BayCom Q4 net income $6.4M ($0.55 EPS), down YoY; NIM compresses to 3.86%

BayCom Corp

2023-FY EPS reported $2.27

Q4 2023 net income $6.4M ($0.55 EPS), down 16% YoY; net interest income $23.5M (-11.1% YoY).
NIM compressed to 3.86% from 4.40% a year ago; provision for credit losses surged to $2.3M from $617k.
Loans declined to $1.9B; deposits stable at $2.1B; nonperforming loans improved to 0.67% of loans.
Allowance for credit losses increased to 1.14% of loans from 0.94% a year ago; $150k net charge-offs.
CEO says results underperformed expectations; cites deposit cost pressure, loan demand weakness, credit quality deterioration.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BayCom Corp reported the quarter and year ended December 31, 2023 results: net income $6.4 million, EPS $0.55 per diluted common share.

Period: the quarter and year ended December 31, 2023
Net income: $6.4 million
EPS: $0.55 per diluted common share
Result: reported results

Exact text from the filing

On January 25, 2024, BayCom Corp issued its earnings release for the quarter and year ended December 31, 2023.

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Source: SEC EDGAR

accession 0001730984-24-000013

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