A Business at a Glance
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Item 1. Business The disclosures set forth in this item are qualified by “Item 1A. Risk Factors” below and the section captioned “Special Note Regarding Forward-Looking Statements” above and other cautionary statements set forth elsewhere in this Form 10-K. General. BayCom is a bank holding company headquartered in Walnut Creek, California. BayCom’s wholly owned banking subsidiary, United Business Bank, provides a broad range of financial services to businesses and business owners as well as individuals through its network of 35 full-service branches, with 16 locations in California, one in Nevada, two in Washington, five in New Mexico and 11 in Colorado. The Company’s business activities generally are limited to passive investment activities and the monitoring of its investment in the Bank. Accordingly, the information set forth in this Form 10-K, including consolidated financial statements and related data, relate primarily to the Bank.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 98M | 98M | 105M | 103M | 84M | 87M |
| Net Income | 23M | 24M | 27M | 24M | 21M | 14M |
| EPS | $2.10 | $2.10 | $2.27 | $1.81 | $1.90 | $1.15 |
| Free Cash Flow | 29M | 29M | 29M | 39M | 9.1M | 6.8M |
| ROIC | 0.0% | 16.3% | 14.9% | 9.6% | 10.0% | 7.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Dividends/Share | $0.00 | $0.30 | $0.30 | $0.15 | - | - |
| Operating Income | 0 | 73M | 67M | 43M | 37M | 27M |
| Operating Margin | 0.0% | 74.5% | 63.5% | 41.6% | 44.3% | 31.2% |
| ROE | 6.9% | 7.4% | 8.8% | 7.5% | 7.9% | 5.4% |
| Shares Outstanding | 11M | 11M | 12M | 13M | 11M | 12M |
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 45M | 59M | 77M | 87M | 84M | 103M | 105M | 98M | 98M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 18M | 25M | 32M | 27M | 37M | 43M | 67M | 73M | 0 |
| Op. Margin | 41.3% | 43.1% | 41.9% | 31.2% | 44.3% | 41.6% | 63.5% | 74.5% | 0.0% |
| Net Income | 5.3M | 14M | 17M | 14M | 21M | 24M | 27M | 24M | 23M |
| Net Margin | 11.8% | 24.6% | 22.4% | 15.8% | 24.6% | 23.1% | 26.2% | 24.2% | 23.6% |
| Non-Recurring | 0 | 0 | 187K | 40K | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||
| ROIC | 5.8% | 9.0% | 9.0% | 7.8% | 10.0% | 9.6% | 14.9% | 16.3% | 0.0% |
| ROE | 4.4% | 7.2% | 6.8% | 5.4% | 7.9% | 7.5% | 8.8% | 7.4% | 6.9% |
| ROA | 0.4% | 1.0% | 0.9% | 0.6% | 0.9% | 0.9% | 1.1% | 0.9% | 59.3% |
| Cash Flow | |||||||||
| Op. Cash Flow | 9.3M | 6.2M | 7.0M | 10.0M | 10M | 40M | 31M | 30M | 31M |
| Free Cash Flow | 9.3M | 6.2M | 7.0M | 6.8M | 9.1M | 39M | 29M | 29M | 29M |
| Owner Earnings | 8.1M | 4.1M | 4.6M | 6.7M | 7.0M | 37M | 28M | 28M | 28M |
| CapEx | 0 | 0 | 0 | 3.2M | 1.3M | 843K | 2.1M | 1.7M | 2.1M |
| Maint. CapEx | 762K | 935K | 1.2M | 1.9M | 2.0M | 2.0M | 1.7M | 2.0M | 2.0M |
| Growth CapEx | N/A | N/A | N/A | 1.4M | 0 | 0 | 446K | 0 | 21K |
| D&A | 762K | 935K | 1.2M | 1.9M | 2.0M | 2.0M | 1.7M | 2.0M | 2.0M |
| CapEx/OCF | N/A | N/A | N/A | 32.2% | 12.6% | 2.1% | 6.9% | 5.6% | 6.7% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 2.0M | 3.6M | 3.4M | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | 0.8% | 1.7% | 1.4% | N/A |
| Share Buybacks | 24K | 0 | 11M | 18M | 12M | 18M | 24M | 9.2M | 9.2M |
| Buyback Yield | 0.0% | N/A | 4.4% | 11.0% | 6.0% | 7.9% | 8.8% | 3.2% | 3.0% |
| Stock-Based Comp | 423K | 1.2M | 1.2M | 1.5M | 1.4M | 1.0M | 726K | 588K | 588K |
| Debt Repayment | 16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | -244M | -315M | 8.2M | 8.3M | 8.4M | 8.5M | 8.6M | 8.6M | 0 |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | 6.0M | 8.2M | 8.2M | 8.3M | 8.4M | 8.5M | 8.6M | 8.6M | 8.6M |
| Debt/Equity | 0.05 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.00 |
| Interest Coverage | 4.3 | 5.1 | 3.7 | 3.0 | 4.2 | 4.1 | 2.3 | 1.8 | 1.8 |
