Baycom Q2 2023 Earnings Report

Baycom's net income increased slightly, driven by a decrease in provision for credit losses, which was partially offset by decreases in net interest income and noninterest income.

Key Takeaways

BayCom Corp reported second quarter earnings of $7.2 million, or $0.59 per diluted common share. The company saw an increase in net income compared to the first quarter of 2023, primarily due to a decrease in provision for credit losses. However, this was partially offset by a decrease in net interest income and noninterest income.

Net income for the second quarter of 2023 was $7.2 million, or $0.59 per diluted common share.

Annualized net interest margin was 4.02% for the current quarter.

Annualized return on average assets was 1.13% for the current quarter.

Nonperforming loans totaled $12.8 million or 0.64% of total loans at June 30, 2023.

Total Revenue

$25.4M

Previous year: $25.2M