~662~~380

3036,~~219~~318

3169,~~619~~843

(1) A C&I loan of $4.7 million is cross collateralized with a CRE loan with a specific reserve.

Table of Contents

The following tables present the amortized cost basis of individually evaluated collateral-dependent loans, by loan segment and class, and type of collateral which secures such loans as of the dates indicated:

	September 30, 2024
	March 31, 2025
	Commercial Real Estate		Residential Real Estate		Business Assets		Total
Real Estate:	(dollars in thousands)
Construction and land development	$	199,~~032~~218	$	—26,395	$	—	$	1935,~~032~~613
Commercial real estate		2012,~~208~~449		222		—		2012,~~430~~671
Single-family residential mortgages		—		13,997		—		13,997
Commercial:
Commercial and industrial		—		64,~~348~~708		~~116~~111		64,~~464~~819
SBA		~~629~~1,323		254		85151		~~739~~1,478
Total loans	$	3922,~~869~~990	$	2031,~~592~~329	$	~~201~~262	$	6054,~~662~~581

	December 31, 2023
	December 31, 2024
	Commercial Real Estate		Residential Real Estate		Business Assets		Total
Real Estate:	(dollars in thousands)
Commercial real estate	$	10,353	$	216	$	—	$	10,569
Construction and land development	$	18,226	$	26,395	$	—	$	44,621
Single-family residential mortgages		—		18,103		—		18,103
Commercial real estate		7,131		222		—		7,353
Single-family residential mortgages		—		11,524		—		11,524
Commercial:
Commercial and industrial		—		~~610~~4,708		~~244~~111		~~854~~4,819
SBA		~~800~~1,323		~~1,200~~40		85151		21,~~085~~514
Total loans	$	1126,~~153~~680	$	2042,~~129~~889	$	~~329~~262	$	3169,~~611~~831

No interest income was recognized on a cash basis during the three months ~~and nine~~ ~~months~~ ended ~~September~~March 3031, ~~2024~~2025, December 31, 2024 and March ~~2023~~31, 2024. We did not recognize any interest income on nonaccrual loans during the three months ~~and nine months~~ ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, while the loans were in nonaccrual status.

Loan Modifications to Borrowers Experiencing Financial Difficulty - On January 1, 2023, we adopted ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." Under this guidance, in cases where a borrower is experiencing financial difficulties, we may ~~modify loans~~make tocertain ~~borrowers~~concessionary ~~experiencing financial~~modifications ~~difficulty~~to bythe ~~providing~~contractual ~~principal~~terms. ~~forgiveness,~~These concessions may include term extension, payment delay, orprincipal forgiveness, an interest rate reduction, or other actions intended to minimize potential losses. We may provide multiple types of concessions on one loan. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for loan losses. Loans modified to borrower’s experiencing financial difficulty are individually evaluated for purposes of the allowance for loan losses.

~~The~~There ~~total~~were ~~balance~~zero, of$26.6 ~~modified~~million, and zero loans modified to borrowers experiencing financial difficulty ~~was $18.3 million~~ ~~at September 30,~~during ~~2024~~the ~~and $8.8~~three ~~million~~months atended ~~December~~March 31, ~~2023. One~~2025, December ~~C&D~~31, ~~loan with a balance of $10.0 million was modified during the third quarter of~~ 2024~~. The loan migrated to nonaccrual~~, ~~was~~ ~~downgraded to Substandard~~ and March ~~remained in default as of September 30~~31, 2024. For ~~One~~the ~~CRE~~three ~~loan~~months ~~with a balance of $8.3 million at~~ended ~~September~~March 3031, ~~2024~~2025 ~~was modified in the fourth quarter of 2023,~~ and ~~remains a nonaccrual loan and in default at September 30~~2024, ~~2024. There~~we ~~were~~had nozero ~~loans~~commitments ~~modified~~to lend to borrowers experiencing financial difficulty ~~during~~whose ~~the~~loans ~~three~~were ~~and~~modified ~~nine~~during ~~months~~the ~~ended September 30, 2023~~period.

~~There~~We ~~were~~closely nomonitor ~~commitments~~the toperformance ~~lend~~of ~~additional amounts to customers with outstanding modified~~ loans ~~at September 30, 2024 and December 31, 2023. The~~ modified ~~loans~~to ~~outstanding~~borrowers ~~at September~~experiencing ~~30,~~financial ~~2024 are~~difficulty ~~collateral-dependent~~to ~~individually~~understand ~~evaluated~~the ~~loans with~~effectiveness ~~$0,~~of ~~$108,000~~our ~~and~~modification $0efforts. inThe ~~charge-offs~~following ~~for~~ table provides the ~~three~~aging ~~months~~information ~~ended September~~as ~~30, 2024,~~of ~~June~~March 3031, ~~2024~~2025 for ~~and September~~loans ~~30,~~that ~~2023,~~were ~~respectively, and~~modified ~~$224,000~~over ~~and $399,000 for~~ the ~~nine~~last ~~months~~12 ~~ended September 30, 2024 and 2023 and no specific reserves since modification date~~months.

The following table presents our loan modifications made to borrowers experiencing financial difficulty by type of modification for the three and nine months ended September 30, 2024:

	Current ⁽¹⁾		*30-89 Days Past Due*		90 Days Or More Past Due ⁽²⁾		*Total*
	*(dollars in thousands)*
Construction and land development	$	—	$	—	$	35,613	$	35,613
Commercial real estate		10,422		—		—		10,422
Total	$	10,422	$	—	$	35,613	$	46,035

Balances at September 30, 2024

(1)

Included in current loans are CRE loans totaling $222,000 which remain on nonaccrual at March 31, 2025. None of these loans have defaulted on their modified terms in the last 12 months.

Term Extension

Financial Effect of Loan Modifications

(2)

Included in loans past due 90 days or more are C&D loans totaling $35.6 million which remain on nonaccrual and have defaulted on their modified terms in the last 12 months.

Balance

Percent of Total Class of Loans

Term Extension (in Years)

(dollars in thousands)

Construction and land development

10,036

5.6%

1.0

During the three months ended March 31, 2024, there were no defaults of loans that had been modified within the last 12 months.

NOTE 5 - LOAN SERVICING

The loans being serviced for others are not reported as assets in our consolidated balance ~~sheet~~sheets. The table below presents the underlying principal balances of the loans serviced for others, by loan portfolio segment, as of the dates indicated:

	September 30,		December 31,
	March 31,		December 31,
	2024		2023
	2025		2024
Loans serviced for others:	(dollars in thousands)
Mortgage loans	$	~~955~~894,~~134~~310	$	1922,~~014,017~~183
SBA loans		9694,~~756~~725		~~100~~92,~~336~~678
Commercial real estate loans		3,~~774~~746		3,~~813~~761
Construction loans		67,~~378~~881		47,~~710~~315

Servicing income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal. The amortization of mortgage servicing rights is net against loan servicing income. Loan servicing income, net of amortization, totaled $~~605~~588,000, $~~579~~492,000, and $~~623~~589,000 for the three months ended ~~September~~March 3031, ~~2024~~2025, ~~June~~December 3031, 2024, and ~~September~~March 3031, ~~2023, and $1.8 million and $2.0 million for the nine months ended September 30,~~ 2024 ~~and 2023~~.

Table of Contents

When mortgage and SBA loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans.

Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a ~~charge to income to establish a~~ valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If we later determine that all or a portion of the impairment no longer exists for a particular grouping, ~~then~~ a reduction of the ~~valuation~~ allowance may be recorded as an increase to income.

The table below presents the activity in the servicing assets for the periods indicated:

	Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 2023
	March 31, 2025						December 31, 2024						March 31, 2024
	Mortgage			SBA			Mortgage			SBA			Mortgage			SBA
	Loans			Loans			Loans			Loans			Loans			Loans
Servicing assets:	(dollars in thousands)
Beginning of period	$	65,~~054~~656		$	1,~~491~~329		$	65,~~261~~835		$	1,~~533~~421		$	6,~~856~~509		$	1,~~846~~601
Additions		595			1462			86102			4151			~~112~~43			4637
Payoffs		(~~107~~81	)		(273	)		(~~120~~103	)		(2593	)		(82113	)		(~~103~~42	)
Amortization		(~~171~~156	)		(5746	)		(~~173~~178	)		(5850	)		(~~171~~178	)		(6563	)
End of period	$	5,~~835~~424		$	1,~~421~~342		$	65,~~054~~656		$	1,~~491~~329		$	6,~~715~~261		$	1,~~724~~533

	Nine Months Ended
	September 30, 2024						September 30, 2023
	Mortgage			SBA			Mortgage			SBA
	Loans			Loans			Loans			Loans
Servicing assets:	(dollars in thousands)
Beginning of period	$	6,509		$	1,601		$	7,354		$	2,167
Additions		188			92			139			47
Payoffs		(340	)		(94	)		(255	)		(274	)
Amortization		(522	)		(178	)		(523	)		(216	)
End of period	$	5,835		$	1,421		$	6,715		$	1,724

Estimates of the loan servicing asset fair value are derived through a discounted cash flow analysis. Portfolio characteristics include loan delinquency rates, age of loans, note rate and geography. The assumptions embedded in the valuation are obtained from a range of metrics utilized by active buyers in the marketplace. The analysis accounts for recent transactions, and supply and demand within the market.

The ~~estimated~~ fair value of servicing assets for mortgage loans was $1110.07 million and $1211.14 million as of ~~September 30~~March 31, ~~2024~~ 2025 and December 31, ~~2023~~2024. Fair value at ~~September 30~~March 31, ~~2024~~2025 was determined using a discount rate of 11.1915%, average prepayment speed of 87.0477%, depending on the stratification of the specific right, and a weighted-average default rate of 0.0910%. Fair value at December 31, ~~2023~~ 2024 was determined using a discount rate of 11.2316%, average prepayment speed of 7.9152%, depending on the stratification of the specific right, and a weighted-average default rate of 0.10%.

The fair value of servicing assets for SBA loans was $2.53 million and $2.83 million as of ~~September~~March 3031, ~~2024~~ 2025 and December 31, ~~2023~~2024. Fair value at ~~September 30~~March 31, ~~2024~~2025 was determined using a discount rate of 8.5%, average prepayment speed of 1920.4120%, depending on the stratification of the specific right, and a weighted-average default rate of 1.0072%. Fair value at December 31, ~~2023~~ 2024 was determined using a discount rate of 8.5%, average prepayment speed of 17 19.6846%, depending on the stratification of the specific right, and a weighted-average default rate of 0 1.7304%.

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NOTE 6 - GOODWILL AND INTANGIBLES

Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any ~~non-controlling~~noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill resulting from whole bank and branch acquisitions is tested for impairment at least annually during the fourth quarter of each year, and more frequently, if events or circumstances indicate the value of goodwill may be impaired. We completed our most recent evaluation of goodwill as of ~~December 31~~October 1, ~~2023~~2024 and determined that no goodwill impairment existed. Goodwill amounted to $71.5 million at both ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024 and is the only intangible asset with an indefinite life on our consolidated balance ~~sheet~~sheets. There were no triggering events during the three months ~~and nine months~~ ended ~~September 30~~March 31, ~~2024~~ 2025 that caused management to evaluate goodwill for a quantitative impairment analysis as of ~~September 30, 2024.~~March ~~We did not record any adjustments to goodwill during the three months and nine months ended September 30~~31, ~~2024 and September 30, 2023~~2025.

Other intangible assets consist of core deposit intangible ("“CDI"”) assets arising from whole bank and branch acquisitions. CDI assets are amortized on an accelerated method over their estimated useful life of 8 to 10 years. The unamortized balance at ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024 was $21.2 8 million and $2.80 million. CDI amortization expense was $~~200~~172,000, $~~201~~182,000, and $~~236~~201,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, ~~June 30~~December 31, 2024, and ~~September 30, 2023, and $602,000 and $708,000 for the nine~~March ~~months ended September 30~~31, 2024 ~~and 2023~~.

Estimated CDI amortization expense for future years is as follows:

As of September 30, 2024:		CDI Amortization Expense
As of March 31, 2025:	CDI Amortization Expense
	(dollars in thousands)	~~(dollars in thousands)~~
Remainder of 2024	$	183
Remainder of 2025	$	500
2025		672
2026		501
2027		417
2028		297
Thereafter		124
2029		64
Total	$	2,194
Thereafter		60
Total	$	1,839

NOTE 7 - DEPOSITS

At ~~September 30~~March 31, ~~2024~~2025, the scheduled maturities of time deposits are as follows:

$250,000 and under

Greater than $250,000

Total

Time Deposits Maturities Periods:

(dollars in thousands)

One year or less

1978,~~041,989~~000

~~829~~891,~~279~~537

1,~~871~~869,~~268~~537

One year to three years

921,~~665~~609

~~431~~1,264

1022,~~096~~873

Over three years

~~808~~497

300

~~1,108~~797

Total

1,~~052~~000,~~462~~106

~~830~~893,~~010~~101

1,~~882~~893,~~472~~207

Time deposits include deposits acquired through both retail and wholesale channels. Wholesale channels include brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services. Wholesale time deposits totaled $~~147~~158.35 million at ~~September 30~~March 31, ~~2024~~ 2025 and $~~405~~147.6 5 million at December 31, ~~2023~~2024. Brokered time deposits were $88109.65 million at ~~September 30~~March 31, ~~2024~~2025 and $~~254~~93.92 million at December 31, ~~2023~~2024. Collateralized deposits from the State of California totaled $20.0 million at ~~September 30~~March 31, ~~2024~~2025 and $8020.0 million at December 31, ~~2023~~2024. Time deposits acquired through internet listing services totaled $3829.70 million at ~~September~~March 3031, ~~2024~~2025 and $6134.42 million at December 31, ~~2023~~2024.

