BayCom Corp Reports 2024 Third Quarter Earnings of $6.0 Million
BayCom Corp (NASDAQ: BCML) reported earnings of $6.0 million, or $0.54 per diluted common share, for the third quarter of 2024. This represents a 7.4% increase from the second quarter of 2024 but a 9.2% decrease from the third quarter of 2023. The increase from Q2 2024 was primarily due to higher net interest income and noninterest income, partially offset by increased provision for credit losses and noninterest expense.
Key highlights include:
- Annualized net interest margin was 3.73%, up from 3.69% in Q2 2024
- Annualized return on average assets was 0.94%
- Total assets remained stable at $2.6 billion
- Loans, net of deferred fees, totaled $1.9 billion
- Nonperforming loans decreased to 0.51% of total loans
- The company repurchased 51,240 shares of common stock
- A cash dividend of $0.10 per share was declared
BayCom Corp (NASDAQ: BCML) ha riportato utili di 6,0 milioni di dollari, ovvero 0,54 dollari per azione comune diluita, per il terzo trimestre del 2024. Questo rappresenta un aumento del 7,4% rispetto al secondo trimestre del 2024, ma una diminuzione del 9,2% rispetto al terzo trimestre del 2023. L'aumento rispetto al Q2 2024 è stato principalmente dovuto a un incremento dei proventi da interessi netti e dei proventi non da interessi, parzialmente compensato da un aumento delle riserve per perdite creditizie e delle spese non da interessi.
Le principali novità includono:
- Il margine di interesse netto annualizzato era del 3,73%, in aumento rispetto al 3,69% nel Q2 2024
- Il rendimento annualizzato sugli attivi medi era dello 0,94%
- Il totale degli attivi è rimasto stabile a 2,6 miliardi di dollari
- I prestiti, al netto delle spese differite, ammontavano a 1,9 miliardi di dollari
- I prestiti non performanti sono diminuiti allo 0,51% del totale dei prestiti
- La società ha riacquistato 51.240 azioni ordinarie
- È stato dichiarato un dividendo in contante di 0,10 dollari per azione
BayCom Corp (NASDAQ: BCML) reportó ganancias de 6.0 millones de dólares, o 0.54 dólares por acción común diluida, en el tercer trimestre de 2024. Esto representa un aumento del 7.4% en comparación con el segundo trimestre de 2024, pero una disminución del 9.2% en comparación con el tercer trimestre de 2023. El aumento respecto al Q2 2024 se debió principalmente a un mayor ingreso neto por intereses y a ingresos no relacionados con intereses, compensado parcialmente por un incremento en la provisión para pérdidas crediticias y en los gastos no relacionados con intereses.
Los puntos destacados incluyen:
- El margen de interés neto anualizado fue del 3.73%, en comparación con el 3.69% en el Q2 2024
- El retorno anualizado sobre los activos promedio fue del 0.94%
- Los activos totales se mantuvieron estables en 2.6 mil millones de dólares
- Los préstamos, netos de tarifas diferidas, totalizaron 1.9 mil millones de dólares
- Los préstamos no productivos disminuyeron al 0.51% del total de préstamos
- La empresa recompró 51,240 acciones de capital común
- Se declaró un dividendo en efectivo de 0.10 dólares por acción
BayCom Corp (NASDAQ: BCML)은 2024년 3분기에 600만 달러의 수익을 보고했으며, 이는 희석 보통주 1주당 0.54달러에 해당합니다. 이는 2024년 2분기 대비 7.4% 증가했지만 2023년 3분기 대비 9.2% 감소한 수치입니다. 2024년 2분기와 비교하여 증가한 것은 주로 순이자 수익 및 비이자 수익의 증가 때문이며, 신용 손실을 위한 적립금과 비이자 비용의 증가로 부분적으로 상쇄되었습니다.
