Business
BayCom Corp Reports 2023 Second Quarter Earnings of $7.2 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 $7.2 million, or $0.59 per diluted common share, for the second quarter of 2023, compared to earnings of $7.2 million, or $0.57 per diluted common share, for the first quarter of 2023 and $3.9 million, or $0.29 per diluted common share, for the second quarter of 2022.\n\n\nNet income for the second quarter of 2023 compared to the first quarter of 2023 increased $15,000, or 0.2%, primarily as a result of a $1.5 million decrease in provision for credit losses, reflecting a $1.3 million reversal of the allowance for credit losses for the current quarter compared to a $275,000 provision for credit losses during the first quarter of 2023, partially offset by a $976,000 decrease in net interest income and a $475,000 decrease in noninterest income. Net income for the second quarter of 2023 compared to the second quarter 2022 increased $3.3 million, or 84.5%, primarily as a result of $1.1 million increase in net interest income, a $3.9 million decrease in provision for credit losses, a $906,000 increase in noninterest income, partially offset by a $1.3 million increase in noninterest expense and a $1.3 million increase in provision for income taxes.\n\n\nNet income for the six months ended June 30, 2023 compared to the same period in 2022 increased $5.3 million, or 57.6%, primarily as a result of a $4.0 million increase in net interest income, a $3.6 million decrease in provision for credit losses, reflecting a $985,000 reversal of the allowance for credit losses for the six months ended June 30, 2023 compared to a $2.6 million provision for credit losses for the same period in 2022, and a $445,000 decrease in noninterest expense, partially offset by a $164,000 decrease in noninterest income and a $2.7 million increase in provision for income taxes.\n\n\nGeorge Guarini, Founder, President and Chief Executive Officer, commented, “Our second quarter 2023 financial results are encouraging despite challenges facing the banking sector. Like other banks, we are seeing pressure on our net interest margin due to rising deposit costs; however, our credit quality and liquidity remain strong. Our office portfolio currently represents approximately 7% of total loa...