Exhibit 99.1

 

BayCom Corp Reports 2018 Third Quarter Earnings of $3.5 Million

 

WALNUT CREEK, CA, October 24, 2018--(Business Wire)—BayCom Corp (the “Company”) (NASDAQ:BCML), the holding company for United Business Bank (the “Bank”), announced earnings of $3.5 million, or $0.31 per diluted share, for the third quarter of 2018 compared to $3.2 million, or $0.46 per diluted share, for the third quarter of 2017, and earnings of $4.3 million, or $0.45 per diluted share, for the second quarter of 2018. The increase in earnings during the third 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 the Plaza acquisition in November 2017, and the lower effective tax rate in 2018, partially offset by the higher provision for loan losses for the third quarter 2018. The decrease in earnings during the third quarter of 2018 compared to the prior quarter was primarily due to a $838,000 increase in provision for loan losses resulting from the reclassification of one commercial real estate loan and one commercial and industrial loan to non-accrual status. The Company had net income of $11.9 million, or $1.30 per diluted common share, for the nine months ended September 30, 2018, compared to $6.1 million, or $0.97 per diluted common share, for the nine months ended September 30, 2017.

 

Third Quarter 2018 Performance Highlights:

 

·Total assets increased to $1.34 billion at September 30, 2018 compared to $1.19 billion at September 30, 2017 and decreased slightly compared to $1.35 billion at June 30, 2018. The increase from the prior year was the result of the Plaza Bank merger in November 2017 and organic loan growth.

 

·Loans, net of allowance for loan losses and deferred fees, totaled $896.4 million at September 30, 2018, compared to $839.6 million at September 30, 2017 and $908.5 million at June 30, 2018.

 

·Deposits totaled $1.13 billion at September 30, 2018 compared to $1.05 billion at September 30, 2017 and $1.14 billion at June 30, 2018. Non-interest bearing deposits represented 30.9% of total deposits at September 30, 2018 compared to 29.1% at September 30, 2017 and 30.4% at June 30, 2018.

 

·Non-accrual loans represented 0.58% of total loans as of September 30, 2018, compared to 0.02% September 30, 2017 and 0.10% of total loans as of June 30, 2018.

 

·The Bank remains a “well-capitalized” institution for regulatory capital purposes at September 30, 2018.

 

George J. Guarini, President and Chief Executive Officer of the Company stated, “While we are disappointed to report a decline in earnings per share this quarter as a result of an increase in our provision for loan losses, we are confident that this is not a reflection of the overall credit quality of our loan portfolio. It was necessary to increase our loan loss provisions as a result of two long standing banking relationships that are experiencing cash flow problems migrating to non-accrual status during the third quarter of 2018. Our overall credit quality metrics remain strong.”

 

Mr. Guarini continued, “Our pending New Mexico acquisition is expected to close in the fourth quarter and we continue to actively look for new opportunities to expand our geographical market reach, build market penetration, and add value for our clients and increase earnings per share for our shareholders.”

 

Proposed Acquisition of Bethlehem Financial Corporation

 

On August 10, 2018, the Company entered into a definitive agreement (the "Agreement") with Bethlehem Financial Corporation (“BFC”), headquartered in Belin, New Mexico, pursuant to which BFC will be merged with and into BayCom Corp, and immediately thereafter BFC’s bank subsidiary, MyBank, will be merged with and into United Business Bank. MyBank serves central New Mexico through five branches operating in Belen, Rio Communities, Los Lunas, Albuquerque, and Mountainair, New Mexico. Under the terms of the Agreement, BFC shareholders will receive $62.00 in cash for each share of BFC common stock or approximately $23.5 million in aggregate.

 

 

 

 

In the event the Agreement is terminated under certain specified circumstances in connection with a competing transaction, BFC will be required to pay the Company a termination fee of $1.5 million in cash. The proposed transaction has been approved by regulatory authorities and by the shareholders of BFC. It is expected to be completed on November 30, 2018.

