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Bay p(BCML) - 2025 Q1 - Quarterly Results
BCMLBay p(BCML)2025-04-17 20:33

Financial Performance - BayCom Corp reported earnings of 5.7million,or5.7 million, or 0.51 per diluted common share, for Q1 2025, a decrease of 6.8% from Q4 2024 and a decrease of 3.0% from Q1 2024[1][2]. - Net income for Q1 2025 was 5,702,000,adeclineof6.85,702,000, a decline of 6.8% compared to 6,120,000 in Q4 2024[41]. - Comprehensive income for Q1 2025 was 7,797,000,anotableincreasefrom7,797,000, a notable increase from 4,282,000 in Q4 2024[41]. - Basic net income per common share was 0.51forQ12025,unchangedfromQ42024[41].−Dilutedearningspershareforthequarterwas0.51 for Q1 2025, unchanged from Q4 2024[41]. - Diluted earnings per share for the quarter was 0.51, consistent with the same quarter last year[1]. Interest Income and Margin - Net interest income decreased by 694,000,or2.9694,000, or 2.9%, to 22.9 million for Q1 2025 compared to Q4 2024, but increased by 473,000,or2.1473,000, or 2.1%, from Q1 2024[5]. - The annualized net interest margin was 3.83% for Q1 2025, up from 3.80% in Q4 2024 and 3.72% in Q1 2024[4][14]. - Total interest and dividend income for Q1 2025 was 32,646,000, a decrease of 4.5% from 34,134,000inQ42024[41].−Netinterestincomeafterprovisionforcreditlosseswas34,134,000 in Q4 2024[41]. - Net interest income after provision for credit losses was 22,238,000, down from 23,977,000inQ42024,reflectingadecreaseof7.323,977,000 in Q4 2024, reflecting a decrease of 7.3%[41]. Loans and Credit Quality - The allowance for credit losses for loans totaled 18.5 million, or 0.94% of total loans outstanding, at March 31, 2025, compared to 17.9million,or0.9217.9 million, or 0.92%, at December 31, 2024[4]. - Nonperforming loans totaled 10.0 million, or 0.51% of total loans, at March 31, 2025, compared to 9.5million,or0.489.5 million, or 0.48%, at December 31, 2024[4]. - Loans, net of deferred fees, totaled 2.0 billion at March 31, 2025, an increase of 13.8millionfromDecember31,2024,and13.8 million from December 31, 2024, and 79.9 million from March 31, 2024[19]. - Total loans increased to 1,966,345,upfrom1,966,345, up from 1,952,747 in the previous quarter[1]. - Nonperforming loans to total loans ratio increased to 0.51% from 0.48% in the previous quarter[1]. Deposits and Equity - Deposits decreased by 105.2million,or4.7105.2 million, or 4.7%, to 2.1 billion at March 31, 2025, compared to 2.2billionatDecember31,2024[25].−Totaldepositsfellto2.2 billion at December 31, 2024[25]. - Total deposits fell to 2,128,830,000, down 4.7% from 2,234,009,000inQ42024[43].−Shareholders′equityincreasedto2,234,009,000 in Q4 2024[43]. - Shareholders' equity increased to 329.3 million at March 31, 2025, from 324.4millionatDecember31,2024,reflecting324.4 million at December 31, 2024, reflecting 5.7 million of net income during the current quarter[30]. - Total equity and common shareholders' equity (GAAP) rose to 329,337from329,337 from 324,366 in the previous quarter[1]. Expenses and Tax - Noninterest expense for Q1 2025 was 16.0million,unchangedfromQ42024,anddecreasedby16.0 million, unchanged from Q4 2024, and decreased by 82,000, or 0.5%, from 16.1millioninQ12024[17].−Theprovisionforincometaxesincreasedby16.1 million in Q1 2024[17]. - The provision for income taxes increased by 19,000, or 1.0%, to 2.0millioninQ12025,withaneffectivetaxrateof25.82.0 million in Q1 2025, with an effective tax rate of 25.8% compared to 24.3% in Q4 2024[18]. Other Key Metrics - The average yield on interest-earning assets for Q1 2025 was 5.46%, down from 5.50% in Q4 2024 but up from 5.28% in Q1 2024[6]. - The average balance of loans was 2.0 billion for Q1 2025, compared to 1.9billionforbothQ42024andQ12024[8].−Theaveragecostofinterest−bearingliabilitiesforQ12025was2.491.9 billion for both Q4 2024 and Q1 2024[8]. - The average cost of interest-bearing liabilities for Q1 2025 was 2.49%, compared to 2.58% for Q4 2024 and 2.40% for Q1 2024[13]. - The average deposit account size was approximately 60,000 at March 31, 2025, compared to 62,000atDecember31,2024[26].−Thenumberoffull−timeequivalentemployeesdecreasedto320from324inthepreviousquarter[1].−Charge−offsincreasedto62,000 at December 31, 2024[26]. - The number of full-time equivalent employees decreased to 320 from 324 in the previous quarter[1]. - Charge-offs increased to 102 from a recovery of (3)inthepreviousquarter[1].−Efficiencyratioimprovedto65.74(3) in the previous quarter[1]. - Efficiency ratio improved to 65.74% from 67.52% in the previous quarter[1]. - Tangible book value per share increased to 25.98 from $25.43 in the previous quarter[1]. - The Tier 1 capital ratio remained stable at 17.23% compared to 16.94% in the previous quarter[1].