Bay p(BCML) - 2025 Q4 - Annual Results

Financial Performance - BayCom Corp reported fourth quarter 2025 earnings of $6.9 million, or $0.63 per diluted share, up from $5.0 million, or $0.46 per diluted share in Q3 2025, and $6.1 million, or $0.55 per diluted share in Q4 2024[1]. - Net income for Q4 2025 increased by $1.9 million, or 37.0%, compared to Q3 2025, primarily due to a $2.7 million decrease in provision for credit losses and a $1.6 million increase in net interest income[2]. - Net income for the year ended December 31, 2025, was $23,931,000, compared to $23,614,000 for the previous year, showing a growth of 1.35%[43]. - Basic net income per common share for the year ended December 31, 2025, was $2.18, an increase from $2.10 in 2024, representing a growth of 3.81%[43]. - Comprehensive income for the year ended December 31, 2025, was $30,303,000, compared to $25,200,000 in 2024, reflecting an increase of 20.1%[43]. Interest Income and Margin - Annualized net interest margin for Q4 2025 was 4.03%, up from 3.68% in Q3 2025 and 3.80% in Q4 2024[5]. - Interest income for the three months ended December 31, 2025, was $34,340,000, compared to $34,950,000 for the previous quarter, indicating a decrease of 1.75%[43]. - Net interest income after provision for credit losses was $24,755,000 for the three months ended December 31, 2025, up from $20,436,000 in the previous quarter, reflecting an increase of 21.5%[43]. Loans and Credit Quality - Loans, net of deferred fees, totaled $2.1 billion at December 31, 2025, consistent with both September 30, 2025, and December 31, 2024[5]. - The allowance for credit losses for loans was $21.2 million, or 1.03% of total loans, at December 31, 2025, compared to $17.9 million, or 0.92% a year earlier[10]. - Nonperforming loans totaled $13.4 million, or 0.65% of total loans, at December 31, 2025, down from $13.9 million, or 0.68% at September 30, 2025[10]. - Provision for credit losses in Q4 2025 was $250,000, significantly lower than $3.0 million in Q3 2025 and a reversal of $403,000 in Q4 2024[19]. Assets and Equity - Total assets remained steady at $2.6 billion as of December 31, 2025, compared to $2.7 billion a year earlier[5]. - Shareholders' equity increased to $338.6 million at December 31, 2025, up from $334.3 million at September 30, 2025, primarily due to net income of $6.9 million[36]. - Total equity and common shareholders' equity (GAAP) increased to $338,554 million from $334,269 million in the previous quarter, and $324,366 million year-over-year[51]. - Equity to total assets (GAAP) improved to 13.05%, compared to 12.84% in the previous quarter and 12.17% year-over-year[51]. Noninterest Income and Expenses - Noninterest income decreased by $1.4 million, or 60.6%, to $885,000 in Q4 2025 compared to $2.2 million in Q3 2025, but increased by $798,000, or 917.2%, from $87,000 in Q4 2024[20]. - Noninterest expense rose by $220,000, or 1.4%, to $16.2 million in Q4 2025 compared to $15.9 million in Q3 2025[21]. Stock and Dividends - The Company repurchased 29,111 shares of common stock at an average cost of $27.75 per share during Q4 2025[10]. - A cash dividend of $0.30 per share was declared on November 20, 2025, and paid on January 9, 2026[10]. Other Financial Metrics - The effective tax rate for Q4 2025 was 27.6%, compared to 25.7% in Q3 2025 and 24.3% in Q4 2024[24]. - The efficiency ratio improved to 62.44% for the three months ended December 31, 2025, compared to 62.15% in the previous quarter[47]. - Return on average assets improved to 1.05% for the three months ended December 31, 2025, up from 0.75% in the previous quarter[47]. - The Tier 1 capital ratio for the bank increased to 13.84% as of December 31, 2025, from 13.54% in the previous quarter[47].