In addition, we offer retail deposit products where customers are able to achieve FDIC insurance for balances on deposit in excess of the $250,000 FDIC limit through the Certificate of Deposit Account Registry Service (“CDARS”) and Insured Cash Sweeps (“ICS”) programs. Time deposits held through the CDARS program were $~~133~~125.49 million at ~~September~~March 3031, ~~2024~~2025 and $~~135~~130.7 6 million at December 31, ~~2023~~2024. ICS deposits totaled $~~135~~150.59 million at ~~September~~March 3031, ~~2024~~ 2025 and $~~109~~146.2 1 million at December 31, ~~2023~~2024.

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NOTE 8 - LONG-TERM DEBT

In ~~November 2018,~~ March 2021, we issued $55120.0 million of 6 4.1800% fixed-to-floating rate subordinated notes, with aan ~~December~~ April 1, ~~2028~~2031 maturity date (the ~~“2028~~"2031 Subordinated Notes”"). The interest rate ~~was~~is fixed through ~~December~~ April 1, ~~2023~~2026 and ~~was~~is scheduled to float at three-month ~~CME Term~~ SOFR plus ~~applicable tenor spread adjustment of 26 basis points plus~~329 ~~315~~ basis points thereafter. ~~On December~~We 1,can ~~2023,~~redeem ~~we redeemed~~ the ~~2028~~ 2031 Subordinated Notes atbeginning April 1, a2026. ~~redemption~~The ~~price~~2031 ~~equal~~Subordinated toNotes ~~100%~~are ofconsidered ~~the~~Tier ~~principal~~2 ~~amount~~capital ~~plus~~at ~~accrued~~the ~~and unpaid interest~~Company.

~~In March~~ We were ~~2021,~~in wecompliance ~~issued~~with ~~$120.0~~all ~~million~~covenants ofunder ~~4.00%~~the ~~fixed~~long-~~to-floating~~term ~~rate~~debt ~~subordinated~~as ~~notes, with an April~~of March 1 31, ~~2031 maturity date (the “2031 Subordinated Notes”)~~ 2025. ~~The~~We recognized interest ~~rate is fixed through April~~expense of $1.2 million, ~~2026~~ $1.2 ~~and~~million, ~~is scheduled to float~~and $1.2 atmillion ~~three-month~~for ~~SOFR plus 329~~the three ~~basis~~months ~~points thereafter. We can redeem the 2031~~ended March ~~Subordinated~~ 31, 2025, December 31, 2024, ~~Notes beginning April~~and March 1 31, 2024 on ~~2026. The 2031 Subordinated Notes are considered Tier 2 capital at~~ the ~~Company~~subordinated notes.

We were in compliance with all covenants under the long-term debt as of September 30, 2024. We recognized interest expense of $1.3 million, $1.3 million, and $2.2 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, and $3.9 million and $6.6 million for the nine months ended September 30, 2024 and 2023 on the subordinated notes.

The table below presents the long-term debt and unamortized debt issuance costs as of the dates indicated:

	September 30, 2024			December 31, 2023
	March 31, 2025			December 31, 2024
	(dollars in thousands)
Principal	$	120,000		$	120,000
Unamortized debt issuance costs		(~~567~~376	)		(~~853~~471	)
Long-term debt, net of issuance costs	$	119,~~433~~624		$	119,~~147~~529

NOTE 9 - SUBORDINATED DEBENTURES

Subordinated debentures consist of subordinated debentures issued in connection with three separate trust preferred securities and totaled $15.12 million and $1415.92 million as of ~~September 30~~March 31, ~~2024~~ 2025 and December 31, ~~2023~~2024. Under the terms of our subordinated debentures issued in connection with the issuance of trust preferred securities, we are not permitted to declare or pay any dividends on our capital stock if an event of default occurs under the terms of the long-term debt. In addition, we have the option to defer interest payments on the subordinated debentures from time to time for a period not to exceed five consecutive years. The subordinated debentures may be included in Tier 1 capital (with certain limitations applicable) under current regulatory guidelines and interpretations. We may redeem the subordinated debentures, subject to prior approval by the Board of Governors of the Federal Reserve System at 100% of the principal amount, plus accrued and unpaid interest. These subordinated debentures consist of the following at ~~September 30~~March 31, ~~2024~~ 2025 and are described in detail after the table below:

Issue Date

Principal Amount

Unamortized Valuation Reserve

Recorded Value

Stated Rate Description

~~September~~March 3031, ~~2024~~2025 Effective Stated Rate

Stated Maturity

Subordinated debentures:

(dollars in thousands)

TFC Trust

December 22, 2006

5,155

1,~~121~~075

4,~~034~~080

Three-month CME Term SOFR plus 0.26% (a) plus 1.65%,

6.8621

March 15, 2037

FAIC Trust

December 15, 2004

7,217

~~784~~746

6,~~433~~471

Three-month CME Term SOFR plus 0.26% (a) plus 2.25%

76.4681

December 15, 2034

PGBH Trust

December 15, 2004

5,155

~~520~~495

4,~~635~~660

Three-month CME Term SOFR plus 0.26% (a) plus 2.10%

76.3166

December 15, 2034

Total

17,527

2,~~425~~316

15,~~102~~211

(a) Represents applicable tenor spread adjustment when the original LIBOR index was discontinued on September 30, 2023.

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In 2016, we acquired TFC Statutory Trust (the “TFC Trust”) through the acquisition of Tomato Bank and its holding company, TFC Holding Company. TFC Trust issued 5,000 fixed-to-floating rate capital securities with an aggregate liquidation amount of $5.0 million to an independent investor, and all of its common securities, with an aggregate liquidation amount of $155,000. TFC issued $5 million of subordinated debentures to TFC Trust in exchange for ownership of all of the common securities of TFC Trust and the proceeds of the preferred securities sold by TFC Trust. We are not considered the primary beneficiary of TFC Trust (variable interest entity), therefore TFC Trust is not consolidated in our financial statements, but rather the subordinated debentures are shown as a liability. We also purchased an investment in the common stock of TFC Trust for $155,000, which is included in other assets. At the close of this acquisition, a $1.9 million valuation reserve was recorded to arrive at its fair market value, which is treated as a yield adjustment and amortized over the life of the security. The unamortized valuation reserve was $1.1 million at ~~September 30~~March 31, ~~2024~~2025 and $1.21 million at December 31, ~~2023~~2024. The subordinated debentures have a variable rate of interest equal to three-month CME Term SOFR plus applicable tenor spread adjustment of 0.26% plus 1.65%, which was 6.8621% as of ~~September 30~~March 31, ~~2024~~2025 and 76.3027% at December 31, ~~2023~~2024.

In October 2018, we acquired First American International Statutory Trust I (“FAIC Trust”) through the acquisition of First American International Corp. (“FAIC”). FAIC Trust issued 7,000 units of 30-year fixed-to-floating rate capital securities with an aggregate liquidation amount of $7.0 million to an independent investor, and all of its common securities, with an aggregate liquidation amount of $217,000. We are not considered the primary beneficiary of FAIC Trust (variable interest entity), therefore FAIC Trust is not consolidated in our financial statements, but rather the subordinated debentures are shown as a liability. We purchased an investment in the common stock of FAIC Trust for $217,000, which is included in other assets. At the close of this acquisition, a $1.2 million valuation reserve was recorded to arrive at its fair market value, which is treated as a yield adjustment and amortized over the life of the security. The unamortized valuation reserve was $~~784~~746,000 at ~~September 30~~March 31, ~~2024~~2025 and $~~842~~765,000 at December 31, ~~2023~~2024. The subordinated debentures have a variable rate of interest equal to three-month CME Term SOFR plus applicable tenor spread adjustment of 0.26% plus 2.25%, which was 76.4681% as of ~~September 30~~March 31, ~~2024~~2025 and 76.9087% at December 31, ~~2023~~2024.

In January 2020, we acquired Pacific Global Bank Trust I (“PGBH Trust”) through the acquisition of PGB Holdings, Inc. ~~PGBH~~ Trust issued 5,000 units of fixed-to-floating rate capital securities with an aggregate liquidation amount of $5 million to an independent investor, and all of its common securities, with an aggregate liquidation amount of $155,000. We are not considered the primary beneficiary of PGBH Trust (variable interest entity), therefore PGBH Trust is not consolidated in our financial statements, but rather the subordinated debentures are shown as a liability. We purchased an investment in the common stock of PGBH Trust for $155,000, which is included in other assets. At the close of this acquisition, a $763,000 valuation reserve was recorded to arrive at its fair market value, which is treated as a yield adjustment and amortized over the life of the security. The unamortized valuation reserve was $~~520~~495,000 at ~~September 30~~March 31, ~~2024~~2025 and $~~559~~507,000 at December 31, ~~2023~~2024. The subordinated debentures have a variable rate of interest equal to three-month CME Term SOFR plus applicable tenor spread adjustment of 0.26% plus 2.10%, which was 76.3166% as of ~~September 30~~March 31, ~~2024~~2025 and 76.7572% at December 31, ~~2023~~2024.

We recorded interest expense of $~~386~~282,000, $~~383~~310,000, and $~~385~~329,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, ~~June 30~~December 31, 2024, and ~~September~~March 3031, ~~2023, and $1.2 million and $1.1 million for the nine months ended September 30,~~ 2024 ~~and 2023~~ on the subordinated debentures. The aggregate amount of amortization expense was $55,000 for each of the three months ended ~~September 30~~March 31, ~~2024~~2025, ~~June 30~~December 31, 2024, and ~~September 30, 2023, and $164,000 for each of the nine months ended September~~March 3031, 2024 ~~and 2023~~.

For regulatory reporting purposes, the Federal Reserve has indicated that the capital or trust preferred securities qualify as Tier 1 capital of the Company subject to previously specified limitations (including that the asset size of the issuer did not exceed $15 billion), until further notice. If regulators make a determination that the capital securities can no longer be considered in regulatory capital, the securities become callable and we may redeem them.

NOTE 10 - BORROWING ARRANGEMENTS

We have established secured and unsecured lines of credit. We may borrow funds from time to time on a term or overnight basis from the Federal Home Loan Bank of San Francisco (“FHLB”), the Federal Reserve Bank of San Francisco (“FRB”) and other financial institutions as indicated below.

FHLB Secured Line of Credit and Advances. At ~~September 30~~March 31, ~~2024~~2025, we had a secured borrowing capacity with the FHLB of $~~966~~1.71 ~~million~~billion collateralized by pledged residential and commercial loans with a carrying value of $1.3 5 billion. At ~~September 30~~March 31, ~~2024~~2025, we had ~~no overnight advances and~~ $~~200~~30.0 million of ~~advances,~~ ofovernight ~~which~~advances ~~$150~~at ~~million had an original term of five years,~~ a ~~maturity date in the first quarter of 2025, and an average fixed~~ rate of 14.1865%~~. A~~ ~~putable~~and ~~advance of~~ $50130.0 million ~~was~~of ~~executed~~putable ~~on September~~term ~~30,~~advances ~~2024~~ with avarious ~~four~~call ~~year~~dates ~~final~~at ~~maturity with~~the ~~a one-time~~ option ~~for~~of the FHLB. ~~to call the debt~~The ~~after~~weighted aaverage ~~one-year lock out period and prepayment symmetry at a~~ rate of ~~3.42%. We~~the ~~recognized interest on FHLB~~term advances ~~of $453,000, $439,000, and $440,000~~was ~~for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, and $1.~~3 ~~million and $2~~.~~4 million~~52% ~~for~~as ~~the nine months ended~~of ~~September~~March 3031, ~~2024 and 2023~~2025.

~~FRB~~The ~~Secured~~details ~~Line~~ of ~~Credit. At September 30, 2024, we had secured borrowing capacity with~~ the ~~FRB~~FHLB ofterm ~~$47.0~~advances ~~million collateralized~~outstanding byat March ~~pledged~~31, ~~loans~~2025 ~~with~~are ashown ~~carrying~~in ~~value~~the oftable ~~$63.6 million.~~below:

Advance Date	*Amount*		*Rate*			*Structure*	*Next Call Date*	*Final Stated Maturity Date*
	*(dollars in thousands)*
3/12/2025	$	20,000		3.34	%	Quarterly call, 3 month initial lock out	6/12/2025	3/12/2029
3/14/2025	$	20,000		3.81	%	1 time call, 3 month initial lock out	6/17/2025	3/17/2031
3/12/2025	$	20,000		3.72	%	1 time call, 6 month initial lock out	9/12/2025	3/12/2031
3/14/2025	$	20,000		3.49	%	Quarterly call, 6 month initial lock out	9/15/2025	3/15/2029
9/30/2024	$	50,000		3.42	%	1 time call, 1 year initial lock out	9/29/2025	9/29/2028
Total	$	130,000		3.52	%

FRB Secured Line of Credit. At March 31, 2025, we had secured borrowing capacity with the FRB of $59.7 million collateralized by pledged loans with a carrying value of $79.7 million.

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Federal Funds Arrangements with Commercial Banks. At ~~September 30~~March 31, ~~2024~~2025, we ~~had borrowing capacity of $92.0 million~~ may ~~from~~borrow ~~other financial institutions, of which $80.0 million was~~ on an unsecured basis, ~~and~~up to $1297.0 ~~million~~ ~~was~~million ~~collateralized~~from byother ~~investment~~financial ~~securities with fair market value of $20~~institutions.~~5 million.~~

There were no amounts outstanding under any of the other borrowing arrangements above as of ~~September 30~~March 31, ~~2024~~2025, except the FHLB overnight advances of $~~150~~30.0 million ~~maturing~~and interm ~~the~~advances ~~first quarter~~ of ~~2025 and~~ $50130.0 million ~~maturing in the third quarter of 2028~~.

