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BayCom Corp Reports 2019 First Quarter Earnings of $4.9 Million
WALNUT CREEK, Calif.–(BUSINESS WIRE)–BayCom Corp (the “Company”) (NASDAQ:BCML),
the holding company for United Business Bank (the “Bank”), announced
earnings of $4.9 million, or $0.45 per diluted share, for the first
quarter of 2019 compared to earnings of $2.6 million or $0.24 per
diluted share, for the fourth quarter of 2018, and $4.1 million, or
$0.54 per diluted share, for the first quarter of 2018. Earnings for the
first quarter of 2019 increased $2.3 million, or 88.8%, as a result of a
$1.0 million increase in net interest income, $485,000 increase in
non-interest income and a $1.7 million decrease in non-interest expense
compared to the prior quarter. The prior quarter included $2.3 million
in merger related expenses in connection with our acquisition of
Bethlehem Financial Corporation (“BFC”), and its wholly owned bank
subsidiary, MyBank, in November 2018 (the “BFC Acquisition”).
Proposed Acquisition of Uniti Financial
Corporation
On December 7, 2018, the Company entered into a definitive agreement
with Uniti Financial Corporation (“UFC”), the holding company for Uniti
Bank, which is headquartered in Buena Park, California. Pursuant to the
merger agreement UFC will merge with and into the Company, with the
Company as the surviving corporation in the merger. Immediately after
the merger, Uniti Bank, a California state-chartered bank and wholly
owned subsidiary of UFC, will merge with and into the Bank, with the
Bank as the surviving bank. The transaction was unanimously approved and
adopted by the Board of Directors of each company and is expected to be
completed in the second calendar quarter of 2019, subject to customary
closing conditions, regulatory approval, and approval of UFC’s
shareholders.
Under the terms of the merger agreement, holders of UFC common stock
will receive (i) $2.30 in cash and (ii) 0.07234 shares of Company common
stock for each share of UFC common stock. The aggregate consideration
was valued at approximately $63.9 million based on the closing price of
the Company’s common stock of $23.39 on December 7, 2018. The total
value of the transaction will fluctuate until closing based on the value
of the Company’s common stock price. Upon consummation of the
transaction, the shareholders of UFC will own approximately 9.3% of the
Company. At March 31, 2019, UFC had approximately $329.3 million in
total assets, $277.0 million in loans, $278.6 million in total deposits
and $48.6 million in shareholders’ equity.
George J. Guarini, President and Chief Executive Officer of the Company
stated, “Our pending Uniti Bank acquisition is expected to close in the
second quarter of 2019 and we continue to actively look for new
opportunities to expand our geographical market reach, build market
penetration, add value for our clients and increase earnings per share
for our shareholders.”
Mr. Guarini, continued, “We continue to believe in our focus of growth
through strategic acquisitions which expands our market reach and allows
us to retain local lending personnel and credit administration personnel
to manage existing client relationships and participate in the
evaluation of prospective clients. This strategy allows us to continue
to this practice at a measured pace while maintaining discipline in
staying within our credit risk tolerances without sacrificing growth in
our EPS. We believe this approach will allow us to continue to maintain
the reputation we have earned since the day we opened our doors in 2004,
as solid stewards of the Company’s capital.”
First Quarter Performance Highlights:
-
Assets totaled $1.5 billion at both March 31, 2019 and December 31,
2018 compared to $1.2 billion at March 31, 2018. The increase from the
same period in 2018 is due primarily to the BFC Acquisition. -
Net interest margin was 4.30% for the current quarter, compared to
4.16% in the preceding quarter and 4.28% in the first quarter a year
ago. -
Loans, net of deferred fees, totaled $965.0 million at March 31, 2019,
compared to $975.3 million at December 31, 2018 and $890.6 million at
March 31, 2018. -
Deposits totaled $1.3 billion at both March 31, 2019 and December 31,
2018, and$1.1 billion at March 31, 2018. Non-interest bearing deposits
increased to $416.8 million from $398.0 million at December 31, 2018,
and from $320.1 million at March 31, 2018. -
Non-accrual loans increased to $3.6 million or 0.37% of total loans as
of March 31, 2019, compared to $3.1 million or 0.32% of total loans,
as of December 31, 2018 and to $229,000, or 0.02%, of total loans, at
March 31, 2018. -
The Bank remains a “well-capitalized” institution for regulatory
capital purposes at March 31, 2019.
Earnings
Net interest income increased $1.0 million, or 7.1%, to $14.9 million
for the first quarter of 2019 compared to $13.9 million in the preceding
quarter and increased $2.5 million, or 19.7%, compared to $12.4 million
in the same quarter a year ago. Average interest earning assets
increased $76.1 million, or 5.7%, for the three months ended March 31,
2019 compared to the prior quarter, and increased $223.3 million, or
19.0%, for the three months ended March 31, 2019 compared to the same
period in 2018, largely due to the BFC Acquisition in November 2018,
and, to a lesser extent, the net proceeds received from the issuance of
common stock in our initial public offering in the second quarter of
2018. Interest income on loans for the quarters ended March 31, 2019,
December 31, 2018 and March 31, 2018 included $799,000 million, $892,000
and $1.2 million, respectively, in accretion of the net discount on
acquired loans including the recognition of revenue from purchase credit
impaired loans in excess of discounts. The net discount on these
acquired loans totaled $7.0 million, $7.5 million, and $7.7 million at
March 31, 2019, December 31, 2018 and March 31, 2018, respectively.
