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BayCom Corp Reports 2019 Fourth Quarter and Year End Financial Results
WALNUT CREEK, CA, January 28, 2020--(Business Wire)—BayCom Corp (“BayCom” or the “Company”) (NASDAQ:BCML), the holding company for United Business Bank (the “Bank”), announced earnings of $4.6 million, or $0.39 per diluted share, for the fourth quarter of 2019 compared to earnings of $5.6 million, or $0.46 per diluted share, for the third quarter of 2019 and $2.6 million, or $0.24 per diluted share, for the fourth quarter of 2018. Earnings for the fourth quarter of 2019 compared to the prior quarter decreased $1.0 million, or 17.6%, as a result of a $3.6 million increase in noninterest expense, including $2.5 million of acquisition-related expenses, and a $544,000 increase in provision for loan losses, partially offset by a $1.4 million increase in net interest income, a $1.1 million decrease in income tax expense, and a $681,000 increase in noninterest revenue. The impact of acquisition-related expenses was $0.16 per diluted share for the quarter ended December 31, 2019 compared to none for the third quarter of 2019 and $0.15 per diluted share for the quarter ended December 31, 2018. The Company had net income of $17.3 million, or $1.37 per diluted common share, for the year ended December 31, 2019, compared to $14.5 million, or $1.50 per diluted common share, for the year ended December 31, 2018. The impact of acquisition-related expenses for 2019 was $0.39 per diluted share compared to $0.15 for 2018. The Company acquired TIG Bancorp (“TIG”) and its wholly-owned subsidiary First State Bank of Colorado on October 21, 2019, Uniti Financial Corporation (“Uniti”) and its wholly-owned subsidiary Uniti Bank in May 2019, and Bethlehem Financial Corporation and its wholly-owned subsidiary My Bank in December 2018.
George Guarini, President and Chief Executive Officer, commented “Our most recent bank acquisition of First State Bank of Colorado this quarter allowed us to expand our geographic footprint into attractive Colorado markets. This merger represents a complementary fit, both strategically and culturally with our business model. The additional scale provided by this merger and similar to our earlier bank acquisition this year of Uniti Bank, located in Southern California along with our continued focus on expense management should improve operational synergies throughout the company and enhance our performance in future quarters. We are also making good progress with respect to our pending acquisition of Grand Mountain Bank of Granby, Colorado which will further expand our presence in Colorado. With these strategic combinations, we believe United Business Bank is well-positioned to gain market share in the communities we serve while providing significant benefits to our expanded group of clients, communities, shareholders, and employees. ” Guarini concluded, “We continue to actively seek out new opportunities to increase our western regional presence and add value for our clients and shareholders.”
Proposed acquisition of Grand Mountain Bancshares
On November 1, 2019, BayCom and Grand Mountain Bancshares, Inc. Granby, Colorado (“GMB”), the holding company of Grand Mountain Bank, entered into a definitive merger agreement pursuant to which BayCom will acquire GMB in an all-cash transaction, subject to the terms and conditions set forth therein. Under the merger agreement, GMB will merge with and into BayCom, and immediately thereafter Grand Mountain Bank will merge with and into United Business Bank. The merger agreement specifies GMB shareholders will receive $3.40 in exchange for each share of GMB common stock or approximately $13.9 million in total. The proposed merger has received the required regulatory approvals and was approved by GMB shareholders on January 21, 2020. The transaction is expected to close in the first quarter of 2020, subject to customary closing conditions.
At December 31, 2019, GMB had approximately $132.5 million in assets, $96.7 million in loans, $119.0 million in deposits and $11.1 million in shareholder's equity. The transaction will expand the Company’s presence in Colorado. Grand Mountain Bank serves its communities through its four convenient full-service locations across Grand County and a loan office in Summit County. Upon completion of the transaction, the combined company will have approximately $2.1 billion in total assets, $1.6 billion in total loans and $1.8 billion in total deposits.
The following information was filed by Baycom Corp (BCML) on Tuesday, January 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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