NOTE 11 - INCOME TAXES

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

We recorded an income tax provision of $~~2.6 million~~900,000, $~~2.5 million~~672,000, and $3.62 million, reflecting an effective tax rate of 2628.92%, 2513.93%, and 2928.98% for the three months ended ~~September 30~~March 31, ~~2024~~2025, ~~June 30~~December 31, 2024, and ~~September 30~~March 31, ~~2023, and $8~~2024.3 ~~million~~The ~~and~~increase ~~$12.8 million,~~in ~~reflecting~~the an effective tax rate for the first quarter of ~~27.2%~~2025 ~~and~~from ~~29.6%~~the fourth quarter of 2024 was due in part to lower tax credits combined with higher estimated pre-tax net income for the ~~nine months~~full ~~ended September 30,~~year ~~2024~~of ~~and~~2025 ~~2023~~as compared to the prior quarter.

NOTE 12 - COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, we enter into financial commitments to meet the financing needs of our customers. These financial commitments include commitments to extend credit, unused lines of credit, commercial and similar letters of credit and standby letters of credit. Those instruments involve to varying degrees of credit and interest rate risk not recognized in our financial statements.

Our exposure to loss in the event of nonperformance on these financial commitments is represented by the contractual amount of those instruments. We use the same credit policies in making commitments as we do for loans reflected in the financial statements.

At ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024, we had the following financial commitments whose contractual amount represents credit risk:

	September 30,		December 31,
	March 31,		December 31,
	2024		2023
	2025		2024
	(dollars in thousands)
Commitments to make loans	$	8155,~~263~~578	$	7784,~~844~~241
Unused lines of credit		9490,~~783~~016		~~106~~85,~~315~~580
Commercial and similar letters of credit		21,~~952~~518		32,~~904~~393
Standby letters of credit		35,~~353~~187		23,~~687~~293
Total	$	~~182~~152,~~351~~299	$	~~190~~175,~~750~~507

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many of the commitments are expected to expire without being drawn upon, the total amounts do not necessarily represent future cash requirements. We evaluate each client's creditworthiness on a case-by-case basis.

We record a liability for lifetime expected losses on off-balance-sheet credit exposure that does not fit the definition of unconditionally cancelable in accordance with ASC 326. We use the loss rate and exposure at default framework to estimate a reserve for unfunded commitments. Loss rates for the expected funded balances are determined based on the associated pooled loan analysis loss rate and the exposure at default is based on an estimated utilization given default. The reserve for off-balance sheet commitments was $~~779~~629,000 and $~~640~~729,000 as of ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024. We recorded a reversal of the provision for unfunded loan commitments of $~~155~~100,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, a reversal of the provision for unfunded loan commitments of $4750,000 for the three months ended ~~June 30~~December 31, 2024, and a ~~reversal of the~~ provision for unfunded loan commitments of $~~145~~31,000 for the three months ended ~~September 30,~~March ~~2023. We recorded the provision for unfunded loan commitments of $139~~31,~~000 for the nine months ended September 30, 2024, and a reversal of the provision for~~ ~~unfunded loan commitments of $504,000 for the nine months ended September 30, 2023~~2024.

In addition, we invest in various affordable housing partnerships and Small Business Investment Company ~~("SBIC")~~ funds. Pursuant to these investments, we commit to an investment amount to be fulfilled in future periods. Such unfunded commitments totaled $65.7 million as of ~~September~~March 3031, ~~2024~~ 2025 and $35.37 million as of December 31, ~~2023~~2024.

We are involved in various matters of litigation which have arisen in the ordinary course of business and accruals for estimates of potential losses have been provided when necessary and appropriate under generally accepted accounting principles. In the opinion of management, the disposition of such pending litigation will not have a material effect on the Company's consolidated financial statements.

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NOTE 13 - LEASES

We lease several of our operating facilities under various non-cancellable operating leases expiring at various dates through 2037. We are also responsible for common area maintenance, taxes, and insurance at the various branch locations.

Future minimum rent payments on our leases were as follows as of the date indicated:

		As of September 30, 2024
	As of March 31, 2025
	(dollars in thousands)	~~(dollars in thousands)~~
Remainder of 2024	$	963
Remainder of 2025	$	3,916
2025		5,800
2026		5,843
2026		5,837
2027		5,747
2027		5,742
2028		4,830
2028		4,824
2029		2,663
Thereafter		108,~~938~~282
Total future minimum lease payments	$	3431,~~104~~281
Less amount of payment representing interest		(32,~~224~~798	)
Total present value of lease payments	$	3028,~~880~~483

The minimum rent payments shown above are given for the existing lease obligation and are not a forecast of future rental expense. Total rental expense, recognized on a straight-line basis, was $1.4 5 million , $1.5 million, and $1.54 million for the three months ended ~~September~~March 3031, ~~2024~~2025, ~~June 30~~December 31, 2024, and ~~September 30, 2023 and $4.4~~March ~~million and $4.3 million for the nine months ended September 30~~31, 2024 ~~and 2023~~. The Company received rental income of $~~157~~158,000 , $~~152~~158,000, and $~~144~~146,000 for the three months ended ~~September 30~~March 31, ~~2024~~2025, ~~June 30~~December 31, 2024, and ~~September 30, 2023, and $454,000 and $425,000 for~~March ~~the nine months ended September 30~~31, 2024 ~~and 2023~~.

The following table presents the right-of-use ("“ROU"”) assets and lease liabilities recorded on our consolidated balance sheet, the weighted-average remaining lease terms and discount rates, as of the dates indicated:

	September 30,			December 31,
	March 31,			December 31,
	2024			2023
	2025			2024
Operating Leases	(dollars in thousands)
ROU assets	$	2926,~~283~~779		$	2928,~~803~~048
Lease liabilities		3028,~~880~~483			3129,~~191~~705
Weighted-average remaining lease term (in years)		6.8446			76.6365
Weighted-average discount rate		2.8086	%		12.7283	%

NOTE 14 - RELATED PARTY TRANSACTIONS

There were no loans or outstanding loan commitments to any principal officers or directors, or any of their affiliates at ~~September 30~~March 31, ~~2024~~ 2025 and December 31, ~~2023~~2024.

Deposits from principal officers, directors, and their affiliates at ~~September 30~~March 31, ~~2024~~2025 and December 31, ~~2023~~2024 were $3019.61 million and $2532.75 million.

Certain directors and their affiliates own $6.0 million of RBB's subordinated debentures as of ~~September 30~~March 31, ~~2024~~ 2025 and December 31, ~~2023~~2024.

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NOTE 15 - STOCK-BASED COMPENSATION

RBB Bancorp 2010 Stock Option Plan and 2017 Omnibus Stock Incentive Plan

Under the RBB Bancorp 2010 Stock Option Plan (the “2010 Plan”), we were permitted to grant awards to eligible persons in the form of qualified and non-qualified stock options. We reserved up to 30% of the issued and outstanding shares of common stock as of the date we adopted the 2010 Plan, or 3,494,478 shares, for issuance under the 2010 Plan. Following receipt of shareholder approval of the 2017 Omnibus Stock Incentive Plan (the “OSIP”) in May 2017, no additional grants were made under the 2010 Plan. The 2010 Plan has been terminated and options that were granted under the 2010 Plan have become subject to the OSIP. Awards that were granted under the 2010 Plan will remain exercisable pursuant to the terms and conditions set forth in individual award agreements, but such awards will be assumed and administered under the OSIP. The 2010 Plan award agreements allow for acceleration of exercise privileges of grants upon occurrence of a change in control of the Company. If a participant’s job is terminated for cause, then all unvested awards expire at the date of termination.

Amended and Restated RBB Bancorp 2017 Omnibus Stock Incentive Plan

The Amended and Restated RBB Bancorp 2017 Omnibus Stock Incentive Plan (the "Amended OSIP") was approved by our board of directors in January 2019 and approved by our shareholders in May 2022. The Amended OSIP was designed to ensure continued availability of equity awards that will assist us in attracting and retaining competent managerial personnel and rewarding key employees, directors and other service providers for high levels of performance. Pursuant to the Amended OSIP, our board of directors are allowed to grant awards to eligible persons in the form of qualified and non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights and other incentive awards. We reserved up to 30% of issued and outstanding shares of common stock as of the date we adopted the Amended OSIP, or 3,848,341 shares. As of ~~September~~March 3031, ~~2024~~2025, there were 1,~~004~~000,~~658~~392 shares of common stock available for issuance under the Amended OSIP. This represents 5.76% of the issued and outstanding shares of our common stock as of ~~September~~March 3031, ~~2024~~2025. Awards vest, become exercisable and contain such other terms and conditions as determined by the board of directors and set forth in individual agreements with the employees receiving the awards. The Amended OSIP enables the board of directors to set specific performance criteria that must be met before an award vests. The Amended OSIP allows for acceleration of vesting and exercise privileges of grants if a participant’s termination of employment is due to a change in control, death or total disability. If a participant’s job is terminated for cause, then all awards expire at the date of termination.

Stock Options

Compensation expense for stock options was $14,000, $14,000, and $5921,000 for the three months ended ~~September~~March 3031, ~~2024~~2025, ~~June~~December 3031, 2024, and ~~September~~March 3031, ~~2023, and $49,000 and $190,000 for the nine months ended September 30,~~ 2024 ~~and 2023~~. Unrecognized stock-based compensation expense related to options was $~~131~~104,000 and $~~179~~117,000 as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024. Unrecognized compensation expense related to stock options, as of ~~September~~March 3031 ~~2024~~2025, is expected to be recognized over the next 2.51 years.

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The table below summarizes the assumptions and grant date fair value for stock options granted in March 2023. No stock options have been granted after March 31, 2023.

	March 2023
	At March 2023
Expected volatility		28.4	%
Expected term (years)		8.0
Expected dividends		2.92	%
Risk free rate		4.27	%
Grant date fair value	$	5.49

The expected volatility is based on the historical volatility of our stock trading history. The expected term is based on historical data and represents the estimated average period of time that the options remain outstanding. The risk-free rate of return reflects the grant date interest rate offered for zero coupon U.S. Treasury bonds over the expected term of the options.

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The table below presents a summary of our stock options awards and activity as of and for the ~~nine~~ three months ended ~~September~~March 3031, ~~2024~~2025.

	Outstanding Options			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term in years		Aggregate Intrinsic Value
	(dollars in thousands, except for per share data)
Outstanding at beginning of year		~~397~~174,~~903~~500		$	1718.6129
Exercised		(85,250	)		15.33
Outstanding at end of period		174,500		$	18.29		4.79	$	29
Forfeited/cancelled		(111,153	)		17.75
Options exercisable		153,167		$	17.88		4.39	$	29
Outstanding at end of period		201,500		$	18.49		5.43	$	913
Options exercisable		174,167		$	18.06		5.00	$	863

The total fair value of the shares vested was ~~$652,000~~none and $~~643~~630,000 during the ~~nine~~ three months ended ~~September~~March 3031, ~~2024~~2025, and ~~2023~~2024. Unvested stock options totaled 2721,333, 6521,~~671~~333, and ~~101~~30,~~671~~666 with a weighted average grant date fair value of $6.0502, $46.9902, and $5.2197, respectively, as of ~~September~~March 3031, ~~2024~~2025, December 31, ~~2023~~2024, and ~~September 30~~March 31, ~~2023~~2024. ~~The~~No stock ~~decrease~~options ofvested and ~~unvested~~none ~~stock~~were ~~options~~exercised during the ~~nine~~ three months ended ~~September~~March 3031, ~~2024 was due to 28,337 stock options vested with a weighted average grant date stock price of $18~~2025.~~18, and 10,001 exercised with a weighted average grant date fair value of $17.74.~~

Cash received from the exercise of 1641,000 stock options was $~~307~~541,000 ~~for~~ ~~the three months ended September 30, 2024 and no stock options were exercised~~ for the three months ended ~~September 30,~~March ~~2023. The intrinsic value of options exercised was $55~~31,~~000 for~~ ~~the three months ended September 30,~~ 2024. ~~Cash~~ received from the exercise of 85,250 stock options was $1.3 million for the nine months ended September 30, 2024 and cash received from the exercise of 9,153 stock options was $159,000 for the nine months ended September 30, 2023. The intrinsic value of options exercised was $~~316~~179,000 ~~and~~ ~~$25,000~~ for the ~~nine~~three months ended ~~September~~March 3031, 2024 ~~and 2023~~.

Restricted Stock Units

We award time-based restricted stock units (“TRSUs”) and performance-based restricted stock units (“PRSUs”), which we also refer to collectively as restricted stock units (“RSUs”). ~~We granted 138,668 RSUs during the nine months ended September 30, 2024, with a weighted average price of $18.37.~~ The ~~RSUs granted during the nine months ended September 30, 2024 included 31,270~~ PRSUs ~~with an estimated fair value as of the March 20, 2024 grant date of $19.13 and~~ are subject to pre-established performance metrics with market conditions that will be measured in the future and subject to oversight and approval by the Board of Director’s Compensation Committee. The TRSUs have original lives ranging from 1 to 4 years and PRSUs have an original life of 3 years. As of ~~September~~March 3031, ~~2024~~2025, there were ~~140~~114,~~475~~762 unvested RSUs outstanding. We granted 4,266 TRSUs during the three months ended March 31, 2025, with a weighted average price of $17.58.

The recorded compensation expense for RSUs was $~~250~~242,000, $~~371~~254,000, and $84118,000 for the three months ended ~~September~~March 3031, ~~2024~~2025, ~~June~~December 3031, 2024, and ~~September~~March 3031, ~~2023, and $740,000 and $420,000 for the nine months ended September 30,~~ 2024 ~~and 2023~~. Unrecognized stock-based compensation expense related to RSUs was $2.1.6 million and $~~422,000~~2.1 million as of ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024. As of ~~September~~March 3031, ~~2024~~2025, unrecognized stock-based compensation expense related to RSUs is expected to be recognized over the next 2.52 years.

