BayCom Corp Reports 2024 First Quarter Earnings of $5.9 Million
- None.
- Net interest income decreased by $1.1 million for the first quarter of 2024 compared to the previous quarter, and by $2.9 million compared to the same quarter a year ago, reflecting challenges in interest income on loans and increased expenses.
- Noninterest income decreased by $615,000 for the first quarter of 2024 compared to the previous quarter, but increased by $501,000 compared to the same quarter last year. The decrease was primarily due to changes in gain on equity securities and income on investments.
- Noninterest expenses increased by $997,000 for the first quarter of 2024 compared to the previous quarter, but decreased by $458,000 compared to the same quarter last year. The increase was mainly driven by salaries, employee benefits, and other expenses.
- The provision for credit losses in the first quarter of 2024 was $252,000, compared to provisions of $2.3 million in the previous quarter and $275,000 in the same quarter last year. Net charge-offs totaled $3.4 million during the first quarter of 2024.
Insights
The reported first quarter earnings for BayCom Corp reveal a noteworthy year-over-year decline of 18.3% in net income, which is significant as it may indicate potential challenges in the bank's profitability, especially when juxtaposed with the previous year's stronger performance. This net income decline is primarily due to a decrease in net interest income and noninterest income, as well as an increase in noninterest expenses, despite a reduction in provision for credit losses and provision for income taxes.
From an investor perspective, the dip in earnings reflects increased deposit costs coupled with reduced loan demand. This is a classic banking industry challenge that echoes broader economic trends such as interest rate fluctuations and market competition. Paying close attention to the bank's strategies for managing operating costs and its commitment to share repurchases and cash dividends could offer insights into long-term value creation.
Another key aspect to consider is the net interest margin (NIM) compression from 4.26% to 3.72% year-over-year. NIM is a fundamental metric for banks as it measures the difference between interest income generated and the amount of interest paid out to lenders, relative to the amount of their interest-earning assets. A shrinking NIM in a rising rate environment suggests that the cost of funds is increasing at a faster pace than the yield on assets, which could be a concern for future profitability.
Examining the decline in BayCom's first quarter loan portfolio by 7.9% from the previous year should raise questions about the bank's market position and growth strategy, especially in the face of reduced loan demand. This may suggest a need for the institution to diversify its loan products or explore new markets to offset the downward trend.
Investors should also monitor the increase in nonperforming loans, as this could be an early sign of credit quality issues, despite the reassurance from the CEO that there are no systemic credit weaknesses observed. Credit quality is a fundamental indicator of a bank's health and risk management efficacy, so any changes in this area merit close attention.
While the overall decrease in earnings could be concerning, the consistent performance in interest income on investment securities, with a 19.3% increase from the first quarter of the previous year, serves as a silver lining. This shows a degree of resilience in the bank's investment portfolio, which could provide some stability to the income statement amidst the other financial headwinds.
The detailed disclosures of interest income sources, including federal funds and dividends from Federal Reserve and Federal Home Loan Bank stock, are noteworthy. The increase in cash dividends by 25.3% compared to the first quarter of the previous year points to a healthy income stream, which could buffer against the volatility in loan and deposit interest income.
Net income for the first quarter of 2024 compared to the fourth quarter of 2023 decreased
George Guarini, President and Chief Executive Officer, commented, “Our financial results for the first quarter of 2024 reflect the continuation of many of the challenges we faced in 2023, including increased deposit costs and reduced loan demand. Overall, our financial condition has remained strong, with no observed systemic credit weakness, and our earnings have remained stable.”
Looking ahead, Guarini expressed cautious optimism, stating, "While we approach the remainder of 2024 with some reservation, we remain hopeful for opportunities ahead. Though we anticipate continued challenges in loan demand and M&A prospects, we are confident in our ability to navigate these uncertainties. We remain vigilant in managing operating costs during these times of economic uncertainty and remain committed to strategically repurchase shares and provide cash dividends, reinforcing our dedication to delivering long-term value for both our clients and shareholders."
