BayCom Corp Reports 2024 Fourth Quarter Earnings of $6.1 Million
BayCom Corp (NASDAQ: BCML) reported Q4 2024 earnings of $6.1 million, or $0.55 per diluted share, compared to $6.0 million in Q3 2024 and $6.4 million in Q4 2023. The quarterly net income increased by 1.7% from Q3 2024 but decreased 4.3% from Q4 2023.
Key highlights include:
- Net interest margin was 3.80% for Q4 2024
- Assets totaled $2.7 billion at December 31, 2024
- Loans reached $2.0 billion, with nonperforming loans at 0.48% of total loans
- Deposits increased to $2.2 billion
- The Bank maintained 'well-capitalized' status
For full-year 2024, net income was $23.6 million ($2.10 per diluted share), down 13.9% from $27.4 million ($2.27 per diluted share) in 2023. The company declared a cash dividend of $0.15 per share, paid on January 10, 2025.
BayCom Corp (NASDAQ: BCML) ha riportato un utile del Q4 2024 di $6,1 milioni, ovvero $0,55 per azione diluita, rispetto ai $6,0 milioni del Q3 2024 e ai $6,4 milioni del Q4 2023. L'utile netto trimestrale è aumentato dell'1,7% rispetto al Q3 2024, ma è diminuito del 4,3% rispetto al Q4 2023.
I punti salienti includono:
- Il margine di interesse netto era del 3,80% per il Q4 2024
- Le attività totali ammontavano a $2,7 miliardi al 31 dicembre 2024
- I prestiti hanno raggiunto i $2,0 miliardi, con prestiti non performanti allo 0,48% del totale dei prestiti
- I depositi sono aumentati a $2,2 miliardi
- Banca ha mantenuto lo stato di 'ben capitalizzata'
Per l'intero anno 2024, l'utile netto è stato di $23,6 milioni ($2,10 per azione diluita), in calo del 13,9% rispetto ai $27,4 milioni ($2,27 per azione diluita) del 2023. L'azienda ha dichiarato un dividendo in contante di $0,15 per azione, pagato il 10 gennaio 2025.
BayCom Corp (NASDAQ: BCML) reportó ganancias en el Q4 2024 de $6.1 millones, o $0.55 por acción diluida, en comparación con $6.0 millones en el Q3 2024 y $6.4 millones en el Q4 2023. El ingreso neto trimestral aumentó un 1.7% desde el Q3 2024, pero disminuyó un 4.3% desde el Q4 2023.
Los aspectos más destacados incluyen:
- El margen de interés neto fue del 3.80% para el Q4 2024
- Los activos totals alcanzaron los $2.7 mil millones al 31 de diciembre de 2024
- Los préstamos llegaron a $2.0 mil millones, con préstamos no productivos en el 0.48% del total de préstamos
- Los depósitos aumentaron a $2.2 mil millones
- El banco mantuvo el estatus de 'bien capitalizado'
Para el año completo 2024, el ingreso neto fue de $23.6 millones ($2.10 por acción diluida), una disminución del 13.9% desde $27.4 millones ($2.27 por acción diluida) en 2023. La compañía declaró un dividendo en efectivo de $0.15 por acción, pagado el 10 de enero de 2025.
BayCom Corp (NASDAQ: BCML)는 2024년 4분기 순이익이 610만 달러, 희석주당 0.55달러로 보고했습니다. 이는 2024년 3분기 600만 달러 및 2023년 4분기 640만 달러와 비교됩니다. 분기 순이익은 2024년 3분기 대비 1.7% 증가했지만, 2023년 4분기 대비 4.3% 감소했습니다.
주요 사항은 다음과 같습니다:
- 2024년 4분기 순이자 마진은 3.80%였습니다.
- 2024년 12월 31일 현재 총 자산은 27억 달러에 달했습니다.
- 대출은 20억 달러에 이르렀고, 부실 대출은 총 대출의 0.48%를 차지했습니다.
- 예금은 22억 달러로 증가했습니다.
- 은행은 '양호한 자본 적정성' 상태를 유지했습니다.
