Bay p(BCML) - 2024 Q4 - Annual Results

Financial Performance - BayCom Corp reported fourth quarter 2024 earnings of $6.1 million, or$0.55 per diluted share, a slight increase of 1.7% from the previous quarter and a decrease of 4.3% from the same quarter last year[1][2]. - Net income for the three months ended December 31, 2024, was $6,120,000, compared to$6,017,000 for the previous quarter, representing a 1.7% increase[43]. - Basic net income per common share for the three months ended December 31, 2024, was $0.55, consistent with the previous quarter[43]. - Comprehensive income for the three months ended December 31, 2024, was$4,282,000, compared to $8,451,000 for the previous quarter, showing a significant decrease[43]. Income and Expenses - Net interest income for the fourth quarter of 2024 increased by$709,000, or 3.1%, to $23.6 million compared to the prior quarter, driven by higher interest income on loans[6]. - Noninterest income decreased by$2.7 million, or 96.8%, to $87,000 in Q4 2024 compared to$2.7 million in the prior quarter[18]. - Noninterest expense decreased by $98,000, or 0.6$16.0 million in Q4 2024 compared to $16.1 million in Q3 2024, but increased by$902,000, or 6.0%, compared to $15.1 million in Q4 2023[20]. - Total noninterest expense for the three months ended December 31, 2024, was$15,976,000, a decrease from $16,074,000 for the previous quarter[43]. Assets and Loans - Total assets reached$2.7 billion at December 31, 2024, up from $2.6 billion at both September 30, 2024, and December 31, 2023[5]. - Loans, net of deferred fees, totaled$2.0 billion at December 31, 2024, an increase from $1.9 billion at both September 30, 2024, and December 31, 2023[5]. - Nonperforming loans decreased to$9.5 million, or 0.48% of total loans, at December 31, 2024, down from $13.0 million, or 0.67$9.5 million, or 0.48% of total loans, at December 31, 2024, down from $9.7 million, or 0.51$2.2 billion at December 31, 2024, an increase from $2.1 billion at both September 30, 2024, and December 31, 2023[9]. - Shareholders' equity increased to$324.4 million at December 31, 2024, from $321.7 million at September 30, 2024, reflecting$6.1 million of net income[34]. Credit Losses and Provisions - The allowance for credit losses for loans was $17.9 million, or 0.92$22.0 million, or 1.14% of total loans, a year earlier[9]. - The Company recorded a reversal of provision for credit losses of $403,000 in Q4 2024, compared to provisions of$1.2 million in Q3 2024 and $2.3 million in Q4 2023[17]. - The company reported a reversal of provision for credit losses of$(403,000) for the three months ended December 31, 2024, compared to a provision of $1,245,000 for the previous quarter[43]. Margins and Ratios - The annualized net interest margin was 3.80$24.28 per share during the fourth quarter of 2024[9]. - A cash dividend of $0.15 per share was declared on November 20, 2024, and paid on January 10, 2025[9].