BayCom Corp Reports 2024 Second Quarter Earnings of $5.6 Million
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.
- Noninterest expenses decreased by $545,000, or 3.3%, compared to Q2 2023.
- Deposits totaled $2.2 billion, showing stability from previous quarters.
- The allowance for credit losses totaled $19.0 million, or 1.02% of total loans.
- The company repurchased 204,794 shares at an average cost of $20.17 per share.
- Declared a cash dividend of $0.10 per share.
- Net income decreased by 4.7% from Q1 2024 and 22.3% from Q2 2023.
- Net interest income decreased by $2.0 million, or 8.2%, from Q2 2023.
- Noninterest income decreased by $579,000, or 28.08%, from Q1 2024.
- Nonperforming loans increased to $16.1 million, or 0.87% of total loans.
- Annualized net interest margin decreased to 3.69%, from 4.02% in Q2 2023.
Insights
BayCom Corp's second-quarter earnings report reveals a nuanced financial landscape. The company reported earnings of
The continuing decline in net interest margin to 3.69% from 4.02% a year ago indicates ongoing pressure on profitability. This is partly due to rising funding costs outpacing loan and investment yields. The average rate on interest-bearing liabilities increased to 2.54%, reflecting higher market interest rates and deposit pricing pressures.
Noninterest income decreased significantly by
In terms of credit quality, nonperforming loans remained stable at 0.87% of total loans, but it's still higher than the 0.64% from the same period last year. The allowance for credit losses slightly increased to 1.02% of total loans, showing prudence in managing potential credit risks.
Share repurchases at an average cost of
Retail investors should note the cautious optimism from CEO George Guarini, who highlighted challenges in loan demand and M&A prospects but mentioned stabilizing factors in the deposit base and the potential turning tide in loan demand.
From a market perspective, BayCom's performance aligns with broader trends in the banking sector, where rising interest rates have posed significant challenges. The company's efforts to manage noninterest expenses and the strategic repurchase of shares indicate a proactive approach to navigating this economic environment.
Despite a decline in net income, BayCom's assets remained steady at
Loan quality remains a important metric. The stability in nonperforming loans and the slight increase in the allowance for credit losses indicate that the company is cautiously optimistic but prepared for potential future risks.
The decrease in noninterest-bearing deposits, which now make up 28.4% of total deposits, reflects a shift in depositor behavior towards interest-bearing options, likely driven by the competitive interest rate environment. This shift, while natural, could impact future interest expenses.
In summary, the financial health and strategic moves of BayCom suggest a cautious but stable outlook. Retail investors should keep an eye on the company's ability to manage rising costs and maintain credit quality while leveraging its stable asset base for future growth.
Net income for the second quarter of 2024 compared to the first quarter of 2024 decreased
Net income for the six months ended June 30, 2024 compared to the same period in 2023 decreased
George Guarini, President and Chief Executive Officer, commented, “Our financial results have continued on a similar trend for the past five quarters; however, the decline in net interest margin has slowed. We continue to see low loan demand, but our deposit base has stabilized. Overall, our financial condition remains strong, and we have not observed systemic credit weakness.”
Looking ahead, Guarini expressed cautious optimism, stating, "We anticipate continued challenges in loan demand and M&A prospects; however, we believe the tide may be turning in loan demand and are positioning our lending platform accordingly. We remain vigilant in managing operating costs and remain committed to strategically repurchasing shares and paying cash dividends, reinforcing our dedication to delivering long-term value for both our clients and shareholders."
Second Quarter Performance Highlights:
-
Annualized net interest margin was
3.69% for the current quarter, compared to3.72% for the preceding quarter and4.02% for the same quarter a year ago.
-
Annualized return on average assets was
0.87% for the current quarter, compared to0.92% for the preceding quarter and1.13% for the same quarter a year ago.
-
Assets totaled
at June 30, 2024, March 31, 2024, and June 30, 2023.$2.6 billion
-
Loans, net of deferred fees, totaled
at both June 30, 2024 and March 31, 2024, compared to$1.9 billion at June 30, 2023.$2.0 billion
-
Nonperforming loans totaled
or$16.1 million 0.87% of total loans, at June 30, 2024, compared to or$16.5 million 0.87% of total loans, at March 31, 2024, and , or$12.8 million 0.64% of total loans, at June 30, 2023.
