WALNUT CREEK, CA – Shareholders of BayCom Corp (NASDAQ:BCML), a state commercial bank, have approved a new incentive plan and ratified the appointment of their independent registered public accounting firm during the 2024 Annual Meeting of Shareholders held on Monday. The company, based in Walnut Creek, California, reported the results in a recent SEC filing.
At the meeting, shareholders voted on several key proposals, including the election of directors, executive compensation, and the frequency of future votes on such compensation. All eight director nominees were elected for a one-year term expiring in 2025. The directors include James S. Camp, Harpreet S. Chaudhary, Keary L. Colwell, George J. Guarini, Lloyd W. Kendall, Jr., Janet L. King, Robert G. Laverne, MD, and Sylvia L. Magid.
The BayCom Corp 2024 Omnibus Incentive Plan was approved, which had been detailed in the company’s proxy statement filed on April 26, 2024. While specifics of the plan were not disclosed in the SEC filing, such plans typically include provisions for stock options, stock grants, and other performance incentives for executives and employees.
In advisory votes, shareholders also expressed their preference for annual votes on executive compensation. The board of directors has agreed to adopt this frequency until the next required vote on the matter. Additionally, the shareholders cast a favorable advisory vote on the current executive compensation.
The ratification of Moss Adams LLP as the company's independent registered public accounting firm for the year ending December 31, 2024, was also confirmed with overwhelming support.
BayCom Corp, operating under the name 02 Finance, has not reported any changes in its executive team or any significant alterations to its compensatory arrangements beyond the approval of the new incentive plan.
In other recent news, BayCom Corp has undergone a price target adjustment by DA Davidson, lowering it from $26.00 to $25.00. However, the firm continues to uphold a Buy rating for the company. The adjustment follows BayCom's earnings per share and spread income falling short of expectations due to net interest margin compression, influenced by increased deposit costs.
BayCom has faced revenue and growth challenges in the current economic climate, leading to a concentrated effort to manage overhead costs. The company's strategy also includes a focus on share repurchase activities, particularly when shares trade below tangible book value, as noted by DA Davidson.
Despite the near-term challenges, DA Davidson maintains confidence in BayCom's strategies, including cost management initiatives and share repurchases. These recent developments reflect the ongoing adjustments BayCom is making in response to its current financial situation.
InvestingPro Insights
In light of BayCom Corp's recent shareholder meeting and the approval of their new incentive plan, it's worth noting that the company's management has been proactively buying back shares, signaling confidence in the company's value. This is complemented by the fact that BayCom Corp is trading at an attractive P/E ratio of 8.64, which is even more appealing when considering its adjusted P/E ratio over the last twelve months as of Q1 2024, which stands at 8.18. Such metrics suggest that the company is potentially undervalued relative to its near-term earnings growth.
Despite some analysts revising their earnings downwards for the upcoming period, BayCom Corp's fundamentals appear robust, with a notable PEG ratio of 0.63 over the same period, indicating potential for growth relative to its earnings. Additionally, shareholders can take comfort in the company's solid track record, as it has been profitable over the last twelve months. For those interested in further insights and detailed analysis, there are 6 additional InvestingPro Tips available for BayCom Corp at Investing.com. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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