 

Earnings

 

Net interest income increased to $13.0 million for the third quarter of 2018 compared to $12.0 million in the same quarter a year ago and was $12.6 million in the preceding quarter. The increase in net interest income compared to the same period in 2017 was primarily due to an increase in average interest earning assets largely related to the Plaza Bank acquisition in November 2017 and, to a lesser extent, net proceeds received from the issuance of common stock in the second quarter of 2018. Average interest earning assets increased $159.6 million or 11.9% for the three months ended September 30, 2018 compared to the same period in 2017, largely due to the Plaza Bank acquisition in November 2017. Interest income on loans for the quarters ended September 30, 2018 and September 30, 2017 included $948,000 and $1.5 million, respectively, in accretion of purchase accounting fair value adjustments on acquired loans including the recognition of revenue from purchase credit impaired loans in excess of discounts, compared to $644,000 for the quarter ended June 30, 2018. The net discount on these purchased loans was $6.3 million, $7.9 million, and $7.1 million at September 30, 2018, September 30, 2017 and June 30, 2018, respectively.

 

The Company’s net interest margin was 4.06% for the third quarter of 2018 compared to 4.28% for the third quarter a year ago, and 4.11% for the preceding quarter. The decrease in net interest margin during the third quarter of 2018 compared to the same quarter a year earlier is the result of a lower yield on loans, primarily due to a decline in the accretion of acquisition accounting discounts, and an increase in the average balance outstanding of lower yielding cash and investments. Net interest margin is enhanced by the amortization of acquisition accounting discounts on loans acquired in the acquisitions. Accretion of acquisition accounting discounts on loans and the recognition of revenue from purchase credit impaired loans in excess of discounts increased our net interest margin by 23 basis points, 52 basis points and 19 basis points during the third quarter of 2018, third quarter of 2017, and the second quarter of 2018, respectively. Our average yield on loans for the third quarter of 2018 was 5.24% compared to 5.67% for the same quarter last year and 5.40% for the second quarter of 2018. Our average cost of funds for the third quarter of 2018 was 0.64%, up slightly from 0.60% for the third quarter of 2017 and was 0.59% for the second quarter of 2018.

 

Non-interest income for the third quarter of 2018 totaled $1.6 million compared to $1.1 million in the same quarter in 2017, and $2.1 million in the previous quarter. The increase in non-interest income compared to the same quarter last year was primarily due to increases in loan fee income, and other fees and service charges. Other non-interest income also increased primarily due to income received on the investment in a Small Business Investment Company fund. Non-interest income for the second quarter in 2018 was higher compared to the third quarter in 2018 primarily due to the recognition of benefits received under two Bank owned life insurance policies.

 

Non-interest expense for the third quarter of 2018 totaled $8.4 million, an increase of $650,000, or 8.4%, compared to $7.8 million for the third quarter of 2017, and decreased $240,000, or 2.87%, compared to $8.7 million for the second quarter of 2018. The second quarter of 2018 included a $600,000 write-down of acquired office facilities held-for-sale which is reflected in other miscellaneous non-interest expense. Non-interest expenses for the third quarter of 2018 compared to same period last year increased primarily due to an increase in salary and benefits including an increase in the number of employees from our two acquisitions in 2017. Professional expenses increased in 2018 compared to the same period in 2017 due to one-time consulting services related to the implementation of enhanced regulatory compliance and risk management processes and an increase in audit and accounting fees, partially offset by a decline in data processing expenses. Data processing expenses in 2017 included certain on-time expenses related to one of our acquisitions.

 

Loans and Credit Quality

 

Loans, net of deferred fees, increased $58.2 million, or 6.9%, to $901.9 million at September 30, 2018, from $843.7 million at September 30, 2017 and decreased $11.2 million, or 1.2%, as compared to $913.1 million at June 30, 2018. The increase in loans from the comparable period in 2017 was primarily due to the Plaza Bank merger in the fourth quarter of 2017. The decline in the third quarter of 2018 compared to the previous quarter was primarily the result of significantly higher loan prepayments due to the prepayment of acquired loans and a decline in loan originations. Loan originations for the quarter ended September 30, 2018 totaled $32.7 million compared to $24.6 million during the third quarter of 2017 and $42.3 million during the second quarter 2018. Loan originations in the third quarter of 2018 were spread throughout our markets with the majority focused in San Francisco, Contra Costa, San Mateo and Los Angeles Counties, with commercial and residential real estate secured loans accounting for the majority of the originations during the quarter.