-
The allowance for credit losses for loans totaled
, or$19.0 million 1.02% of total loans outstanding, at June 30, 2024, compared to , or$18.9 million 1.00% of total loans outstanding, at March 31, 2024, and , or$19.1 million 0.95% of total loans outstanding, at June 30, 2023.
-
A
provision for credit losses was recorded during the current quarter, compared to a$171,000 provision for credit losses in the prior quarter and a$252,000 reversal of credit losses in the same quarter a year ago.$1.3 million
-
Deposits totaled
at June 30, 2024, compared to$2.2 billion at both March 31, 2024 and June 30, 2023. At June 30, 2024, noninterest-bearing deposits totaled$2.1 billion , or$618.6 million 28.4% of total deposits, compared to , or$630.0 million 29.4% of total deposits, at March 31, 2024, and , or$664.1 million 30.9% of total deposits, at June 30, 2023.
-
The Company repurchased 204,794 shares of common stock at an average cost of
per share during the second quarter of 2024, compared to 198,120 shares of common stock repurchased at an average cost of$20.17 per share during the first quarter of 2024, and 543,955 shares of common stock repurchased at an average cost of$20.20 per share during the second quarter of 2023.$16.71
-
On May 24, 2024, the Company announced the declaration of a cash dividend on the Company’s common stock of
per share, which was paid on July 11, 2024 to shareholders of record as of June 13, 2024.$0.10
- The Bank remained a “well-capitalized” institution for regulatory capital purposes at June 30, 2024.
Earnings
Net interest income decreased
Interest income on loans, including fees, decreased
Interest income on loans included
Interest income on investment securities increased
Interest income on federal funds sold and interest-bearing balances in banks increased
Interest expense for the three months ended June 30, 2024 increased
Annualized net interest margin was
Accretion of the net discount had minimal to no impact on the average yield on loans during the second quarter of 2024, the first quarter of 2024 and the second quarter of 2023.
The Company recorded a
Noninterest income for the second quarter of 2024 decreased
Noninterest expense for the second quarter of 2024 decreased
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 June 30, 2024, the Company’s allowance for credit losses for loans was
As of June 30, 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 June 30, 2024 and March 31, 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 June 30, 2024 and March 31, 2024, 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 June 30, 2024, March 31, 2024 and June 30, 2023, the Company had no other borrowings outstanding.
Shareholders’ Equity
Shareholders’ equity totaled
The increase to shareholders’ equity for activity during the three months June 30, 2024, as compared to activity during three months ended June 30, 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, 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 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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June 30, |
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March 31, |
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June 30, |
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||||||
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2024 |
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2024 |
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2023 |
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|