The following table presents RSUs activity during the ~~nine~~ three months ended ~~September~~March 3031, ~~2024~~2025.

				Weighted-Average
				Grant Date
	RSUs			Fair Value Per Share
Outstanding at beginning of year		43140,~~160~~475		$	18.8933
Granted		~~138~~4,~~668~~266			1817.3758
Vested		(4129,~~353~~979	)		19.0517
Outstanding at end of period		~~140~~114,~~475~~762		$	18.3308

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NOTE 16 - REGULATORY MATTERS

Holding companies (with assets over $3 billion at the beginning of the year) and banks are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on our financial statements.

Final comprehensive regulatory capital rules for U.S. banking organizations pursuant to the capital framework of the Basel Committee on Banking Supervision, generally referred to as “Basel III,” implemented a requirement for all banking organizations to maintain a capital conservation buffer of 2.5% above the minimum risk-based capital requirements~~, which fully phased in by January 1, 2019~~. The capital conservation buffer is exclusively comprised of common equity Tier 1 capital, and it applies to each of the three risk-based capital ratios but not to the leverage ratio. At ~~September~~March 3031, ~~2024~~2025, the Company and the Bank were in compliance with the capital conservation buffer requirements. If the capital adequacy minimum ratios plus the phased-in conservation buffer amount exceed actual risk-weighted capital ratios, then dividends, share buybacks, and discretionary bonuses to executives could be limited in amount.

Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1 and CET1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). As permitted by the regulators for financial institutions that are not deemed to be “advanced approaches” institutions, ~~the Company has~~ we have elected to opt out of the Basel III requirement to include accumulated other comprehensive income in risk-based capital. Management believes, at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, ~~RBB and the Bank~~ we satisfied all capital adequacy requirements to which ~~they~~ we were subject.

The following tables set forth RBB’s consolidated and the Bank’s capital amounts and ratios and related regulatory requirements as of the dates indicated:

						Amount of Capital Required
											To Be Well-Capitalized
						Minimum Required for					Under Prompt Corrective
	Actual					Capital Adequacy Purposes					Provisions
	Amount		Ratio			Amount		Ratio (1)			Amount		Ratio
As of September 30, 2024:	(dollars in thousands)
As of March 31, 2025:	(dollars in thousands)
Tier 1 Leverage Ratio
Consolidated	$	~~467~~469,~~293~~431		12.1907	%	$	~~153~~155,~~356~~548		4.0	%	$	~~191~~194,~~695~~435		5.0	%
Bank		~~543~~553,~~745~~969		14.1927	%		~~153~~155,~~261~~271		4.0	%		~~191~~194,~~576~~088		5.0	%
Common Equity Tier 1 Risk-Based Capital Ratio
Consolidated	$	~~452~~454,~~644~~676		1817.1687	%	$	~~112~~114,~~168~~470		4.5	%	$	~~162~~165,~~021~~346		6.5	%
Bank		~~543~~553,~~745~~969		21.84	%		~~112~~114,~~033~~161		4.5	%		~~161~~164,~~826~~899		6.5	%
Tier 1 Risk-Based Capital Ratio
Consolidated	$	~~467~~469,~~293~~431		18.7545	%	$	~~149~~152,~~558~~627		6.0	%	$	~~199~~203,~~410~~503		8.0	%
Bank		~~543~~553,~~745~~969		21.84	%		~~149~~152,~~377~~214		6.0	%		~~199~~202,~~170~~953		8.0	%
Total Risk-Based Capital Ratio
Consolidated	$	~~618~~621,~~048~~109		24.8042	%	$	~~199~~203,~~410~~503		8.0	%	$	~~249~~254,~~263~~378		10.0	%
Bank		~~575~~585,~~030~~938		23.10	%		~~199~~202,~~170~~953		8.0	%		~~248~~253,~~962~~691		10.0	%

(1) These ratios are exclusive of the 2.5% capital conservation buffer.

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						Amount of Capital Required
											To Be Well-Capitalized
						Minimum Required for					Under Prompt Corrective
	Actual					Capital Adequacy Purposes					Provisions
	Amount		Ratio			Amount		Ratio (1)			Amount		Ratio
As of December 31, 2023:	(dollars in thousands)
As of December 31, 2024:	(dollars in thousands)
Tier 1 Leverage Ratio
Consolidated	$	~~472~~469,~~152~~785		11.9992	%	$	157,~~526~~660		4.0	%	$	~~196~~197,~~907~~075		5.0	%
Bank		~~535~~549,~~952~~889		13.6296	%		157,~~454~~529		4.0	%		196,~~818~~912		5.0	%
Common Equity Tier 1 Risk Based Capital Ratio
Consolidated	$	~~457~~455,~~214~~084		1917.0794	%	$	~~107~~114,~~886~~133		4.5	%	$	~~155~~164,~~836~~859		6.5	%
Bank		~~535~~549,~~952~~889		2221.4174	%		~~107~~113,~~598~~843		4.5	%		~~155~~164,~~419~~440		6.5	%
Tier 1 Risk-Based Capital Ratio
Consolidated	$	~~472~~469,~~152~~785		1918.6952	%	$	~~143~~152,~~849~~178		6.0	%	$	~~191~~202,~~798~~903		8.0	%
Bank		~~535~~549,~~952~~889		2221.4174	%		~~143~~151,~~464~~791		6.0	%		~~191~~202,~~285~~388		8.0	%
Total Risk-Based Capital Ratio
Consolidated	$	621,~~423~~225		2524.9249	%	$	~~191~~202,~~798~~903		8.0	%	$	~~239~~253,~~748~~629		10.0	%
Bank		~~565~~581,~~997~~720		2322.6799	%		~~191~~202,~~285~~388		8.0	%		~~239~~252,~~106~~985		10.0	%

(1) These ratios are exclusive of the 2.5% capital conservation buffer.

The California Financial Code generally acts to prohibit banks from making a cash distribution to its shareholders in excess of the lesser of the bank's undivided profits or the bank's net income for its last three fiscal years less the amount of any distribution made by the bank's shareholders during the same period.

The California General Corporation Law generally acts to prohibit companies from paying dividends on common stock unless retained earnings, immediately prior to the dividend payment, equals or exceeds the amount of the dividend. If a company fails this test, then it may still pay dividends if after giving effect to the dividend the company's assets are at least 125% of its liabilities.

Additionally, the Federal Reserve has issued guidance which requires that they be consulted before payment of a dividend if a ~~financial~~ bank holding company does not have earnings over the prior four quarters of at least equal to the dividend to be paid, plus other holding company obligations.

NOTE 17 - FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

In accordance with ASC 820-10, we group financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

Fair Value Hierarchy

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, volatilities, etc.) or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market.

Level 3 - Valuation is generated from model-based techniques where one or more significant inputs are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of matrix pricing, discounted cash flow models, and similar techniques.

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Assets and Liabilities Measured at Fair Value on a Recurring Basis

Securities:

The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1) or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2).

Interest Rate Lock Contracts and Forward Mortgage Loan Sale Contracts:

The fair values of interest rate lock contracts and forward mortgage loan sale contracts are determined by loan lock-in rate, loan funded rate, market interest rate, fees to be collected from the borrower, fees and costs associated with the origination of the loan, expiration timing, sale price, and the value of the retained servicing. We classified these derivatives as level 3 due to management’s estimate of market rate, cost and expiration timing on these contracts.

Assets and Liabilities Measured on a Non-Recurring Basis

Collateral-dependent individually evaluated loans:

Collateral-dependent individually evaluated loans are carried at fair value when it is probable that we will be unable to collect all amounts due according to the contractual terms of the original loan agreement and the loan has been written down to the fair value of its underlying collateral, net of expected selling costs.

The fair value of collateral-dependent individually evaluated loans is based on third party appraisals of the property, less management’s estimate of selling costs. Third party appraisals generally use a sales comparison or income capitalization approach to derive the appraised value based on market transactions involving similar or comparable properties. Adjustments are routinely made by the third party appraisers to adjust for differences between the comparable sales and income data used in the appraisal. Adjustments may also result from the consideration of relevant economic and demographic factors which may affect property values. Positive adjustments in the appraisal represent increases to the sales comparisons and negative adjustments represent decreases.

Other Real Estate Owned ("OREO"):

OREO is initially recorded at fair value less estimated selling costs at the date of transfer. This amount becomes the property's new basis. ~~In cases where the carrying amount exceeds the fair value less estimated selling costs at the time of transfer, the difference is charged to the ACL.~~ Fair values are generally based on third party appraisals of the property and discounted by management to reflect ~~an expectation of the amount to be ultimately collected after foreclosure and~~ estimated selling costs (Level 3).

Appraisals for OREO and collateral-dependent loans are performed by state licensed appraisers (for commercial properties) or state certified appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by us. ~~A member~~We of review the ~~credit administration department reviews the~~ assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison to independent data sources such as recent market data or industry wide statistics for residential appraisals. We also ~~compare~~consider the actual selling price of collateral that has been sold toin ~~the~~recent ~~most~~periods ~~recently appraised value~~ to determine what additional adjustments, if any, should be made to the appraisal values ~~on any remaining OREO~~ to arrive at fair value. In determining the net realizable value of the underlying collateral for individually evaluated loans and OREO, we discount the valuation to cover both market price fluctuations and selling costs, typically ranging from 6% to 10% of the collateral value, that may be incurred in the event of foreclosure. IfGenerally, if the existing appraisal is older than twelve months for OREO or collateral-dependent loans, a new appraisal report is ordered.

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The following table presents our financial assets and liabilities measured at fair value on a recurring basis or on a non-recurring basis as of the dates indicated:

	Fair Value Measurements Using:
September 30, 2024	Level 1		Level 2		Level 3		Total
March 31, 2025	Level 1		Level 2		Level 3		Total
Assets measured at fair value:	(dollars in thousands)
On a recurring basis:
Securities available for sale
Government agency securities	$	—	$	619,~~459~~968	$	—	$	619,~~459~~968
SBA agency securities		—		2625,~~930~~571		—		2625,~~930~~571
Mortgage-backed securities		—		3659,~~444~~815		—		3659,~~444~~815
Collateralized mortgage obligations		—		~~170~~194,~~110~~360		—		~~170~~194,~~110~~360
Commercial paper		—		2437,~~513~~440		—		2437,~~513~~440
Corporate debt securities		—		3132,~~732~~096		—		3132,~~732~~096
Municipal securities		—		98,~~478~~938		—		98,~~478~~938
Equity securities (1)		—		—		23,161		23,161
Interest rate lock contracts (1)		—		—		10		10
Interest rate lock contracts (1)		—		—		23		23
	$	—	$	378,188	$	10	$	378,198
Forward mortgage loan sale contracts (1)		—		—		10		10
	$	—	$	305,666	$	23,194	$	328,860
On a non-recurring basis:
Collateral dependent individually evaluated loans:
Construction and land development loans	$	—	$	—	$	820,~~996~~750	$	820,~~996~~750
Commercial real estate loans (2)		—		—		16,772		16,772
Commercial real estate loans		—		—		3,070		3,070
	$	—	$	—	$	25,768	$	25,768
Other real estate owned (1)		—		—		4,954		4,954
	$	—	$	—	$	28,774	$	28,774

(1) Included in “Accrued interest and other assets” on the consolidated balance sheets.

(2) Collateral includes CRE and a SFR.

December 31, 2024	*Level 1*		*Level 2*		*Level 3*		*Total*
Assets measured at fair value:
On a recurring basis:
Securities available for sale
Government agency securities	$	—	$	21,042	$	—	$	21,042
SBA agency securities		—		26,764		—		26,764
Mortgage-backed securities		—		55,677		—		55,677
Collateralized mortgage obligations		—		197,132		—		197,132
Commercial paper		—		78,685		—		78,685
Corporate debt securities		—		31,815		—		31,815
Municipal securities		—		9,075		—		9,075
	$	—	$	420,190	$	—	$	420,190
On a non-recurring basis:
Collateral dependent individually evaluated loans:
Construction and land development loans	$	—	$	—	$	30,676	$	30,676
Commercial real estate loans		—		—		4,751		4,751
SBA loans		—		—		66		66
	$	—	$	—	$	35,493	$	35,493

December 31, 2023	Level 1		Level 2		Level 3		Total
Assets measured at fair value:
On a recurring basis:
Securities available for sale
Government agency securities	$	—	$	8,161	$	—	$	8,161
SBA agency securities		—		13,217		—		13,217
Mortgage-backed securities		—		34,652		—		34,652
Collateralized mortgage obligations		—		149,626		—		149,626
Commercial paper		—		73,105		—		73,105
Corporate debt securities		—		30,691		—		30,691
Municipal securities		—		9,509		—		9,509
Equity securities (1)		—		—		23,392		23,392
Interest rate lock contracts (1)		—		—		32		32
Forward mortgage loan sale contracts (1)		—		—		14		14
	$	—	$	318,961	$	23,438	$	342,399
On a non-recurring basis:
Collateral dependent individually evaluated loans:
Commercial real estate loans	$	—	$	—	$	10,209	$	10,209
SBA loans		—		—		1,148		1,148
	$	—	$	—	$	11,357	$	11,357

The fair value of assets evaluated on a non-recurring basis is based on third party appraisals, including adjustments to comparable market data as summarized in the table below.

(1) Included in “Accrued interest and other assets” on the consolidated balance sheets.

