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Dec 31, 2021
Baycom Q4 2021 Earnings Report
Reported earnings of $5.4 million for the fourth quarter of 2021, consistent with the previous quarter and an increase compared to Q4 2020.
Key Takeaways
BayCom Corp reported a net income of $5.4 million, or $0.51 per diluted share, for the fourth quarter of 2021. This is consistent with the earnings reported for the third quarter of 2021 and an increase compared to the $4.5 million reported for the fourth quarter of 2020. The company's net interest margin was 3.41% for the quarter, and the return on average assets was 0.92%.
Net income for the fourth quarter of 2021 was $5.4 million, or $0.51 per diluted share.
Net interest income increased by $1.5 million, or 8.2%, compared to the previous quarter.
Noninterest expense decreased by $125,000, or 0.9%, compared to the previous quarter.
Loans, net of deferred fees, totaled $1.7 billion at December 31, 2021.
Baycom
Baycom
Forward Guidance
BayCom Corp looks forward to closing the merger with Pacific Enterprise Bank and believes in focus on growth through strategic acquisitions accompanied by moderate organic growth.
Positive Outlook
- The transaction was approved and adopted by the Board of Directors of each company and has received the requisite shareholder and regulatory approvals.
- The transaction is expected to be completed in the first calendar quarter of 2022, subject to the satisfaction or waiver of certain closing conditions.
- Acquisitions diversify loan portfolio with seasoned loans.
- Acquisitions compliment or expand market areas.
- Retention of local lending personnel and credit administration personnel allow maintenance and development of strong client relationships.
Challenges Ahead
- COVID-19 pandemic on the Company’s credit quality and business operations
- The risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses
- The Company's ability to access cost-effective funding
- Fluctuations in real estate values and both residential and commercial real estate market conditions
- Increased competitive pressures