BayCom reports Q2 EPS 59c, consensus 53c

George Guarini, Founder, President and CEO, commented, “Our second quarter 2023 financial results are encouraging despite challenges facing the banking sector. Like other banks, we are seeing pressure on our net interest margin due to rising deposit costs; however, our credit quality and liquidity remain strong. Our office portfolio currently represents approximately 7% of total loans but, more importantly, has a weighted average loan to value of 52%, a strong debt coverage ratio and is performing well. Our financial metrics reveal higher return on average equity, increased deposits and liquidity, and a decline in loan delinquencies over the prior quarter. Additionally, we have continued to build tangible book value through earnings and the repurchase of our shares at well below our tangible book value. Lastly, we believe that merger and acquisition opportunities may increase as banks recognize the benefits of consolidation in the current operating environment.”