2024년 전체 연간 기준으로 순이익은 2360만 달러($2.10 주당 희석 기준)로, 2023년의 2740만 달러($2.27 주당 희석 기준)에서 13.9% 감소했습니다. 이 회사는 2025년 1월 10일에 지급될 주당 0.15달러의 현금 배당금을 선언했습니다.
BayCom Corp (NASDAQ: BCML) a annoncé un bénéfice pour le Q4 2024 de 6,1 millions de dollars, soit 0,55 dollar par action diluée, contre 6,0 millions de dollars au Q3 2024 et 6,4 millions de dollars au Q4 2023. Le revenu net trimestriel a augmenté de 1,7 % par rapport au Q3 2024 mais a diminué de 4,3 % par rapport au Q4 2023.
Les points clés comprennent:
- La marge d'intérêt nette était de 3,80 % pour le Q4 2024
- Les actifs s'élevaient à 2,7 milliards de dollars au 31 décembre 2024
- Les prêts ont atteint 2,0 milliards de dollars, avec des prêts non performants représentant 0,48 % du total des prêts
- Les dépôts ont augmenté à 2,2 milliards de dollars
- La banque a maintenu son statut de 'bien capitalisée'
Pour l'année entière 2024, le revenu net s'élevait à 23,6 millions de dollars (2,10 dollars par action diluée), soit une baisse de 13,9 % par rapport à 27,4 millions de dollars (2,27 dollars par action diluée) en 2023. La société a déclaré un dividende en espèces de 0,15 dollar par action, payable le 10 janvier 2025.
BayCom Corp (NASDAQ: BCML) berichtete im Q4 2024 von einem Gewinn in Höhe von 6,1 Millionen Dollar, bzw. 0,55 Dollar pro verwässerter Aktie, im Vergleich zu 6,0 Millionen Dollar im Q3 2024 und 6,4 Millionen Dollar im Q4 2023. Der quartalsweise Nettogewinn stieg um 1,7% gegenüber Q3 2024, sank jedoch um 4,3% im Vergleich zum Q4 2023.
Wichtige Highlights sind:
- Die Nettozinsmarge betrug 3,80% im Q4 2024
- Die Vermögenswerte beliefen sich zum 31. Dezember 2024 auf 2,7 Milliarden Dollar
- Die Kredite erreichten 2,0 Milliarden Dollar, wobei die notleidenden Kredite 0,48% der Gesamtkredite ausmachten
- Die Einlagen stiegen auf 2,2 Milliarden Dollar
- Die Bank behielt den Status 'gut kapitalisiert'
Für das gesamte Jahr 2024 betrug der Nettogewinn 23,6 Millionen Dollar (2,10 Dollar pro verwässerter Aktie), ein Rückgang von 13,9% gegenüber 27,4 Millionen Dollar (2,27 Dollar pro verwässerter Aktie) im Jahr 2023. Das Unternehmen erklärte eine Bardividende von 0,15 Dollar pro Aktie, zahlbar am 10. Januar 2025.
- Quarter-over-quarter net income increase of 1.7% to $6.1 million
- Net interest margin improvement to 3.80% from 3.73% in Q3
- Nonperforming loans decreased to 0.48% from 0.67% year-over-year
- Reversal of $403,000 provision for credit losses due to improved conditions
- Noninterest-bearing deposits increased to 30.8% of total deposits
- Year-over-year net income decreased 13.9% to $23.6 million
- Quarter-over-quarter noninterest income decreased 96.8% to $87,000
- Noninterest expense increased 6.0% year-over-year
- Average cost of deposits increased to 1.73% from 1.40% year-over-year
- Average balance of noninterest-bearing deposits decreased 5.6% year-over-year
Insights
BayCom's Q4 2024 performance reveals several encouraging trends despite mixed headline numbers. The 3.80% net interest margin expansion from 3.73% in Q3 demonstrates effective interest rate management amid a shifting rate environment. The $403,000 reversal in credit loss provisions reflects improving asset quality, with nonperforming loans dropping to
Notably, the deposit mix shows resilience with noninterest-bearing deposits comprising
Capital deployment remains shareholder-friendly, combining share repurchases with a
However, investors should monitor the $2.7M decrease in noninterest income driven by equity securities fair value adjustments, which could introduce earnings volatility. The efficiency ratio and operating leverage trends suggest room for optimization in expense management, particularly in salaries and benefits which saw inflationary pressures.