March 31, 2025	*Fair Value*		*Valuation Techniques*	*Unobservable Input(s)*	*Range*
Collateral dependent loans:	*(dollars in thousands)*
Construction and land development loans	$	20,750	Market approach	Adjustments ⁽¹⁾		9% to 23%
Commercial real estate loans		3,070	Market approach	Adjustments ⁽¹⁾		(41%) to 4%
Other Real Estate Owned ⁽²⁾		4,954	Market approach	Adjustments ⁽¹⁾		(10%) to 21%
Total	$	28,774

~~During the three months ended September 30, 2024, there were partial charge-offs of $~~(1~~.2 million,~~) ~~and~~Represents ~~specific~~the ~~reserves~~minimum ~~of $2.5 million~~ and ~~partial~~maximum ~~charge-offs~~range of ~~$1.8 million,~~adjustments ~~and~~made ~~specific~~by ~~reserves~~appraisers ~~of $2.5 million~~ for ~~the~~differences ~~nine~~in months ended September 30, 2024 for collateral-dependent individually evaluated loans. These loans had an aggregate fair value of $25.8 million as of September 30, 2024. The fair value is based on third party appraisals, including adjustments to comparable ~~market data as summarized in the table below~~sales.

September 30, 2024	Fair Value	Valuation Techniques	Unobservable Input(s)	Range
	(dollars in thousands)
Collateral dependent loans:
Construction and land development loans	$ 8,996	Market approach	Adjustments	(19%) to 5%
Commercial real estate loans (1)	16,772	Market approach	Adjustments	(41%) to 28%
Total	$ 25,768

(2) Included in “Accrued interest and other assets” on the consolidated balance sheets.

(1) Collateral includes CRE and an SFR. Adjustment range was (41%) to 28% for CRE and (20%) to 20% for the SFR.

December 31, 2024	*Fair Value*	*Valuation Techniques*	*Unobservable Input(s)*	*Range*
Collateral dependent loans:	*(dollars in thousands)*
Construction and land development loans	$ 30,676	Market approach	Adjustments ⁽²⁾	(19%) to 5%
Commercial real estate loans ⁽¹⁾	4,751	Market approach	Adjustments ⁽²⁾	(41%) to 4%
SBA loans	66	Market approach	Adjustments ⁽²⁾	(4%) to 11%
Total	$ 35,493

~~During~~(1) ~~the~~Collateral ~~year ended December~~includes ~~31,~~CRE ~~2023,~~and ~~there~~a ~~were write-downs of $521,000 on collateral-dependent individually evaluated loans with an aggregate fair value of $11~~SFR.~~4 million as of December 31, 2023.~~

(2) Represents the minimum and maximum range of adjustments made by appraisers for differences in comparable sales.

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~~There~~The ~~was~~fair novalue ~~OREO~~measurement ~~outstanding as~~ of ~~September 30,~~ ~~2024~~Interest ~~and December~~Rate ~~31,~~Lock ~~2023. For~~Contracts ~~the~~(IRLCs) ~~nine~~and ~~months~~Forward ~~ended September~~Mortgage ~~30,~~Loan ~~2024,~~Sale ~~the~~Contracts ~~Company~~(FMLSCs) ~~foreclosed~~were primarily based on ~~and~~the ~~sold~~buy ~~three~~price ~~properties,~~from ~~recognized~~borrowers at a100, ~~gain on~~ the ~~transfer~~sale ~~from~~price ~~loans~~ to ~~OREO~~Fannie ofMae ~~$560~~at 103,~~000~~ and a ~~gain~~the onsignificant ~~sale~~unobservable ofinputs ~~$456,000.~~using ~~There~~a ~~was~~margin nocost ~~similar~~rate ~~activity~~of ~~for the nine months ended September 30, 2023~~1. 13%.

The following table presents the gains recognized on assets measured at fair value on a non-recurring basis for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(dollars in thousands)
Other real estate owned - Single family residential	$	—	$	—	$	560	$	—

No write-downs to OREO were recorded for the three months or nine months ended September 30, 2024 or September 30, 2023.

The fair value measurement of Interest Rate Lock Contracts (IRLCs) and Forward Mortgage Loan Sale Contracts (FMLSCs) were primarily based on the buy price from borrowers ranging from 99 to 100, the sale price to Fannie Mae ranging from 102 to 103, and the significant unobservable inputs using a margin cost rate of 1.13%.

The fair value hierarchy level and estimated fair value of significant financial instruments as of the dates indicated are summarized as follows:

September 30, 2024

December 31, 2023

March 31, 2025

December 31, 2024

Fair Value

Carrying

Fair

Carrying

Fair

Hierarchy

Value

Financial Assets:

(dollars in thousands)

Cash and due from banks

Level 1

~~349~~238,~~390~~823

~~431~~257,~~373~~745

Interest-earning deposits in other financial institutions

Level 1

600

Investment securities - AFS

Level 2

~~305~~378,~~666~~188

~~318~~420,~~961~~190

Investment securities - HTM

Level 2

5,~~195~~188

54,~~087~~920

5,~~209~~191

54,~~097~~948

Mortgage loans held for sale

Level 1

812

1,911

1,845

Loans held for sale

Level 2

655

11,250

Loans, net

Level 3

3,~~048~~091,~~211~~131

23,~~988~~025,~~088~~900

23,~~989~~005,~~958~~501

2,~~918~~942,~~296~~026

Equity securities (1)

Level 3

2322,~~161~~969

2322,~~392~~944

Servicing assets

Level 3

7,256

13,451

8,110

14,883

Investment in FHLB stock

Level 2

15,000

Accrued interest receivable (1)

Level 1/2/3

14,683

13,743

Servicing assets

Level 3

6,766

12,946

6,985

13,761

Accrued interest receivable (1)

Level 1/2/3

15,273

14,582

Notional

Fair

Notional

Fair

Derivative assets:

Value

Interest rate lock contracts (1)

Level 3

~~1,822~~600

2310

~~1,255~~—

32—

Forward mortgage loan sale contracts (1)

Level 3

747

1,104

Carrying

Fair

Carrying

Fair

Financial Liabilities:

Value

Deposits

Level 2

3,~~092~~142,~~184~~628

3,~~091~~124,~~475~~199

3,~~174~~083,~~760~~789

3,~~181~~078,~~495~~409

FHLB advances

Level 3

~~200~~160,000

~~197~~145,~~240~~594

~~150~~200,000

~~144~~198,~~891~~783

Long-term debt

Level 3

119,~~433~~624

~~112~~110,~~506~~752

119,~~147~~529

83109,~~864~~463

Subordinated debentures

Level 3

15,~~102~~211

15,~~099~~053

1415,~~938~~156

14,~~566~~975

Accrued interest payable

Level 2/3

5,~~986~~453

117,~~671~~950

(1) Included in “Accrued interest and other assets” on the consolidated balance sheets.

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NOTE 18 - EARNINGS PER SHARE

The following is a reconciliation of net income and shares outstanding to the net income and number of shares used to compute earnings per share (“EPS”) for the periods indicated:

For the Three Months Ended

September 30, 2024

June 30, 2024

September 30, 2023

March 31, 2025

December 31, 2024

March 31, 2024

Income

(dollars in thousands except per share data)

Net income

62,~~999~~290

74,~~245~~385

8,~~473~~036

Shares outstanding

17,~~693~~738,~~416~~628

1817,~~182~~720,~~154~~416

18,~~995~~578,~~303~~132

Impact of weighting shares

~~119~~(10,~~375~~916

)

~~193~~(15,~~816~~424

)

-23,145

Used in basic EPS

62,~~999~~290

17,~~812~~727,~~791~~712

74,~~245~~385

1817,~~375~~704,~~970~~992

8,~~473~~036

18,~~995~~601,~~303~~277

Dilutive effect of outstanding

Stock options

305,~~678~~220

535,~~836~~596

211,~~001~~153

Restricted stock units

3429,~~610~~586

2445,~~295~~494

—38,660

Performance stock units

78,~~280~~070

~~796~~10,758

—15,593

Used in dilutive EPS

62,~~999~~290

17,~~885~~770,~~359~~588

74,~~245~~385

1817,~~406~~796,~~897~~840

8,~~473~~036

18,~~997~~666,~~304~~683

Basic earnings per common share

0.3913

0.3925

0.4543

Diluted earnings per common share

0.3913

0.3925

0.4543

	For the Nine Months Ended September 30,
	2024				2023
	Income		Shares		Income		Shares
	(dollars in thousands except per share data)
Net income	$	22,280			$	30,392
Shares outstanding				17,693,416				18,995,303
Impact of weighting shares				568,286				(3,724	)
Used in basic EPS		22,280		18,261,702		30,392		18,991,579
Dilutive effect of outstanding
Stock options				15,943				17,633
Restricted stock units				32,529				4,626
Performance stock units				2,912				—
Used in dilutive EPS	$	22,280		18,313,086	$	30,392		19,013,838
Basic earnings per common share	$	1.22			$	1.60
Diluted earnings per common share	$	1.22			$	1.60

Options to purchase 57,500, 18,500, and 222,500 shares of common stock were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, because their effect would have been anti-dilutive. There were 3,067, zero, and 3,005 anti-dilutive unvested RSUs outstanding for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024.

Options to purchase 40,000, 115,500, and 362,500 shares of common stock were excluded from the calculation of diluted earnings per share for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively, because their effect would have been anti-dilutive. Options to purchase 125,686 and 300,850 shares of common stock were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2024 and 2023, respectively, because their effect would have been anti-dilutive. There were zero, 18,639, and 26,660 anti-dilutive unvested RSUs outstanding for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively, and 12,381 and 20,432 anti-dilutive unvested RSUs outstanding for the nine months ended September 30, 2024 and 2023, respectively.

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NOTE 19 – REVENUE FROM CONTRACTS WITH CUSTOMERS

The following is a summary of revenue from contracts with customers that are in-scope and not in-scope under ASC Topic 606 for the periods indicated:

For the Three Months Ended

~~For the Nine Months Ended September 30,~~

September 30, 2024

June 30, 2024

September 30, 2023

2024

2023

March 31, 2025

December 31, 2024

March 31, 2024

Noninterest income, in scope

(dollars in thousands)

Fees and service charges on deposit accounts

~~475~~474

~~490~~477

~~500~~457

~~1,421~~

~~1,534~~

Other fees (1)

~~198~~96

~~221~~115

~~202~~187

~~607~~

~~682~~

Other income (2)

~~597~~543

~~574~~511

~~558~~535

~~1,706~~

~~1,667~~

Gain on sale of OREO and fixed assets

—

292

222

456

222

Gain on sale of OREO

—

164

Total in-scope noninterest income

1,~~270~~113

1,~~577~~103

1,~~482~~343

~~4,190~~

~~4,105~~

Noninterest income, not in scope (3)

41,~~476~~182

1,~~911~~626

12,~~288~~029

~~8,416~~

~~3,520~~

Total noninterest income

52,~~746~~295

32,~~488~~729

23,~~770~~372

~~12,606~~

~~7,625~~

(1)

Other fees consist of wealth management fees, miscellaneous loan fees and postage/courier fees.

(2)

Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity, and OREO income.

(3) ~~Represents~~Primarily ~~revenue~~represents: ~~that~~Net ~~is out of scope of ASC 606 including net~~ loan servicing income, letter of credit commissions, import/export commissions, recoveries on purchased loans, BOLI income, gains (losses) on sales of loans, income from equity investments, gain on transfer to OREO, and ~~$2.8~~Bank ~~million~~Enterprise ~~recognized in the third quarter of 2024 for a recovery of a fully charged off loan acquired in a bank acquisition~~Award.

The major revenue streams by fee type that are within the scope of ASC 606 presented in the above tables are described in additional detail below:

Fees and Services Charges on Deposit Accounts

Fees and service charges on deposit accounts include charges for analysis, overdraft, ~~cash~~cashier's ~~checking~~check fees, ATM, and safe deposit activities executed by our deposit clients, as well as interchange income earned through card payment networks for the acceptance of card based transactions. Fees earned from our deposit clients are governed by contracts that provide for overall custody and access to deposited funds and other related services and can be terminated at will by either party; this includes fees from money service businesses (MSBs). Fees received from deposit clients for the various deposit activities are recognized as revenue once the performance obligations are met. Periodic service charges are generally collected monthly directly from the customer’s deposit account, and at the end of a statement cycle, while transaction based service charges are typically collected at the time of or soon after the service is performed.

Wealth Management Fees

In our wealth management division, revenue is primarily generated from (1) securities brokerage accounts, (2) investment advisor accounts, (3) full service brokerage implementation fees, and (4) life insurance and annuity products. We employ financial consultants to provide investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies, and risk management strategies. The commission fees we earn are variable and are generally received monthly. We recognize revenue for the services performed ~~at quarter-end~~ based on actual transaction details received from the broker dealer we engage.

Gain/(loss) on Sales of Other Real Estate Owned

We record a gain or loss from the sale of OREO, when control of the property or asset transfers to the buyer, which generally occurs at the time of an executed deed or sales agreement. When we finance the sale of OREO to a buyer, we assess whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon transfer of control of the property to the buyer. In determining the gain or loss on the sale, we adjust the transaction price and related gain or loss on sale if a significant financing component is present.