| Equity | 119M | 201M | 254M | 253M | 263M | 317M | 313M | 324M | 334M |
| Total Assets | 1.2B | 1.5B | 2.0B | 2.2B | 2.4B | 2.5B | 2.6B | 2.7B | 39M |
| Total Liabilities | 1.1B | 1.3B | 1.7B | 1.9B | 2.1B | 2.2B | 2.2B | 2.3B | 2.3B |
| Intangibles | 10M | 15M | 35M | 39M | 39M | 39M | 39M | 39M | 39M |
| Retained Earnings | 37M | 51M | 69M | 82M | 103M | 124M | 146M | 165M | 165M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | 11M | 12M | 14M | 17M | 15M | 15M | 15M |
| Per Share Data | |||||||||
| EPS | 0.81 | 1.50 | 1.47 | 1.15 | 1.90 | 1.81 | 2.27 | 2.10 | 2.10 |
| Owner EPS | 1.25 | 0.43 | 0.39 | 0.56 | 0.64 | 2.79 | 2.35 | 2.47 | 2.60 |
| Book Value | 18.27 | 20.78 | 21.58 | 21.16 | 24.11 | 24.19 | 25.90 | 28.85 | 30.67 |
| Cash Flow/Share | 1.44 | 0.65 | 0.59 | 0.84 | 0.96 | 3.02 | 2.55 | 2.70 | 2.32 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.15 | 0.30 | 0.30 | 0.00 |
| Shares Out. | 6.5M | 9.7M | 11.8M | 11.9M | 10.9M | 13.1M | 12.1M | 11.2M | 10.9M |
| Valuation | |||||||||
| P/E Ratio | 22.0 | 13.6 | 14.4 | 12.0 | 9.3 | 9.6 | 10.0 | 12.4 | 13.5 |
| P/FCF | 12.4 | 31.7 | 35.7 | 24.4 | 21.1 | 5.9 | 9.5 | 10.2 | 10.7 |
| EV/EBIT | -6.9 | -4.6 | 7.9 | 6.4 | 5.4 | 5.5 | 4.2 | 4.1 | N/A |
| Price/Book | 1.0 | 1.0 | 1.0 | 0.7 | 0.7 | 0.7 | 0.9 | 0.9 | 0.9 |
| Price/Sales | 2.3 | 3.5 | 3.1 | 1.8 | 2.1 | 2.4 | 2.0 | 2.5 | 3.1 |
| FCF Yield | 8.1% | 3.2% | 2.8% | 4.1% | 4.7% | 17.0% | 10.5% | 9.8% | 9.4% |
| Market Cap | 116M | 198M | 249M | 165M | 192M | 228M | 273M | 292M | 309M |
| Avg. Price | 15.88 | 21.64 | 20.64 | 13.23 | 16.36 | 18.84 | 17.74 | 21.43 | 28.34 |
| Year-End Price | 17.81 | 20.46 | 21.10 | 13.84 | 17.65 | 17.39 | 22.61 | 25.94 | 28.34 |
BayCom Corp passes 4 of 9 quality checks, suggesting mixed fundamentals.
BayCom Corp trades at 13.5x trailing earnings, compared to its 15-year median P/E of 12.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.7x vs a median of 16.7x. The company's 5-year average ROIC is 11.7%. Total shareholder yield (dividends + buybacks) is 4.1%. At current prices, the estimated annualized return to fair value is +32.8%.
BayCom Corp (BCML) has a current P/E ratio of 13.5, compared to its historical median P/E of 12.2. The stock is currently considered Fair based on its historical valuation range.
BayCom Corp (BCML) has a 5-year average return on invested capital (ROIC) of 11.7%. This indicates solid capital allocation.
BayCom Corp (BCML) has a market capitalization of $309M. It is classified as a small-cap stock.
Yes, BayCom Corp (BCML) pays a dividend with a trailing twelve-month yield of 1.06%. The company also returns capital through share buybacks, with a buyback yield of 2.99%.
Based on historical P/E analysis, BayCom Corp (BCML) appears fair. The current P/E of 13.5 is 11% above its historical median of 12.2. The estimated fair value CAGR (P/E method) is 10.0%.
BayCom Corp (BCML) operates in the State Commercial Banks industry, within the Financials sector.
BayCom Corp (BCML) reported annual revenue of $98 million in its most recent fiscal year, based on SEC EDGAR filings.
BayCom Corp (BCML) has a net profit margin of 24.2%. This is a strong margin indicating high profitability.
BayCom Corp (BCML) generated $29 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BayCom Corp (BCML) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
BayCom Corp (BCML) reported earnings per share (EPS) of $2.10 in its most recent fiscal year.
BayCom Corp (BCML) has a return on equity (ROE) of 7.4%. This indicates moderate shareholder returns.
The Ledger Terminal provides 8 years of financial data for BayCom Corp (BCML), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BayCom Corp (BCML) has a book value per share of $28.85, based on its most recent annual SEC filing.