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BayCom Corp Reports 2019 Third Quarter Earnings of $5.6 Million
WALNUT CREEK, CA, October 28, 2019--(Business Wire)—BayCom Corp (“BayCom” or the “Company”) (NASDAQ:BCML), the holding company for United Business Bank (the “Bank”), announced earnings of $5.6 million, or $0.46 per diluted share, for the third quarter of 2019 compared to earnings of $2.2 million, or $0.20 per diluted share, for the second quarter of 2019 and $3.5 million, or $0.31 per diluted share, for the third quarter of 2018. Earnings for the third quarter of 2019 compared to the prior quarter increased $3.4 million, or 154.6%, as a result of a $1.7 million increase in net interest income and a $3.1 million decrease in noninterest expense, driven by $4.1 million of acquisition expenses related to our acquisition of Uniti Financial Corporation (“UFC”) in May 2019 (the “UFC Acquisition”), partially offset by a $426,000 decrease in noninterest income. The impact of acquisition related expenses was $0.27 per diluted share for the quarter ended June 30, 2019 compared to none for both the third quarter of 2019 and the quarter ended September 30, 2018. The impact of acquisition related expenses was $0.27 per diluted share for the nine months ended September 30, 2019 compared to none for the same period in the prior year. The Company had net income of $12.7 million, or $1.11 per diluted common share, for the nine months ended September 30, 2019, compared to $11.9 million, or $1.30 per diluted common share, for the nine months ended September 30, 2018.
Acquisition of TIG Bancorp
On October 21, 2019, the Company completed its acquisition of TIG Bancorp (“TIG”) pursuant to an Agreement and Plan of Merger, dated June 28, 2019 (the “Merger Agreement”), by and between BayCom and TIG. Under the terms of the Merger Agreement, TIG merged with and into BayCom (the “Merger”), with BayCom as the surviving corporation in the Merger. Immediately following the Merger, First State Bank of Colorado, a wholly-owned subsidiary of TIG, merged with and into United Business Bank, a wholly-owned subsidiary of BayCom (the “Bank Merger”), with United Business Bank as the surviving bank in the Bank Merger.
Pursuant to the Merger Agreement, at the effective time of the Merger, BayCom paid aggregate consideration to TIG shareholders of approximately $39.9 million consisting of 876,803 shares of BayCom common stock and $20.2 million in cash.
“The past nine months have been very busy with two acquisitions completed. Our recent merger with TIG Bancorp allows us to expand our geographic footprint as we enter into the attractive Denver and Colorado Springs markets of Colorado and represents a complementary fit, both strategically and culturally, with our business model. Our acquisitions this year represent our continuing efforts to strengthen United Business Bank’s already strong low cost core deposit base. The additional scale provided by these acquisitions and our continued focus on expense management in the midst of integrating these two transactions provides us the opportunity to improve operational efficiencies across the Company and enhance our performance in future quarters. We also believe the combined organization is well-positioned to gain market share in the communities we serve while at the same time improving the client experience.” stated George J. Guarini, President and Chief Executive Officer. “We continue to actively look for new opportunities to expand our geographical market reach, build market penetration, and add value for our clients and our shareholders.”
Third Quarter Performance Highlights:
|·||Assets totaled $1.8 billion at both September 30, 2019 and June 30, 2019, compared to $1.3 billion at September 30, 2018. The increases for these periods are due primarily to the UFC Acquisition in May 2019 and our acquisition of Bethlehem Financial Corporation in December 2018 (the “BFC Acquisition”).|
|·||Annualized net interest margin was 4.23% for the current quarter, compared to 4.29% in the preceding quarter and 4.06% in the third quarter a year ago.|
|·||Loans, net of deferred fees, totaled $1.2 billion at both September 30, 2019 and June 30, 2019, compared to $901.9 million at September 30, 2018.|
The following information was filed by Baycom Corp (BCML) on Monday, October 28, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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