分组1 - BayCom Corp. announced its ninth stock repurchase program, authorizing the buyback of 0.56 million shares, which will commence after the current plan expires on April 21, 2025, or when all authorized shares are repurchased [1] - The company also declared a quarterly cash dividend of 10 cents per share, with a dividend yield of 1.96% based on the last closing price of $20.36 [1] - Over the past five years, BayCom has increased its quarterly dividend once, with a 100% increase announced in February 2023 [1] 分组2 - As of March 31, 2024, BayCom has a total debt of $72.2 million and cash and cash equivalents of $348.3 million, indicating a solid balance sheet and robust liquidity position [2] - The company has completed 10 acquisitions since 2010, with total assets of nearly $2.3 billion and total deposits of approximately $1.9 billion, supporting its growth strategy [2] - BayCom opened a new branch in Las Vegas last year to expand its regional footprint and support deposit and loan growth [2][3] 分组3 - Over the past six months, BayCom shares have decreased by 3.2%, while the industry has grown by 7.9% [5] - Currently, BayCom carries a Zacks Rank 5 (Strong Sell) [5] 分组4 - Other banks, such as WaFd, Inc. and TrustCo Bank Corp NY, have also announced new share repurchase programs, indicating a trend in the banking sector towards rewarding shareholders [6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38483 BAYCOM CORP | --- | --- | --- | |----------------------------------------------------------------|---------------- ...

Bay Commercial Bank (BCML) came out with quarterly earnings of $0.51 per share, missing the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -8.93%. A quarter ago, it was expected that this company would post earnings of $0.57 per share when it actually produced earnings of $0.55, delivering a surprise of -3.51%.Over the last four quarters, the comp ...

