BayCom reports Q1 EPS 51c vs. 57c last year

Reports Q1 net interest margin 3.72% vs. 4.26% last year. George Guarini, CEO, commented, “Our financial results for the first quarter of 2024 reflect the continuation of many of the challenges we faced in 2023, including increased deposit costs and reduced loan demand. Overall, our financial condition has remained strong, with no observed systemic credit weakness, and our earnings have remained stable. While we approach the remainder of 2024 with some reservation, we remain hopeful for opportunities ahead. Though we anticipate continued challenges in loan demand and M&A prospects, we are confident in our ability to navigate these uncertainties. We remain vigilant in managing operating costs during these times of economic uncertainty and remain committed to strategically repurchase shares and provide cash dividends, reinforcing our dedication to delivering long-term value for both our clients and shareholders.”