Net income for the fourth quarter of 2024 compared to the third quarter of 2024 increased
Net income for the year ended December 31, 2024 compared to the year ended December 31, 2023 decreased
George Guarini, President and Chief Executive Officer, commented, “Our financial results for the fourth quarter and full year 2024 reflect a continuing trend of new lending activities and improvement in our net interest margin. Improving credit quality and economic factors are evident in the reversal of our provision for credit losses. Overall, our financial condition remains strong, and our earnings remain steady.”
Guarini concluded, “We are optimistic that 2025 will see a continuing demand for lending and improving bank valuations. We remain committed to enhancing shareholder value through share repurchases and cash dividends, while continuing to provide exceptional value to our clients and shareholders alike.”
Fourth Quarter Performance Highlights:
-
Annualized net interest margin was
3.80% for the current quarter, compared to3.73% for the preceding quarter and3.86% for the same quarter a year ago. -
Annualized return on average assets was
0.94% for both the current quarter and the preceding quarter, and was1.00% for the same quarter a year ago. -
Assets totaled
$2.7 billion $2.6 billion -
Loans, net of deferred fees, totaled
$2.0 billion $1.9 billion -
Nonperforming loans totaled
$9.5 million 0.48% of total loans, at December 31, 2024, compared to$9.7 million 0.51% of total loans, at September 30, 2024, and$13.0 million 0.67% of total loans, at December 31, 2023. -
The allowance for credit losses for loans totaled
$17.9 million 0.92% of total loans outstanding, at December 31, 2024, compared to$18.3 million 0.96% of total loans outstanding, at September 30, 2024, and$22.0 million 1.14% of total loans outstanding, at December 31, 2023. -
A
$403,000 $1.2 million $2.3 million -
Deposits totaled
$2.2 billion $2.1 billion $689.0 million 30.8% of total deposits, compared to$618.3 million 28.9% of total deposits, at September 30, 2024, and$646.3 million 30.3% of total deposits, at December 31, 2023. -
The Company repurchased 1,500 shares of common stock at an average cost of
$24.28 $21.15 $19.91 -
On November 20, 2024, the Company announced the declaration of a cash dividend on the Company’s common stock of
$0.15 - The Bank remained a “well-capitalized” institution for regulatory capital purposes at December 31, 2024.
Earnings
Net interest income increased
The Federal Open Market Committee (“FOMC”) of the Federal Reserve System hiked interest rates a total of 11 times starting in March 2022, bringing target interest rates to a range of 5.25–
The average yield earned (annualized) on interest earning assets for the fourth quarter of 2024 was
Interest income on loans, including fees, increased
Interest income on loans included
Interest income on investment securities increased
Interest income on federal funds sold and interest-bearing balances in banks decreased
Interest expense for both the three months ended December 31, 2024 and September 30, 2024 was
Annualized net interest margin was
The Company recorded a
Noninterest income for the fourth quarter of 2024 decreased
The decrease in noninterest income for the current quarter compared to the same quarter in 2023 was primarily due to a
Noninterest expense for the fourth quarter of 2024 decreased
The provision for income taxes decreased
Loans and Credit Quality
Loans, net of deferred fees, increased
Nonperforming loans, consisting solely of non-accrual loans, totaled
The portion of nonaccrual loans guaranteed by government agencies totaled
At December 31, 2024, the Company’s allowance for credit losses for loans was
As of December 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 ICS product that allows customers to insure deposits above FDIC insurance limits. At December 31, 2024 and September 30, 2024, 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 December 31, 2024, September 30, 2024 and December 31, 2023, the Company had outstanding junior subordinated deferrable interest debentures, net of fair value adjustments, assumed in connection with its previous acquisitions totaling
At December 31, 2024, September 30, 2024 and December 31, 2023, the Company had no other borrowings outstanding.
