Bay p(US:BCML)2025-01-23 21:47Financial 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%, to $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% of total loans, a year earlier[5]. - Nonperforming loans totaled $9.5 million, or 0.48% of total loans, at December 31, 2024, down from $9.7 million, or 0.51%, at September 30, 2024[24]. Deposits and Equity - Deposits totaled $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% of total loans, at December 31, 2024, down from $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% for the fourth quarter of 2024, compared to 3.73% for the preceding quarter and 3.86% for the same quarter a year ago[5]. - The effective tax rate for Q4 2024 was 24.3%, down from 27.4% in Q3 2024 and 27.3% in Q4 2023[22]. - Return on average assets was 0.94% for the quarter, consistent with the previous quarter, but down from 1.00% a year ago[47]. - The efficiency ratio for the quarter was 67.52%, up from 62.76% in the previous quarter, indicating a decline in operational efficiency[47]. Stock and Dividends - The company repurchased 1,500 shares of common stock at an average cost of $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].