BayCom Corp, the bank holding company for United Business Bank, reported net income of $23.6 million for the year ended December 31, 2024, a 13.9% decrease compared to the $27.4 million reported in 2023. This decline resulted from a $6.7 million decrease in net interest income, partially offset by a $545,000 decrease in noninterest expense. Diluted earnings per share fell to $2.10 in 2024 from $2.27 in 2023. The net interest margin decreased to 3.74% in 2024 from 4.05% in 2023, primarily due to increased funding costs outpacing increased yields on interest-earning assets. The provision for credit losses was $1.3 million in 2024, compared to $2.0 million in 2023, reflecting net charge-offs of $5.0 million in 2024 versus $550,000 in 2023.
Total assets increased by $112.5 million (4.4%) to $2.7 billion in 2024, driven by increases in cash and cash equivalents, investment securities, and loans receivable. Deposits increased by $101.3 million (4.7%) to $2.2 billion, with noninterest-bearing deposits comprising 30.8% of the total. The company's loan portfolio, totaling $1.9 billion, consisted of 15.3% acquired loans and 84.7% originated loans. As of December 31, 2024, the Bank had 35 full-service branches across California, Nevada, Washington, New Mexico, and Colorado. A de novo branch was opened in Las Vegas, Nevada in August 2023.
BayCom's growth strategy involves strategic acquisitions and organic growth. Since 2010, the company has completed ten acquisitions, with the most recent being Pacific Enterprise Bancorp in February 2022. The company also focuses on organic growth by expanding commercial client bases and increasing market share in its existing geographic areas. As of December 31, 2024, BayCom had approximately 324 full-time equivalent employees. The company's lending activities encompass a wide range of products, including commercial and multifamily real estate loans, commercial and industrial loans, SBA loans, and consumer loans. Commercial real estate loans constituted 85.4% of the total loan portfolio at year-end 2024.
The company's financial performance is subject to various risks, including macroeconomic conditions, interest rate fluctuations, credit risk, and cybersecurity threats. These risks are detailed in the 10-K filing's "Risk Factors" section. Significant risks include the impact of economic downturns on loan repayment, interest rate sensitivity of net interest income, and the potential for insufficient allowance for credit losses. The company also faces risks related to its acquisition strategy, including the integration of acquired businesses and the potential for unrealized acquisition benefits. The company's reliance on its management team and the potential for cybersecurity breaches are also highlighted as significant risks.
BayCom's outlook is contingent upon various factors, including continued economic growth, successful execution of its acquisition strategy, and effective management of its risk profile. The company expects to continue pursuing strategic acquisitions and organic growth initiatives. The company's ability to pay dividends is dependent on the Bank's earnings and capital position and is subject to regulatory limitations. The company's future performance is subject to the risks and uncertainties described in the filing's "Special Note Regarding Forward-Looking Statements" section.
About BayCom Corp
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.