Shareholders’ Equity
Shareholders’ equity totaled
The increase to shareholders’ equity at December 31, 2024, as compared to December 31, 2023, primarily was due to
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: 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 recession or slowed economic growth; changes in the interest rate environment, including the increases and decreases in the Federal Reserve benchmark rate and the duration at which such 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 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; future acquisitions by the Company of other depository institutions or lines of business; 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; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products;; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; 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; environmental, social and governance goals; the potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest 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
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Three months ended |
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Year ended |
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December 31, |
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September 30, |
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December 31, |
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December 31, |
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December 31, |
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2024 |
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2024 |
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2023 |
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2024 |
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2023 |
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Interest income |
|
|
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|
|
|
|
|
|
|
|
|
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|||||
Loans, including fees |
$ |
27,559 |
|
|
$ |
26,232 |
|
|
$ |
26,166 |
|
|
$ |
104,062 |
|
|
$ |
106,316 |
|
Investment securities |
|
2,450 |
|
|
|
2,393 |
|
|
|
1,956 |
|
|
|
8,980 |
|
|
|
6,993 |
|
Fed funds sold and interest-bearing balances in banks |
|
3,731 |
|
|
|
4,414 |
|
|
|
3,680 |
|
|
|
17,079 |
|
|
|
11,589 |
|
FHLB dividends |
|
249 |
|
|
|
243 |
|
|
|
245 |
|
|
|
1,011 |
|
|
|
862 |
|
FRB dividends |
|
145 |
|
|
|
144 |
|
|
|
145 |
|
|
|
578 |
|
|
|
577 |
|
Total interest and dividend income |
|
34,134 |
|
|
|
33,426 |
|
|
|
32,192 |
|
|
|
131,710 |
|
|
|
126,337 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
9,462 |
|
|
|
9,448 |
|
|
|
7,551 |
|
|
|
36,139 |
|
|
|
24,040 |
|
Subordinated debt |
|
891 |
|
|
|
892 |
|
|
|
896 |
|
|
|
3,567 |
|
|
|
3,582 |
|
Junior subordinated debt |
|
207 |
|
|
|
221 |
|
|
|
218 |
|
|
|
863 |
|
|
|
841 |
|
Total interest expense |
|
10,560 |
|
|
|
10,561 |
|
|
|
8,665 |
|
|
|
40,569 |
|
|
|
28,463 |
|
Net interest income |
|
23,574 |
|
|
|
22,865 |
|
|
|
23,527 |
|
|
|
91,141 |
|
|
|
97,874 |
|
(Reversal of) provision for credit losses |
|
(403 |
) |
|
|
1,245 |
|
|
|
2,325 |
|
|
|
1,265 |
|
|
|
