Business
BayCom Corp Reports 2021 Third Quarter Earnings of $5.4 Million
WALNUT CREEK, Calif.--(BUSINESS WIRE)-- BayCom Corp (“BayCom” or the “Company”) (NASDAQ: BCML), the holding company for United Business Bank (the “Bank” or
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” or “UBB”), announced earnings of $5.4 million, or $0.51 per diluted share, for the third quarter of 2021, compared to earnings of $5.3 million, or $0.49 per diluted share, for the second quarter of 2021 and $3.2 million, or $0.27 per diluted share, for the third quarter of 2020. Net income for the third quarter of 2021 compared to the prior quarter increased $104,000, or 2.0%, primarily as a result of a $1.6 million increase in noninterest income, partially offset by a $984,000 change in the provision for loan losses, related to a $477,000 provision for loan losses recorded in the current quarter compared to a $507,000 reversal of the provision for loan losses recorded in the prior quarter, and a $471,000 increase in noninterest expense.\n\nNet income increased $6.1 million, or 66.0% to $15.3 million, or $1.39 per diluted common share, for the nine months ended September 30, 2021, compared to $9.2 million, or $0.76 per diluted common share, for the nine months ended September 30, 2020. The increase in net income was the result of an $8.4 million decrease in the provision for loan losses, a $3.0 million increase in noninterest income and a $3.2 million decrease in noninterest expense, partially offset by a $6.4 million decrease in net interest income and a $2.2 million increase in provision for income taxes. A reversal of the provision for loan losses of $30,000 was recorded during the first nine months of 2021 following continued improvements in the economic forecast at September 30, 2021, partially offset by an increase in new loan production, as compared to a provision for loan losses of $8.4 million during the same nine-month period last year when the COVID-19 pandemic significantly impacted economic conditions. The increase in noninterest income was related to increases in gain on sale of loans of $2.7 million, and income from an investment in a Small Business Investment Company (“SBIC”) fund of $798,000, partially offset by a decrease in loan servicing and other fees of $426,000. Noninterest expense during the nine months ended September 30, 2021, did not include any acquisition-related expenses compared to the same period last year which included $3.0 million of acquisit...