Baycom Corp - BCML STOCK NEWS

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

BayCom Corp (BCML) Declares Quarterly Cash Dividend of $0.10 per Share

BayCom Corp announces earnings of $6.6 million for Q3 2023

BayCom Corp announces quarterly cash dividend of $0.10 per share and eighth stock repurchase program

BayCom Corp (NASDAQ: BCML) has announced its seventh stock repurchase program, authorizing the buyback of up to 619,000 shares, approximately 5% of its outstanding shares, over the next year. This program will start upon the completion of the current buyback set to expire on October 24, 2023. Currently, 17,633 shares remain available for repurchase under the ongoing program. The timing and quantity of shares repurchased will depend on market conditions and company policies, emphasizing flexibility in execution. This move aims to enhance shareholder value, indicating the Board's confidence in the company's financial health and future prospects.

BayCom Corp (NASDAQ: BCML) reported first-quarter 2023 earnings of $7.0 million ($0.55 per share), a 12.5% decline from the previous quarter, but an 8.6% year-over-year increase. Key factors influencing the results included a $1.2 million drop in net interest income, a $798,000 increase in the provision for credit losses, and increased noninterest expenses. Total deposits remained stable at $2.1 billion. The annualized net interest margin decreased to 4.26%, while the return on average assets fell to 1.11%. Nonperforming loans were $13.1 million, or 0.64% of total loans, an improvement from the previous quarter’s 0.75%. The company maintained a well-capitalized status and announced a cash dividend of $0.10 per share, reflecting ongoing shareholder returns amidst a turbulent banking environment.

BayCom Corp (NASDAQ:BCML) confirms the strong capital and liquidity positions of its subsidiary, United Business Bank. The Bank has access to $1.1 billion in liquidity from various sources, including its borrowing capacity at the Federal Home Loan Bank and eligibility for the new Bank Term Funding Program by the Federal Reserve. President George Guarini highlighted the Bank’s diversified business model and reported an increase in total deposits since year-end. The Bank's capital is well above regulatory thresholds, supporting continued transaction processing and loan funding to clients.