First Quarter Performance Highlights:
-
Annualized net interest margin was
3.72% for the current quarter, compared to3.86% for the preceding quarter and4.26% for the same quarter a year ago. -
Annualized return on average assets was
0.92% for the current quarter, compared to1.00% for the preceding quarter and1.14% for the same quarter a year ago. -
Assets totaled
$2.6 billion $2.5 billion -
Loans, net of deferred fees, totaled
$1.9 billion $2.0 billion -
Nonperforming loans totaled
$16.5 million 0.64% of total loans, at March 31, 2024, compared to$13.0 million 0.67% of total loans at December 31, 2023, and$13.1 million 0.64% of total loans, at March 31, 2023. -
The allowance for credit losses for loans totaled
$18.9 million 1.00% of total loans outstanding, at March 31, 2024, compared to$22.0 million 1.14% of total loans outstanding, at December 31, 2023, and$20.4 million 1.00% of total loans outstanding, at March 31, 2023. -
A
$252,000 $2.3 million $275,000 -
Deposits totaled
$2.1 billion $630.0 million 29.4% of total deposits, compared to$646.3 million 30.3% of total deposits, at December 31, 2023, and$705.9 million 33.2% of total deposits, at March 31, 2023. -
The Company repurchased 198,120 shares of common stock at an average cost of
$20.20 $19.91 $19.08 -
On March 6, 2024, the Company announced the declaration of a cash dividend on the Company’s common stock of
$0.10 - The Bank remained a “well-capitalized” institution for regulatory capital purposes at March 31, 2024.
Earnings
Net interest income decreased
Interest income on loans, including fees, decreased
Interest income on loans included
Interest income on investment securities remained at
Interest income on federal funds sold and interest-bearing balances in banks increased
Interest expense increased
Annualized net interest margin was
Accretion of the net discount had a minimal impact on the average yield on loans during the first quarter of 2024 and the fourth quarter of 2023, compared to seven basis point increase in the average yield on loans during the first quarter of 2023.
The Company recorded a
Noninterest income for the first quarter of 2024 decreased
Noninterest expense for the first quarter of 2024 increased
The provision for income taxes decreased
Loans and Credit Quality
Loans, net of deferred fees, decreased
Nonperforming loans, consisting solely of non-accrual loans, totaled
The portion of nonaccrual loans guaranteed by government agencies totaled
At March 31, 2024, the Company’s allowance for credit losses for loans was
As of March 31, 2024, acquired loans net of their discount totaled
Deposits and Borrowings
Deposits totaled
We consider our deposit base to be seasoned, stable and well-diversified, and we do not have any significant industry concentrations among our non-insured deposits. We also offer an insured cash sweep product (ICS) that allows customers to insure deposits above FDIC insurance limits. At March 31, 2024 and December 31, 2023, our average deposit account size (excluding public funds), calculated by dividing period-end deposits by the population of accounts with balances, was approximately
The Bank has an approved secured borrowing facility with the FHLB of
At March 31, 2024 and December 31, 2023, the Company had outstanding junior subordinated debt, net of fair value adjustments, related to junior subordinated deferrable interest debentures assumed in connection with its previous acquisitions totaling
At March 31, 2024, December 31, 2023 and March 31, 2023, the Company had no other borrowings outstanding.
Shareholders’ Equity
Shareholders’ equity totaled
The increase to shareholders’ equity for activity during the three months March 31, 2024, as compared to activity during three months ended March 31, 2023, primarily was due to a
About BayCom Corp
The Company, through its wholly owned operating subsidiary, United Business Bank, offers a full-range of loans, including SBA, CalCAP, FSA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates in
Forward-Looking Statements
This release, as well as other public or shareholder communications by the Company, may contain forward-looking statements, including, but not limited to, (i) statements regarding the financial condition, results of operations and business of the Company, (ii) statements about the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts and (iii) other statements identified by the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions that are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead are based on current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.
There are a number of factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; changes in the interest rate environment, including the past increases in the Federal Reserve benchmark rate and duration at which such increased interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of continuing high inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; review of the Company’s accounting, accounting policies and internal control over financial reporting; risks and uncertainties related to the recent restatement of certain of our historical consolidated financial statements; the subsequent discovery of additional adjustments to the Company’s previously issued financial statements; future acquisitions by the Company of other depository institutions or lines of business; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company's ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company's market area; increased competitive pressures; changes in management’s business strategies; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with or furnished to the Securities and Exchange Commission (“SEC”), which are available on our website at www.unitedbusinessbank.com and on the SEC's website at www.sec.gov.