2,015 |
|
Net interest income after (reversal of) provision for credit losses |
|
23,977 |
|
|
|
21,620 |
|
|
|
21,202 |
|
|
|
89,876 |
|
|
|
95,859 |
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Gain on sale of loans |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
287 |
|
|
|
508 |
|
(Loss) gain on equity securities |
|
(1,209 |
) |
|
|
1,420 |
|
|
|
946 |
|
|
|
463 |
|
|
|
(1,141 |
) |
Service charges and other fees |
|
881 |
|
|
|
898 |
|
|
|
830 |
|
|
|
3,352 |
|
|
|
3,570 |
|
Loan servicing fees and other fees |
|
393 |
|
|
|
324 |
|
|
|
445 |
|
|
|
1,550 |
|
|
|
1,879 |
|
(Loss) income on investment in SBIC fund |
|
(288 |
) |
|
|
(253 |
) |
|
|
158 |
|
|
|
(500 |
) |
|
|
1,097 |
|
Other income and fees |
|
310 |
|
|
|
356 |
|
|
|
298 |
|
|
|
1,225 |
|
|
|
1,064 |
|
Total noninterest income |
|
87 |
|
|
|
2,745 |
|
|
|
2,677 |
|
|
|
6,377 |
|
|
|
6,977 |
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Salaries and employee benefits |
|
9,659 |
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|
|
9,569 |
|
|
|
8,936 |
|
|
|
38,906 |
|
|
|
41,001 |
|
Occupancy and equipment |
|
2,179 |
|
|
|
2,209 |
|
|
|
2,024 |
|
|
|
8,675 |
|
|
|
8,158 |
|
Data processing |
|
1,898 |
|
|
|
1,973 |
|
|
|
1,767 |
|
|
|
7,274 |
|
|
|
6,622 |
|
Other expense |
|
2,240 |
|
|
|
2,323 |
|
|
|
2,347 |
|
|
|
9,278 |
|
|
|
8,897 |
|
Total noninterest expense |
|
15,976 |
|
|
|
16,074 |
|
|
|
15,074 |
|
|
|
64,133 |
|
|
|
64,678 |
|
Income before provision for income taxes |
|
8,088 |
|
|
|
8,291 |
|
|
|
8,805 |
|
|
|
32,120 |
|
|
|
38,158 |
|
Provision for income taxes |
|
1,968 |
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|
|
2,274 |
|
|
|
2,407 |
|
|
|
8,506 |
|
|
|
10,733 |
|
Net income |
$ |
6,120 |
|
|
$ |
6,017 |
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|
$ |
6,398 |
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|
$ |
23,614 |
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|
$ |
27,425 |
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Net income per common share: |
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Basic |
$ |
0.55 |
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|
$ |
0.54 |
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|
$ |
0.55 |
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|
$ |
2.10 |
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|
$ |
2.27 |
|
Diluted |
|
0.55 |
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|
|
0.54 |
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|
|
0.55 |
|
|
|
2.10 |
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|
|
2.27 |
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Weighted average shares used to compute net income per common share: |
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Basic |
|
11,123,944 |
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|
|
11,148,482 |
|
|
|
11,571,796 |
|
|
|
11,262,409 |
|
|
|
12,074,198 |
|
Diluted |
|
11,123,944 |
|
|
|
11,148,482 |
|
|
|
11,571,796 |
|
|
|
11,262,409 |
|
|
|
12,074,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income |
$ |
6,120 |
|
|
$ |
6,017 |
|
|
$ |
6,398 |
|
|
$ |
23,614 |
|
|
$ |
27,425 |
