The Bank Slate


RBB in Calif. lowers 3Q earnings after finding ‘material weakness’

RBB Bancorp in Los Angeles lowered its third-quarter earnings after deferring income from a grant.


The $4.1 billion-asset company said in a press release that it determined that the $5 million it received from the Community Development Financial Institution Equitable Recovery Program should not count toward third-quarter noninterest income.


The decision will lower RBB’s net income by 29%, to $8.5 million.


The company also determined that there was a material weakness tied to how it reports “infrequent transactions.”

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