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Interest income |
|
|
|
|
|
|
|
|
|
|||
Loans, including fees |
$ |
25,014 |
|
|
$ |
25,257 |
|
|
$ |
26,667 |
|
|
Investment securities |
|
2,181 |
|
|
|
1,956 |
|
|
|
1,693 |
|
|
Fed funds sold and interest-bearing balances in banks |
|
4,819 |
|
|
|
4,115 |
|
|
|
2,560 |
|
|
FHLB dividends |
|
247 |
|
|
|
272 |
|
|
|
196 |
|
|
FRB dividends |
|
145 |
|
|
|
144 |
|
|
|
144 |
|
|
Total interest and dividend income |
|
32,406 |
|
|
|
31,744 |
|
|
|
31,260 |
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|
Interest expense |
|
|
|
|
|
|
|
|
|
|||
Deposits |
|
9,002 |
|
|
|
8,227 |
|
|
|
5,881 |
|
|
Subordinated debt |
|
891 |
|
|
|
893 |
|
|
|
895 |
|
|
Junior subordinated debt |
|
218 |
|
|
|
217 |
|
|
|
203 |
|
|
Total interest expense |
|
10,111 |
|
|
|
9,337 |
|
|
|
6,979 |
|
|
Net interest income |
|
22,295 |
|
|
|
22,407 |
|
|
|
24,281 |
|
|
Provision for (reversal of) credit losses |
|
171 |
|
|
|
252 |
|
|
|
(1,260 |
) |
|
Net interest income after provision for (reversal of) credit losses |
|
22,124 |
|
|
|
22,155 |
|
|
|
25,541 |
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|||
Gain on sale of loans |
|
287 |
|
|
|
— |
|
|
|
68 |
|
|
(Loss) gain on equity securities |
|
(321 |
) |
|
|
573 |
|
|
|
(917 |
) |
|
Service charges and other fees |
|
734 |
|
|
|
839 |
|
|
|
882 |
|
|
Loan servicing fees and other fees |
|
441 |
|
|
|
392 |
|
|
|
593 |
|
|
Income (loss) on investment in SBIC fund |
|
71 |
|
|
|
(30 |
) |
|
|
225 |
|
|
Other income and fees |
|
271 |
|
|
|
288 |
|
|
|
235 |
|
|
Total noninterest income |
|
1,483 |
|
|
|
2,062 |
|
|
|
1,086 |
|
|
Noninterest expense |
|
|
|
|
|
|
|
|
|
|||
Salaries and employee benefits |
|
9,642 |
|
|
|
10,036 |
|
|
|
10,745 |
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|
Occupancy and equipment |
|
2,133 |
|
|
|
2,154 |
|
|
|
1,974 |
|
|
Data processing |
|
1,650 |
|
|
|
1,753 |
|
|
|
1,616 |
|
|
Other expense |
|
2,587 |
|
|
|
2,128 |
|
|
|
2,222 |
|
|
Total noninterest expense |
|
16,012 |
|
|
|
16,071 |
|
|
|
16,557 |
|
|
Income before provision for income taxes |
|
7,595 |
|
|
|
8,146 |
|
|
|
10,070 |
|
|
Provision for income taxes |
|
1,995 |
|
|
|
2,269 |
|
|
|
2,864 |
|
|
Net income |
$ |
5,600 |
|
|
$ |
5,877 |
|
|
$ |
7,206 |
|
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Net income per common share: |
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Basic |
$ |
0.50 |
|
|
$ |
0.51 |
|
|
$ |
0.59 |
|
|
Diluted |
|
0.50 |
|
|
|
0.51 |
|
|
|
0.59 |
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Weighted average shares used to compute net income per common share: |
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Basic |
|
11,254,233 |
|
|
|
11,525,752 |
|
|
|
12,228,206 |
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|
Diluted |
|
11,254,233 |
|
|
|
11,525,752 |
|
|
|
12,228,206 |
|
|
|
|
|
|
|
|
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|
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Comprehensive income |
|
|
|
|
|
|
|
|
|
|||
Net income |
$ |
5,600 |
|
|
$ |
5,877 |
|
|
$ |
7,206 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|||
Change in unrealized gain (loss) on available-for-sale securities |
|
710 |
|
|
|
696 |
|
|
|
(4,999 |
) |
|
Deferred tax (expense) benefit |
|
(204 |
) |
|
|
(212 |
) |
|
|
1,437 |
|
|
Other comprehensive income (loss), net of tax |
|
506 |
|
|
|
484 |
|
|
|
(3,562 |
) |
|
Comprehensive income |
$ |
6,106 |
|
|
$ |
6,361 |
|
|
$ |
3,644 |
|