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NOTE 20 - ~~QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS~~SEGMENT INFORMATION

~~At September 30,~~Our ~~2024~~ reportable segments are determined by the Chief Executive Officer and ~~December~~ 31Chief Financial Officer, ~~2023~~who are the designated chief operating decision makers ("CODM"), ~~investments~~ ~~in qualified~~based ~~affordable~~upon ~~housing~~information ~~projects~~provided ~~totaled $10.5~~by ~~million~~ our products and $6services offered, primarily banking operations.~~4 million.~~ ~~These balances~~The segments are ~~reflected~~ inalso distinguished by the ~~accrued~~level ~~interest~~of ~~and~~information ~~other~~provided ~~assets~~to ~~line~~the onCODM, who uses such information to review performance of various components of the ~~consolidated~~business, ~~balance~~which ~~sheets~~are aggregated if operating performance, products/services, and customers are similar. ~~Total~~The ~~unfunded~~CODM ~~commitments~~will ~~related~~evaluate the financial performance of our business components such as by evaluating revenue streams, significant expenses, and budget to ~~the~~actual ~~investments~~results in ~~qualified~~assessing ~~housing~~our ~~projects~~segment ~~totaled $5~~and in the determination of allocating resources.~~8 million at September 30~~ The CODM uses consolidated net income, ~~2024~~ total assets, total loans, and $2total deposits to benchmark us against our competitors.3 ~~million~~The ~~at December~~benchmarking 31analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, ~~2023~~investments, and deposits provide the revenues in the banking operation. WeInterest ~~expect to~~expense, ~~fulfill~~provisions ~~these~~for ~~commitments~~credit ~~between~~losses ~~2024~~ and ~~2041~~payroll provide the significant expenses in the banking operation. All operations are domestic.

~~During~~Segment ~~the~~performance ~~three~~is ~~months~~evaluated ~~ended September 30,~~using ~~2024, June 30,~~consolidated ~~2024,~~net ~~and September 30~~income, ~~2023,~~total ~~we recognized tax credits from our investment in affordable housing tax projects of $336~~assets,~~000,~~ ~~$285,000,~~total ~~and $255~~loans,~~000,~~ ~~respectively,~~ and ~~$906,000~~total ~~and $765,000 for the nine months ended September 30, 2024 and 2023~~deposits. InInformation ~~addition,~~reported ~~we recognized~~internally ~~amortization expense related to these investments~~ for ~~the~~performance ~~three~~assessment ~~months~~by ~~ended September 30, 2024, June 30, 2024, and September 30, 2023 of $367,000, $301,000, and $282,000, respectively, and $969,000 and $846,000 for~~ the ~~nine~~CODM ~~months ended September 30, 2024 and 2023,~~follows: which was included within income tax expense on the consolidated statements of income. We had no impairment losses during each of the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, or the nine months ended September 30, 2024 and 2023.

NOTE 21 - REPURCHASE OF COMMON STOCK

	*For the Three Months Ended*
	*March 31, 2025*		*December 31, 2024*		*March 31, 2024*
Banking Segment	*(dollars in thousands)*
Interest and dividend income	$	52,336	$	54,555	$	54,795

Reconciliation of revenue
Other revenues		2,295		2,729		3,372
Total consolidated revenues	$	54,631	$	57,284	$	58,167

Less:
Interest expense		26,173		28,578		29,918
Segment net interest income and noninterest income	$	28,458	$	28,706	$	28,249
Less:
Provision for credit losses		6,746		6,000		—
Salaries and benefits expense		10,643		9,927		9,927
Other segment items ⁽¹⁾		7,879		7,722		7,042
Income tax expense		900		672		3,244
Consolidated net income	$	2,290	$	4,385	$	8,036

Total Assets	$	4,009,400	$	3,992,477	$	3,878,006
Total Loans	$	3,143,718	$	3,064,480	$	3,031,264
Total Deposits	$	3,142,628	$	3,083,789	$	3,028,329

~~On February~~(1) ~~29,~~Other ~~2024,~~segment ~~the~~items ~~Board~~include ofexpenses ~~Directors~~for ~~authorized~~occupancy ~~the~~and ~~repurchase~~equipment, ofdata ~~up to 1~~processing,~~000,000~~ ~~shares~~legal ofand ~~common~~professional, ~~stock. We repurchased 508~~office,~~275 shares~~ atmarketing aand ~~weighted~~business ~~average~~promotion, ~~share~~insurance ~~price~~and ofregulatory ~~$21.53 during~~assessments, ~~the~~core ~~third quarter~~deposit ofpremium ~~2024~~amortization and ~~completed~~other ~~the authorized program~~expenses.

NOTE 21 - QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS

At March 31, 2025 and December 31, 2024, investments in qualified affordable housing projects totaled $9.7 million and $10.1 million. These balances are reflected in accrued interest and other assets on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $4.7 million at March 31, 2025 and $4.8 million at December 31, 2024. We expect to fulfill these commitments between 2025 and 2041.

During the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, we recognized tax credits from these investments totaling $90,000, $285,000, and $285,000. We had no impairment losses during each of the three months ended March 31, 2025, December 31, 2024, and March 31, 2024. The amortization of these investments was also included within income tax expense as an offset to such tax credits. During the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, we recognized amortization expense of $419,000, $367,000, and $301,000.

NOTE 22 - SUBSEQUENT EVENTS

On ~~October~~April 2117, ~~2024~~2025, we announced the Board of Directors had declared a common stock cash dividend of $0.16 per share, payable on ~~November~~May 12, ~~2024~~ 2025 to common shareholders of record as of ~~October~~April 3130, ~~2024~~2025.

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ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In this Quarterly Report on Form 10-Q (this “Report” or “Form 10-Q”), the ~~term~~terms “Bancorp” ~~refers~~and “RBB” refer to RBB Bancorp ~~(“RBB”)~~ and the term “Bank” refers to Royal Business Bank. The terms “Company,” “we,” “us,” and “our” refer to Bancorp and its consolidated subsidiaries, including the Bank collectively. When we refer to the “parent company,” “Bancorp,” or the “holding company,” we are referring to RBB Bancorp, the parent company, on a stand-alone basis. This Report contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be

materially different from the results expressed or implied by the forward-looking statements.

The following factors, among others, could cause our financial performance to differ materially from that expressed in such forward-looking statements:

●

the effectiveness of the Company's internal control over financial reporting and disclosure controls and procedures;

●

the potential for material weaknesses in the Company's internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected;

●

business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets;

●

the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations;

●

adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments;

●

possible additional provisions for credit losses and charge-offs;

●

credit risks of lending activities and deterioration in asset or credit quality;

●

extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities;

● increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”);

●

compliance with the Bank Secrecy Act and other money laundering statutes and regulations;

●

potential goodwill impairment;

●

liquidity risk;

●

fluctuations in interest rates;

●

failure to comply with debt covenants;

●

risks associated with acquisitions and the expansion of our business into new markets;

●

inflation and deflation;

●

real estate market conditions and the value of real estate collateral;

●

the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations;

●

environmental liabilities;

●

our ability to compete with larger competitors;

●

our ability to retain key personnel;

●

successful management of reputational risk;

● severe weather, natural disasters, earthquakes, fires;, orincluding ~~other~~direct ~~adverse~~and ~~external~~indirect ~~events~~costs ~~could~~and ~~harm~~impacts ~~our~~on ~~business~~clients, the Company and its employees from the January 2025 Los Angeles county wildfires;

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● geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the war between Russia and Ukraine, ~~and~~conflict in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; ● tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; ● public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; ● general economic or business conditions in Asia, and other regions where the Bank has operations; ● failures, interruptions, or security breaches of our information systems; ● climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; ● cybersecurity threats and the cost of defending against them; ● our ability to adapt our systems to the expanding use of technology in banking; ● risk management processes and strategies; ● ~~adverse results in legal proceedings; ●~~ the impact of regulatory enforcement actions, if any; ● certain provisions in our charter and bylaws that may affect acquisition of the Company; ● changes in tax laws and regulations; ● the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; ● the impact of ~~recent or future~~ changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; ● the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) or other accounting standards setters; ● ~~market~~fluctuations ~~disruption~~in ~~and~~our ~~volatility~~stock price; ● restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; ● ~~issuances of preferred stock; ●~~ our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; ● the soundness of other financial institutions and our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB, California Department of Financial Protection and Innovation (“DFPI”) and Consumer Financial Protection Bureau; and ● our success at managing the risks involved in the foregoing items.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

CRITICAL ACCOUNTING POLICIES

Management has established various accounting policies that govern the application of generally accepted accounting principles in the U.S. (“GAAP”) in the preparation of our financial statements. Certain accounting policies require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions or conditions. The Company’s critical accounting policies consist of the allowance for credit losses on loans held for investment, investment securities, goodwill and income taxes. Please see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~ 2024 (~~"2023~~our "2024 Annual Report") for additional discussion concerning these critical accounting policies. Also, our significant accounting policies are described in greater detail in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies to the audited consolidated financial statements included in our ~~2023~~ 2024 Annual Report, and are essential to understanding Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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Allowance for Credit Losses (ACL)

A sensitivity analysis of our ACL was performed as of ~~September~~March 3031, ~~2024~~2025. Based on this sensitivity analysis, a positive 25% change in prepayment speed would result in a $1.4 million, or 32.1862%, decrease to the ACL. A negative 25% change in prepayment speed would result in a $1.76 million, or 3.5909%, increase to the ACL. Additionally, a one percentage point increase in the unemployment rate would result in a $1.10 million, or 21.3292%, increase to the ACL and a one percentage point decrease in the unemployment rate would result in a $1.1 million, or 2.4602%, decrease to the ACL. Management reviews the results using the comparison scenario for sensitivity analysis and considers the results when evaluating the qualitative factor adjustments.

On a quarterly basis, we stress test the qualitative factors, which are lending policy, procedures and strategies, economic conditions, changes in nature and volume of the portfolio, credit and lending staff, problem loan trends, loan review results, collateral value, concentrations and regulatory and business environment by creating two scenarios, moderate risk and major risk. In the Moderate Stress scenario, the status of all nine risk factors across all pooled loan types were set at “High-Moderate Risk” while in the Major Stress scenario, the status of all nine risk factors across all pooled loan types were set at “Major Risk.” Under the Moderate Stress scenario, the ACL would increase by $98.38 million, or 2116.388%, as of ~~September~~March 3031, ~~2024~~2025. Under the Major Stress scenario, the ACL would increase by $24.45 million, or 5646.107%, as of ~~September 30~~March 31, ~~2024~~2025. Management compares the stress test results to our internal forecasts for earnings and capital and has concluded that the Company would remain well capitalized under these stressed scenarios.

For additional information on the policies, methodologies and judgments used to determine the ACL, see Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies in our ~~2023~~ 2024 Annual Report and Note 4 — Loans and Allowance for Credit Losses to the Notes to ~~Consolidated~~the ~~Financial~~consolidated ~~Statements~~financial statements in this Form 10-Q.

GENERAL

RBB Bancorp is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. RBB Bancorp’s principal business is to serve as the holding company for its wholly-owned subsidiaries, the Bank and RBB Asset Management Company (“RAM”). RAM was formed to hold and manage problem assets acquired in business combinations. When we refer to “we”, “us”, “our”, or the “Company”, we are referring to RBB Bancorp and its consolidated subsidiaries including the Bank, collectively. When we refer to the “parent company”, “Bancorp”, or the “holding company”, we are referring to RBB Bancorp, the parent company, on a stand-alone basis. At ~~September~~March 3031, ~~2024~~2025, we had total assets of $4.0 billion, gross loans held for investment ("HFI") of $3.1 billion, total deposits of $3.1 billion and total shareholders' equity of $~~509~~510.73 million. RBB’s common stock trades on the Nasdaq Global Select Market under the symbol “RBB.”

The Bank provides business-banking products and services predominantly to Asian-centric communities through 24 full service branches located in Los Angeles County, Orange County and Ventura County in California, in the Las Vegas (Nevada), the New York City metropolitan areas, Chicago (Illinois), Edison (New Jersey) and Honolulu (Hawaii). The products and services include commercial and investor real estate loans, business loans and lines of credit, Small Business Administration (“SBA”) 7A and 504 loans, mortgage loans, trade finance and a full range of depository accounts, including specialized services such as remote deposit, E-banking, mobile banking and treasury management services.

We operate as a minority depository institution ("MDI"), which is defined by the FDIC as a federally insured depository institution where 51% or more of the voting stock is owned by minority individuals or a majority of the board of directors is minority and the community that the institution serves is predominantly minority. A MDI is eligible to receive support from the FDIC and other federal regulatory agencies such as training, technical assistance and review of proposed new deposit taking and lending programs, and the adoption of applicable policies and procedures governing such programs. We intend to maintain our MDI designation, as it is expected that at least 51% of our issued and outstanding shares of capital shall remain owned by minority individuals. The MDI designation has been historically beneficial to us, and we continue to use the program for technical assistance.

We operate full-service banking offices in Arcadia, Cerritos, Diamond Bar, Irvine, Los Angeles, Monterey Park, Oxnard, Rowland Heights, San Gabriel, Silver Lake, Torrance, and Westlake Village, California; Las Vegas, Nevada; Manhattan, Brooklyn, Flushing and Elmhurst, New York; the Chinatown and Bridgeport neighborhoods of Chicago, Illinois; Edison, New Jersey; and Honolulu, Hawaii. Our primary source of revenue is providing loans to customers, who are predominately small and middle-market businesses and individuals.

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We have completed six whole bank acquisitions and one branch acquisition from July 2011 through January 2022. All of our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates.

OVERVIEW

The following discussion provides information about the results of operations, financial condition, liquidity and capital resources of RBB and its wholly owned subsidiaries. This information is intended to facilitate the understanding and assessment of significant changes and trends related to our financial condition and the results of our operations. This discussion and analysis should be read in conjunction with our audited consolidated financial statements included in our ~~2023~~2024 Annual Report, and the unaudited consolidated financial statements and accompanying notes presented elsewhere in this Report. The financial results for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~ 2025 are not necessarily indicative of the results expected for the year ending December 31, ~~2024~~2025.

