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BayCom Corp Reports 2018 Second Quarter Earnings of $4.3 Million
WALNUT CREEK, Calif.--(Business Wire)—BayCom Corp (the “Company”), (NASDAQ:BCML), the holding company for United Business Bank (the “Bank”), announced earnings of $4.3 million, or $0.45 per diluted share, for the second quarter of 2018 compared to $1.5 million, or $0.23 per diluted share, for the second quarter of 2017, and earnings of $4.1 million, or $0.54 per diluted share, for the first quarter of 2018. The increase in earnings during the second quarter of 2018 compared to the same quarter last year was primarily due to increases in net interest income and other non-interest income as a result of two acquisitions in 2017. The second quarter of 2017 net income also was reduced by $2.3 million for merger-related expenses related to our acquisition of First ULB Corp., which, net of tax benefit, reduced net income for the quarter by $0.23 per diluted share. The increase in earnings during the second quarter of 2018 compared to the prior quarter was primarily due to an increase in net interest income resulting from an increase in the average balance of loans outstanding and an increase in other non-interest income, partially offset by higher non-interest expenses. The Company had net income of $8.4 million for the six months ended June 30, 2018, or $0.99 per diluted common share, compared to $2.9 million, or $0.49 per diluted common share, for the six months ended June 30, 2017. Net income for the quarter and six months ended June 30, 2018 increased as a result of a decrease in the effective tax rate compared to the same period in 2017 primarily due to the impact of the Tax Cuts and Jobs Act enacted in December 31, 2017, which lowered the corporate income tax rate from 35% to 21%.
The Company completed its initial public offering on May 8, 2018 with the issuance of 3,278,900 shares of common stock at a price to the public of $22.00 per share for net proceeds of approximately $66.8 million. The shares began trading on the Nasdaq Global Select Market on Friday, May 4, 2018, under the ticker symbol “BCML.”
Second Quarter 2018 Performance Highlights:
|·||Total assets increased to $1.35 billion at June 30, 2018 compared to $1.16 billion at June 30, 2017 and $1.24 billion at March 31, 2018. The increase was the result of the Plaza Bank merger in 2017 and organic growth.|
|·||Loans, net of allowance for loan losses and deferred fees, totaled $908.8 million at June 30, 2018, compared to $854.6 million at June 30, 2017 and $886.2 million at March 31, 2018.|
|·||Deposits increased to $1.14 billion at June 30, 2018 compared to $1.03 billion at June 30, 2017 and $1.10 billion at March 31, 2018. Non-interest bearing deposits represented 30.4% of total deposits at June 30, 2018 compared to 30.2% at June 30, 2017 and 29.1% at March 31, 2018.|
|·||Non-accrual loans represented 0.10% of total loans as of June 30, 2018, compared to 0.04% June 30, 2017 and 0.03% of total loans as of March 31, 2018.|
|·||The Bank remains a “well-capitalized” institution for regulatory capital purposes at June 30, 2018.|
George J. Guarini, President and Chief Executive Officer of the Company stated, “We are very pleased to report our second quarter earnings, our first earnings results as a public company following our initial public offering and listing on the Nasdaq Global Select Market. The net proceeds and listing of our common stock strengthens us for both organic growth and growth through acquisitions. We are actively looking for new opportunities to continue to expand our geographical market reach, build market penetration, and add value for our clients and increase earnings per share for our shareholders.”
The following information was filed by Baycom Corp (BCML) on Tuesday, July 24, 2018 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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