주요 강조 사항은 다음과 같습니다:
- 연환산 순이자 마진은 3.73%이며, 2024년 2분기 3.69%에서 증가했습니다
- 연환산 평균 자산 수익률은 0.94%입니다
- 총 자산은 26억 달러로 안정세를 유지했습니다
- 이연 수수료를 제외한 대출은 19억 달러에 달했습니다
- 부실 대출 비율은 총 대출의 0.51%로 감소했습니다
- 회사는 51,240주의 보통주를 재매입했습니다
- 주당 0.10달러의 현금 배당금이 선언되었습니다
BayCom Corp (NASDAQ: BCML) a annoncé des bénéfices de 6,0 millions de dollars, soit 0,54 dollar par action ordinaire diluée, pour le troisième trimestre de 2024. Cela représente une augmentation de 7,4 % par rapport au deuxième trimestre de 2024, mais une diminution de 9,2 % par rapport au troisième trimestre de 2023. L'augmentation par rapport au T2 2024 est principalement due à des revenus d'intérêts nets et à des revenus non d'intérêts plus élevés, partiellement compensés par une augmentation des provisions pour pertes sur crédits et des dépenses non d'intérêts.
Les points saillants incluent :
- La marge d'intérêt nette annualisée était de 3,73 %, en hausse par rapport à 3,69 % au T2 2024
- Le rendement annualisé sur les actifs moyens était de 0,94 %
- Les actifs totaux sont restés stables à 2,6 milliards de dollars
- Les prêts, net des frais différés, se sont élevés à 1,9 milliard de dollars
- Les prêts non performants ont diminué à 0,51 % du total des prêts
- L'entreprise a racheté 51 240 actions ordinaires
- Un dividende en espèces de 0,10 dollar par action a été déclaré
BayCom Corp (NASDAQ: BCML) berichtete von Gewinnen in Höhe von 6,0 Millionen US-Dollar, respektive 0,54 US-Dollar pro verwässerter Stammaktie, für das dritte Quartal 2024. Dies stellt einen Anstieg von 7,4% im Vergleich zum zweiten Quartal 2024 dar, jedoch einen Rückgang von 9,2% gegenüber dem dritten Quartal 2023. Der Anstieg im Vergleich zum Q2 2024 war hauptsächlich auf höhere Zinserträge und nichtzinsabhängige Erträge zurückzuführen, die teilweise durch höhere Rückstellungen für Kreditverluste und nichtzinsabhängige Aufwendungen ausgeglichen wurden.
Wichtige Highlights sind:
- Die annualisierte Nettzinsspanne betrug 3,73%, ein Anstieg von 3,69% im Q2 2024
- Die annualisierte Rendite auf durchschnittliche Vermögenswerte betrug 0,94%
- Die Gesamtsumme der Vermögenswerte blieb stabil bei 2,6 Milliarden US-Dollar
- Die Kredite, abzüglich der aufgeschobenen Gebühren, beliefen sich auf insgesamt 1,9 Milliarden US-Dollar
- Die notleidenden Kredite gingen auf 0,51% der Gesamtkredite zurück
- Das Unternehmen hat 51.240 Stammaktien zurückgekauft
- Eine Barausschüttung von 0,10 US-Dollar pro Aktie wurde erklärt
- Earnings increased 7.4% quarter-over-quarter to $6.0 million
- Net interest margin improved to 3.73% from 3.69% in Q2 2024
- Return on average assets increased to 0.94% from 0.87% in Q2 2024
- Nonperforming loans decreased to 0.51% of total loans from 0.87% in Q2 2024
- The company repurchased 51,240 shares of common stock
- A cash dividend of $0.10 per share was declared
- Earnings decreased 9.2% year-over-year
- Net interest income decreased $1.9 million (7.8%) compared to Q3 2023
- Provision for credit losses increased to $1.2 million from $171,000 in Q2 2024
- Total loans decreased by $56.7 million compared to September 30, 2023
- Average cost of funds increased to 2.62% from 2.54% in Q2 2024 and 2.04% in Q3 2023
Insights
BayCom Corp's Q3 2024 results show mixed performance. Net income increased 7.4% quarter-over-quarter to
Key positives include:
- Net interest income increased
2.6% quarter-over-quarter - Noninterest income rose significantly by
85.1% quarter-over-quarter - Nonperforming loans decreased to
0.51% of total loans, down from0.87% in Q2
However, challenges persist:
- Net interest income decreased
7.8% year-over-year - Provision for credit losses increased to
$1.2 million from$171,000 in Q2 - Total loans and deposits have declined year-over-year
The bank's focus on efficiency and credit quality management is evident, but the higher provision for credit losses and declining loan and deposit balances warrant attention. The stable capital position and continued share repurchases are positive for shareholders.
