BayCom Corp Reports $6.96 Million Net Loss in Q2 2026

BayCom Corp reported a net loss of $6.96 million for the second quarter of 2026, a significant decline from the net income of $6.36 million recorded in the same period of the previous year. This loss translates to a basic and diluted loss per share of $0.64, compared to earnings of $0.58 per share in the prior year. The company's financial performance was adversely affected by a $10.5 million increase in noninterest expenses, primarily due to one-time costs associated with the departure of three senior executives, and a $5 million increase in the provision for credit losses. For the first half of 2026, BayCom reported a net income of $1.22 million, down from $12.07 million in the same period of 2025.

Total assets for BayCom decreased by $13.6 million, or 0.5%, to $2.58 billion as of June 30, 2026, compared to December 31, 2025. This decline was primarily driven by a $29.1 million decrease in cash and cash equivalents, which was partially offset by a $3 million increase in investment securities available-for-sale and a $7.2 million increase in net loans. The company’s total loans increased slightly to $2.07 billion, reflecting a mix of new loan originations and repayments. The allowance for credit losses rose to $22.95 million, representing 1.11% of total loans, compared to $21.21 million, or 1.03%, at the end of the previous year.

In terms of operational developments, BayCom's loan portfolio remains diversified, with a focus on commercial real estate and commercial and industrial loans. The company has expanded its geographic footprint to include 34 full-service banking branches across California, Nevada, Washington, New Mexico, and Colorado. As of June 30, 2026, the company had approximately 2.1 billion in total loans, with $188.5 million, or 9.1%, of these loans acquired through business combinations. The company continues to emphasize organic growth alongside strategic acquisitions to enhance its market presence.

Looking ahead, BayCom Corp aims to navigate the challenges posed by rising interest rates and economic uncertainties while focusing on maintaining a strong capital position. The company’s capital ratios remain well above regulatory requirements, with a total risk-based capital ratio of 15.50% as of June 30, 2026. Management is committed to enhancing shareholder value through strategic growth initiatives and maintaining a robust liquidity position. The company plans to continue paying quarterly dividends, although future payments will be subject to the discretion of the Board of Directors.