Bay p(BCML) - 2025 Q1 - Quarterly Report

Financial Position - As of March 31, 2025, the company reported total assets of approximately $2.6 billion, total loans of$ 1.9 billion, total deposits of $2.1 billion, and shareholders' equity of$ 329.3 million[132]. - Total assets decreased by $100.7 million, or 3.8%, from December 31, 2024, primarily due to a$ 107.5 million, or 29.5%, decline in cash and cash equivalents[147]. - Total deposits decreased by $105.2 million, or 4.7%, to$ 2.1 billion at March 31, 2025, from $2.2 billion at December 31, 2024[181]. - Liquid assets decreased by$ 108.7 million to $448.9 million at March 31, 2025, from December 31, 2024[222]. - BayCom Corp had liquid assets of$ 19.9 million as of March 31, 2025, to cover operating expenses and shareholder dividends[226]. Loan Portfolio - The total loan portfolio included $279.4 million, or 14.2%, of loans acquired through business combinations, while$ 1.7 billion, or 85.8%, consisted of loans originated or purchased not as part of a business combination[133]. - Total loans increased by $13.2 million, or 0.7%, to$ 1.9 billion as of March 31, 2025, from $1.9 billion at December 31, 2024[154]. - Total real estate loans increased by 0.6% to$ 1.765 billion as of March 31, 2025, from $1.756 billion at December 31, 2024[156]. - New loan originations amounted to$ 72.1 million during the period[154]. - Nonperforming loans totaled $10.0 million, or 0.51% of total loans, as of March 31, 2025, up from$ 9.5 million, or 0.48% at December 31, 2024[164]. Credit Losses - The company has established an allowance for credit losses to reflect estimated credit losses in its loan and investment securities portfolios[139]. - The allowance for credit losses increased by 3.4% to $18.5 million as of March 31, 2025, from$ 17.9 million at December 31, 2024[156]. - The allowance for credit losses for loans was $18.5 million, or 0.94% of total loans, as of March 31, 2025, compared to$ 17.9 million, or 0.92% at December 31, 2024[174]. - The allowance for credit losses on loans as a percentage of nonaccrual loans was 188.12% as of March 31, 2025[177]. - The company recorded net charge-offs of $102,000 for the three months ended March 31, 2025, significantly lower than$ 3.4 million for the same period in 2024[175]. Income and Expenses - Net income for the three months ended March 31, 2025, was $5.7 million, a decrease of 3.0% from$ 5.9 million for the same period in 2024[193]. - Interest income increased by 2.8% to $32.6 million for the three months ended March 31, 2025, compared to$ 31.7 million for the same period in 2024[195]. - Net interest income increased by 2.1% to $22.9 million for the three months ended March 31, 2025, compared to$ 22.4 million for the same period in 2024[205]. - Noninterest income decreased by $622,000, or 30.2%, to$ 1.4 million in Q1 2025, primarily due to a loss on equity securities[214]. - Noninterest expenses have increased significantly due to growth through acquisitions and the expansion of operational infrastructure[141]. Capital and Dividends - Shareholders' equity increased by $5.0 million to$ 329.3 million at March 31, 2025, primarily due to $5.7 million of net income earned[191]. - The Company declared a quarterly cash dividend of$ 0.15 per share, resulting in an average total dividend of approximately $1.7 million per quarter based on outstanding shares as of March 31, 2025[227][228]. - As of March 31, 2025, the Bank was considered "Well Capitalized" under Federal Reserve regulations, maintaining adequate capital ratios[231]. - The Common Equity Tier 1 Ratio for BayCom Corp was 14.59% as of March 31, 2025, exceeding the minimum requirement for "Well Capitalized" status[233]. - The Bank's total risk-based capital ratio was 19.15% as of March 31, 2025, well above the minimum requirement of 10.00% for "Well Capitalized" status[233]. Operational Metrics - The company operates a network of 35 full-service branches across five states, including California, Nevada, Washington, New Mexico, and Colorado[131]. - The efficiency ratio was 65.74% for the three months ended March 31, 2025, slightly deteriorating from 65.68% for the same period in 2024[194]. - The average cost of interest-bearing liabilities increased to 2.49% for the first quarter of 2025, compared to 2.40% for the first quarter of 2024[201]. - The annualized net interest margin improved to 3.83% for the three months ended March 31, 2025, compared to 3.72% for the same period in 2024[207]. - The average interest rate spread improved to 2.97% in Q1 2025 from 2.88% in Q1 2024[212].