The factors listed above could materially affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, whether as a result of new information, future events or otherwise, except as may be required by law or NASDAQ rules. When considering forward-looking statements, you should keep in mind these risks and uncertainties. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made.
BAYCOM CORP STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Dollars in thousands, except per share data) |
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Three months ended |
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March 31, |
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December 31, |
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March 31, |
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2024 |
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2023 |
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2023 |
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(As Restated) |
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Interest income |
|
|
|
|
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|
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Loans, including fees |
$ |
25,257 |
|
|
$ |
26,166 |
|
|
$ |
26,255 |
|
|
Investment securities |
|
1,956 |
|
|
|
1,956 |
|
|
|
1,640 |
|
|
Fed funds sold and interest-bearing balances in banks |
|
4,115 |
|
|
|
3,680 |
|
|
|
1,829 |
|
|
FHLB dividends |
|
272 |
|
|
|
245 |
|
|
|
188 |
|
|
FRB dividends |
|
144 |
|
|
|
145 |
|
|
|
144 |
|
|
Total interest and dividend income |
|
31,744 |
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|
32,192 |
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|
|
30,056 |
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Interest expense |
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Deposits |
|
8,227 |
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|
|
7,551 |
|
|
|
3,700 |
|
|
Subordinated debt |
|
893 |
|
|
|
896 |
|
|
|
896 |
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|
Junior subordinated debt |
|
217 |
|
|
|
218 |
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|
|
203 |
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|
Total interest expense |
|
9,337 |
|
|
|
8,665 |
|
|
|
4,799 |
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|
Net interest income |
|
22,407 |
|
|
|
23,527 |
|
|
|
25,257 |
|
|
Provision for credit losses |
|
252 |
|
|
|
2,325 |
|
|
|
275 |
|
|
Net interest income after provision for credit losses |
|
22,155 |
|
|
|
21,202 |
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|
|
24,982 |
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Noninterest income |
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|
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Gain on sale of loans |
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— |
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— |
|
|
|
412 |
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|
Gain (loss) on equity securities |
|
573 |
|
|
|
946 |
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|
|
(896 |
) |
|
Service charges and other fees |
|
839 |
|
|
|
830 |
|
|
|
885 |
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|
Loan servicing fees and other fees |
|
392 |
|
|
|
445 |
|
|
|
410 |
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|
(Loss) income on investment in SBIC fund |
|
(30 |
) |
|
|
158 |
|
|
|
489 |
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Other income and fees |
|
288 |
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|
298 |
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|
|
261 |
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Total noninterest income |
|
2,062 |
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|
2,677 |
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|
1,561 |
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Noninterest expense |
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Salaries and employee benefits |
|
10,036 |
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|
8,936 |
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|
11,036 |
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Occupancy and equipment |
|
2,154 |
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|
|
2,024 |
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|
|
2,027 |
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Data processing |
|
1,753 |
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|
1,767 |
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|
|
1,465 |
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Other expense |
|
2,128 |
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|
|
2,347 |
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|
|
2,001 |
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Total noninterest expense |
|
16,071 |
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|
|
15,074 |
|
|
|
16,529 |
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Income before provision for income taxes |
|
8,146 |
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|
|
8,805 |
|
|
|
10,014 |
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Provision for income taxes |
|
2,269 |
|
|
|
2,407 |
|
|
|
2,823 |
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Net income |
$ |
5,877 |
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$ |
6,398 |
