Bay p(US:BCML) Businesswireยท2024-01-25 21:32Core Viewpoint - BayCom Corp reported a decrease in net income for the fourth quarter of 2023 compared to both the previous quarter and the same quarter last year, primarily due to a decline in net interest income and an increase in provisions for credit losses, although overall financial condition remains strong [1][2][3]. Financial Performance - Net income for Q4 2023 was $6.4 million, or $0.55 per diluted share, down from $6.6 million in Q3 2023 and $7.6 million in Q4 2022 [1]. - Net interest income decreased by $1.3 million, or 5.2%, from the prior quarter and by $2.9 million, or 11.1%, from the same quarter last year [6][12]. - Noninterest income increased by $1.0 million, or 61.8%, compared to the prior quarter and by $1.8 million, or 196.0%, compared to the same quarter last year [18]. Credit Quality - The provision for credit losses for Q4 2023 was $2.3 million, significantly higher than the provisions of $674,000 in Q3 2023 and $617,000 in Q4 2022 [15]. - Nonperforming loans totaled $13.0 million, or 0.67% of total loans, at the end of Q4 2023, down from $14.3 million, or 0.73%, in Q3 2023 [23]. Deposits and Borrowings - Total deposits were $2.1 billion at December 31, 2023, unchanged from the same date last year but down from $2.2 billion at September 30, 2023 [27]. - Noninterest-bearing deposits decreased to $646.3 million, or 30.3% of total deposits, from $667.3 million, or 30.9%, in the previous quarter [27]. Shareholder Actions - The company repurchased 122,559 shares at an average cost of $19.91 per share during Q4 2023, compared to 239,649 shares at $18.86 in Q3 2023 [5]. - A cash dividend of $0.10 per share was declared on November 28, 2023, and paid on January 12, 2024 [5]. Overall Financial Condition - The company maintained a "well-capitalized" status for regulatory capital purposes as of December 31, 2023 [5]. - Shareholders' equity totaled $312.9 million at December 31, 2023, an increase from $307.3 million at September 30, 2023 [31].