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BayCom Corp (BCML) operates as a bank holding company for United Business Bank, offering a comprehensive range of financial services aimed at both businesses and individual consumers. With a mission centered around 'speed of execution', 'pride and appreciation', and 'impressive financial performance', BayCom Corp seeks to deliver exceptional value to its clients, employees, and investors.
BayCom Corp provides its services through full-service branches and loan production offices, specifically targeting small and medium-sized businesses, professional firms, real estate professionals, nonprofits, labor unions, and individual consumers. Its product offerings include deposit products, personal accounts, loans, online banking, cash management, and business savings services. This wide array of services is designed to meet the diverse financial needs of its clients, fostering growth and stability in the communities it serves.
The company prides itself on ensuring clients have direct access to decision-makers, facilitating informed and agile financial decisions that can propel their businesses forward. BayCom’s professional and knowledgeable staff are dedicated to providing top-notch service and forging strong, lasting relationships with clients.
Recent Achievements and Current Projects:
- Consistent financial performance with a focus on sustainable growth.
- Expansion of service offerings to include more comprehensive online banking solutions.
- Strategic partnerships with local businesses and community organizations to support economic development.
BayCom Corp is committed to maintaining a strong financial position, continually adapting to the evolving needs of its clients, and upholding its mission of delivering high-quality financial services with a personal touch.
BayCom Corp (NASDAQ: BCML), the parent company of United Business Bank, has declared a quarterly cash dividend of $0.10 per share on its common stock. The dividend will be payable on October 10, 2024 to shareholders of record as of the close of business on September 19, 2024. This announcement demonstrates BayCom's commitment to providing regular returns to its shareholders and may be seen as a positive indicator of the company's financial health and confidence in its future performance.
BayCom Corp (NASDAQ: BCML) reported second-quarter 2024 earnings of $5.6 million, or $0.50 per diluted share, down from $5.9 million, or $0.51 per share, in Q1 2024 and $7.2 million, or $0.59 per share, in Q2 2023. This decline was primarily due to decreased net interest income and noninterest income, despite reductions in credit loss provisions, income taxes, and noninterest expenses.
Annualized net interest margin was 3.69%, down from 3.72% in Q1 2024 and 4.02% in Q2 2023. Return on average assets was 0.87%, down from 0.92% in Q1 2024 and 1.13% in Q2 2023. Assets totaled $2.6 billion, with loans at $1.9 billion and deposits at $2.2 billion. Nonperforming loans increased to $16.1 million, or 0.87% of total loans.
The company repurchased 204,794 shares at an average cost of $20.17 per share and declared a $0.10 per share dividend. CEO George Guarini noted stability in deposits despite low loan demand and expressed cautious optimism about future loan demand and M&A prospects, emphasizing cost management and shareholder value.
BayCom Corp (NASDAQ: BCML), the parent company of United Business Bank, announced a quarterly cash dividend of $0.10 per share, payable on July 11, 2024, to shareholders of record by June 13, 2024.
Additionally, the company introduced its ninth stock repurchase program, allowing for the buyback of up to 560,000 shares, approximately 5% of its outstanding shares, over a one-year period. This new program will start after the completion of the existing stock repurchase program, which will expire on April 21, 2025, or earlier if all shares are repurchased.
The buyback strategy will involve open market purchases, privately-negotiated transactions, and block purchases, adhering to federal securities laws. However, the repurchase program does not obligate the company to buy a specific number of shares and can be altered at any time.
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