Business
BayCom Corp Reports 2022 Second Quarter Earnings of $5.2 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 $5.2 million, or $0.38 per diluted common share, for the second quarter of 2022, compared to earnings of $6.5 million, or $0.51 per diluted common share, for the first quarter of 2022 and $5.3 million, or $0.49 per diluted common share, for the second quarter of 2021. For the six months ended June 30, 2022 the Company announced earnings of $11.7 million, or $0.89 per diluted common share, compared to $9.8 million, or $0.89 per diluted common share, for same period in 2021.\n\nNet income for the second quarter of 2022 compared to the prior quarter decreased $1.3 million, or 19.6%, primarily as a result of a $2.6 million increase in provision for loan losses and a $2.4 million decrease in noninterest income, partially offset by a $814,000 increase in net interest income and a $3.1 million decrease in noninterest expense. Net income for the second quarter of 2022 compared to the second quarter 2021 decreased $90,000, or 1.7%, primarily as a result of a $3.1 million increase in provision for loan losses, a $432,000 decrease in noninterest income, and a $1.8 million increase in noninterest expense, partially offset by a $5.4 million increase in net interest income.\n\nNet income for the six months ended June 30, 2022 compared to the same period in 2021 increased $1.9 million, or 19.0%, primarily as a result of a $9.7 million increase in net interest income, and a $1.7 million increase in noninterest income, partially offset by a $3.1 million increase in provision for loan losses and a $6.0 million increase in noninterest expense.\n\nGeorge Guarini, President and Chief Executive Officer, commented, “Our financial results were encouraging during the second quarter of 2022, other than an increase in provision for loan losses primarily related to one partial loan charge-off. In addition, the gain on sale of SBA loans declined due to lower premiums and therefore we are holding many of these loans until market conditions improve. We are encouraged by a strong loan pipeline going into the second half of the year.”\n\nGuarini concluded, “Maintaining our commitment to increase shareholder value, we continued our stock repurchases during the quarter and annou...