BayCom's Q3 results reflect the broader challenges facing regional banks in the current economic environment. The stabilization of net interest margin at
The improvement in nonperforming loans to
The decline in noninterest-bearing deposits to
BayCom's focus on efficiency and shareholder value through earnings growth and share repurchases is prudent in this challenging environment. However, the bank will need to navigate carefully through potential economic headwinds and competitive pressures in the coming quarters.
Net income for the third quarter of 2024 compared to the second quarter of 2024 increased
Net income for the nine months ended September 30, 2024 compared to the same period in 2023 decreased
George Guarini, Founder, President, and Chief Executive Officer of the Company, stated, "Based on our third quarter 2024 results, it appears that our net interest margin has stabilized, loan demand has started to recover, and our credit quality remains strong, supported by a strong deposit base. During the quarter, we proactively managed certain problem assets, reducing nonaccrual loans. Overall, our credit quality is solid, and we have not identified any systemic credit issues within our loan portfolio."
Guarini concluded, "Our focus on improving the efficiency ratio by increasing revenues and streamlining processes is yielding positive results. In addition, we remain committed to enhancing our tangible book value and delivering long-term shareholder value through earnings growth and share repurchases."
Third Quarter Performance Highlights:
-
Annualized net interest margin was
3.73% for the current quarter, compared to3.69% for the preceding quarter and4.03% for the same quarter a year ago. -
Annualized return on average assets was
0.94% for the current quarter, compared to0.87% for the preceding quarter and1.03% for the same quarter a year ago. -
Assets totaled
$2.6 billion -
Loans, net of deferred fees, totaled
$1.9 billion $2.0 billion -
Nonperforming loans totaled
$9.7 million 0.51% of total loans, at September 30, 2024, compared to$16.1 million 0.87% of total loans, at June 30, 2024, and$14.3 million 0.73% of total loans, at September 30, 2023. -
The allowance for credit losses for loans totaled
$18.3 million 0.96% of total loans outstanding, at September 30, 2024, compared to$19.0 million 1.02% of total loans outstanding, at June 30, 2024, and$19.8 million 1.01% of total loans outstanding, at September 30, 2023. -
A
$1.2 million $171,000 $674,000 -
Deposits totaled
$2.1 billion $2.2 billion $618.3 million 28.9% of total deposits, compared to$618.6 million 28.4% of total deposits, at June 30, 2024, and$667.3 million 30.9% of total deposits, at September 30, 2023. -
The Company repurchased 51,240 shares of common stock at an average cost of
$21.15 $20.17 $18.86 -
On August 22, 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 September 30, 2024.
Earnings
Net interest income increased
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 the three months ended September 30, 2024 increased
Annualized net interest margin was
The Company recorded a
Noninterest income for the third quarter of 2024 increased
Noninterest expense for the third quarter of 2024 increased
The provision for income taxes increased
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 September 30, 2024, the Company’s allowance for credit losses for loans was
As of September 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 September 30, 2024 and June 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 September 30, 2024 and June 30, 2024, the Company had outstanding junior subordinated deferrable interest debentures, net of fair value adjustments, assumed in connection with its previous acquisitions totaling
At September 30, 2024, June 30, 2024 and September 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 September 30, 2024, as compared to activity during three months ended September 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: 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; risks and uncertainties related to the recent restatement of certain of our historical consolidated 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, 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 STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Dollars in thousands, except per share data) |
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Three months ended |
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Nine months ended |
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September 30, |
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June 30, |
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September 30, |
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September 30, |
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September 30, |
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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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Loans, including fees |
$ |
26,232 |
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$ |
