RBAZ Bancorp Reports Impressive Q1 Earnings Amid Changes
RBAZ Bancorp's Financial Results Showcase Growth and Strategy
PHOENIX, April 18, 2025 – RBAZ Bancorp, Inc. (OTCIQ: RBAZ), which is the parent of Republic Bank of Arizona, recently unveiled a strong financial performance for the quarter ending March 31, 2025. They reported a consolidated net income amounting to $1,064,000, translating to $0.59 per share. This marks a notable increase from last year's net income of $713,000, or $0.40 per share for the same period.
Brian Ruisinger, President and CEO, expressed satisfaction with the earnings results during the final reporting quarter for RBAZ. He noted a remarkable 49% increase compared to the same quarter last year, significantly supported by a net interest margin of 4.61% and stringent expense management. New loan originations helped bolster the bank's position, despite some loan maturities occurring this quarter.
In a significant move, RBAZ Bancorp announced the approval of their merger with Pima Federal Credit Union, after gaining approval from their shareholders and regulatory bodies earlier this year. The closing date for this transaction is set for May 2, 2025, at which point the common stock of RBAZ will no longer trade on the OTC Pink Market. Ruisinger reflected on the 18 years of history since RBAZ’s inception, emphasizing their position as the leading bank in Arizona and their future commitment to providing enhanced services post-merger.
Operational Highlights for RBAZ Bancorp
Key achievements for RBAZ Bancorp for the quarter ending March 31, 2025, include:
- Total loans reached $223,962,000, which is a slight increase of $1,231,000, or 0.6%, from December 31, 2024. This rise includes $8,245,000 from new loan originations, balanced against $6,625,000 in maturities.
- Total deposits decreased to $240,864,000, down by $9,337,000 or 3.7%. The decline was attributed to client withdrawals for various purposes, but some growth stemmed from new banking relationships.
- RBAZ utilized $15,965,000 in borrowings at the end of March 31, 2025. This included $10,000,000 in short-term advances from the Federal Home Loan Bank to assist with customer deposit outflows.
- Total interest income rose by $277,000 to $4,485,000, reflecting a 6.6% increase from the previous year's total for the same quarter.
- The cost of deposits remained steady at 2.13%, as the bank made minimal adjustments to its rates during the quarter in line with Federal Reserve policies.
Capitalization and Financial Health Status
The bank continues to be categorized as "Well Capitalized" under the Community Bank Leverage Ratio (CBLR) standards, with a reported ratio of 11.62%. This is substantially above the required 9.00% threshold, reflecting a robust capital position.
About RBAZ Bancorp
Founded in June 2021, RBAZ Bancorp serves as the single-bank holding entity for Republic Bank of Arizona. The company trades on the OTC market under the ticker RBAZ. With a commitment to providing comprehensive banking services, it has established a strong presence within the Arizona banking landscape.
About Republic Bank of Arizona
Republic Bank of Arizona is dedicated to serving the community with full banking services, including both personal and business banking solutions. Established in April 2007, it operates branches in Phoenix, Scottsdale, and Gilbert, Arizona, offering convenient online and mobile banking solutions. The bank's roots are firmly planted in the local community, continuously striving to meet the diverse needs of its customers.
Frequently Asked Questions
What is RBAZ Bancorp's recent financial performance?
RBAZ Bancorp reported a net income of $1,064,000 for the quarter ending March 31, 2025, which is a significant increase from the previous year.
How has the merger with Pima Federal Credit Union impacted RBAZ?
The merger aims to enhance RBAZ's offerings and expand resources for customers. It positions RBAZ for sustainable growth moving forward.
What is the significance of the net interest margin for RBAZ?
A net interest margin of 4.61% indicates RBAZ's ability to manage its loan and deposit activities effectively, contributing to its solid earnings performance.
Where can I find more information about RBAZ Bancorp?
Additional details about RBAZ Bancorp can be accessed through their official website, where they offer comprehensive information on products and services.
What customer services does Republic Bank of Arizona provide?
Republic Bank of Arizona offers personalized banking solutions, including loans, deposits, and financial advisory services to individuals and businesses.
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