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$ |
7,191 |
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Net income per common share: |
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Basic |
$ |
0.51 |
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$ |
0.55 |
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$ |
0.57 |
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Diluted |
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0.51 |
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|
0.55 |
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|
0.57 |
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Weighted average shares used to compute net income per common share: |
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Basic |
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11,525,752 |
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11,571,796 |
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12,699,476 |
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Diluted |
|
11,525,752 |
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|
11,571,796 |
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|
12,699,476 |
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Comprehensive income |
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Net income |
$ |
5,877 |
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$ |
6,398 |
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$ |
7,191 |
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Other comprehensive gain (loss): |
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Change in unrealized gain (loss) on available-for-sale securities |
|
696 |
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|
|
3,746 |
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|
|
(1,821 |
) |
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Deferred tax (expense) benefit |
|
(212 |
) |
|
|
(1,078 |
) |
|
|
524 |
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|
Other comprehensive gain (loss), net of tax |
|
484 |
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|
|
2,668 |
|
|
|
(1,297 |
) |
|
Comprehensive income |
$ |
6,361 |
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|
$ |
9,066 |
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$ |
5,894 |
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BAYCOM CORP STATEMENTS OF CONDITION (UNAUDITED) (Dollars in thousands) |
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March 31, |
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December 31, |
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March 31, |
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2024 |
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2023 |
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2023 |
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(As Restated) |
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Assets |
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Cash and due from banks |
|
$ |
20,379 |
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$ |
17,901 |
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$ |
28,850 |
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Federal funds sold and interest-bearing balances in banks |
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|
327,953 |
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|
289,638 |
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|
168,688 |
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Cash and cash equivalents |
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|
348,332 |
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|
307,539 |
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197,538 |
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Time deposits in banks |
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|
996 |
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|
1,245 |
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|
2,241 |
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Investment securities available-for-sale ("AFS") |
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|
167,919 |
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163,152 |
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152,427 |
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Equity securities |
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|
13,158 |
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|
12,585 |
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|
12,834 |
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Federal Home Loan Bank ("FHLB") stock, at par |
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|
11,313 |
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11,313 |
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|
10,679 |
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Federal Reserve Bank ("FRB") stock, at par |
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|
9,630 |
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|
9,626 |
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|
9,609 |
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Loans held for sale |
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|
1,684 |
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|
— |
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|
— |