25,014 |
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$ |
27,229 |
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$ |
76,503 |
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$ |
80,151 |
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Investment securities |
|
2,393 |
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|
|
2,181 |
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|
|
1,704 |
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|
|
6,530 |
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|
5,037 |
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Fed funds sold and interest-bearing balances in banks |
|
4,414 |
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4,819 |
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|
|
3,521 |
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|
13,348 |
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|
7,910 |
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FHLB dividends |
|
243 |
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|
247 |
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|
232 |
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|
762 |
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|
616 |
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FRB dividends |
|
144 |
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|
145 |
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|
144 |
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|
433 |
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|
432 |
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Total interest and dividend income |
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33,426 |
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32,406 |
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32,830 |
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|
97,576 |
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|
94,146 |
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Interest expense |
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Deposits |
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9,448 |
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|
9,002 |
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|
6,908 |
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|
26,677 |
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|
16,489 |
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Subordinated debt |
|
892 |
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|
|
891 |
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|
|
896 |
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|
|
2,676 |
|
|
|
2,687 |
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Junior subordinated debt |
|
221 |
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|
|
218 |
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|
|
217 |
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|
|
656 |
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|
|
623 |
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Total interest expense |
|
10,561 |
|
|
|
10,111 |
|
|
|
8,021 |
|
|
|
30,009 |
|
|
|
19,799 |
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|
Net interest income |
|
22,865 |
|
|
|
22,295 |
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|
|
24,809 |
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|
67,567 |
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|
|
74,347 |
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Provision for (reversal of) credit losses |
|
1,245 |
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|
|
171 |
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|
674 |
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1,668 |
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(311 |
) |
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Net interest income after provision for (reversal of) credit losses |
|
21,620 |
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|
|
22,124 |
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|
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24,135 |
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65,899 |
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74,658 |
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Noninterest income |
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Gain on sale of loans |
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— |
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287 |
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28 |
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|
287 |
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|
508 |
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Gain (loss) on equity securities |
|
1,420 |
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(321 |
) |
|
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(274 |
) |
|
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1,672 |
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|
