WALNUT CREEK, CA - BayCom Corp (NASDAQ:BCML), a commercial banking institution, announced today the immediate retirement of James S. Camp from his position as a director of the company and its wholly owned subsidiary, United Business Bank. The departure, effective as of Monday, was communicated to the Boards of Directors of both the Bank and the Company.
Mr. Camp's decision to retire was cited as being for personal reasons and not due to any disagreements with the management or operations of BayCom Corp or United Business Bank. The company's filing with the Securities and Exchange Commission on Thursday confirmed the retirement and stated that there were no conflicts leading to this decision.
BayCom Corp, headquartered at 500 Ygnacio Valley Road, Walnut Creek, CA, operates within the state commercial banks sector under the industrial classification code 6022. The company's common stock is traded on the Nasdaq Stock Market under the ticker symbol BCML.
In other recent news, BayCom Corp has demonstrated strong financial performance, surpassing analyst expectations with its spread income and earnings per share (EPS). This positive performance led DA Davidson to increase its price target on BayCom's shares to $27.00, up from a previous target of $25.00, while maintaining a Buy rating. BayCom's strategy of low or no-premium mergers and acquisitions (M&A), coupled with its practice of share repurchases, has also been highlighted by the firm.
Further developments include the approval of a new incentive plan and the ratification of Moss Adams LLP as the independent registered public accounting firm by BayCom's shareholders. In addition, all eight director nominees were elected for a one-year term, and the board agreed to adopt annual votes on executive compensation until the next required vote. No major changes in the executive team or compensatory arrangements were reported beyond the approval of this new incentive plan.
Despite a previous price target adjustment by DA Davidson due to earnings per share and spread income falling short of expectations, the firm continues to hold a Buy rating for BayCom. Confidence in BayCom's strategies, including cost management initiatives and share repurchases, remains strong despite current economic challenges.
InvestingPro Insights
In light of James S. Camp's retirement from BayCom Corp's (NASDAQ:BCML) board, investors may be interested in the company's current financial position and market performance. According to InvestingPro data, BayCom Corp has a market capitalization of $258.62 million and trades at a price-to-book ratio of 0.82, suggesting the stock may be undervalued relative to its book value.
The company's financial health appears stable, with a P/E ratio of 11.02 and a dividend yield of 1.71%. This relatively low P/E ratio could indicate that the stock is potentially undervalued compared to its earnings. Additionally, BayCom Corp has shown strong recent performance, with a 16.77% price total return over the past three months.
InvestingPro Tips highlight that management has been aggressively buying back shares, which could signal confidence in the company's future prospects. However, it's worth noting that the company suffers from weak gross profit margins, and net income is expected to drop this year. These factors may be important considerations for investors assessing the impact of board changes on the company's strategic direction.
For those seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for BayCom Corp, providing deeper insights into the company's financial health and market position.
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