BayCom Corp. BCML announced its ninth stock repurchase program. Under the plan, the company’s board of directors authorized buyback of 0.56 million shares.

This new program will start once BCML’s current plan either expires on Apr 21, 2025, or all the shares authorized have been repurchased. The company announced the eighth share buyback program, authorizing 0.59 million shares, in August 2023. As of May 24, 2024, 12,627 shares remained available under this plan.

Concurrent with the ninth buyback plan, BayCom announced a quarterly cash dividend of 10 cents per share. The dividend will be paid out on Jul 11 to shareholders of record as of Jun 13.

Considering the last day’s closing price of $20.36, BayCom Corp.’s dividend yield stands at 1.96%. The company hiked the quarterly dividend once over the past five years in February 2023. At that time, a 100% increase was announced.

We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.

BCML has a solid balance sheet position. As of Mar 31, 2024, the company had total debt (comprising junior subordinated deferrable interest debentures and subordinated debt) of $72.2 million and cash and cash equivalents of $348.3 million. Given a robust liquidity position and decent earnings strength, the bank is expected to continue with efficient capital distribution activities.

BayCom has been growing through strategic buyouts. Since 2010, the company has completed 10 acquisitions, with aggregate total assets of nearly $2.3 billion and total deposits of roughly $1.9 billion. Further, last year, the company opened a de novo branch in Las Vegas, with an aim to expand its regional footprint and market areas and support deposit and loan growth.

Expanded footprint and product and balance-sheet diversification stemming from such expansion efforts will likely support the company’s financials.

Over the past six months, shares of BayCom have lost 3.2% against growth of 7.9% of the industry it belongs to.

Image Source: Zacks Investment Research

At present, BCML carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Banks Rewarding Shareholders

WaFd, Inc. WAFD announced a new share repurchase program. Under the plan, the board of directors has authorized an additional buyback of 10 million shares. This brings the total authorization available to 11.8 million shares as of Mar 31, 2024.

Earlier, in 2019, WAFD had announced an additional share buyback of 10 million.

TrustCo Bank Corp NY TRST announced a stock buyback plan. The company’s board of directors approved a program under which TRST may repurchase up to 0.2 million shares or 1% of its outstanding current stock.

The company’s last buyback plan expired on Mar 17, 2024. On Mar 17, 2023, TRST’s board of directors approved a share repurchase program of up to 0.2 million shares.