BAYCOM CORP STATEMENTS OF CONDITION (UNAUDITED) (Dollars in thousands) |
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June 30, |
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March 31, |
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June 30, |
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2024 |
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2024 |
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2023 |
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Assets |
|
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|
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Cash and due from banks |
|
$ |
23,278 |
|
|
$ |
20,379 |
|
|
$ |
36,637 |
|
Federal funds sold and interest-bearing balances in banks |
|
|
367,930 |
|
|
|
327,953 |
|
|
|
213,562 |
|
Cash and cash equivalents |
|
|
391,208 |
|
|
|
348,332 |
|
|
|
250,199 |
|
Time deposits in banks |
|
|
747 |
|
|
|
996 |
|
|
|
1,992 |
|
Investment securities available-for-sale ("AFS") |
|
|
183,633 |
|
|
|
167,919 |
|
|
|
146,506 |
|
Equity securities |
|
|
12,837 |
|
|
|
13,158 |
|
|
|
11,912 |
|
Federal Home Loan Bank ("FHLB") stock, at par |
|
|
11,313 |
|
|
|
11,313 |
|
|
|
11,313 |
|
Federal Reserve Bank ("FRB") stock, at par |
|
|
9,635 |
|
|
|
9,630 |
|
|
|
9,616 |
|
Loans held for sale |
|
|
— |
|
|
|
1,684 |
|
|
|
— |
|
Loans, net of deferred fees |
|
|
1,864,172 |
|
|
|
1,886,730 |
|
|
|
2,013,307 |
|
Allowance for credit losses for loans |
|
|
(19,000 |
) |
|
|
(18,890 |
) |
|
|
(19,100 |
) |
Premises and equipment, net |
|
|
14,052 |
|
|
|
14,355 |
|
|
|
13,039 |
|
Core deposit intangible |
|
|
3,304 |
|
|
|
3,610 |
|
|
|
4,527 |
|
Cash surrender value of bank owned life insurance policies, net |
|
|
23,225 |
|
|
|
23,044 |
|
|
|
22,528 |
|
Right-of-use assets |
|
|
12,874 |
|
|
|
13,460 |
|
|
|
15,270 |
|
Goodwill |
|
|
38,838 |
|
|
|
38,838 |
|
|
|
38,838 |
|
Interest receivable and other assets |
|
|
47,095 |
|
|
|
46,530 |
|
|
|
47,539 |
|
Total Assets |
|
$ |
2,593,933 |
|
|
$ |
2,560,709 |
|
|
$ |
2,567,486 |
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|
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Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
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|
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Noninterest-bearing deposits |
|
$ |
618,617 |
|
|
$ |
629,962 |
|
|
$ |
664,096 |
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|||
Transaction accounts and savings |
|
|
725,550 |
|
|
|
725,399 |
|
|
|
775,117 |
|
Premium money market |
|
|
302,738 |
|
|
|
273,329 |
|
|
|
248,730 |
|
Time deposits |
|
|
528,105 |
|
|
|
514,217 |
|
|
|
459,123 |
|
Total deposits |
|
|
2,175,010 |
|
|
|
2,142,907 |
|
|
|
2,147,066 |
|
Junior subordinated deferrable interest debentures, net |
|
|
8,605 |
|
|
|
8,585 |
|
|
|
8,524 |
|
Subordinated debt, net |
|
|
63,651 |
|
|
|
63,609 |
|
|
|
63,796 |
|
Salary continuation plans |
|
|
4,733 |
|
|
|
4,667 |
|
|
|
4,955 |
|
Lease liabilities |
|
|
13,779 |
|
|
|
14,321 |
|
|
|
15,947 |
|
Interest payable and other liabilities |
|
|
12,890 |
|
|
|
12,385 |
|
|
|
20,184 |
|
Total Liabilities |
|
|
2,278,668 |
|
|
|
2,246,474 |
|
|
|
2,260,472 |
|
|
|
|
|
|
|
|
|
|
|
|||
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|||
Common stock, no par value |
|
|
173,395 |
|
|
|
177,362 |
|
|
|
187,866 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(13,602 |
) |
|
|
(14,108 |
) |
|
|
(16,420 |
) |
Retained earnings |
|
|
155,472 |
|
|
|
150,981 |
|
|
|
135,568 |
|
Total Shareholders’ Equity |
|
|