(2,087 |
) |
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Service charges and other fees |
|
898 |
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|
734 |
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|
973 |
|
|
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2,471 |
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|
|
2,740 |
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Loan servicing fees and other fees |
|
324 |
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|
441 |
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431 |
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1,157 |
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1,434 |
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(Loss) income on investment in SBIC fund |
|
(253 |
) |
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71 |
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|
225 |
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(212 |
) |
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|
939 |
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Other income and fees |
|
356 |
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|
271 |
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|
271 |
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|
915 |
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|
769 |
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Total noninterest income |
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2,745 |
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1,483 |
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1,654 |
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6,290 |
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4,303 |
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Noninterest expense |
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Salaries and employee benefits |
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9,569 |
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9,642 |
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10,284 |
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29,247 |
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32,065 |
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Occupancy and equipment |
|
2,209 |
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2,133 |
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2,133 |
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6,496 |
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6,134 |
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Data processing |
|
1,973 |
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1,650 |
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1,774 |
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5,376 |
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|
|
4,855 |
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Other expense |
|
2,323 |
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2,587 |
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|
2,328 |
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|
7,038 |
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|
|
6,551 |
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Total noninterest expense |
|
16,074 |
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|
16,012 |
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16,519 |
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48,157 |
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49,605 |
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Income before provision for income taxes |
|
8,291 |
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7,595 |
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9,270 |
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24,032 |
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29,356 |
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Provision for income taxes |
|
2,274 |
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|
1,995 |
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|
2,640 |
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6,538 |
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8,327 |
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Net income |
$ |
6,017 |
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$ |
5,600 |
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$ |
6,630 |
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$ |
17,494 |
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$ |
21,029 |
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Net income per common share: |
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Basic |
$ |
0.54 |
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$ |
0.50 |
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$ |
0.56 |
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$ |
1.55 |
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$ |
1.72 |
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Diluted |
