BayCom Corp reported its financial results for the first quarter of 2025, revealing a net income of $5.7 million, a decrease of 3% from $5.9 million in the same period last year. The company's earnings per share remained stable at $0.51 for both quarters. Total interest income increased by 2.8% to $32.6 million, driven by a rise in interest income from loans and investment securities, while total interest expense rose by 4.6% to $9.8 million, primarily due to higher costs associated with deposits. As a result, net interest income increased by 2.1% to $22.9 million, contributing to a net interest margin improvement to 3.83% from 3.72% year-over-year.
In terms of asset management, BayCom's total assets decreased by 3.8% to $2.6 billion, primarily due to a significant decline in cash and cash equivalents, which fell by 29.5% to $256.5 million. The company’s loan portfolio saw a modest increase of 0.7%, reaching $1.9 billion, with new loan originations totaling $72.1 million. The allowance for credit losses rose to $18.5 million, or 0.94% of total loans, reflecting the company's proactive approach to managing credit risk amid changing economic conditions.
Operationally, BayCom continues to expand its footprint, operating 35 full-service branches across California, Nevada, Washington, New Mexico, and Colorado. The company has focused on enhancing its commercial banking franchise through both strategic acquisitions and organic growth, with a significant portion of its loan portfolio consisting of commercial real estate and commercial and industrial loans. The geographic distribution of loans indicates a strong presence in the San Francisco Bay Area, which accounted for 7.7% of commercial and industrial loans and 40.7% of owner-occupied commercial real estate loans.
Looking ahead, BayCom Corp remains committed to its growth strategy, emphasizing the importance of maintaining a well-capitalized position. The company’s capital ratios indicate a strong capital base, with the Bank classified as "Well Capitalized" under regulatory standards. Management anticipates continued focus on loan growth and improving operational efficiency, while also navigating potential economic challenges such as inflation and interest rate fluctuations. The company plans to maintain its quarterly cash dividend of $0.15 per share, reflecting confidence in its financial stability and ongoing commitment to shareholder returns.
About BayCom Corp
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