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Loans, net of deferred fees |
|
|
1,886,730 |
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|
1,927,829 |
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|
2,044,536 |
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Allowance for credit losses for loans |
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|
(18,890 |
) |
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|
(22,000 |
) |
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|
(20,400 |
) |
Premises and equipment, net |
|
|
14,355 |
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|
|
13,734 |
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|
|
13,008 |
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Other real estate owned ("OREO") |
|
|
— |
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|
— |
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|
|
21 |
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Core deposit intangible |
|
|
3,610 |
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|
|
3,915 |
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|
|
4,832 |
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Cash surrender value of bank owned life insurance policies, net |
|
|
23,044 |
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|
|
22,867 |
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|
|
22,359 |
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Right-of-use assets |
|
|
13,460 |
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|
|
13,939 |
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|
15,706 |
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Goodwill |
|
|
38,838 |
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|
38,838 |
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|
38,838 |
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Interest receivable and other assets |
|
|
46,530 |
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|
|
47,378 |
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|
|
43,832 |
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Total Assets |
|
$ |
2,560,709 |
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|
$ |
2,551,960 |
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|
$ |
2,548,060 |
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Liabilities and Shareholders’ Equity |
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Noninterest-bearing deposits |
|
$ |
629,962 |
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$ |
646,278 |
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|
$ |
705,941 |
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Interest-bearing deposits |
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Transaction accounts and savings |
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|
725,399 |
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|
745,712 |
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|
799,484 |
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Premium money market |
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|
273,329 |
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|
|
263,516 |
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|
232,404 |
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Time deposits |
|
|
514,217 |
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|
|
477,244 |
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|
389,940 |
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Total deposits |
|
|
2,142,907 |
|
|
|
2,132,750 |
|
|
|
2,127,769 |
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Junior subordinated deferrable interest debentures, net |
|
|
8,585 |
|
|
|
8,565 |
|
|
|
8,504 |
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Subordinated debt, net |
|
|
63,609 |
|
|
|
63,881 |
|
|
|
63,754 |
|
Salary continuation plans |
|
|
4,667 |
|
|
|
4,552 |
|
|
|
4,921 |
|
Lease liabilities |
|
|
14,321 |
|
|
|
14,752 |
|
|
|
16,329 |
|
Interest payable and other liabilities |
|
|
12,385 |
|
|
|
14,591 |
|
|
|
13,311 |
|
Total Liabilities |
|
|
2,246,474 |
|
|
|
2,239,091 |
|
|
|
2,234,588 |
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Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
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Common stock, no par value |
|
|
177,362 |
|
|
|
181,200 |
|
|
|
196,772 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(14,108 |
) |
|
|
(14,592 |
) |
|
|
(12,858 |
) |
Retained earnings |
|
|
150,981 |
|
|
|
146,261 |
|
|
|
129,558 |
|
Total Shareholders’ Equity |
|
|
314,235 |
|
|
|
312,869 |
|
|
|
313,472 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
2,560,709 |
|
|
$ |
2,551,960 |
|
|
$ |
2,548,060 |
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BAYCOM CORP FINANCIAL HIGHLIGHTS (UNAUDITED) (Dollars in thousands, except per share data) |
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At and for the three months ended |
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March 31, |
December 31, |
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March 31, |
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Selected Financial Ratios and Other Data: |
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2024 |
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2023 |
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2023 |
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(As Restated) |
