Business
BayCom Corp Reports 2023 Fourth Quarter Earnings of $6.4 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 $6.4 million, or $0.55 per diluted common share, for the fourth quarter of 2023, compared to earnings of $6.6 million, or $0.56 per diluted common share, for the third quarter of 2023 and $7.6 million, or $0.59 per diluted common share, for the fourth quarter of 2022.\n\n\nNet income for the fourth quarter of 2023 compared to the third quarter of 2023 decreased $234,000 or 3.5%, primarily as a result of a $1.3 million decrease in net interest income and a $1.7 million increase in provision for credit losses, partially offset by a $1.0 million increase in noninterest income, a $1.4 million decrease in noninterest expense and a $233,000 decrease in provision for income taxes. Net income for the fourth quarter of 2023 compared to the fourth quarter of 2022 decreased $1.2 million or 16.1%, primarily as a result of a $2.9 million decrease in net interest income and a $1.7 million increase in provision for credit losses, partially offset by a $1.8 million increase in noninterest income, a $1.2 million decrease in noninterest expense and a $419,000 decrease in provision for income taxes.\n\n\nNet income for the year ended December 31, 2023 compared to the year ended December 31, 2022 increased $3.7 million or 15.6%, primarily as a result of a $1.2 million increase in net interest income, a $2.4 million decrease in provision for credit losses, a $876,000 increase in noninterest income and a $1.3 million decrease in noninterest expenses, partially offset by a $2.0 million increase in provision for income taxes.\n\n\nGeorge Guarini, President and Chief Executive Officer, commented, “Our financial results for the fourth quarter and full year 2023 underperformed our expectations. 2023 presented challenges on various fronts, including increased deposit costs, reduced loan demand and some specific credit quality deterioration. Despite these challenges, our earnings improved over 2022. Overall, our financial condition remains strong, with no observed systemic credit weakness, and our earnings remain stable.”\n\n\nGuarini concluded, “While we do not anticipate market conditions improving in the first half of 2024, we are optimistic that the second half of 2024...