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Dec 31, 2020
Baycom Q4 2020 Earnings Report
Baycom Corp reported fourth quarter earnings with net income impacted by the COVID-19 pandemic and lower interest rates, but saw an increase in noninterest income.
Key Takeaways
BayCom Corp reported earnings of $4.5 million, or $0.39 per diluted share, for the fourth quarter of 2020. The results were impacted by the COVID-19 pandemic and lower interest rates. However, net income increased compared to the prior quarter due to a rise in noninterest income and a decrease in noninterest expense and provision for loan losses.
Earnings for Q4 2020 were $4.5 million, or $0.39 per diluted share.
Net income increased by $1.3 million compared to the prior quarter.
Annualized net interest margin was 3.44% for the quarter.
Assets totaled $2.2 billion at December 31, 2020.
Baycom
Baycom
Forward Guidance
BayCom is ready to participate in the second round of the Paycheck Protection Program and working with clients that may require COVID-19 related loan modifications.