BayCom Corp reported a significant increase in its financial performance for the first quarter of 2026, with net income rising to $8.2 million, a 43.5% increase from $5.7 million in the same period last year. This growth was primarily driven by a $2.3 million increase in net interest income, which reached $25.2 million, and a favorable change in the provision for credit losses, reflecting a reversal of $670,000 compared to a provision of $642,000 in the prior year. Basic and diluted earnings per share improved to $0.75 from $0.51 year-over-year.
Total assets for BayCom increased by $54.9 million, or 2.1%, to $2.65 billion as of March 31, 2026, compared to $2.59 billion at the end of 2025. This growth was largely attributed to a $99.4 million increase in cash and cash equivalents, alongside a $9.7 million rise in investment securities available-for-sale. However, the company experienced a $55.1 million decrease in net loans, which fell to $1.99 billion, primarily due to $90.5 million in loan repayments that outpaced new loan originations of $34.7 million.
In terms of operational developments, BayCom's total deposits increased by $51.8 million, or 2.3%, to $2.27 billion, with noninterest-bearing demand deposits rising to $609.2 million, representing 26.9% of total deposits. The company also reported a slight increase in its employee headcount, reflecting ongoing efforts to enhance service delivery across its 34 full-service banking branches located in California, Nevada, Washington, New Mexico, and Colorado.
Strategically, BayCom has focused on expanding its commercial loan portfolio through both organic growth and acquisitions. The company has successfully completed ten strategic acquisitions since its founding in 2010, which have contributed to economies of scale and improved efficiency. Looking ahead, BayCom aims to continue leveraging its geographic footprint to enhance its market share and client base, while maintaining a strong capital position, as evidenced by its "Well Capitalized" status under regulatory requirements.
The company also announced an executive leadership transition, with new appointments aimed at supporting its growth strategy. This transition is expected to incur material charges related to severance and equity awards, which will be recognized starting in the second quarter of 2026. Despite these changes, BayCom remains optimistic about its future performance, citing a favorable economic outlook and a commitment to enhancing shareholder value through strategic initiatives.
About BayCom Corp
BayCom Corp is a bank holding company whose wholly owned subsidiary, United Business Bank, provides commercial banking services primarily to small and medium-sized businesses, trade unions, professionals, and individuals across California, Nevada, Colorado, New Mexico, and Washington. The bank offers diversified lending products including commercial real estate, commercial and industrial, SBA, construction, and consumer loans, funded mainly by core deposits. It emphasizes relationship banking with personalized service and a focus on community markets.
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