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Change in unrealized (loss) gain on available-for-sale securities |
|
(2,517 |
) |
|
|
3,414 |
|
|
|
3,746 |
|
|
|
2,303 |
|
|
|
(4,255 |
) |
Deferred tax benefit (expense) |
|
679 |
|
|
|
(980 |
) |
|
|
(1,078 |
) |
|
|
(717 |
) |
|
|
1,224 |
|
Other comprehensive (loss) income, net of tax |
|
(1,838 |
) |
|
|
2,434 |
|
|
|
2,668 |
|
|
|
1,586 |
|
|
|
(3,031 |
) |
Comprehensive income |
$ |
4,282 |
$ |
8,451 |
$ | 9,066 |
$ | 25,200 |
$ | 24,394 |
|||||||||
BAYCOM CORP
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
December 31, |
|
September 30, |
|
December 31, |
||||||
|
|
2024 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|||
Assets |
|
|
|
|
|
|
|
|
|
|||
Cash and due from banks |
|
$ |
23,138 |
|
|
$ |
25,666 |
|
|
$ |
17,901 |
|
Federal funds sold and interest-bearing balances in banks |
|
|
340,894 |
|
|
|
275,618 |
|
|
|
289,638 |
|
Cash and cash equivalents |
|
|
364,032 |
|
|
|
301,284 |
|
|
|
307,539 |
|
Time deposits in banks |
|
|
249 |
|
|
|
498 |
|
|
|
1,245 |
|
Investment securities available-for-sale ("AFS"), at fair value |
|
|
193,328 |
|
|
|
193,762 |
|
|
|
163,152 |
|
Equity securities, at fair value |
|
|
13,120 |
|
|
|
14,329 |
|
|
|
12,585 |
|
Federal Home Loan Bank ("FHLB") stock, at par |
|
|
11,313 |
|
|
|
11,313 |
|
|
|
11,313 |
|
Federal Reserve Bank ("FRB") stock, at par |
|
|
9,645 |
|
|
|
9,640 |
|
|
|
9,626 |
|
Loans held for sale |
|
|
2,216 |
|
|
|
2,252 |
|
|
|
— |
|
Loans, net of deferred fees |
|
|
1,952,896 |
|
|
|
1,912,105 |
|
|
|
1,927,829 |
|
Allowance for credit losses for loans |
|
|
(17,900 |
) |
|
|
(18,310 |
) |
|
|
(22,000 |
) |
Premises and equipment, net |
|
|
13,386 |
|
|
|
13,777 |
|
|
|
13,734 |
|
Core deposit intangible |
|
|
2,693 |
|
|
|
2,999 |
|
|
|
3,915 |
|
Cash surrender value of bank owned life insurance policies, net |
|
|
23,591 |
|
|
|
23,409 |
|
|
|
22,867 |
|
Right-of-use assets |
|
|
13,383 |
|
|
|
12,709 |
|
|
|
13,939 |
|
Goodwill |
|
|
38,838 |
|
|
|
38,838 |
|
|
|
38,838 |
|
Interest receivable and other assets |
|
|
43,718 |
|
|
|
43,735 |
|
|
|
47,378 |
|
Total Assets |
|
$ |
2,664,508 |
|
|
$ |
2,562,340 |
|
|
$ |
2,551,960 |
|
|
|
|
|
|
|
|
|
|
|
|||
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|||
Noninterest-bearing deposits |
|
$ |
688,996 |
|
|
$ |
618,296 |
|
|
$ |
646,278 |
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|||
Transaction accounts and savings |
|
|
655,986 |
|
|
|
690,810 |
|
|
|
745,712 |
|
Premium money market |
|
|
332,624 |
|
|
|
337,500 |
|
|
|
263,516 |
|
Time deposits |
|
|
556,403 |
|
|
|
489,835 |
|
|
|
477,244 |
|
Total deposits |
|
|
2,234,009 |
|
|
|
2,136,441 |
|
|
|
2,132,750 |
|
Junior subordinated deferrable interest debentures, net |
|
|
8,645 |
|
|
|
8,625 |
|
|
|
8,565 |
|
Subordinated debt, net |
|
|
63,736 |
|
|
|
63,694 |
|
|
|
63,881 |
|
Salary continuation plans |
|
|
4,737 |
|
|
|
4,697 |
|
|
|
4,552 |
|
Lease liabilities |
|
|
14,383 |
|
|
|
13,660 |
|
|
|
14,752 |
|
Interest payable and other liabilities |
|
|
14,632 |
|
|
|
13,542 |
|
|
|
14,591 |
|
Total Liabilities |
|
|
2,340,142 |
|
|
|
2,240,659 |
|
|
|
2,239,091 |
|
|
|
|
|
|
|
|
|
|
|
|||
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|||
