BayCom beats Q2 net income expectations

Overview

• BayCom reports Q2 net income of $6.4 mln, beating analysts' expectations

• Net interest income rose to $23.2 mln, driven by higher loan income

• Co repurchased 148,450 shares

Outlook

• BayCom remains focused on managing operating expenses amid economic uncertainty

• Company emphasizes strong credit discipline and monitoring loan quality

• BayCom committed to strategic share repurchases and dividend payments

• Company acknowledges potential for economic conditions to deteriorate

Result Drivers

• NET INTEREST INCOME - Increase driven by higher loan and investment securities income, despite higher deposit expenses

• CREDIT LOSS PROVISION - Significant decrease in provision for credit losses compared to previous quarter

• NONINTEREST EXPENSE - Decline due to reduced salaries and benefits, and other expenses

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for BayCom Corp is $30.00, about 8.6% above its July 16 closing price of $27.43

Press Release: ID:nBw55LcTja