|
0.54 |
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0.50 |
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|
0.56 |
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|
1.55 |
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1.72 |
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Weighted average shares used to compute net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic |
|
11,148,482 |
|
|
|
11,254,233 |
|
|
|
11,812,583 |
|
|
|
11,308,901 |
|
|
|
12,243,506 |
|
|
Diluted |
|
11,148,482 |
|
|
|
11,254,233 |
|
|
|
11,812,583 |
|
|
|
11,308,901 |
|
|
|
12,243,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income |
$ |
6,017 |
|
|
$ |
5,600 |
|
|
$ |
6,630 |
|
|
$ |
17,494 |
|
|
$ |
21,029 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change in unrealized gain (loss) on available-for-sale securities |
|
3,414 |
|
|
|
710 |
|
|
|
(1,178 |
) |
|
|
4,820 |
|
|
|
(8,001 |
) |
|
Deferred tax (expense) benefit |
|
(980 |
) |
|
|
(204 |
) |
|
|
338 |
|
|
|
(1,396 |
) |
|
|
2,302 |
|
|
Other comprehensive income (loss), net of tax |
|
2,434 |
|
|
|
506 |
|
|
|
(840 |
) |
|
|
3,424 |
|
|
|
(5,699 |
) |
|
Comprehensive income |
$ |
8,451 |
|
|
$ |
6,106 |
|
|
$ |
5,790 |
|
|
$ |
20,918 |
|
|
$ |
15,330 |
|
|
|
|
|||||||||||||||||||
BAYCOM CORP STATEMENTS OF CONDITION (UNAUDITED) (Dollars in thousands) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|||
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||
|
|
2024 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
|
|||
Assets |
|
|
|
|
|
|
|
|
|
|||
Cash and due from banks |
|
$ |
25,666 |
|
|
$ |
23,278 |
|
|
$ |
30,444 |
|
Federal funds sold and interest-bearing balances in banks |
|
|
275,618 |
|
|
|
367,930 |
|
|
|
271,490 |
|
Cash and cash equivalents |
|
|
301,284 |
|
|
|
391,208 |
|
|
|
301,934 |
|
Time deposits in banks |
|
|
498 |
|
|
|
747 |
|
|
|
1,743 |
|
Investment securities available-for-sale ("AFS") |
|
|
193,762 |
|
|
|
183,633 |
|
|
|
145,845 |
|
Equity securities, at fair value |
|
|
14,329 |
|
|
|
12,837 |
|
|
|
11,639 |
|
Federal Home Loan Bank ("FHLB") stock, at par |
|
|
11,313 |
|
|
|
11,313 |
|
|
|
11,313 |
|
Federal Reserve Bank ("FRB") stock, at par |
|
|
9,640 |
|
|
|
9,635 |
|
|
|
9,621 |
|
Loans held for sale |
|
|
2,252 |
|
|
|
— |
|
|
|
1,274 |
|
Loans, net of deferred fees |
|
|
1,912,105 |
|
|
|
1,864,172 |
|
|
|
1,968,804 |
|
Allowance for credit losses for loans |
|
|
(18,310 |
) |
|
|
(19,000 |
) |
|
|
(19,800 |
) |
Premises and equipment, net |
|
|
13,777 |
|
|
|
14,052 |
|
|
|
13,466 |
|
Core deposit intangible |
|
|
2,999 |
|
|
|
3,304 |
|
|
|
4,221 |
|
Cash surrender value of bank owned life insurance policies, net |
|
|
23,409 |
|
|
|
23,225 |
|
|
|
22,698 |
|
Right-of-use assets |
|
|
12,709 |
|
|
|
12,874 |
|
|
|
15,220 |
|
Goodwill |
|
|
38,838 |
|
|
|
38,838 |
|
|
|
38,838 |
|
Interest receivable and other assets |
|
|
43,735 |
|
|
|
47,095 |
|
|
|
47,570 |
|
Total Assets |
|
$ |
2,562,340 |
|
|
$ |
2,593,933 |
|
|
$ |
2,574,386 |
|
|
|
|
|
|
|
|
|
|
|
|||
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|||
Noninterest-bearing deposits |
|
$ |
618,296 |
|
|
$ |
618,617 |
|
|
$ |
667,336 |
|
Interest-bearing deposits |
|
|
|
|
|
|
|
|
|
|||
Transaction accounts and savings |
|
|
690,810 |
|
|
|
725,550 |
|
|
|
790,089 |
|
Premium money market |
|
|
337,500 |
|
|
|
302,738 |
|
|
|
270,675 |
|
Time deposits |
|
|
489,835 |
|
|
|
528,105 |
|
|
|
431,344 |
|
Total deposits |
|
|
2,136,441 |
|
|
|
2,175,010 |
|
|
|
2,159,444 |
|
Junior subordinated deferrable interest debentures, net |
|
|
8,625 |
|
|
|
8,605 |
|
|
|
8,544 |
|
Subordinated debt, net |
|
|
63,694 |
|
|
|
63,651 |
|
|
|
63,839 |
|
Salary continuation plans |
|
|
4,697 |
|
|
|
4,733 |
|
|
|
4,886 |
|
Lease liabilities |
|
|
13,660 |
|
|
|
13,779 |
|
|
|
16,017 |
|
Interest payable and other liabilities |
|
|
13,542 |
|
|
|
12,890 |
|
|
|
14,396 |
|
Total Liabilities |
|
|
2,240,659 |
|
|
|
2,278,668 |
|
|
|
2,267,126 |
|
|
|
|
|
|
|
|
|
|
|
|||
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|||
Common stock, no par value |
|
|
172,470 |
|
|
|
173,395 |
|
|
|
183,499 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(11,168 |
) |
|
|
(13,602 |
) |
|
|
(17,260 |
) |
Retained earnings |
|
|
160,379 |
|
|
|
155,472 |
|
|
|
141,021 |
|
Total Shareholders’ Equity |
|
|
321,681 |
|
|
|
315,265 |
|
|
|
307,260 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
2,562,340 |
|
|
$ |
2,593,933 |
|
|
$ |
2,574,386 |
|
BAYCOM CORP FINANCIAL HIGHLIGHTS (UNAUDITED) (Dollars in thousands, except per share data) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At and for the three months ended |
|
|
At and for the nine months ended |
|
||||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
September 30, |
|
September 30, |
|
||||||
Selected Financial Ratios and Other Data: |
|
2024 |
|
2024 |
|
|
2023 |
|
|
2024 |
|
2023 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (1) |
|
|
0.94 |
% |
|
0.87 |
|
% |
|
1.03 |
% |
|
|
0.91 |
% |
|
1.10 |
% |
Return on average equity (1) |