[Q1 2024 Financial Performance](index=1&type=section&id=Q1%202024%20Financial%20Performance) [Performance Summary & Highlights](index=1&type=section&id=Performance%20Summary%20%26%20Highlights) BayCom Corp's Q1 2024 net income decreased to **$5.9 million**, driven by lower net interest income and contracting margins Q1 2024 Key Financial Results | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Income | $5.9 million | $6.4 million | $7.2 million | | Diluted EPS | $0.51 | $0.55 | $0.57 | - The decrease in net income compared to Q4 2023 was mainly due to a **$1.1 million** drop in net interest income and a **$1.0 million** increase in noninterest expense, partially offset by a **$2.1 million** decrease in the provision for credit losses[2](index=2&type=chunk) Q1 2024 Performance Metrics | Performance Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Annualized Net Interest Margin | 3.72% | 3.86% | 4.26% | | Annualized Return on Average Assets | 0.92% | 1.00% | 1.14% | | Total Assets | $2.6 billion | $2.6 billion | $2.5 billion | | Total Loans, net | $1.9 billion | $1.9 billion | $2.0 billion | | Nonperforming Loans / Total Loans | 0.64% | 0.67% | 0.64% | - The company repurchased **198,120 shares** of common stock at an average price of **$20.20** per share and declared a cash dividend of **$0.10** per share during the first quarter of 2024[6](index=6&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management noted ongoing challenges from 2023, focusing on cost management, share repurchases, and dividends for shareholder value - Management noted that the financial results reflect ongoing challenges from 2023, specifically increased deposit costs and reduced loan demand[3](index=3&type=chunk) - The company remains committed to managing operating costs, strategically repurchasing shares, and providing cash dividends to enhance long-term value for shareholders[3](index=3&type=chunk) [Earnings Analysis](index=2&type=section&id=Earnings%20Analysis) Earnings were impacted by contracting net interest income, lower credit loss provisions, decreased noninterest income, and higher noninterest expenses [Net Interest Income](index=2&type=section&id=Net%20Interest%20Income) Net interest income declined due to rising deposit costs outpacing asset yield increases, contracting the net interest margin Net Interest Income and Margin | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $22.4 million | $23.5 million | $25.3 million | | Annualized Net Interest Margin | 3.72% | 3.86% | 4.26% | - The decrease in net interest income from the prior quarter was driven by lower interest income on loans and higher interest expense on deposits[8](index=8&type=chunk) - The average rate paid on interest-bearing liabilities increased to **2.40%** in Q1 2024, up from **2.21%** in Q4 2023 and **1.35%** in Q1 2023, reflecting rising market interest rates and increased competition for deposits[8](index=8&type=chunk)[13](index=13&type=chunk) - Net interest margin was negatively impacted as the increase in funding costs outpaced the increase in yields on interest-earning assets[14](index=14&type=chunk) [Provision for Credit Losses](index=4&type=section&id=Provision%20for%20Credit%20Losses) Provision for credit losses significantly decreased due to improved economic forecasts, despite replenishing allowance after net charge-offs Provision for Credit Losses | Period | Provision for Credit Losses | | :--- | :--- | | Q1 2024 | $252,000 | | Q4 2023 | $2.3 million | | Q1 2023 | $275,000 | - The relatively low provision in Q1 2024 was mainly for replenishing the allowance after net charge-offs of **$3.4 million** The provision was positively impacted by improvements in forecasted economic conditions, such as national unemployment and GDP[15](index=15&type=chunk)[16](index=16&type=chunk) [Noninterest Income](index=5&type=section&id=Noninterest%20Income) Noninterest income decreased quarter-over-quarter, primarily due to lower gains on equity securities and SBIC fund investment income Noninterest Income | Period | Noninterest Income | | :--- | :--- | | Q1 2024 | $2.1 million | | Q4 2023 | $2.7 million | | Q1 2023 | $1.6 million | - The quarter-over-quarter decrease was primarily due to a **$373,000** decrease in gain on equity securities and a **$188,000** decrease in income from an SBIC fund investment[17](index=17&type=chunk) [Noninterest Expense](index=5&type=section&id=Noninterest%20Expense) Noninterest expense increased sequentially, mainly driven by higher salaries and employee benefits due to prior period bonus accrual adjustments Noninterest Expense | Period | Noninterest Expense | | :--- | :--- | | Q1 2024 | $16.1 million | | Q4 2023 | $15.1 million | | Q1 2023 | $16.5 million | - The increase from the prior quarter was mainly driven by a **$1.1 million** rise in salaries and employee benefits, resulting from a downward adjustment to bonus accruals in Q4 2023[18](index=18&type=chunk) [Provision for Income Taxes](index=5&type=section&id=Provision%20for%20Income%20Taxes) Provision for income taxes and effective tax rate remained relatively stable quarter-over-quarter Provision for Income Taxes and Effective Tax Rate | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Provision for Income Taxes | $2.3 million | $2.4 million | $2.8 million | | Effective Tax Rate | 27.9% | 27.3% | 28.2% | [Balance Sheet and Asset Quality](index=5&type=section&id=Balance%20Sheet%20and%20Asset%20Quality) Total assets remained stable at **$2.6 billion**, with a slight decrease in net loans and an increase in nonperforming loans, while deposits shifted to higher-costing accounts [Loans and Credit Quality](index=5&type=section&id=Loans%20and%20Credit%20Quality) Net loans decreased, while nonperforming loans and net charge-offs increased due to specific loan impairments Loans and Credit Quality Metrics | Metric | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Loans, net of deferred fees | $1.9 billion | $1.9 billion | $2.0 billion | | Nonperforming loans | $16.5 million | $13.0 million | $13.1 million | | Allowance for credit losses | $18.9 million | $22.0 million | $20.4 million | | Net charge-offs (for the quarter) | $3.4 million | $150 thousand | $315 thousand | - The increase in nonperforming loans from the prior quarter was mainly due to **six new loans totaling $7.3 million** being placed on non-accrual status[21](index=21&type=chunk) - Net charge-offs for Q1 2024 were significantly higher due to partial charge-offs of **two non-accrual loans ($2.9 million)** and write-offs of **five others ($435,000)** because of collateral shortfalls[24](index=24&type=chunk) [Deposits and Borrowings](index=7&type=section&id=Deposits%20and%20Borrowings) Total deposits remained stable, but a mix shift occurred from noninterest-bearing to higher-costing interest-bearing accounts Deposits and Noninterest-Bearing Mix | Metric | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Total Deposits | $2.1 billion | $2.1 billion | $2.1 billion | | Noninterest-bearing deposits | $630.0 million | $646.3 million | $705.9 million | | % of Noninterest-bearing | 29.4% | 30.3% | 33.2% | - The deposit mix shifted as interest-rate sensitive clients moved funds from noninterest-bearing accounts to higher-costing money market and time deposits[26](index=26&type=chunk) - The Bank has access to significant borrowing facilities, including from the FHLB and Federal Funds lines, with no outstanding advances at the end of the quarter[28](index=28&type=chunk) [Shareholders' Equity](index=7&type=section&id=Shareholders%27%20Equity) Shareholders' equity increased slightly, supported by net income offsetting share repurchases and cash dividends Total Shareholders' Equity | Metric | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Total Shareholders' Equity | $314.2 million | $312.9 million | $313.5 million | - The increase in shareholders' equity from the previous quarter reflects **$5.9 million** in net income, partially offset by **$4.0 million** in common stock repurchases and **$1.2 million** in cash dividends[30](index=30&type=chunk) - As of March 31, 2024, **161,632 shares** remained available for repurchase under the current stock repurchase plan[31](index=31&type=chunk) [Financial Statements & Non-GAAP Measures](index=12&type=section&id=Financial%20Statements%20%26%20Non-GAAP%20Measures) [Statements of Comprehensive Income](index=12&type=section&id=Statements%20of%20Comprehensive%20Income) The unaudited statement details Q1 2024 net income of **$5.9 million**, derived from **$22.4 million** net interest income after expenses Statements of Comprehensive Income (in thousands) | (In thousands) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $22,407 | $23,527 | $25,257 | | Provision for credit losses | $252 | $2,325 | $275 | | Noninterest income | $2,062 | $2,677 | $1,561 | | Noninterest expense | $16,071 | $15,074 | $16,529 | | **Net income** | **$5,877** | **$6,398** | **$7,191** | [Statements of Condition](index=13&type=section&id=Statements%20of%20Condition) The unaudited statement shows total assets of **$2.56 billion** as of March 31, 2024, supported by **$2.14 billion** in deposits and **$314.2 million** in equity Statements of Condition (in thousands) | (In thousands) | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $348,332 | $307,539 | $197,538 | | Loans, net | $1,867,840 | $1,905,829 | $2,024,136 | | **Total Assets** | **$2,560,709** | **$2,551,960** | **$2,548,060** | | Total deposits | $2,142,907 | $2,132,750 | $2,127,769 | | **Total Liabilities** | **$2,246,474** | **$2,239,091** | **$2,234,588** | | **Total Shareholders' Equity** | **$314,235** | **$312,869** | **$313,472** | [Financial Highlights](index=14&type=section&id=Financial%20Highlights) Key performance ratios for Q1 2024 include an annualized return on average assets of **0.92%** and a Tier 1 leverage ratio of **13.41%** Key Financial Ratios | Ratio | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Return on average assets (annualized) | 0.92% | 1.00% | 1.14% | | Return on average equity (annualized) | 7.44% | 8.26% | 9.06% | | Net interest margin (annualized) | 3.72% | 3.86% | 4.26% | | Efficiency ratio | 65.68% | 57.53% | 61.63% | | Book value per share | $27.62 | $27.09 | $25.19 | | Tier 1 leverage ratio — Bank | 13.41% | 13.08% | 13.26% | [Non-GAAP Financial Measures](index=15&type=section&id=Non-GAAP%20Financial%20Measures) The company reconciles GAAP to non-GAAP measures, showing tangible book value per share at **$23.89** and tangible equity to tangible assets at **10.79%** Non-GAAP Financial Measures (in thousands, except per share data) | (In thousands, except per share data) | Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | | :--- | :--- | :--- | :--- | | Total shareholders' equity (GAAP) | $314,235 | $312,869 | $313,472 | | less: Goodwill and other intangibles | $42,448 | $42,753 | $43,670 | | **Tangible equity (Non-GAAP)** | **$271,787** | **$270,116** | **$269,802** | | Tangible equity to tangible assets (Non-GAAP) | 10.79% | 10.76% | 10.77% | | Book value per share (GAAP) | $27.62 | $27.09 | $25.19 | [Other Information](index=9&type=section&id=Other%20Information) [About BayCom Corp](index=9&type=section&id=About%20BayCom%20Corp) BayCom Corp, via United Business Bank, offers comprehensive loan and deposit services across multiple states, listed on NASDAQ as BCML - The Company operates through its wholly owned subsidiary, United Business Bank, offering a full range of loans and deposit products to businesses across California, Washington, New Mexico, and Colorado[32](index=32&type=chunk) [Forward-Looking Statements](index=9&type=section&id=Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning that forward-looking statements are subject to various economic and competitive risks - The release contains forward-looking statements that are subject to significant business, economic, and competitive uncertainties[33](index=33&type=chunk) - Key risk factors that could cause future results to differ include changes in the interest rate environment, inflation, potential recession, real estate market conditions, and competitive pressures[34](index=34&type=chunk)

