BayCom Corp - BCML STOCK NEWS

BayCom Corp (NASDAQ: BCML), the holding company for United Business Bank, has announced the appointment of Bhupen B. Amin and Dennis Guida as directors of the Company, effective November 1, 2024. Both Amin and Guida will continue to serve as directors of the Bank, roles they have held since 2011 and 2022, respectively. These appointments follow the recent retirement of James S. Camp from the Company and Bank's Board of Directors.

Amin, currently General Counsel and COO of Lotus Hotels and Investments, brings extensive experience in property management and development. Guida, the Managing Director for HBP Analytics, , has 40 years of banking industry experience, specializing in asset-liability management.

BayCom Corp (NASDAQ: BCML) reported earnings of $6.0 million, or $0.54 per diluted common share, for the third quarter of 2024. This represents a 7.4% increase from the second quarter of 2024 but a 9.2% decrease from the third quarter of 2023. The increase from Q2 2024 was primarily due to higher net interest income and noninterest income, partially offset by increased provision for credit losses and noninterest expense.

Key highlights include:

• Annualized net interest margin was 3.73%, up from 3.69% in Q2 2024
• Annualized return on average assets was 0.94%
• Total assets remained stable at $2.6 billion
• Loans, net of deferred fees, totaled $1.9 billion
• Nonperforming loans decreased to 0.51% of total loans
• The company repurchased 51,240 shares of common stock
• A cash dividend of $0.10 per share was declared

BayCom Corp (NASDAQ: BCML), the parent company of United Business Bank, has declared a quarterly cash dividend of $0.10 per share on its common stock. The dividend will be payable on October 10, 2024 to shareholders of record as of the close of business on September 19, 2024. This announcement demonstrates BayCom's commitment to providing regular returns to its shareholders and may be seen as a positive indicator of the company's financial health and confidence in its future performance.

BayCom Corp (NASDAQ: BCML) reported second-quarter 2024 earnings of $5.6 million, or $0.50 per diluted share, down from $5.9 million, or $0.51 per share, in Q1 2024 and $7.2 million, or $0.59 per share, in Q2 2023. This decline was primarily due to decreased net interest income and noninterest income, despite reductions in credit loss provisions, income taxes, and noninterest expenses.

Annualized net interest margin was 3.69%, down from 3.72% in Q1 2024 and 4.02% in Q2 2023. Return on average assets was 0.87%, down from 0.92% in Q1 2024 and 1.13% in Q2 2023. Assets totaled $2.6 billion, with loans at $1.9 billion and deposits at $2.2 billion. Nonperforming loans increased to $16.1 million, or 0.87% of total loans.

The company repurchased 204,794 shares at an average cost of $20.17 per share and declared a $0.10 per share dividend. CEO George Guarini noted stability in deposits despite low loan demand and expressed cautious optimism about future loan demand and M&A prospects, emphasizing cost management and shareholder value.

BayCom Corp (NASDAQ: BCML), the parent company of United Business Bank, announced a quarterly cash dividend of $0.10 per share, payable on July 11, 2024, to shareholders of record by June 13, 2024.

Additionally, the company introduced its ninth stock repurchase program, allowing for the buyback of up to 560,000 shares, approximately 5% of its outstanding shares, over a one-year period. This new program will start after the completion of the existing stock repurchase program, which will expire on April 21, 2025, or earlier if all shares are repurchased.

The buyback strategy will involve open market purchases, privately-negotiated transactions, and block purchases, adhering to federal securities laws. However, the repurchase program does not obligate the company to buy a specific number of shares and can be altered at any time.

BayCom Corp reported earnings of $5.9 million, or $0.51 per diluted common share, for the first quarter of 2024. This represents a decrease from the previous quarter and the same quarter last year. Net income was impacted by changes in net interest income, noninterest income, and noninterest expenses. The company's President and CEO expressed cautious optimism for the remainder of 2024 despite ongoing challenges in loan demand and M&A prospects. Financial highlights include stable earnings, a strong financial condition, and a focus on managing operating costs and providing value to clients and shareholders.

BayCom Corp (BCML) adjusts record date for $0.10 per share quarterly cash dividend due to NASDAQ requirements, payable on April 12, 2024.

BayCom Corp (BCML) declares a quarterly cash dividend of $0.10 per share on its common stock, payable on April 12, 2024, to shareholders of record as of March 8, 2024.

BayCom Corp (BCML) announced earnings of $6.4 million, or $0.55 per diluted common share, for Q4 2023, compared to $6.6 million, or $0.56 per share, for Q3 2023 and $7.6 million, or $0.59 per share, for Q4 2022. Net income for Q4 2023 decreased $234,000 or 3.5% compared to Q3 2023, and decreased $1.2 million or 16.1% compared to Q4 2022. The full year 2023 net income increased $3.7 million or 15.6% compared to 2022. Net interest income decreased $1.3 million, or 5.2%, to $23.5 million for Q4 2023. Loans, net of deferred fees, totaled $1.9 billion at December 31, 2023, compared to $2.0 billion at September 30, 2023 and December 31, 2022. Nonperforming loans totaled $13.0 million or 0.67% of total loans at December 31, 2023, compared to $14.3 million or 0.73% at September 30, 2023, and $15.2 million or 0.75% at December 31, 2022. The Company repurchased 122,559 shares of common stock at an average cost of $19.91 per share during Q4 2023. The Bank remained a “well-capitalized” institution for regulatory capital purposes at December 31, 2023.