Common stock, no par value |
|
|
172,541 |
|
|
|
172,470 |
|
|
|
181,200 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(13,006 |
) |
|
|
(11,168 |
) |
|
|
(14,592 |
) |
Retained earnings |
|
|
164,831 |
|
|
|
160,379 |
|
|
|
146,261 |
|
Total Shareholders’ Equity |
|
|
324,366 |
|
|
|
321,681 |
|
|
|
312,869 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
2,664,508 |
|
|
$ |
2,562,340 |
|
|
$ |
2,551,960 |
|
BAYCOM CORP
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
At and for the three months ended |
|
At and for the year ended |
||||||||||||||||||
|
|
December 31, |
September 30, |
December 31, |
|
December 31, |
December 31, |
|||||||||||||||
Selected Financial Ratios and Other Data: |
|
2024 |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets (1) |
|
|
0.94 |
|
% |
|
0.94 |
% |
|
1.00 |
% |
|
|
0.92 |
% |
|
1.07 |
% |
||||
Return on average equity (1) |
|
|
7.55 |
|
|
|
7.54 |
|
|
8.26 |
|
|
|
9.88 |
|
|
8.76 |
|
||||
Yield earned on average interest-earning assets (1) |
|
|
5.50 |
|
|
|
5.45 |
|
|
5.29 |
|
|
|
5.40 |
|
|
5.23 |
|
||||
Rate paid on average interest-bearing liabilities (1) |
|
|
2.58 |
|
|
|
2.62 |
|
|
2.21 |
|
|
|
2.54 |
|
|
1.87 |
|
||||
Interest rate spread - average during the period (1) |
|
|
2.92 |
|
|
|
2.83 |
|
|
3.08 |
|
|
|
2.86 |
|
|
3.36 |
|
||||
Net interest margin (1) |
|
|
3.80 |
|
|
|
3.73 |
|
|
3.86 |
|
|
|
3.74 |
|
|
4.05 |
|
||||
Loan to deposit ratio |
|
|
87.42 |
|
|
|
89.50 |
|
|
90.39 |
|
|
|
87.42 |
|
|
90.39 |
|
||||
Efficiency ratio (2) |
|
|
67.52 |
|
|
|
62.76 |
|
|
57.53 |
|
|
|
65.76 |
|
|
61.69 |
|
||||
(Recoveries)/Charge-offs, net |
|
$ |
(3 |
) |
|
$ |
1,545 |
|
$ |
150 |
|
|
$ |
4,990 |
|
$ |
550 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shares outstanding at end of period |
|
|
11,121,475 |
|
|
|
11,130,372 |
|
|
11,551,271 |
|
|
|
11,121,475 |
|
|
11,551,271 |
|
||||
Average diluted shares outstanding |
|
|
11,123,944 |
|
|
|
11,148,482 |
|
|
11,571,796 |
|
|
|
11,262,409 |
|
|
12,074,198 |
|
||||
Diluted earnings per share |
|
$ |
0.55 |
|
|
$ |
0.54 |
|
$ |
0.55 |
|
|
$ |
2.10 |
|
$ |
2.27 |
|
||||
Book value per share |
|
|
29.17 |
|
|
|
28.90 |
|
|
27.09 |
|
|
|
29.17 |
|
|
27.09 |
|
||||
Tangible book value per share (3) |
|
|
25.43 |
|
|
|
25.14 |
|
|
23.38 |
|
|
|
25.43 |
|
|
23.38 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonperforming assets to total assets (4) |
|
|
0.36 |
|
% |
|
0.38 |
% |
|
0.51 |
% |
|
|
|
|
|
|
|
||||
Nonperforming loans to total loans (5) |
|
|
0.48 |
|
% |
|
0.51 |
% |
|
0.67 |
% |
|
|
|
|
|
|
|
||||
Allowance for credit losses on loans to nonperforming loans (5) |
|
|
189.08 |
|
% |
|
188.64 |
% |
|
169.53 |
% |
|
|
|
|
|
|
|
||||
Allowance for credit losses on loans to total loans |
|
|
0.92 |
|
% |
|
0.96 |
% |
|
1.14 |
% |
|
|
|
|
|
|
|
||||
Classified assets (graded substandard and doubtful) |
|
$ |
32,716 |
|
|
$ |
31,010 |
|
$ |
30,801 |
|
|
|
|
|
|
|
|
||||
Total accruing loans 30‑89 days past due |
|
|
6,654 |
|
|
|
4,491 |
|
|
4,773 |
|
|
|
|
|
|
|
|
||||
Total loans 90 days past due and still accruing |
|
|
220 |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage ratio — Bank (6) |
