BayCom reports Q3 EPS 54c, consensus 51c

Reports Q3 NII $22.87$, consensus $22.8M. Annualized net interest margin was 3.73% for Q3 2024 vs. 3.69% for Q2 2024 and 4.03% for Q3 2023. Common equity tier 1 capital ratio was 16.81% vs. 17.45% in the previous quarter. Tangible book value per share was $25.14 from $24.45 at previous quarter. CEO George Guarini stated, “Based on our Q3 2024 results, it appears that our net interest margin has stabilized, loan demand has started to recover, and our credit quality remains strong, supported by a strong deposit base. During the quarter, we proactively managed certain problem assets, reducing nonaccrual loans. Overall, our credit quality is solid, and we have not identified any systemic credit issues within our loan portfolio. Our focus on improving the efficiency ratio by increasing revenues and streamlining processes is yielding positive results. In addition, we remain committed to enhancing our tangible book value and delivering long-term shareholder value through earnings growth and share repurchases.”