Welcome to our dedicated page for Baycom news (Ticker: BCML), a resource for investors and traders seeking the latest updates and insights on Baycom stock.
BayCom Corp (BCML) provides essential financial services through its United Business Bank subsidiary, specializing in commercial banking solutions for businesses and individuals. This news hub offers investors and stakeholders centralized access to verified updates about the company’s strategic developments.
Track critical announcements including quarterly earnings, leadership appointments, product launches, and regulatory filings. Our curated collection ensures efficient monitoring of BCML’s market position within the competitive banking sector, particularly its innovations in business lending and deposit services.
Discover press releases covering operational expansions, community initiatives, and financial performance metrics. All content is organized for quick reference, enabling informed analysis of the company’s growth trajectory and service enhancements in key areas like digital banking platforms.
Bookmark this page for real-time updates on BayCom Corp’s partnerships, branch network developments, and industry recognition. Regular updates ensure you stay informed about this community-focused financial institution’s evolving strategies and market engagements.
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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