 

 

 

 

Non-accrual loans totaled $5.2 million, or 0.58% of total loans, compared to $187,000, or 0.02% of total loans, at September 30, 2017 and $932,000, or 0.10% of total loans, at June 30, 2018. The increase in non-accrual loans from a year ago and the prior quarter primarily related to the migration of two loans totaling $4.4 million to non-accrual status. These loans were related to two long-standing borrowers of the Bank. At September 30, 2018, $2.3 million of our non-accrual loans are guaranteed by government agencies compared to $456,000 at June 30, 2018. At September 30, 2018, accruing loans past due 30 to 89 days totaled $1.4 million compared to none at September 30, 2017 and $2.7 million at June 30, 2018. At September 30, 2018, accruing loans past due more than 90 days were $1.4 million compared to none at September 30, 2017 and $122,000 at June 30, 2018.

 

At September 30, 2018, our allowance for loan losses was $5.5 million, or 0.61% of total loans, compared to $4.1 million, or 0.48% of total loans, at September 30, 2017 and $4.6 million, or 0.50% of total loans, at June 30, 2018. The allowance for loan losses plus the discount recorded on acquired loans totaled $11.8 million, representing 1.30% of total loans at September 30, 2018 compared to $12.0 million or 1.40% of total loans at September 30, 2017 and $11.7 million or 1.28% of total loans at June 30, 2018. Included in the carrying value of loans are net discounts on acquired loans as they are carried at their estimated fair value on the date on which they were acquired. As of September 30, 2018, acquired loans net of their discounts totaled $343.9 million compared to $363.6 million at September 30, 2017 and $362.7 million at June 30, 2018. The provision for loan losses recorded in the third quarter of 2018 totaled $1.1 million compared to $58,000 for the same quarter in 2017 and $243,000 for the second quarter of 2018. At September 30, 2018, our allowance for loan losses specific reserves increased to $685,000 compared to $13,000 at both September 30, 2017 and June 30, 2018.

 

Deposits and Borrowings

 

Deposits totaled $1.13 billion at September 30, 2018 compared to $1.05 billion at September 30, 2017, and $1.14 billion at June 30, 2018. The increase in deposits from the same quarter a year ago was primarily attributable to the $54.2 million of deposits acquired in connection with our Plaza Bank acquisition in November 2017, and to a slightly lesser extent, organic growth. Non-interest bearing deposits totaled $349.3 million, or 30.9% of total deposits, at September 30, 2018 compared to $307.1 million, or 29.1% of total deposits, at September 30, 2017, and $346.2 million, or 30.4% of total deposits, at June 30, 2018.

 

At September 30, 2018, borrowings totaled $5.4 million compared to $11.4 million at September 30, 2017 and $5.4 million at June 30, 2018. During the second quarter 2018 we repaid $6.0 million in long-term secured borrowings out of the net proceeds from our initial public offering. Our borrowings at September 30, 2018 relate to junior subordinated debentures assumed in connection with our acquisition of First ULB Corp. in April 2017.

 

Shareholders’ Equity

 

Total shareholders’ equity increased to $197.3 million at September 30, 2018 from $107.4 million at September 30, 2017, and $193.6 million at June 30, 2018. The increase in shareholders’ equity during 2018 compared to 2017 also included, in addition to net income, the common stock issued in our initial public offering of $66.0 million, net of expenses and underwriting commissions, and the issuance of common stock totaling $12.0 million in connection with our acquisition of Plaza Bank during the fourth quarter of 2017.

