Business
BayCom Corp Reports 2020 Second Quarter Earnings of $3.1 Million
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 $3.1 million, or $0.26 per diluted share, for the second quarter of 2020 compared to earnings of $2.8 million, or $0.23 per diluted share, for the first quarter of 2020 and $2.2 million, or $0.20 per diluted share, for the second quarter of 2019. BayCom’s second quarter earnings reflect the impact of the COVID-19 pandemic resulting in a substantial reduction in business activity in the states BayCom operates. Net income for the second quarter of 2020 compared to the prior quarter increased $301,000, or 10.7%, as a result of a $913,000 increase in net interest income and a $3.4 million decrease in noninterest expense, partially offset by a $2.7 million increase in provision for loan losses primarily related to the migration of acquired loans out of the discounted acquired loan portfolio and consideration of probable loan losses as a result of the COVID-19 pandemic and a $1.3 million decrease in noninterest income. The Company acquired Grand Mountain Bancshares (“GMB”) and its wholly owned subsidiary Grand Mountain Bank in the first quarter 2020, TIG Bancorp (“TIG”) and its wholly owned subsidiary First State Bank of Colorado during the fourth quarter of 2019 and Uniti Financial Corporation (“UFC”) and its wholly owned subsidiary Uniti Bank in the second quarter of 2019. There were no acquisition-related expenses in the second quarter of 2020. The impact of acquisition-related expenses was $0.18 per diluted share for the prior quarter and $0.27 per diluted share for the same quarter in 2019.\n\n\nThe Company had net income of $5.9 million, or $0.49 per diluted common share, for the six months ended June 30, 2020, compared to $7.2 million, or $0.64 per diluted common share, for the six months ended June 30, 2019. Net income for the six months ended June 30, 2020 compared to the same period in 2019 decreased $1.2 million as a result of a $5.9 million increase in noninterest expenses, a $5.4 million increase in loan loss provision, and a $780,000 decrease in noninterest income partially offset by an $11.0 million increase in net interest income. The changes in the provision for loan losses and noninterest income were primarily related to the COVID-19 pandemi...