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Performance Ratios: |
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Return on average assets (1) |
|
|
0.92 |
% |
|
1.00 |
% |
|
1.14 |
% |
|
Return on average equity (1) |
|
|
7.44 |
|
|
8.26 |
|
|
9.06 |
|
|
Yield earned on average interest-earning assets (1) |
|
|
5.28 |
|
|
5.29 |
|
|
5.07 |
|
|
Rate paid on average interest-bearing liabilities (1) |
|
|
2.40 |
|
|
2.21 |
|
|
1.35 |
|
|
Interest rate spread - average during the period (1) |
|
|
2.88 |
|
|
3.08 |
|
|
3.72 |
|
|
Net interest margin (1) |
|
|
3.72 |
|
|
3.86 |
|
|
4.26 |
|
|
Loan to deposit ratio |
|
|
88.05 |
|
|
90.39 |
|
|
96.09 |
|
|
Efficiency ratio (2) |
|
|
65.68 |
|
|
57.53 |
|
|
61.63 |
|
|
Charge-offs, net |
|
$ |
3,372 |
|
$ |
150 |
|
$ |
315 |
|
|
|
|
|
|
|
|
|
|
|
|||
Per Share Data: |
|
|
|
|
|
|
|
|
|||
Shares outstanding at end of period |
|
|
11,377,117 |
|
|
11,551,271 |
|
|
12,443,977 |
|
|
Average diluted shares outstanding |
|
|
11,525,752 |
|
|
11,571,796 |
|
|
12,699,476 |
|
|
Diluted earnings per share |
|
$ |
0.51 |
|
$ |
0.55 |
|
$ |
0.57 |
|
|
Book value per share |
|
|
27.62 |
|
|
27.09 |
|
|
25.19 |
|
|
Tangible book value per share (3) |
|
|
23.89 |
|
|
23.38 |
|
|
21.68 |
|
|
|
|
|
|
|
|
|
|
|
|||
Asset Quality Data: |
|
|
|
|
|
|
|
|
|||
Nonperforming assets to total assets (4) |
|
|
0.64 |
% |
|
0.51 |
% |
|
0.51 |
% |
|
Nonperforming loans to total loans (5) |
|
|
0.87 |
% |
|
0.67 |
% |
|
0.64 |
% |
|
Allowance for credit losses on loans to nonperforming loans (5) |
|
|
114.55 |
% |
|
169.53 |
% |
|
155.84 |
% |
|
Allowance for credit losses on loans to total loans |
|
|
1.00 |
% |
|
1.14 |
% |
|
1.00 |
% |
|
Classified assets (graded substandard and doubtful) |
|
$ |
39,352 |
|
$ |
30,801 |
|
$ |
20,863 |
|
|
Total accruing loans 30‑89 days past due |
|
|
2,625 |
|
|
4,773 |
|
|
12,353 |
|
|
Total loans 90 days past due and still accruing |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|||
Capital Ratios: |
|
|
|
|
|
|
|
|
|||
Tier 1 leverage ratio — Bank (6) |
|
|
13.41 |
% |
|
13.08 |
% |
|
13.26 |
% |
|
Common equity tier 1 capital ratio — Bank (6) |
|
|
16.91 |
% |
|
16.94 |
% |
|
16.40 |
% |
|
Tier 1 capital ratio — Bank (6) |
|
|
16.91 |
% |
|
16.94 |
% |
|
16.40 |
% |
|
Total capital ratio — Bank (6) |
|
|
17.87 |
% |
|
18.08 |
% |
|
17.43 |
% |
|
Equity to total assets — end of period |
|
|
12.27 |
% |
|
12.26 |
% |
|
12.30 |
% |
|
Tangible equity to tangible assets — end of period (3) |
|
|
10.79 |
% |
|
10.76 |
% |
|
10.77 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Loans: |
|
|
|
|
|
|
|
|
|||
Real estate |
|
$ |
1,707,064 |
|
$ |
1,752,626 |
|
$ |
1,825,633 |
|
|
Non-real estate |
|
|
162,791 |
|
|
161,816 |
|
|
205,458 |
|
|
Nonaccrual loans |
|
|
16,491 |
|
|
12,977 |
|
|
13,090 |
|
|
Mark to fair value at acquisition |
|
|
392 |
|
|
354 |
|
|
371 |
|
|
Total Loans |
|
|
1,886,738 |
|
|
1,927,773 |
|
|
2,044,552 |
|
|
Net deferred fees on loans (7) |
|
|
(8 |
) |
|
56 |
|
|
(16 |
) |
|
Loans, net of deferred fees |
|
$ |
1,886,730 |
|
$ |
1,927,829 |
|
$ |
2,044,536 |
|
|
|
|
|
|
|
|
|
|
|
|||
Other Data: |
|
|
|
|
|
|
|
|
|||
Number of full-service offices |
|
|
35 |
|
|
35 |
|
|
34 |
|
|
Number of full-time equivalent employees |
|
|
345 |
|
|
358 |
|
|
366 |
|
|
(1) |
Annualized. |
(2) |
Total noninterest expense as a percentage of net interest income and total noninterest income. |
(3) |
Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below. |
(4) |
Nonperforming assets consist of nonaccrual loans, accruing loans that are 90 days or more past due, and other real estate owned. |
(5) |
Nonperforming loans consist of nonaccrual loans and accruing loans that are 90 days or more past due. |
(6) |
Regulatory capital ratios are for United Business Bank only. |
(7) |
Deferred fees include |
Non-GAAP Financial Measures:
In addition to results presented in accordance with generally accepted accounting principles utilized in
Reconciliation of the GAAP and non-GAAP financial measures is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures |
||||||||
|
|
(Dollars in thousands, except per share data) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|||
|
|
2024 |
|
2023 |
|
2023 |
|
|||
|
|
|
|
|
|
|
|
(As Restated) |
|
|
Tangible Book Value: |
|
|
||||||||
Total equity and common shareholders’ equity (GAAP) |
|
$ |
314,235 |
|
$ |
312,869 |
|
$ |
313,472 |
|
less: Goodwill and other intangibles |
|
|
42,448 |
|
|
42,753 |
|
|
43,670 |
|
Tangible equity and common shareholders’ equity (Non-GAAP) |
|
$ |
271,787 |
|
$ |
270,116 |
|
$ |
269,802 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
2,560,709 |
|
$ |
2,551,960 |
|
$ |
2,548,060 |
|
less: Goodwill and other intangibles |
|
|
42,448 |
|
|
42,753 |
|
|
43,670 |
|
Total tangible assets (Non-GAAP) |
|
$ |
2,518,261 |
|
$ |
2,509,207 |
|
$ |
2,504,390 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets (GAAP) |
|
|
12.27 |
% |
|
12.26 |
% |
|
12.30 |
% |
Tangible equity to tangible assets (Non-GAAP) |
|
|
10.79 |
% |
|
10.76 |
% |
|
10.77 |
% |
Book value per share (GAAP) |
|
$ |
27.62 |
|
$ |
27.09 |
|
$ |
25.19 |
|
Tangible book value per share (Non-GAAP) |
|
$ |
23.89 |
|
$ |
23.38 |
|
$ |
21.68 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240418143853/en/
BayCom Corp
Keary Colwell, 925-476-1800
kcolwell@ubb-us.com
Source: BayCom Corp
FAQ
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