 

About BayCom Corp

 

The Company, through its wholly owned operating subsidiary, United Business Bank, offers a full-range of loans, including SBA, FSA and USDA guaranteed loans, and deposit products and services to businesses and its affiliates in California, Washington and New Mexico. The Bank also offers business escrow services and facilitates tax free exchanges through its Bankers Exchange Division. The Bank is an Equal Housing Lender and a member of FDIC. The Company is traded on the NASDAQ under the symbol “BCML”. For more information, go to www.unitedbusinessbank.com.

 

 

 

 

Forward-Looking Statements

 

This release, as well as other public or shareholder communications released by the Company, may contain forward-looking statements, including, but not limited to, (i) statements regarding the financial condition, results of operations and business of the Company, (ii) statements about the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts and (iii) other statements identified by the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions that are intended to identify "forward-looking statements", within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead are based on current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

 

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: expected revenues, cost savings, synergies and other benefits from the proposed merger of the Company and Bethlehem Financial Corporation (“BFC”) might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; changes in general economic conditions and conditions within the securities market; legislative and regulatory changes; fluctuations in interest rates; 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; demand for loans and deposits in the Company's market area; increased competitive pressures; changes in management’s business strategies; and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission ("SEC"), including our prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act on May 4, 2018, Quarterly Reports on Form 10-Q and other filings with the SEC that are available on our website at www.unitedbusinessbank.com and on the SEC's website at www.sec.gov.

 

The factors listed above could materially affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

 

The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. When considering forward-looking statements, you should keep in mind these risks and uncertainties. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made.

  

 

 

 

FINANCIAL HIGHLIGHTS (UNAUDITED)
(Dollars in thousands, except per share data)

 

  

At and for the

three months ended

  

At and for the

nine months ended

 
   September 30,   June 30,   September 30,   September 30,   September 30, 
Selected Financial Ratios and Other Data:  2018   2018   2017   2018   2017  
Performance Ratios:                         
Return on average assets (1)   1.05%    1.32%    1.07%    1.22%    0.85% 
Return on average equity (1)   7.16%    13.34%    11.86%    9.82%    8.68% 
Yield on earning assets (1)   4.46%    4.49%    4.69%    4.53%    4.61% 
Rate paid on average interest bearing liabilities   0.64%    0.59%    0.60%    0.60%    0.67% 
Interest rate spread - average during the period   3.82%    3.90%    4.09%    3.93%    3.94% 
Net interest margin (1)   4.06%    4.11%    4.28%    4.14%    4.15% 
Loan to deposit ratio   79.76%    80.25%    83.23%    79.76%    83.23% 
Efficiency ratio (2)   57.44%    58.95%    59.40%    57.95%    65.86% 
Charge-offs/(recoveries), net  $182   $243   $58   $294   $45 
                          
Per Share Data:                         
Shares outstanding at end of period   10,869,275    10,869,275    6,870,614    10,869,275    6,870,614 
Average diluted shares outstanding   10,869,275    9,467,431    6,870,614    9,295,274    6,270,991 
Diluted earnings per share  $0.31   $0.45   $0.46   $1.30   $0.97 
Book value per share   18.15    17.82    15.63    18.15    15.63 
Tangible book value per share (3)   16.84    16.48    13.62           
                          
 Asset Quality Data:                         
Non-performing assets to total assets (4)   0.41%    0.07%    0.04%           
Non-performing loans to total loans (5)   0.58%    0.10%    0.02%           
Allowance for loan losses to non-performing loans   105.65%    493.56%    2179.14%           
Allowance for loan losses to total loans   0.61%    0.50%    0.48%           
Classified assets (graded substandard and doubtful)  $10,358   $7,906   $6,639           
Total accruing loans 30-89 days past due   1,434    2,673    -           
Total loans 90 days past due and still accruing   1,424    122    -           
                          
 Capital Ratios:                         
Tier 1 leverage ratio - Bank   9.44%    9.46%    8.74%           
Common equity tier 1 - Bank   13.55%    13.36%    12.18%           
Tier 1 capital ratio - Bank   13.55%    13.36%    12.18%           
Total capital ratio - Bank   14.18%    13.91%    12.70%           
Equity to total assets at end of period   14.68%    14.39%    9.06%           
                          
