BayCom Corp - BCML STOCK NEWS

BayCom Corp (NASDAQ: BCML) reported second-quarter 2022 earnings of $5.2 million, or $0.38 per diluted share, down from $6.5 million, or $0.51 per share in Q1 2022. Year-to-date earnings rose to $11.7 million, equal to $0.89 per share, a 19% increase from 2021. The decline in Q2 earnings stemmed from a $2.6 million rise in loan loss provisions and a $2.4 million dip in noninterest income, despite a $814,000 increase in net interest income. The bank's assets were $2.7 billion, with a net interest margin of 3.59%. Management continues stock repurchases and a cash dividend of $0.05 per share was declared.

BayCom Corp (NASDAQ: BCML) announced a quarterly cash dividend of $0.05 per share on its outstanding common stock. This dividend will be paid on July 15, 2022 to shareholders on record as of June 17, 2022. The announcement reflects the company's ongoing commitment to returning value to its shareholders, although future performance may be subject to various risks and uncertainties. BayCom cautions that forecasts may differ from actual results due to factors outlined in its Annual Report for the year ended December 31, 2021.

BayCom Corp (NASDAQ: BCML) reported first-quarter 2022 earnings of $6.5 million, equivalent to $0.51 per diluted share, marking a 19.3% increase from the previous quarter and a 43.2% rise from the same period last year. The successful acquisition of Pacific Enterprise Bancorp was completed on February 1, 2022, for approximately $64.4 million. Key highlights include a 16.4% growth in net interest income, reaching $22.4 million, and a significant increase in assets to $2.8 billion. Nonperforming loans rose to $12.6 million, representing 0.63% of total loans.

BayCom Corp (NASDAQ: BCML) announced its first cash dividend of $0.05 per share, marking a significant milestone in the company's history. The dividend will be payable on April 15, 2022, to shareholders on record as of March 11, 2022. CEO George Guarini expressed confidence in the company’s financial strength and commitment to shareholder value by indicating plans for future dividends. The announcement reflects the company's positive outlook on cash generation and long-term strategies.

BayCom Corp (NASDAQ: BCML) has successfully completed the acquisition of Pacific Enterprise Bancorp as of February 1, 2022. Each PEB shareholder will receive 1.0292 shares of BayCom stock per PEB share, with cash for any fractional shares. This merger is expected to enhance BayCom's presence in Orange County, California, and expand its resources in SBA and other government-guaranteed lending. Following the acquisition, BayCom's total assets are approximately $2.9 billion, total loans at $2.1 billion, and total deposits at $2.4 billion.

BayCom Corp (NASDAQ: BCML) reported fourth quarter 2021 earnings of $5.4 million, or $0.51 per diluted share, unchanged from the previous quarter but up from $4.5 million, or $0.39 per diluted share, year-over-year. For the entire year, net income surged 50.7% to $20.7 million, driven by a $9.9 million decrease in the provision for loan losses despite a drop in net interest income. The company anticipates completing its merger with Pacific Enterprise Bancorp in Q1 2022, creating a combined entity with approximately $2.9 billion in assets.

BayCom Corp (NASDAQ: BCML) has announced a stock repurchase program to buy back up to 747,000 shares, representing about 7% of its outstanding shares, over one year. This initiative reflects the company's commitment to enhance shareholder value through prudent capital management. The repurchase may occur via open market purchases and privately negotiated transactions, utilizing Rule 10b-18 and 10b5-1 trading plans. Actual buyback timing will depend on various market factors and company results, but it indicates confidence in the company's future prospects.

BayCom Corp, parent company of United Business Bank, has expanded its board of directors from nine to 11 members. Effective December 14, 2021, Janet L. King and Keary L. Colwell were appointed to meet California's gender diversity requirements, which mandate at least three female directors and one from an underrepresented community by the end of 2021. Both appointees bring over 35 years of banking experience, enhancing the board's expertise.

BayCom Corp (NASDAQ: BCML) and Pacific Enterprise Bancorp (PEB) have received shareholder approval for their merger. This comes after obtaining all necessary bank regulatory approvals. The merger is anticipated to close in Q1 2022, pending certain conditions. PEB shareholders will receive 1.0292 shares of BayCom stock for each PEB share, which is expected to be a tax-free exchange. The successful merger will enhance BayCom's operational scale and financial offerings.