|
|
7.54 |
|
|
7.11 |
|
|
|
8.55 |
|
|
|
7.36 |
|
|
8.93 |
|
Yield earned on average interest-earning assets (1) |
|
|
5.45 |
|
|
5.37 |
|
|
|
5.34 |
|
|
|
5.37 |
|
|
5.21 |
|
Rate paid on average interest-bearing liabilities (1) |
|
|
2.62 |
|
|
2.54 |
|
|
|
2.04 |
|
|
|
2.52 |
|
|
1.75 |
|
Interest rate spread - average during the period (1) |
|
|
2.83 |
|
|
2.83 |
|
|
|
3.30 |
|
|
|
2.85 |
|
|
3.46 |
|
Net interest margin (1) |
|
|
3.73 |
|
|
3.69 |
|
|
|
4.03 |
|
|
|
3.72 |
|
|
4.12 |
|
Loan to deposit ratio |
|
|
89.50 |
|
|
85.71 |
|
|
|
91.17 |
|
|
|
89.50 |
|
|
91.17 |
|
Efficiency ratio (2) |
|
|
62.76 |
|
|
67.34 |
|
|
|
62.42 |
|
|
|
65.20 |
|
|
63.07 |
|
Charge-offs, net |
|
$ |
1,544 |
|
$ |
76 |
|
|
$ |
25 |
|
|
$ |
4,993 |
|
$ |
400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at end of period |
|
|
11,130,372 |
|
|
11,172,323 |
|
|
|
11,673,830 |
|
|
|
11,130,372 |
|
|
11,673,830 |
|
Average diluted shares outstanding |
|
|
11,148,482 |
|
|
11,254,233 |
|
|
|
11,812,583 |
|
|
|
11,308,901 |
|
|
12,243,506 |
|
Diluted earnings per share |
|
$ |
0.54 |
|
$ |
0.50 |
|
|
$ |
0.56 |
|
|
$ |
1.55 |
|
$ |
1.72 |
|
Book value per share |
|
|
28.90 |
|
|
28.22 |
|
|
|
26.32 |
|
|
|
28.90 |
|
|
26.32 |
|
Tangible book value per share (3) |
|
|
25.14 |
|
|
24.45 |
|
|
|
22.63 |
|
|
|
25.14 |
|
|
22.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets (4) |
|
|
0.38 |
% |
|
0.62 |
|
% |
|
0.56 |
% |
|
|
|
|
|
|
|
Nonperforming loans to total loans (5) |
|
|
0.51 |
% |
|
0.87 |
|
% |
|
0.73 |
% |
|
|
|
|
|
|
|
Allowance for credit losses on loans to nonperforming loans (5) |
|
|
188.64 |
% |
|
117.81 |
|
% |
|
138.26 |
% |
|
|
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
|
0.96 |
% |
|
1.02 |
|
% |
|
1.01 |
% |
|
|
|
|
|
|
|
Classified assets (graded substandard and doubtful) |
|
$ |
31,010 |
|
$ |
38,796 |
|
|
$ |
29,366 |
|
|
|
|
|
|
|
|
Total accruing loans 30‑89 days past due |
|
|
4,491 |
|
|
1,468 |
|
|
|
2,592 |
|
|
|
|
|
|
|
|
Total loans 90 days past due and still accruing |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio — Bank (6) |
|
|
13.23 |
% |
|
13.62 |
|
% |
|
13.26 |
% |
|
|
|
|
|
|
|
Common equity tier 1 capital ratio — Bank (6) |
|
|
16.81 |
% |
|
17.45 |
|
% |
|
17.20 |
% |
|
|
|
|
|
|
|
Tier 1 capital ratio — Bank (6) |
|
|
16.81 |
% |
|
17.45 |
|
% |
|
17.20 |
% |
|
|
|
|
|
|
|
Total capital ratio — Bank (6) |
|
|
17.76 |
% |
|
18.42 |
|
% |
|
18.23 |
% |
|
|
|
|
|
|
|
Equity to total assets — end of period |
|
|
12.55 |
% |
|
12.15 |
|
% |
|
11.94 |
% |
|
|
|
|
|
|
|
Tangible equity to tangible assets — end of period (3) |
|
|
11.10 |
% |
|
10.70 |
|
% |
|
10.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate |
|
$ |
1,725,309 |
|
$ |
1,690,179 |
|
|
$ |
1,785,640 |
|
|
|
|
|
|
|
|
Non-real estate |
|
|
176,456 |
|
|
157,335 |
|
|
|
168,350 |
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
|
9,707 |
|
|
16,128 |
|
|
|
14,321 |
|
|
|
|
|
|
|
|
Mark to fair value at acquisition |
|
|
449 |
|
|
540 |
|
|
|
419 |
|
|
|
|
|
|
|
|
Total Loans |
|
|
1,911,921 |
|
|
1,864,182 |
|
|
|
1,968,730 |
|
|
|
|
|
|
|
|
Net deferred fees on loans |
|
|
184 |
|
|
(10 |
) |
|
|
74 |
|
|
|
|
|
|
|
|
Loans, net of deferred fees |
|
$ |
1,912,105 |
|
$ |
1,864,172 |
|
|
$ |
1,968,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of full-service offices |
|
|
35 |
|
|
35 |
|
|
|
35 |
|
|
|
|
|
|
|
|
Number of full-time equivalent employees |
|
|
336 |
|
|
338 |
|
|
|
376 |
|
|
|
|
|
|
|
|
| (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) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|||
|
|
2024 |
|
2024 |
|
2023 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value: |
|
|
||||||||
Total equity and common shareholders’ equity (GAAP) |
|
$ |
321,681 |
|
$ |
315,265 |
|
$ |
307,260 |
|
less: Goodwill and other intangibles |
|
|
41,837 |
|
|
42,142 |
|
|
43,059 |
|
Tangible equity and common shareholders’ equity (Non-GAAP) |
|
$ |
279,844 |
|
$ |
273,123 |
|
$ |
264,201 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (GAAP) |
|
$ |
2,562,340 |
|
$ |
2,593,933 |
|
$ |
2,574,386 |
|
less: Goodwill and other intangibles |
|
|
41,837 |
|
|
42,142 |
|
|
43,059 |
|
Total tangible assets (Non-GAAP) |
|
$ |
2,520,503 |
|
$ |
2,551,791 |
|
$ |
2,531,327 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity to total assets (GAAP) |
|
|
12.55 |
% |
|
12.15 |
% |
|
11.94 |
% |
Tangible equity to tangible assets (Non-GAAP) |
|
|
11.10 |
% |
|
10.70 |
% |
|
10.44 |
% |
Book value per share (GAAP) |
|
$ |
28.90 |
|
$ |
28.22 |
|
$ |
26.32 |
|
Tangible book value per share (Non-GAAP) |
|
$ |
25.14 |
|
$ |
24.45 |
|
$ |
22.63 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241017893335/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 for Q3 2024?
How did BayCom Corp's (BCML) net interest margin change in Q3 2024?
What was the total loan balance for BayCom Corp (BCML) at the end of Q3 2024?
How did BayCom Corp's (BCML) nonperforming loans change in Q3 2024?
What dividend did BayCom Corp (BCML) declare for Q3 2024?
