RBAZ Bancorp Inc (OTCMKTS:RBAZ) Stock In Focus After Earnings Update
The parent company of the Republic Bank of Arizona, RBAZ Bancorp Inc (OTCMKTS:RBAZ), was in the news yesterday after it announced its financial results for the quarter that had ended on September 30, 2022. The company announced yesterday that it had managed to bring in net income to the tune of $490,000 for the quarter, which worked out to earnings per share of $0.27.
Trading Data
On Wednesday, RBAZ stock jumped 0.59% to $10.26 with 263 shares, compared to its average volume 1.53K shares. The stock moved within a range of $10.25 – 10.26 after opening trade at $10.25.
RBAZ Bancorp, Inc. Announces Unaudited Financial Results For the Quarter Ending September 30, 2022
In the nine month period ending September 30, 2022, the company generate net income of $1,270,000 and that reflected earnings per share of $0.70. In this context, it ought to be noted that in the prior quarter the net income had been $524000 and the net income during the nine month period in 2021 had been $1,545,000.
It should also be noted that in those prior year periods, the earnings per share had been $0.29 and $0.86 respectively. That being said, the Chief Executive Officer and President of RBAZ Bancorp provided some degree of context with regards to the company’s performance. He noted that the core earnings had actually gone up by as much as 20% year on year and that was mainly due to the rise in core interest income.
Key Quote
Mr. Ruisinger continued, “We made an exciting announcement recently that RBAZ is opening its third branch on October 31st 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.”
Technical Data
RBAZ stock is trading below the 20-Day and 50-Day Moving averages of $10.40 and $10.40 respectively. Moreover, the stock is trading below the 200-Day moving average of $10.34.