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to Commission File Number: 001-38483 BAYCOM CORP (Exact name of registrant as specified in its charter) California 37-1849111 (State or other juri ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving ...

WALNUT CREEK, Calif.--(BUSINESS WIRE)--BayCom Corp (NASDAQ: BCML) (“BayCom” or the “Company”), the parent company of United Business Bank, announced today that, due to regulatory and statutory requirements of the NASDAQ Global Select Market, the record date for the recently announced $0.10 per share quarterly cash dividend on BayCom common stock has been adjusted to now occur on March 16, 2024. The payable date for the dividend was not adjusted and will be payable on April 12, 2024. Please refer to BayCom’ ...

WALNUT CREEK, Calif.--(BUSINESS WIRE)--BayCom Corp (NASDAQ: BCML) (“BayCom” or the “Company”), the parent company of United Business Bank, today announced that its Board of Directors (“the Board”) declared a quarterly cash dividend of $0.10 per share on the Company's outstanding common stock. The cash dividend will be payable on April 12, 2024 to shareholders of record as of the close of business on March 8, 2024. About BayCom Corp The Company, through its wholly owned operating subsidiary, United Busines ...

Bay Commercial Bank (BCML) came out with quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.51%. A quarter ago, it was expected that this company would post earnings of $0.55 per share when it actually produced earnings of $0.56, delivering a surprise of 1.82%.Over the last four quarters, the compa ...