We reported net income of $72.03 million, or $ 0.3913 diluted earnings per share, for the quarter ended ~~September~~March 3031, ~~2024~~2025, compared to net income of $74.23 million, or $0.3925 diluted earnings per share, for the quarter ended ~~June~~December 3031, 2024 and $8.50 million, or $0.4543 diluted earnings per share for the quarter ended ~~September~~March 3031, ~~2023~~2024. The provision for credit losses totaled $6.7 million, $6.0 million and zero for the quarters ended March 31, 2025, December 31, 2024 and March 31, 2024.

At ~~September~~March 3031, ~~2024~~2025, total assets were $4.0 billion, aan ~~decrease~~increase of $3516.5 9 million from December 31, ~~2023~~2024, ~~primarily~~as ~~due~~total deposits increased $58.8 million to an$3.1 billion while Federal Home Loan Bank ("FHLB") advances decreased $8240.0 million to $160.0 million. For the first quarter of 2025 gross loans HFI increased $89.8 million, ~~decrease~~or in12% annualized, to $3.1 billion, while investment securities decreased $42.0 million, and cash and cash equivalents ~~and~~decreased a $1318.39 million. ~~decrease~~At inMarch 31, 2025, available for sale ("AFS") investment securities totaled $378.2 million, ~~partially~~inclusive ~~offset~~of by a pre-tax net unrealized loss of $6025.0 million, ~~increase~~compared into ~~gross~~$420.2 ~~loans~~million, ~~HFI~~inclusive of a pre-tax unrealized loss of $29.2 ~~The~~million at ~~decrease~~December in31, ~~cash~~2024. ~~and~~The ~~cash~~decrease ~~equivalents~~ was due primarily ~~due~~ to the anet decrease in ~~wholesale deposits~~short-term commercial paper of $41.4 million, offset by lower anunrealized ~~increase~~losses. inThe ~~retail~~loan ~~deposits~~to ~~and~~deposit ~~FHLB~~ratio ~~advances~~was 98.4% ~~Wholesale~~at ~~deposits~~March ~~include brokered~~31, ~~deposits~~2025, ~~collateralized~~compared ~~deposits~~to 97.5% ~~from~~at ~~the State of California~~December 31, 2024 and ~~deposits~~98.6% ~~acquired~~at ~~through~~March 31, ~~internet listing services~~2024.

AtDuring ~~September~~the ~~30,~~first ~~2024,~~quarter ~~AFS~~of ~~investment~~2025, ~~securities totaled~~ $~~305~~150.70 million, ~~inclusive~~in ofFHLB advances awith ~~pre-tax~~an ~~net~~average ~~unrealized~~cost ~~loss~~ of ~~$23~~1.~~2 million,~~18% ~~compared~~matured toand were largely replaced with $~~319~~110.0 million, ~~inclusive~~in ofFHLB aadvances ~~pre-tax~~with ~~unrealized~~various ~~loss of~~terms ~~$28.1 million~~ at ~~December 31,~~an ~~2023~~average rate of 3.88%. The ~~pre-tax~~overall ~~unrealized~~funding ~~loss~~mix for the first ~~was~~quarter of 2025 ~~due~~remained torelatively aunchanged ~~decline in~~from the ~~value~~fourth quarter of ~~AFS investment~~ ~~securities~~2024 ~~due~~with tototal ~~continued~~deposits representing 90% of the funding mix and ~~higher~~average ~~market~~noninterest-bearing ~~interest~~deposits ~~rates~~representing 17% of average total deposits. The all-in ~~2024~~average spot rate for total deposits was 3.06% at March 31, 2025.

~~Total~~The ~~loans~~first quarter ~~HFI,~~of ~~net~~2025 provision offor ~~deferred~~credit ~~fees~~losses ~~and~~was ~~discounts,~~due ~~increased~~to an increase in specific reserves of $602.08 million, ornet ~~2.0%,~~charge-offs toof $32.~~1 billion~~6 atmillion ~~September~~and ~~30,~~an ~~2024 from~~increase ~~December~~in ~~31,~~general ~~2023. The~~reserves ~~increase~~of ~~was~~$1.3 ~~primarily~~million due mainly to an ~~increase~~net ~~in commercial~~loan ~~real~~growth. ~~estate~~The ~~("CRE")~~first quarter ~~loans~~increase ~~of $84.8 million,~~in ~~partially~~specific ~~offset~~reserves byrelated ~~decreases~~mostly to intwo ~~single-family~~lending ~~residential~~relationships. ~~("SFR")~~Net ~~mortgages of~~charge-offs included $141.4 million~~, Small~~ ~~Business~~related ~~Administration~~to ~~(“SBA”)~~a ~~loans~~bulk sale of $410.08 million~~, construction~~ ~~and~~in ~~land~~underperforming ~~development~~ single-family residential ("~~C&D~~SFR") mortgage loans, of which $16.35 million, ~~commercial~~were ~~and~~on ~~industrial (“C&I”)~~nonaccrual ~~loans~~at ofDecember 31, 2024, and $1.2 million~~, and~~ ~~other~~related ~~loans~~to ofan $38.98 million~~. The~~ loan transferred to ~~deposit~~other ~~ratio~~real ~~was~~estate 98owned ("OREO") and subsequently sold in the first quarter of 2025.6% atNet ~~September~~charge-offs ~~30,~~on ~~2024,~~an ~~compared~~annualized tobasis 94represented 0.235% atof ~~December~~average loans for the first ~~31,~~quarter ~~2023,~~of ~~and~~2025 compared 97to 0.626% atfor ~~September~~the ~~30,~~fourth quarter ~~2023~~of 2024.

~~Total~~Nonperforming ~~deposits~~assets ~~were~~decreased $316.15 ~~billion~~million asto ~~of September 30, 2024, an~~ $8264.6 million, or 21.661%, of ~~decrease~~total ~~compared~~assets, toat ~~$3.2 billion as of~~March ~~December~~ 31, ~~2023.~~2025, ~~This decrease was due to lower~~from ~~interest-bearing deposits. Noninterest-bearing deposits increased~~ $481.0 million ~~to $543.6 million at September 30~~, ~~2024,~~ or 172.603% of total ~~deposits~~assets, ~~compared to $539.6 million, or 17.0% of total deposits~~ at December 31, ~~2023~~2024. The decrease in ~~interest-bearing~~nonperforming ~~deposits~~assets ~~included~~was adue ~~decrease~~to insales ~~time~~totaling ~~deposits~~$20.0 million and payoffs or paydowns of $~~119~~1.98 million, partially offset by anthe ~~increase~~addition ~~in non-maturity deposits~~ of one $335.43 million. ~~The~~commercial ~~$119.9~~real ~~million~~estate ("CRE") loan ~~decrease~~placed on nonaccrual status in ~~time~~the ~~deposits~~first ~~included~~quarter aof ~~$258~~2025.~~3 million~~ ~~decrease~~Loans inclassified ~~wholesale~~as ~~deposits~~special mention, ~~partially~~substandard ~~replaced by~~and andelinquent ~~increase~~30–89 ofdays ~~$138.4 million~~were inreduced ~~retail deposits.~~during ~~Wholesale~~the ~~deposits~~first ~~totaled~~quarter ~~$147.3~~of ~~million~~2025 atbased ~~September 30,~~on ~~2024~~the ~~and~~actions ~~$405.6~~taken by management to ~~million~~resolve ator ~~December~~reduce ~~31,~~the ~~2023~~exposure to such loans.

~~Borrowings,~~As ~~consisting~~ of ~~Federal~~March 31, ~~Home~~2025, ~~Loan~~the ~~Bank~~allowance ~~("FHLB")~~for ~~advances,~~credit ~~long-term~~losses ~~debt~~totaled ~~and~~$52.6 ~~subordinated debentures~~million, ~~were~~ up from $~~334~~48.5 million at ~~September~~December 3031, 2024,. anThe ~~increase of~~ $504.~~5 million from $284.~~1 million asincrease ofin ~~December~~the ~~31,~~allowance ~~2023.~~for Atcredit losses ~~September~~for ~~30,~~the ~~2024,~~first quarter weof ~~had~~2025 was ~~$200.0~~due ~~million of~~to ~~advances,~~a ~~of which~~ $~~150~~ 6.7 million ~~had~~provision anfor ~~original~~credit ~~term~~losses offset ofby ~~five~~net charge-offs ~~years,~~of a$2.6 million. The ~~maturity~~allowance ~~date~~for inloan losses ~~the~~("ALL") as ~~first~~a ~~quarter~~ percentage of ~~2025,~~loans ~~and~~HFI anincreased ~~average~~to ~~fixed rate of~~ 1.1865%~~. A~~ ~~putable~~at ~~advance~~March of31, ~~$50~~2025, ~~million~~compared ~~was~~to ~~executed~~1.56% at ~~on September 30~~December 31, 2024, ~~with~~mostly adue ~~four~~to ~~year~~an ~~final~~increase ~~maturity with~~in aspecific ~~one-time~~reserves. ~~option~~The ~~for~~ALL ~~the~~as ~~FHLB~~a topercentage ~~call~~of ~~the~~nonperforming ~~debt~~loans ~~after~~HFI awas ~~one-year~~86% ~~lock~~at ~~out period~~March ~~and~~31, ~~prepayment~~2025, ~~symmetry~~an atincrease afrom ~~rate~~68% ofat ~~3.42%.~~December 31, 2024.

AsTotal ofshareholders' equity ~~September~~was ~~30,~~$510.3 ~~2024~~million, ~~the~~or ~~ACL totaled~~ $4428.577 ~~million~~book ~~and~~value ~~was~~per ~~comprised~~share ofat anMarch ~~allowance~~31, ~~for~~2025, ~~loan~~compared ~~losses~~to ~~(“ALL”) of~~ $43507.79 million, ~~and~~or a$28.66 ~~reserve~~book ~~for~~value ~~unfunded~~per ~~commitments (“RUC”)~~share ofat ~~$779~~December 31,~~000~~ ~~(included~~2024, ~~in “Accrued interest~~ and ~~other liabilities”). This compares to the ACL of~~ $42514.4 0 million, ~~comprised~~or ~~of an ALL of~~ $4127.767 ~~million~~book ~~and~~value aper ~~RUC~~share ~~of $624,000~~ at ~~June~~March 3031, 2024. The $2.14 million increase in ~~the~~shareholders' equity ~~ACL~~ for the ~~third~~ first quarter of ~~2024~~ 2025 was due to ~~a $3.3~~ ~~million~~lower ~~provision~~net ~~for~~unrealized ~~credit~~ losses, ~~including higher~~on ~~specific~~AFS ~~reserves~~securities of $23.5 0 million, ~~offset by~~and net ~~charge-offs~~ ofincome of $1.2 ~~million~~.3 million, ~~The~~offset ~~increase~~by incommon ~~specific~~stock ~~reserves and charge-offs in the third quarter of 2024 was primarily due to a decrease in~~cash ~~the~~dividends ~~estimated~~paid ~~fair value~~ of ~~collateral-dependent loans, including estimated selling costs~~$2.9 ~~Charge-offs~~million. inTangible ~~the~~book ~~third~~value ~~quarter~~per ~~of 2024 were~~share ~~related~~increased to ~~one~~$24.63 ~~C&D~~at ~~loan and one~~March ~~CRE~~31, ~~loan~~2025, ~~which were written-down~~up tofrom ~~their estimated fair value~~$24.51 ~~The ALL as a percentage of loans HFI was 1.41%~~ at ~~September 30~~December 31, 2024, ~~compared~~and ~~to 1~~$23.~~37%~~68 at ~~June 30~~March 31, 2024. ~~The~~We repurchased 956,465 shares ~~ALL~~after asthe afirst ~~percentage~~quarter of ~~nonperforming loans was 72% at September 30,~~ 2024, ~~a decrease from 76%~~ at ~~June 30,~~an ~~2024. The~~average ~~decrease~~price ~~in the ALL as a percentage~~ of ~~nonperforming loans was~~$19.85. ~~due~~For inadditional ~~part~~information toon antangible ~~increase~~book invalue ~~individually~~per ~~evaluated loans~~share, ~~which~~see ~~required no~~“Non-GAAP ~~ALL~~Financial Measures.”

At September 30, 2024, total shareholders' equity was $509.7 million, a $1.6 million decrease compared to June 30, 2024, and a $7.2 million increase compared to September 30, 2023. The decrease in shareholders' equity for the third quarter of 2024 was due to accretive common stock repurchases of $11.0 million and common stock cash dividends paid of $2.9 million, offset by net income of $7.0 million, lower net unrealized loss on available-for-sale securities of $4.8 million and equity compensation activity of $527,000. Book value per share and tangible book value per share increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024. For additional information, see “Non-GAAP Financial Measures.”

On February 29, 2024, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. The repurchase program permitted shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with SEC Rules 10b5-1 and 10b-8. The Company repurchased 508,275 shares at a weighted average share price of $21.53 during the third quarter of 2024 and completed the authorized program.

