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Jun 30, 2020
Baycom Q2 2020 Earnings Report
BayCom reported net income of $3.1 million and EPS of $0.26, impacted by the COVID-19 pandemic.
Key Takeaways
BayCom Corp reported second quarter earnings of $3.1 million, or $0.26 per diluted share. The results reflect the impact of the COVID-19 pandemic, which led to a substantial reduction in business activity. Despite these challenges, net income increased due to a rise in net interest income and a decrease in noninterest expense.
Funded 1,150 PPP loans totaling $129.9 million as of June 30, 2020.
Modified 462 loans totaling $411.9 million as of June 30, 2020, primarily payment deferrals, related to COVID-19.
Assets totaled $2.2 billion at June 30, 2020.
Loans, net of deferred fees, totaled $1.7 billion at June 30, 2020.
Baycom
Baycom
Forward Guidance
BayCom anticipates future results will be further impacted by the COVID-19 pandemic, with added pressures on asset quality in future quarters which may require additional provisions.