Loans:                         
Real estate  $790,758   $803,192   $744,578           
Non-real estate   112,225    116,083    106,816           
Loans held for sale   585    334    1,490           
Non-accrual loans   5,206    932    187           
Mark to fair value at acquisition   (6,320)   (7,144)   (7,864)          
Total Loans  $902,454   $913,397   $845,207           
                          
 Other Data:                         
Number of full service offices   17    17    18           
Number of full-time equivalent employees   164    165    148           


(1)Annualized.
(2)Total noninterest expense as a percentage of net interest income and total other noninterest income.
(3)Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See also non-GAAP financial measures below.
(4)Non-performing assets consist of non-accruing loans and real estate owned.
(5)Non-performing loans consist of non-accruing loans.

 

 

 

BAYCOM CORP
STATEMENT OF CONDITION (UNAUDITED)
At September 30, 2018, June 30, 2018, and September 30, 2017
(Dollars in thousands)

 

   September 30,
2018
   June 30,
2018
   September 30,
2017
 
Assets            
Cash and due from banks  $314,217   $318,267   $246,038 
Investments   78,136    64,132    45,696 
Loans held for sale   585    334    1,490 
Loans, net of deferred fees   901,869    913,063    843,717 
Allowance for loans losses   (5,500)   (4,600)   (4,075)
Bank premises and equipment, net   7,744    7,773    8,549 
Cash surrender value of Bank owned life insurance policies, net   16,586    16,510    17,113 
Core deposit premium, net   3,904    4,194    4,664 
Goodwill   10,365    10,365    9,126 
Interest receivable and other assets   16,291    15,634    13,203 
Total assets  $1,344,197   $1,345,672   $1,185,521 
                
Liabilities and Shareholders' Equity               
Liabilities               
Deposits               
Non-interest bearing  $349,346   $346,166   $307,107 
Interest bearing:               
Transaction accounts and savings   447,453    428,245    387,422 
Premium money market   130,593    143,177    154,983 
Time Deposits   203,329    220,580    204,971 
Total deposits  $1,130,721   $1,138,168   $1,054,483 
Other borrowings   -    -    6,000 
Junior subordinated deferred interest debentures, net   5,428    5,417    5,372 
Salary continuation plan   3,256    3,206    3,943 
Interest payable and other liabilities   7,482    5,241    8,328 
Total liabilities  $1,146,887   $1,152,032   $1,078,126 
                
Shareholders' Equity               
                
Common stock, no par value  $149,173   $148,809   $69,525 
Retained earnings   48,703    45,185    37,703 
Accumulated other comprehensive (loss) income   (566)   (354)   167 
Total shareholders' equity   197,310    193,640    107,395 
Total liabilities and shareholders' equity  $1,344,197   $1,345,672   $1,185,521 

 

 

 

 

BAYCOM CORP
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Dollars in thousands, except earnings per share data)

 

