Business
BayCom Corp Reports 2019 Fourth Quarter and Year End Financial Results
WALNUT CREEK, Calif.--(BUSINESS WIRE)-- BayCom Corp (“BayCom” or the “Company”) (NASDAQ:BCML), the holding company for United Business Bank (the “Bank”),
About this update from Baycom Corp
[{"type":"text","content":" WALNUT CREEK, Calif.--(BUSINESS WIRE)--\nBayCom Corp (“BayCom” or the “Company”) (NASDAQ:BCML), the holding company for United Business Bank (the “Bank”), announced earnings of $4.6 million, or $0.39 per diluted share, for the fourth quarter of 2019 compared to earnings of $5.6 million, or $0.46 per diluted share, for the third quarter of 2019 and $2.6 million, or $0.24 per diluted share, for the fourth quarter of 2018. Earnings for the fourth quarter of 2019 compared to the prior quarter decreased $1.0 million, or 17.6%, as a result of a $3.6 million increase in noninterest expense, including $2.5 million of acquisition-related expenses, and a $544,000 increase in provision for loan losses, partially offset by a $1.4 million increase in net interest income, a $1.1 million decrease in income tax expense, and a $681,000 increase in noninterest revenue. The impact of acquisition-related expenses was $0.16 per diluted share for the quarter ended December 31, 2019 compared to none for the third quarter of 2019 and $0.15 per diluted share for the quarter ended December 31, 2018. The Company had net income of $17.3 million, or $1.37 per diluted common share, for the year ended December 31, 2019, compared to $14.5 million, or $1.50 per diluted common share, for the year ended December 31, 2018. The impact of acquisition-related expenses for 2019 was $0.39 per diluted share compared to $0.15 for 2018. The Company acquired TIG Bancorp (“TIG”) and its wholly owned subsidiary First State Bank of Colorado on October 21, 2019, Uniti Financial Corporation (“Uniti”) and its wholly owned subsidiary Uniti Bank in May 2019, and Bethlehem Financial Corporation and its wholly owned subsidiary My Bank in December 2018.\n\n\nGeorge Guarini, President and Chief Executive Officer, commented, “Our most recent bank acquisition of First State Bank of Colorado this quarter allowed us to expand our geographic footprint into attractive Colorado markets. This merger represents a complementary fit, both strategically and culturally with our business model. The additional scale provided by this merger and similar to our earlier bank acquisition this year of Uniti Bank, located in Southern California along with our continued focus on expense management should improve operational synergies throughout the company and enhance our performance in future quarters. We...