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ANALYSIS OF RESULTS OF OPERATIONS

Financial Performance

	Three Months Ended									~~Nine Months Ended~~
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	March 31, 2025			December 31, 2024			March 31, 2024
	(dollars in thousands, except per share data)	~~(dollars in thousands, except per share data)~~
Interest income	$	5452,~~425~~336		$	5254,~~886~~555		$	5554,~~563~~795		$	~~162,106~~		$	~~166,316~~
Interest expense		2926,~~880~~173			28,~~921~~578			2729,~~974~~918			~~88,719~~			~~72,700~~
Net interest income		2426,~~545~~163			2325,~~965~~977			2724,~~589~~877			~~73,387~~			~~93,616~~
Provision for credit losses		36,~~300~~746			~~557~~6,000			~~1,399~~—			~~3,857~~			~~3,793~~
Net interest income after provision for credit losses		2119,~~245~~417			2319,~~408~~977			2624,~~190~~877			~~69,530~~			~~89,823~~
Noninterest income		52,~~746~~295			32,~~488~~729			23,~~770~~372			~~12,606~~			~~7,625~~
Noninterest expense		1718,~~421~~522			17,~~124~~649			16,~~876~~969			~~51,514~~			~~54,304~~
Income before income taxes		93,~~570~~190			95,~~772~~057			1211,~~084~~280			~~30,622~~			~~43,144~~
Income tax expense		~~2,571~~900			~~2,527~~672			3,~~611~~244			~~8,342~~			~~12,752~~
Net income	$	62,~~999~~290		$	74,~~245~~385		$	8,~~473~~036		$	~~22,280~~		$	~~30,392~~
Share Data
Earnings per common share (1):
Basic	$	0.3913		$	0.3925		$	0.4543		$	~~1.22~~		$	~~1.60~~
Diluted		0.3913			0.3925			0.4543			~~1.22~~			~~1.60~~
Performance Ratios
Return on average assets, annualized		0.7224	%		0.7644	%		0.8381	%		~~0.76~~	%		~~1.01~~	%
Return on average shareholders’ equity, annualized		51.4781	%		53.6941	%		6.6630	%		~~5.82~~	%		~~8.14~~	%
Return on average tangible common equity, annualized (2)		62.4012	%		63.6598	%		7.8237	%		~~6.81~~	%		~~9.58~~	%
Efficiency ratio (3)		5765.5109	%		6261.3848	%		5560.5907	%		~~59.90~~	%		~~53.64~~	%
Tangible common equity to tangible assets (2)		11.1310	%		11.5308	%		1011.7156	%		~~11.13~~	%		~~10.71~~	%
Tangible book value per share (2)	$	24.6463		$	24.0651		$	2223.5368		$	~~24.64~~		$	~~22.53~~

		(1)	Basic earnings per share is calculated by dividing net income to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares adjusted for the dilutive effect of outstanding stock options and restricted stock units using the treasury stock method.
		(2)	Return on average tangible common equity, tangible common equity to tangible assets and tangible book value per share are non-GAAP financial measures. See "Non-GAAP Financial Measures" for a reconciliation of these measures to their most comparable GAAP measures.
		(3)	Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

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Average Balance Sheet, Interest and Yield/Rate Analysis

The principal component of our earnings is net interest income, which is the difference between the interest and fees earned on loans, cash and investments (interest-earning assets) and the interest paid on deposits and borrowed funds (interest-bearing liabilities). Net interest margin is net interest income as a percentage of average interest-earning assets for the period. The level of interest rates and the volume and mix of interest-earning assets and interest-bearing liabilities impact net interest income and net interest margin. The net interest spread is the yield on average interest-earning assets minus the cost of average interest-bearing liabilities. Net interest margin and net interest spread are included on a tax equivalent (“TE”) basis by adjusting interest income utilizing the federal statutory tax rate of 21% for ~~2024~~2025 and ~~2023~~2024. Our net interest income, interest spread, and net interest margin are sensitive to general business and economic conditions. These conditions include short-term and long-term interest rates, inflation, monetary supply, and the strength of the international, national and state economies, in general, and more specifically, the local economies in which we conduct business. Our ability to manage net interest income during changing interest rate environments will have a significant impact on our overall performance. We manage net interest income through affecting changes in the mix of interest-earning assets as well as the mix of interest-bearing liabilities, changes in the level of interest-bearing liabilities in proportion to interest-earning assets, and in the growth and maturity of earning assets. For additional information see “Capital Resources and Liquidity Management” and Part I, Item 3. "Quantitative and Qualitative Disclosures about Market Risk" included in this Report.

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The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the periods presented. The average balances are daily averages and, for loans, include both performing and nonperforming balances. ~~Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.~~

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	March 31, 2025							December 31, 2024							March 31, 2024
	Average		Interest		Yield /			Average		Interest		Yield /			Average		Interest		Yield /
	Balance		& Fees		Rate			Balance		& Fees		Rate			Balance		& Fees		Rate
	(dollars in thousands)
Interest-earning assets:
Cash and cash equivalents	$	260,205	$	3,646		5.57	%	$	255,973	$	3,608		5.67	%	$	270,484		3,445		5.05	%
Cash and cash equivalents (1)	$	194,236	$	2,249		4.70	%	$	308,455	$	3,890		5.02	%	$	364,979		5,306		5.85	%
FHLB Stock		15,000		~~326~~330		8.6592	%		15,000		~~327~~330		8.7775	%		15,000		~~290~~331		78.6788	%
Securities (1)
Securities (2)
Available for sale		~~298~~390,~~948~~178		34,~~105~~113		4.1328	%		~~318~~361,~~240~~253		3,~~608~~939		4.5634	%		~~369~~320,~~459~~015		43,~~187~~589		4.5051	%
Held to maturity		5,~~198~~189		4649		3.5283	%		5,~~203~~194		4648		3.5668	%		5,~~385~~207		4846		3.5455	%
Mortgage loans held for sale		1,165		23		7.85	%		3,032		57		7.56	%		739		13		6.98	%
Total loans (3)		3,079,224		45,621		6.01	%		3,059,786		46,374		6.03	%		3,018,423		45,547		6.07	%
Loans held for investment:
Total interest-earning assets		3,683,827	$	52,362		5.76	%		3,749,688	$	54,581		5.79	%		3,723,624	$	54,819		5.92	%
Real estate		2,888,528		43,495		5.99	%		2,828,339		41,590		5.91	%		2,968,246		43,583		5.83	%
Noninterest-earning assets		260,508							244,609							246,341
Commercial		179,885		3,808		8.42	%		185,679		3,673		7.96	%		187,140		4,021		8.52	%
Total assets	$	3,944,335						$	3,994,297						$	3,969,965
Total loans held for investment		3,068,413		47,303		6.13	%		3,014,018		45,263		6.04	%		3,155,386		47,604		5.99	%
Total interest-earning assets		3,648,929	$	54,449		5.94	%		3,611,466	$	52,909		5.89	%		3,816,453	$	55,587		5.78	%
Noninterest-earning assets		242,059							240,016							250,083
Total assets	$	3,890,988						$	3,851,482						$	4,066,536
Interest-bearing liabilities:
NOW	$	5561,~~757~~222	$	~~277~~321		12.9813	%	$	5653,~~081~~879	$	~~276~~254		1.9888	%	$	5558,~~325~~946	$	~~201~~298		12.4403	%
Money market		~~439~~463,~~936~~443		43,~~093~~625		3.7017	%		~~431~~463,~~559~~850		3,~~877~~735		3.6120	%		~~403~~411,~~300~~751		23,~~656~~526		23.6144	%
Saving deposits		~~164~~155,~~515~~116		~~823~~522		1.9936	%		~~164~~162,~~913~~351		~~800~~682		1.9567	%		~~123~~157,~~709~~227		~~249~~654		01.8067	%
Time deposits, less than $250,000		1989,~~037,365~~622		1210,~~312~~046		4.7212	%		1,~~049~~034,~~666~~946		1211,~~360~~583		4.7445	%		1,~~285~~175,~~320~~804		1413,~~090~~805		4.3572	%
Time deposits, $250,000 and over		~~819~~864,~~207~~804		109,~~241~~038		4.9724	%		~~772~~835,~~255~~583		9,~~490~~778		4.9466	%		~~717~~785,~~026~~172		79,~~759~~517		4.2988	%
Total interest-bearing deposits		2,~~516~~534,~~780~~207		2723,~~746~~552		43.3977	%		2,~~474~~550,~~474~~609		26,~~803~~032		4.3606	%		2,~~584~~588,~~680~~900		2427,~~955~~800		34.8332	%
FHLB advances		~~150~~176,~~543~~833		~~453~~989		12.2027	%		~~150~~200,000		~~439~~886		1.1876	%		150,000		~~440~~439		1.1618	%
Long-term debt		119,~~370~~562		1,295		4.3239	%		119,~~275~~466		1,~~296~~295		4.3731	%		~~173~~119,~~923~~180		21,~~194~~295		54.0037	%
Subordinated debentures		15,~~066~~175		~~386~~337		109.1901	%		15,~~011~~121		~~383~~365		109.2660	%		14,~~848~~957		~~385~~384		10.2933	%
Total interest-bearing liabilities		2,~~801~~845,~~759~~777		2926,~~880~~173		43.2473	%		2,~~758~~885,~~760~~196		28,~~921~~578		43.2294	%		2,~~923~~873,~~451~~037		2729,~~974~~918		34.8019	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		~~528~~520,~~081~~145							~~529~~539,~~450~~900							~~571~~528,~~371~~346
Other noninterest-bearing liabilities		5266,~~428~~151							5156,~~087~~993							6755,~~282~~795
Total noninterest-bearing liabilities		~~580~~586,~~509~~296							~~580~~596,~~537~~893							~~638~~584,~~653~~141
Shareholders' equity		~~508~~512,~~720~~262							512,~~185~~208							~~504~~512,~~432~~787
Total liabilities and shareholders' equity	$	3,~~890~~944,~~988~~335						$	3,~~851~~994,~~482~~297						$	43,~~066~~969,~~536~~965
Net interest income / interest rate spreads			$	2426,~~569~~189		12.7003	%			$	2326,~~988~~003		1.6785	%			$	2724,~~613~~901		1.9873	%
Net interest margin						2.6888	%						2.6776	%						2.8769	%
Total cost of deposits	$	3,~~044~~054,~~861~~352	$	2723,~~746~~552		3.6313	%	$	3,~~003~~090,~~924~~509	$	26,~~803~~032		3.5935	%	$	3,~~156~~117,~~051~~246	$	2427,~~955~~800		3.1459	%
Total cost of funds	$	3,~~329~~365,~~840~~922	$	2926,~~880~~173		3.5715	%	$	3,~~288~~425,~~210~~096	$	28,~~921~~578		3.5432	%	$	3,~~494~~401,~~822~~383	$	2729,~~974~~918		3.1854	%

(1) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.

	(1)	Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
	(2)	Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
	(3)	Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

Table of Contents

	Nine Months Ended September 30,
	2024							2023
	Average		Interest		Yield /			Average		Interest		Yield /
	Balance		& Fees		Rate			Balance		& Fees		Rate
	(dollars in thousands)
Interest-earning assets:
Cash and cash equivalents	$	293,597	$	12,560		5.71	%	$	177,393	$	6,813		5.13	%
FHLB Stock		15,000		984		8.76	%		15,000		813		7.25	%
Securities: (1)
Available for sale		312,352		10,302		4.41	%		332,007		10,245		4.13	%
Held to maturity		5,203		140		3.59	%		5,610		151		3.60	%
Mortgage loans held for sale		1,802		105		7.78	%		295		16		7.25	%
Loans held for investment:
Real estate		2,851,625		126,852		5.94	%		3,041,393		134,791		5.93	%
Commercial		181,716		11,236		8.26	%		214,618		13,562		8.45	%
Total loans held for investment		3,033,341		138,088		6.08	%		3,256,011		148,353		6.09	%
Total interest-earning assets		3,661,295	$	162,179		5.92	%		3,786,316	$	166,391		5.88	%
Total noninterest-earning assets		242,802							244,822
Total average assets	$	3,904,097						$	4,031,138
Interest-bearing liabilities:
NOW	$	56,924	$	851		2.00	%	$	59,476	$	511		1.15	%
Money market		427,884		11,496		3.59	%		431,299		7,315		2.27	%
Savings deposits		162,207		2,277		1.88	%		118,550		354		0.40	%
Time deposits, $250,000 and under		1,087,501		38,476		4.73	%		1,141,290		33,905		3.97	%
Time deposits, greater than $250,000		792,310		29,249		4.93	%		729,699		20,519		3.76	%
Total interest-bearing deposits		2,526,826		82,349		4.35	%		2,480,314		62,604		3.37	%
FHLB advances		150,182		1,331		1.18	%		179,707		2,428		1.81	%
Long-term debt		119,276		3,886		4.35	%		173,780		6,584		5.07	%
Subordinated debentures		15,012		1,153		10.26	%		14,794		1,084		9.80	%
Total interest-bearing liabilities		2,811,296		88,719		4.22	%		2,848,595		72,700		3.41	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		528,624							624,781
Other noninterest-bearing liabilities		52,955							58,786
Total noninterest-bearing liabilities		581,579							683,567
Shareholders' equity		511,222							498,976
Total liabilities and shareholders' equity	$	3,904,097						$	4,031,138
Net interest income / interest rate spreads			$	73,460		1.70	%			$	93,691		2.47	%
Net interest margin						2.68	%						3.31	%
Total cost of deposits	$	3,055,450	$	82,349		3.60	%	$	3,105,095	$	62,604		2.70	%
Total cost of funds	$	3,339,920	$	88,719		3.55	%	$	3,473,376	$	72,700		2.80	%

The following table summarizes the extent to which changes in (1) interest rates and (2) volume of average interest-earning assets and average interest-bearing liabilities affected our net interest income for the periods presented. The total change for each category of interest-earning assets and interest-bearing liabilities is segmented into changes attributable to variations in volume and yield/rate. Changes that are not solely due to either volume or yield/rate are allocated proportionally based on the absolute value of the change related to average volume and average yield/rate.

(1) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.

	Three Months Ended March 31, 2025 compared with Three Months Ended December 31, 2024									Three Months Ended March 31, 2025 compared with Three Months Ended March 31, 2024
	Change due to:									Change due to:
	Volume			Yield/Rate			Interest Variance			Volume			Yield/Rate			Interest Variance
Interest-earning assets:	*(dollars in thousands)*
Cash and cash equivalents ⁽¹⁾	$	(1,400	)	$	(241	)	$	(1,641	)	$	(2,153	)	$	(904	)	$	(3,057	)
FHLB Stock		—			—			—			—			(1	)

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