315,265 |
|
|
|
314,235 |
|
|
|
307,014 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
2,593,933 |
|
|
$ |
2,560,709 |
|
|
$ |
2,567,486 |
|
BAYCOM CORP FINANCIAL HIGHLIGHTS (UNAUDITED) (Dollars in thousands, except per share data) |
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At and for the three months ended |
|
|
At and for the six months ended |
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|
|
June 30, |
March 31, |
June 30, |
|
|
June 30, |
|
June 30, |
|
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Selected Financial Ratios and Other Data: |
|
2024 |
2024 |
2023 |
|
|
2024 |
|
2023 |
|
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Performance Ratios: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets (1) |
|
|
0.87 |
% |
|
0.92 |
% |
|
1.13 |
% |
|
|
0.90 |
% |
|
1.13 |
% |
|||
Return on average equity (1) |
|
|
7.11 |
|
|
7.44 |
|
|
9.22 |
|
|
|
7.28 |
|
|
9.12 |
|
|||
Yield earned on average interest-earning assets (1) |
|
|
5.37 |
|
|
5.28 |
|
|
5.18 |
|
|
|
5.31 |
|
|
5.15 |
|
|||
Rate paid on average interest-bearing liabilities (1) |
|
|
2.54 |
|
|
2.40 |
|
|
1.82 |
|
|
|
2.47 |
|
|
1.60 |
|
|||
Interest rate spread - average during the period (1) |
|
|
2.83 |
|
|
2.88 |
|
|
3.36 |
|
|
|
2.84 |
|
|
3.55 |
|
|||
Net interest margin (1) |
|
|
3.69 |
|
|
3.72 |
|
|
4.02 |
|
|
|
3.70 |
|
|
4.16 |
|
|||
Loan to deposit ratio |
|
|
85.71 |
|
|
88.05 |
|
|
93.77 |
|
|
|
85.71 |
|
|
93.77 |
|
|||
Efficiency ratio (2) |
|
|
67.34 |
|
|
65.68 |
|
|
65.27 |
|
|
|
66.49 |
|
|
63.40 |
|
|||
Charge-offs, net |
|
$ |
76 |
|
$ |
3,372 |
|
$ |
60 |
|
|
$ |
3,448 |
|
$ |
375 |
|
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|
|
|
|
|
|
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|
|
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|
|
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|
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Per Share Data: |
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|
|
|
|
|
|
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|
|
|
|
|
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|
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Shares outstanding at end of period |
|
|
11,172,323 |
|
|
11,377,117 |
|
|
11,900,022 |
|
|
|
11,172,323 |
|
|
11,900,022 |
|
|||
Average diluted shares outstanding |
|
|
11,254,233 |
|
|
11,525,752 |
|
|
12,228,206 |
|
|
|
11,389,992 |
|
|
12,462,539 |
|
|||
Diluted earnings per share |
|
$ |
0.50 |
|
$ |
0.51 |
|
$ |
0.59 |
|
|
$ |
1.01 |
|
$ |
1.16 |
|
|||
Book value per share |
|
|
28.22 |
|
|
27.62 |
|
|
25.80 |
|
|
|
28.22 |
|
|
25.82 |
|
|||
Tangible book value per share (3) |
|
|
24.45 |
|
|
23.89 |
|
|
22.16 |
|
|
|
24.45 |
|
|
22.16 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonperforming assets to total assets (4) |
|
|
0.62 |
% |
|
0.64 |
% |
|
0.50 |
% |
|
|
|
|
|
|
|
|||
Nonperforming loans to total loans (5) |
|
|
0.87 |
% |
|
0.87 |
% |
|
0.64 |
% |
|
|
|
|
|
|
|
|||
Allowance for credit losses on loans to nonperforming loans (5) |
|
|
117.81 |
% |
|
114.55 |
% |
|
148.86 |
% |
|
|
|
|
|
|
|
|||
Allowance for credit losses on loans to total loans |
|
|
1.02 |
% |
|
1.00 |
% |
|
0.95 |
% |
|
|
|
|
|
|
|
|||
Classified assets (graded substandard and doubtful) |
|
$ |
38,796 |
|
$ |
39,352 |
|
$ |
21,546 |
|
|
|
|
|
|
|
|
|||
Total accruing loans 30‑89 days past due |
|
|
1,468 |
|
|
2,625 |
|
|
1,623 |
|
|
|
|
|
|
|
|
|||
Total loans 90 days past due and still accruing |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