   Three months ended   Nine months ended 
   September 30,   June 30,   September 30,   September 30,   September 30, 
   2018   2018   2017   2018   2017 
Interest income                         
Interest Income - non-real estate  $1,428   $1,452   $1,401   $4,279   $3,679 
Interest Income - real estate   9,668    9,977    9,225    29,299    22,830 
Interest on investment securities   564    350    242#   1,278    407 
Interest on Federal funds sold and other bank deposits   1,679    1,328    774    3,914    1,624 
Mark to market accretion and net fee amortization   948    644    1,489    2,820    2,710 
Total interest income  $14,287   $13,751   $13,131   $41,590   $31,250 
Interest expense                         
Interest on transaction accounts   546    489    458    1,488    1,376 
Interest on time deposits   633    536    530    1,695    1,502 
Interest on borrowings   93    126    151    378    252 
Total interest expense  $1,272   $1,151   $1,139   $3,561   $3,130 
Net interest income   13,015    12,600    11,992    38,029    28,120 
Provision for loan losses   1,081    243    58    1,578    345 
Net interest income after provision for loan losses  $11,934   $12,357   $11,934   $36,451   $27,775 
Non-interest income                         
Loan fee income   312    274    150    830    460 
Service charge income   75    77    77    239    185 
Other fees and service charges   436    392    303    1,187    636 
Gain on sale of loans   424    548    436    1,623    1,712 
Other Income   391    792    117    1,568    455 
Total non-interest income  $1,638   $2,083   $1,083   $5,447   $3,448 
Non-interest expense                         
Salaries and benefits   5,506    4,547    4,686    14,967    11,715 
Occupancy   976    1,268    931    3,219    2,291 
Professional   374    557    158    1,273    749 
Insurance   146    107    157    411    356 
Data processing   526    615    814    1,849    3,247 
Office   272    329    335    984    812 
Marketing   228    248    206    687    418 
Core deposit premium   289    290    278    868    573 
Net loan default expenses   7    3    40    51    219 
Other miscellaneous   93    692    161    887    411 
 Total non-interest expense  $8,417   $8,656   $7,766   $25,196   $20,791 
Income before provision for income taxes   5,155    5,784    5,251    16,702    10,432 
Provision for income taxes   1,637    1,496    2,070    4,827    4,333 
Net income  $3,518   $4,288   $3,181   $11,875   $6,099 
Net income per common share:                         
Basic  $0.31   $0.45   $0.46   $1.30   $0.97 
Diluted  $0.31   $0.45   $0.46   $1.30   $0.97 
Weighted average shares used to compute net income per common share:          
Basic   10,869,275    9,467,431    6,870,614    9,295,274    6,270,991 
Diluted   10,869,275    9,467,431    6,870,614    9,295,274    6,270,991 
                          
Comprehensive income:                         
Net income  $3,518   $4,288   $3,181   $11,875   $6,099 
Other comprehensive income:                         
Change in net unrealized (loss) gain on available-for-sale securities   (300)   (405)   109    (1,106)   125 
Deferred tax expense (benefit)   88    120    (44)   327    (46)
Other comprehensive (loss) income, net of tax   (212)   (285)   65    (779)   79 
Comprehensive income  $3,306   $4,003   $3,246   $11,096   $6,178 

 

 

 

 

Non-GAAP Financial Measures:

 

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains the tangible book value per share, a non-GAAP financial measure. Tangible common shareholders’ equity is calculated by excluding intangible assets from shareholders’ equity.  For this financial measure, the Company’s intangible assets are goodwill and core deposit intangibles. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. The Company believes that this measure is consistent with the capital treatment by our bank regulatory agencies, which excludes intangible assets from the calculation of risk-based capital ratios and presents this measure to facilitate comparison of the quality and composition of the Company's capital over time and in comparison to its competitors. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Further, this non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders' equity determined in accordance with GAAP and may not be comparable to a similarly titled measure reported by other companies.

 

Reconciliation of the GAAP and non-GAAP financial measure is presented below.

 

   Non-GAAP Measures  
   (Dollars in Thousands)  
   September 30,   June 30,   September 30, 
   2018   2018   2017 
Non-GAAP Data:               
Total common shareholders' equity  $197,310   $193,640   $107,395 
less: Goodwill and other intangibles   14,269    14,559    13,790 
Tangible common shareholders' equity  $183,041   $179,081   $93,605 
                
Total assets  $1,344,197   $1,345,672   $1,185,521 
less: Goodwill and other intangibles   14,269    14,559    13,790 
Total tangible assets  $1,329,928   $1,331,113   $1,171,731 
                
Tangible equity to tangible assets   13.76%    13.45%    7.99% 
Average equity to average assets   14.62%    12.72%    9.84% 
Tangible book value per share  $16.84   $16.48   $13.62 

 

 

  

CONTACT:

 

BayCom Corp

Keary Colwell, 925-476-1800

kcolwell@ubb-us.com

Source: BayCom Corp

 

 

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