Baycom Corp Stock Price, News & Analysis

BayCom Corp (NASDAQ: BCML) has announced its seventh stock repurchase program, authorizing the buyback of up to 619,000 shares, approximately 5% of its outstanding shares, over the next year. This program will start upon the completion of the current buyback set to expire on October 24, 2023. Currently, 17,633 shares remain available for repurchase under the ongoing program. The timing and quantity of shares repurchased will depend on market conditions and company policies, emphasizing flexibility in execution. This move aims to enhance shareholder value, indicating the Board's confidence in the company's financial health and future prospects.

BayCom Corp (NASDAQ: BCML) reported first-quarter 2023 earnings of $7.0 million ($0.55 per share), a 12.5% decline from the previous quarter, but an 8.6% year-over-year increase. Key factors influencing the results included a $1.2 million drop in net interest income, a $798,000 increase in the provision for credit losses, and increased noninterest expenses. Total deposits remained stable at $2.1 billion. The annualized net interest margin decreased to 4.26%, while the return on average assets fell to 1.11%. Nonperforming loans were $13.1 million, or 0.64% of total loans, an improvement from the previous quarter’s 0.75%. The company maintained a well-capitalized status and announced a cash dividend of $0.10 per share, reflecting ongoing shareholder returns amidst a turbulent banking environment.