In This Story
BayCom Corp (BCML-5.68%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total assets increased to $2.7 billion from $2.6 billion at the end of 2023. This increase was primarily driven by growth in cash and cash equivalents, investment securities, and loans receivable.
Total deposits rose to $2.2 billion, reflecting a shift towards higher-costing deposits, with noninterest-bearing deposits comprising 30.8% of total deposits.
The company reported net income of $23.6 million for the year, a decrease from $27.4 million in the previous year. This decline was attributed to a decrease in net interest income and an increase in interest expense.
Net interest margin decreased to 3.74% from 4.05% in the previous year, impacted by increased funding costs outpacing the rise in yields on interest-earning assets.
The provision for credit losses was $1.3 million, down from $2.0 million in the previous year, with net charge-offs totaling $5.0 million.
Noninterest income decreased to $6.4 million, primarily due to a loss on investment in a Small Business Investment Company fund, offset by a gain on equity securities.
Noninterest expenses decreased slightly to $64.1 million, with reductions in salaries and employee benefits partially offset by increases in data processing and occupancy expenses.
BayCom Corp's capital ratios remained strong, with the Bank considered to be Well Capitalized under regulatory guidelines.
The company declared a quarterly cash dividend of $0.15 per share, payable on April 10, 2025, to shareholders of record as of March 13, 2025.
BayCom Corp continues to focus on strategic acquisitions and organic growth to enhance shareholder value and generate consistent earnings growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BayCom Corp annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.