PHOENIX, April 18, 2025 (GLOBE NEWSWIRE) -- RBAZ Bancorp, Inc. (OTCIQ: RBAZ), the parent company of Republic Bank of Arizona, has recently announced its financial results for the quarter ending March 31, 2025. The company reported a consolidated net income of $1,064,000, which translates to earnings of $0.59 per share. This represents a significant increase compared to the $713,000, or $0.40 per share, recorded for the corresponding quarter in 2024.

President and CEO Brian Ruisinger expressed his pride in the company's performance, highlighting a remarkable 49% increase in earnings compared to the year-ago quarter. This growth, according to Ruisinger, was primarily driven by an impressive net interest margin of 4.61% coupled with effective expense management. The bank achieved a 15% improvement in net interest margin, which was attributed to solid loan yields and stable funding costs, while expenses remained consistent with a slight decrease of 1%.

In addition to discussing the quarterly results, Ruisinger provided an update on the merger with Pima Federal Credit Union. Following the shareholder approval on August 22, 2024, and subsequent regulatory approvals obtained during the first quarter of 2025, the company has announced a closing date for the transaction of May 2, 2025. Ruisinger noted that the company is poised to transition away from trading on the OTC Pink Market, marking the conclusion of RBAZ's 18-year history. He expressed optimism about the future, stating, We look forward to continuing to serve our valued customers with expanded products and resources as Pima Federal Credit Union.

As of March 31, 2025, several key highlights from the companys performance include:

• Total loans amounted to $223,962,000, reflecting a modest increase of $1,231,000, or 0.6%, from December 31, 2024. This gain was driven by $8,245,000 in new loan originations and advances on construction lines of credit, although it was partially offset by $6,625,000 in loan maturities.
• Total deposits decreased by $9,337,000, or 3.7%, to reach $240,864,000, largely due to outflows from existing customers for capital expenditures and other business needs. However, this was partially mitigated by deposits from new banking relationships totaling $8,956,000.
• The bank's total borrowings stood at $15,965,000, which included $10,000,000 in short-term advances from the Federal Home Loan Bank aimed at managing the deposit outflows.
• Interest income saw an increase of $277,000, reaching $4,485,000 for the quarter, outperforming the $4,208,000 collected during the same period last year, marking a growth rate of 6.6%.
• The cost of deposits remained stable at 2.13%, consistent with the previous quarter, as the bank made negligible adjustments to its deposit rates in response to the Federal Reserve's decision to maintain steady rates during the first quarter of 2025.

The Republic Bank of Arizona maintains a Well Capitalized status under the Community Bank Leverage Ratio (CBLR) framework, with a reported CBLR ratio of 11.62%, well above the 9.00% threshold needed to be classified as well-capitalized.

About RBAZ Bancorp, Inc.
RBAZ Bancorp, Inc. was formed on June 10, 2021, as a single-bank holding company for Republic Bank of Arizona, which is an Arizona state-chartered bank. The company is traded over-the-counter under the ticker symbol RBAZ.

About Republic Bank of Arizona
Republic Bank of Arizona is a community-focused financial institution operating in Phoenix, Scottsdale, and Gilbert, Arizona. Established in April 2007, RBAZ offers a comprehensive range of banking services, including deposit and loan products, alongside convenient online and mobile banking solutions tailored for individuals, businesses, and professionals. The banks headquarters is located at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ, with additional branches in Scottsdale and Gilbert.

Forward-Looking Statements
This press release may contain forward-looking statements regarding the Company and the Bank, which are protected under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on managements current knowledge and beliefs, encompassing insights about potential future financial performance and operational outcomes. However, actual results may vary significantly due to various factors, including changing interest rates, regulatory policies, economic conditions, and other operational challenges.

Summary Company Financial Information (unaudited)
For the three months ended March 31, 2025: