The single bank parent company of the Republic Bank of Arizona, RBAZ Bancorp Inc. (OTC:RBAZ), could be in focus among investors today after it announced its unaudited financial results for the fiscal quarter ended on March 31, 2024. The company posted consolidated net income to the tune of $713,000, which worked out to $0.40 per share for the quarter. In the prior year quarter, the net income posted by the company stood at $462,000, which produced earnings per share of $0.26.
The President and Chief Executive Officer of the company, Brian Ruisinger, spoke about the performance yesterday. He expressed his pleasure at the fact that the company had managed to deliver more than 50% year-on-year net income growth. He stated that it was possible due to the rise in pricing of earning assets and the simultaneous stabilization of the cost of funds due to the pauses by the Federal Reserve recently. He went on to note that the liquidity position of RBAZ Bancorp had also become stronger in the first quarter, and that reflected a major improvement on the tight liquidity position that had been experienced over the previous 18 months.
At the end of the first fiscal quarter, the bank held deposits of $249,661,000 in aggregate, which worked out to a rise of 9.4% from the total deposit of $21,489,000 in the previous quarter ended on December 31, 2023. RBAZ Bancorp also generated net income to the tune of $4,208,000, and that reflected an increase of 38.4% from the net income of $3,041,000 in the prior year period. The total loans with the company at the end of the quarter stood at $199,714,000, which reflected a drop of 1% from the total loans of $2,115,000 in the previous quarter that ended on December 31, 2023. It could be a good idea to keep an eye on the RBAZ Bancorp stock today.
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