Baycom Q3 2024 Earnings Report
Key Takeaways
BayCom Corp reported earnings of $6.0 million, or $0.54 per diluted common share, for the third quarter of 2024. Net income increased by 7.4% compared to the second quarter of 2024, primarily due to increases in net interest income and noninterest income. The company's net interest margin has stabilized, loan demand has started to recover, and credit quality remains strong.
Earnings for Q3 2024 were $6.0 million, or $0.54 per diluted common share.
Net interest margin was 3.73% for the current quarter.
Return on average assets was 0.94% for the current quarter.
Nonperforming loans totaled $9.7 million, or 0.51% of total loans.
Baycom
Baycom
Forward Guidance
The company did not provide specific forward guidance but highlighted positive results in net interest margin stabilization, loan demand recovery, and strong credit quality.