RBAZ Bancorp, Inc. Announces Unaudited Financial

PHOENIX, Oct. 26, 2022 (GLOBE NEWSWIRE) — RBAZ Bancorp, Inc. (OTCIQ: RBAZ) (the “Company”), mother or father firm of Republic Bank of Arizona (the “Bank” or “RBAZ”), introduced a consolidated internet revenue of $490,000, or $0.27 per share, for the quarter ended September 30, 2022 and $1,270,000, or $0.70 per share, for the 9 months ended September 30, 2022 as in comparison with a consolidated internet revenue of $524,000, or $0.29 per share, for the quarter ended September 30, 2021 and $1,545,000, or $0.86 per share, for the 9 months ended September 30, 2021. Current yr earnings of $0.70 per share had been comprised of $0.60 per share attributable to core operations and $0.10 per share because of impacts from the Paycheck Protection Program (“PPP”). Prior yr earnings of $0.86 per share had been comprised of $0.50 per share attributable to core operations and $0.36 per share because of impacts from the PPP.

President and CEO Brian Ruisinger acknowledged “Our core earnings increased 20% year-over-year as increases in core interest income notably outpaced increases in interest expense. I am pleased that our concentrated efforts to keep topline revenue growing while the PPP loans rolled off has driven this outcome. The current and projected interest rate environment is challenging for financial institutions as liabilities reprice faster than assets creating margin compression. While this will balance over time, in the near term, net interest income will be impacted.”

Mr. Ruisinger continued, “We made an exciting announcement recently that RBAZ is opening its third branch on October 31^st in Gilbert, AZ. We purchased a bank building in a great location that will allow us to expand our presence into the East Valley of Phoenix that we have targeted for some time. To support our growth and expansion, we have launched a capital raise expected to close by the end of the year. RBAZ remains poised for continued growth in its mission to be the premier Arizona-based community bank, as reflected in our Bauer Five-Star bank rating.”

September 30, 2022 Company Highlights Include:

• Total loans of $142,872,000 elevated $7,476,000, or 5.5%, from December 31, 2021. This enhance consisted of $12,039,000, or 8.9%, in internet portfolio mortgage progress, offset by $4,563,000 of PPP mortgage forgiveness obtained throughout the yr.
• Total deposits of $201,486,000 had been down $3,917,000, or 1.9%, from December 31, 2021. This lower consisted of $17,255,000 in anticipated deposit outflows regarding capital accounts for De Novo establishments that opened for business throughout 2022, offset by $13,338,000 in deposit progress by deepening of present relationships and era of latest banking relationships.
• Total curiosity revenue elevated $380,000 to $2,453,000 for the quarter ended September 30, 2022 outpacing whole curiosity revenue of $2,073,000 for a similar interval of the prior yr equating to a rise of 18.3%.
• Cost of funds was elevated to 0.89% for the quarter ended September 30, 2022 from 0.52% for the quarter ended September 30, 2021 as the results of upward fee strain because the Federal Reserve elevated rates of interest by a full 3.00% year-to-date.
• Total non-interest expense is up $211,000 to $1,330,000 for the quarter ended September 30, 2022 in comparison with $1,119,000 for a similar interval of the prior yr ensuing primarily from a number of further full-time staff and investments made in expertise and advertising in help of the Company’s progress.

The Bank stays “Well Capitalized” beneath the Community Bank Leverage Ratio (CBLR) framework as follows:

About the Company
RBAZ Bancorp, Inc. was established on June 10, 2021 as a single-bank holding firm for its Arizona state-chartered financial institution subsidiary, Republic Bank of Arizona. The Company is traded over-the-counter as RBAZ.

About the Bank

Republic Bank of Arizona is a domestically owned, neighborhood financial institution in Phoenix and Scottsdale, Arizona. RBAZ is a full service, neighborhood financial institution offering deposit and mortgage merchandise and handy, on-line and cellular banking to people, companies and professionals. The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Our second location is at 6909 E. Greenway Parkway, Suite 150, Scottsdale, AZ. The Bank is the wholly-owned subsidiary of RBAZ Bancorp, Inc. For additional data, please go to our web page: www.republicbankaz.com.

Forward-looking Statements

This press launch might embody forward-looking statements concerning the Company and the Bank (collectively referred to herein because the “Company”), for which the Company claims the safety of secure harbor provisions contained within the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based mostly on administration’s data and perception as of at present and embody data in regards to the Company’s potential or assumed future monetary situation, and its outcomes of operations and business. Forward-looking statements are topic to dangers and uncertainties. Quite a few vital elements might trigger precise outcomes to vary materially from these within the forward-looking statements. Those elements embody fluctuations in rates of interest, authorities insurance policies and rules (together with financial and financial insurance policies), laws, financial situations, borrower capability to repay, operational elements and competitors within the geographic and business areas wherein the Company conducts its operations. All forward-looking statements included on this press launch are based mostly on data obtainable on the time of the discharge, and the Company assumes no obligation to replace any forward-looking assertion.

Contact: Brian Ruisinger
President and Chief Executive Officer
Phone: 602.280.9404
Email: [email protected]