|
|
13.42 |
|
% |
|
13.23 |
% |
|
13.08 |
% |
|
|
|
|
|
|
|
||||
Common equity tier 1 capital ratio — Bank (6) |
|
|
16.94 |
|
% |
|
16.81 |
% |
|
16.94 |
% |
|
|
|
|
|
|
|
||||
Tier 1 capital ratio — Bank (6) |
|
|
16.94 |
|
% |
|
16.81 |
% |
|
16.94 |
% |
|
|
|
|
|
|
|
||||
Total capital ratio — Bank (6) |
|
|
17.86 |
|
% |
|
17.76 |
% |
|
18.08 |
% |
|
|
|
|
|
|
|
||||
Equity to total assets — end of period |
|
|
12.17 |
|
% |
|
12.55 |
% |
|
12.26 |
% |
|
|
|
|
|
|
|
||||
Tangible equity to tangible assets — end of period (3) |
|
|
10.78 |
|
% |
|
11.10 |
% |
|
10.76 |
% |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate |
|
$ |
1,767,148 |
|
|
$ |
1,725,309 |
|
$ |
1,752,626 |
|
|
|
|
|
|
|
|
||||
Non-real estate |
|
|
176,026 |
|
|
|
176,456 |
|
|
161,816 |
|
|
|
|
|
|
|
|
||||
Nonaccrual loans |
|
|
9,247 |
|
|
|
9,707 |
|
|
12,977 |
|
|
|
|
|
|
|
|
||||
Mark to fair value at acquisition |
|
|
326 |
|
|
|
449 |
|
|
354 |
|
|
|
|
|
|
|
|
||||
Total Loans |
|
|
1,952,747 |
|
|
|
1,911,921 |
|
|
1,927,773 |
|
|
|
|
|
|
|
|
||||
Net deferred fees on loans |
|
|
149 |
|
|
|
184 |
|
|
56 |
|
|
|
|
|
|
|
|
||||
Loans, net of deferred fees |
|
$ |
1,952,896 |
|
|
$ |
1,912,105 |
|
$ |
1,927,829 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Number of full-service offices |
|
|
35 |
|
|
|
35 |
|
|
35 |
|
|
|
|
|
|
|
|
||||
Number of full-time equivalent employees |
|
|
324 |
|
|
|
336 |
|
|
358 |
|
|
|
|
|
|
|
|
||||
(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. |
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) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
December 31, |
September 30, |
December 31, |
||||||||
|
|
2024 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|||
Tangible Book Value: |
|
|
||||||||||
Total equity and common shareholders’ equity (GAAP) |
|
$ |
324,366 |
|
$ |
321,681 |
|
$ |
312,869 |
|
||
less: Goodwill and other intangibles |
|
|
41,531 |
|
|
41,837 |
|
|
42,753 |
|
||
Tangible equity and common shareholders’ equity (Non-GAAP) |
|
$ |
282,835 |
|
$ |
279,844 |
|
$ |
270,116 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
Total assets (GAAP) |
|
$ |
2,664,508 |
|
$ |
2,562,340 |
|
$ |
2,551,960 |
|
||
less: Goodwill and other intangibles |
|
|
41,531 |
|
|
41,837 |
|
|
42,753 |
|
||
Total tangible assets (Non-GAAP) |
|
$ |
2,622,977 |
|
$ |
2,520,503 |
|
$ |
2,509,207 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
Equity to total assets (GAAP) |
|
|
12.17 |
% |
|
12.55 |
% |
|
12.26 |
% |
||
Tangible equity to tangible assets (Non-GAAP) |
|
|
10.78 |
% |
|
11.10 |
% |
|
10.76 |
% |
||
Book value per share (GAAP) |
|
$ |
29.17 |
|
$ |
28.90 |
|
$ |
27.09 |
|
||
Tangible book value per share (Non-GAAP) |
|
$ |
25.43 |
|
$ |
25.14 |
|
$ |
23.38 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250123855391/en/
BayCom Corp
Keary Colwell, 925-476-1800
kcolwell@ubb-us.com
Source: BayCom Corp
FAQ
What was BayCom Corp's (BCML) earnings per share in Q4 2024?
How much did BCML's net income change in 2024 compared to 2023?
What was BCML's net interest margin in Q4 2024?
What dividend did BCML declare in Q4 2024?
What was BCML's total loan portfolio size at the end of 2024?