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|||
|
|
|
|
|
|
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|
|
|
|
|
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|
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Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage ratio — Bank (6) |
|
|
13.62 |
% |
|
13.41 |
% |
|
13.05 |
% |
|
|
|
|
|
|
|
|||
Common equity tier 1 capital ratio — Bank (6) |
|
|
17.45 |
% |
|
16.91 |
% |
|
16.60 |
% |
|
|
|
|
|
|
|
|||
Tier 1 capital ratio — Bank (6) |
|
|
17.45 |
% |
|
16.91 |
% |
|
16.60 |
% |
|
|
|
|
|
|
|
|||
Total capital ratio — Bank (6) |
|
|
18.42 |
% |
|
17.87 |
% |
|
17.59 |
% |
|
|
|
|
|
|
|
|||
Equity to total assets — end of period |
|
|
12.15 |
% |
|
12.27 |
% |
|
11.97 |
% |
|
|
|
|
|
|
|
|||
Tangible equity to tangible assets — end of period (3) |
|
|
10.70 |
% |
|
10.79 |
% |
|
10.46 |
% |
|
|
|
|
|
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|
|||
|
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|
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Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate |
|
$ |
1,690,179 |
|
$ |
1,707,064 |
|
$ |
1,816,355 |
|
|
|
|
|
|
|
|
|||
Non-real estate |
|
|
157,335 |
|
|
162,791 |
|
|
183,780 |
|
|
|
|
|
|
|
|
|||
Nonaccrual loans |
|
|
16,128 |
|
|
16,491 |
|
|
12,831 |
|
|
|
|
|
|
|
|
|||
Mark to fair value at acquisition |
|
|
540 |
|
|
392 |
|
|
331 |
|
|
|
|
|
|
|
|
|||
Total Loans |
|
|
1,864,182 |
|
|
1,886,738 |
|
|
2,013,297 |
|
|
|
|
|
|
|
|
|||
Net deferred fees on loans |
|
|
(10 |
) |
|
(8 |
) |
|
10 |
|
|
|
|
|
|
|
|
|||
Loans, net of deferred fees |
|
$ |
1,864,172 |
|
$ |
1,886,730 |
|
$ |
2,013,307 |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Number of full-service offices |
|
|
35 |
|
|
35 |
|
|
34 |
|
|
|
|
|
|
|
|
|||
Number of full-time equivalent employees |
|
|
338 |
|
|
345 |
|
|
383 |
|
|
|
|
|
|
|
|
(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) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|||
|
|
2024 |
|
2024 |
|
2023 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value: |
|
|
||||||||
Total equity and common shareholders’ equity (GAAP) |
|
$ |
315,265 |
|
$ |
314,235 |
|
$ |
307,014 |
|
less: Goodwill and other intangibles |
|
|
42,142 |
|
|
42,448 |
|
|
43,365 |
|
Tangible equity and common shareholders’ equity (Non-GAAP) |
|
$ |
273,123 |
|
$ |
271,787 |
|
$ |
263,649 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
2,593,933 |
|
$ |
2,560,709 |
|
$ |
2,567,486 |
|
less: Goodwill and other intangibles |
|
|
42,142 |
|
|
42,448 |
|
|
43,365 |
|
Total tangible assets (Non-GAAP) |
|
$ |
2,551,791 |
|
$ |
2,518,261 |
|
$ |
2,524,121 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets (GAAP) |
|
|
12.15 |
% |
|
12.27 |
% |
|
11.96 |
% |
Tangible equity to tangible assets (Non-GAAP) |
|
|
10.70 |
% |
|
10.79 |
% |
|
10.45 |
% |
Book value per share (GAAP) |
|
$ |
28.22 |
|
$ |
27.62 |
|
$ |
25.80 |
|
Tangible book value per share (Non-GAAP) |
|
$ |
24.45 |
|
$ |
23.89 |
|
$ |
22.16 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240718535022/en/
BayCom Corp
Keary Colwell, 925-476-1800
kcolwell@ubb-us.com
Source: BayCom Corp
FAQ
What were BayCom Corp's Q2 2024 earnings?
How did BayCom Corp's earnings in Q2 2024 compare to Q1 2024?
What was BayCom Corp's net interest margin in Q2 2024?
What is the total value of BayCom Corp's assets as of June 30, 2024?
What was the value of BayCom Corp's nonperforming loans in Q2 2024?
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