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Sep 30, 2023
Baycom Q3 2023 Earnings Report
Reported earnings of $6.6 million for the third quarter of 2023.
Key Takeaways
BayCom Corp reported net income of $6.6 million, or $0.56 per diluted common share, for Q3 2023. The financial performance remained resilient despite challenges in the banking industry, with stable financial indicators including a net interest margin exceeding 4.0% and a return on assets surpassing 1.0%.
Net income was $6.6 million, or $0.56 per diluted common share.
Annualized net interest margin was 4.03%.
Annualized return on average assets was 1.03%.
Assets totaled $2.6 billion.
Baycom
Baycom
Forward Guidance
The company is committed to enhancing tangible book value through earnings and share repurchases. They also believe that merger and acquisition opportunities may arise.
Positive Outlook
- Enhancing tangible book value through earnings
- Repurchasing shares trading well below tangible book value
- Potential merger and acquisition opportunities
- Financial indicators remain stable
- Liquidity and deposit levels have held steady