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 operates as the bank holding company for United Business Bank, a community banking institution that serves businesses, business owners and individual consumers. The bank offers deposit accounts, personal and business banking, loans, online banking, cash management and business savings services, with activity reported as a single banking operations segment.
Company updates commonly center on quarterly earnings, net interest income, provision for credit losses, noninterest income and expense trends, and regulatory capital status at the bank. Other recurring developments include cash dividend declarations on common stock, board and executive leadership changes, and corporate strategy updates tied to BayCom's acquisition-driven banking history.
BayCom Corp (BCML) reported second-quarter 2021 earnings of $5.3 million, or $0.49 per diluted share, up from $4.5 million in Q1 2021 and $3.1 million in Q2 2020. The net income rise was driven by a $507,000 reversal of loan loss provisions and a $216,000 boost in noninterest income, although net interest income fell by $302,000. For the first half of 2021, net income was $9.8 million, compared to $5.9 million in the same period last year. Loan modifications due to COVID-19 decreased significantly, indicating economic recovery. As of June 30, loans totaled $1.6 billion, and deposits increased to $2.0 billion.
BayCom Corp (NASDAQ: BCML) reported first-quarter 2021 earnings of $4.5 million, or $0.40 per diluted share, unchanged from the prior quarter but up from $2.8 million, or $0.23 per diluted share, year-over-year. Key factors included a $1.9 million decrease in provision for loan losses and a $702,000 increase in income tax provision. Noninterest income fell by $831,000, while net interest income decreased by $217,000. The bank's total assets reached $2.3 billion, with nonaccrual loans at 0.62% of total loans. The bank resumed stock repurchases during the first quarter, reflecting a robust capital position.
BayCom Corp (NASDAQ: BCML) has announced a new stock repurchase program to buy back up to 560,000 shares, representing approximately 5% of its outstanding stock. The buyback, approved by the Board of Directors, will take place over one year through various purchasing methods compliant with regulations. This program reflects the Company’s commitment to enhancing shareholder value. The anticipated start date for the repurchases is February 23, 2021, and the actual repurchase activity will depend on market conditions and other factors.
BayCom Corp (NASDAQ: BCML) reported fourth-quarter 2020 earnings of $4.5 million ($0.39 per diluted share), up from $3.2 million in Q3 2020 but down from $4.6 million in Q4 2019. The annualized net interest margin decreased to 3.44% from 3.59% in Q3 2020. Full-year earnings fell to $13.7 million ($1.15 per share) from $17.3 million ($1.47 per share) in 2019, primarily due to increased provisions for loan losses and noninterest expenses, attributed to the COVID-19 pandemic. Total loans reached $1.6 billion, with a 0.51% nonaccrual loan rate. The company also repurchased shares as part of its capital management strategy.
BayCom Corp (NASDAQ: BCML) reported third-quarter 2020 earnings of $3.2 million ($0.27/share), up from $3.1 million in Q2 2020 but down from $5.6 million in Q3 2019. The results reflect COVID-19's impacts, with noninterest income rising by $526,000 but net interest income falling by $2 million. For the nine months ending September 30, 2020, net income decreased to $9.2 million from $12.7 million in the same period of 2019. The allowance for loan losses increased to $15.8 million, representing 0.93% of total loans. BayCom funded 1,359 PPP loans totaling $140.2 million.