Bay p(US:BCML)2025-04-17 20:33Financial Performance - BayCom Corp reported earnings of $5.7 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, a decline of 6.8% compared to $6,120,000 in Q4 2024[41]. - Comprehensive income for Q1 2025 was $7,797,000, a notable increase from $4,282,000 in Q4 2024[41]. - Basic net income per common share was $0.51 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, or 2.9%, to $22.9 million for Q1 2025 compared to Q4 2024, but increased by $473,000, 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 $34,134,000 in Q4 2024[41]. - Net interest income after provision for credit losses was $22,238,000, down from $23,977,000 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 $17.9 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 $9.5 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 $13.8 million from December 31, 2024, and $79.9 million from March 31, 2024[19]. - Total loans increased to $1,966,345, 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 $105.2 million, or 4.7%, to $2.1 billion at March 31, 2025, compared to $2.2 billion at December 31, 2024[25]. - Total deposits fell to $2,128,830,000, down 4.7% from $2,234,009,000 in Q4 2024[43]. - Shareholders' equity increased to $329.3 million at March 31, 2025, from $324.4 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 $329,337 from $324,366 in the previous quarter[1]. Expenses and Tax - Noninterest expense for Q1 2025 was $16.0 million, unchanged from Q4 2024, and decreased by $82,000, or 0.5%, from $16.1 million in Q1 2024[17]. - The provision for income taxes increased by $19,000, or 1.0%, to $2.0 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 $1.9 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 $62,000 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) 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].