The Company’s net interest margin was 4.30% for the first quarter of
2019 compared to 4.16% for the preceding quarter and 4.28% for first
quarter 2018. The increase in net interest margin during the first
quarter of 2019 compared to the preceding quarter is the result of a
higher yield on loans and investments primarily due to higher market
rates partially offset by an increase in the cost of interest bearing
liabilities. The average yield on loans is enhanced by the amortization
of acquisition accounting value adjustments on loans acquired in
acquisitions. The average yield on loans including the accretion of the
net discount for the first quarter of 2019 was 5.67% compared to 5.46%
for the fourth quarter of 2018 and 5.57% for the same quarter last year.
The accretion of the net discount on acquired loans increased the yield
on loans by 33 basis points, 38 basis points, and 56 basis points during
the first quarter of 2019, the fourth quarter of 2018, and first quarter
of 2018, respectively. The incremental accretion and the impact on loan
yield will change during any period based on the volume of prepayments,
but it is expected to decrease over time as the balance of the net
discount declines. The average cost of funds for the first quarter of
2019 was 0.70%, up from 0.68% for the fourth quarter of 2018 and 0.59%
for the first quarter of 2018. Increases in the cost of funds reflecting
higher market rates generally were offset by increases in the average
balance of non-interest bearing deposits.
Non-interest income for the first quarter of 2019 totaled $2.1 million,
an increase of $485,000, or 29.7%, compared to $1.6 million in the
previous quarter and an increase of $394,000, or 22.8%, compared to $1.7
million for the same quarter in 2018. The increase in non-interest
income compared to the previous quarter was primarily due to a one-time
increase in other income resulting from an investment in an SBIC fund
partially offset by a decline in the gain on sale of loans during the
first quarter of 2019 compared to the previous quarter and comparable
quarter in 2018. Other fees and service charges increased for the first
quarter of 2019 compared to the same quarter in 2018 as a result of
higher volume from the BFC Acquisition.
Non-interest expense for the first quarter of 2019 totaled $9.7 million,
a decrease of $1.7 million, or 15.1%, compared to $11.5 million for the
fourth quarter of 2018, and an increase of $1.6 million, or 20.0%,
compared to $8.1 million for the same quarter in 2018. Non-interest
expenses for the fourth quarter of 2018 included $2.3 million of BFC
Acquisition related expenses comprised of $536,000 in salaries and
benefits, $1.3 million in data processing expenses, $130,000 in
professional fees and $369,000 in all other expenses. Excluding the BFC
Acquisition related expenses non-interest expenses increased $598,000,
or 6.5%, due to higher data processing of $257,000, core deposit
intangible amortization of $85,000, occupancy costs of $70,000 and all
other operating costs of $186,000 primarily related to the addition of
the five New Mexico branches. The increase in non-interest expense for
the first quarter of 2019 compared to the same period last year was
primarily due to increases in data processing expenses, and salary and
benefit expenses related to the BFC Acquisition as well as professional
fees to ensure compliance with various public company requirements.
The provision for income taxes was $2.0 million for the quarter ended
March 31, 2019, compared to $1.2 million for the quarter ended December
31, 2018 and $1.7 million for the quarter ended March 31, 2018. The
higher income tax provision in the first quarter of 2019 compared to the
prior quarter was primarily due higher taxable income.
Loans and Credit Quality
Loans, net of deferred fees, decreased $10.4 million, or 1.1%, to $965.0
million at March 31, 2019, from $975.3 million at December 31, 2018 and
increased $74.4 million, or 8.4%, from $890.6 million at March 31, 2018
primarily due to the BFC Acquisition. Loan originations for quarter
ended March 31, 2019 totaled $20.7 million compared to $28.0 million
during the fourth quarter of 2018 and $29.2 million during the first
quarter 2018. Loan originations in the first quarter of 2019 were spread
throughout our markets with the majority focused in San Mateo, Alameda
Counties in California and Bernalillo County in New Mexico, with
commercial and residential real estate secured loans accounting for the
majority of the originations during the quarter.
Non-accrual loans totaled $3.6 million, or 0.37% of total loans, at
March 31, 2019, compared to $3.1 million, or 0.32% of total loans, at
December 31, 2018, and $229,000, or 0.02% of total loans, at March 31,
2018. The increase in non-accrual loans from a year ago related to the
migration of several unrelated loans to non-accrual status including one
loan totaling $1.9 million to a long-standing borrower of the Bank. At
March 31, 2019 and December 31, 2018, $2.3 million of our non-accrual
loans were guaranteed by government agencies. At March 31, 2019,
accruing loans past due 30 to 89 days totaled $8.7 million compared to
$3.4 million at December 31, 2018 and $1.4 million at March 31, 2018.
The increase in past due 30 to 89 days at March 31, 2019 primarily
related to two loans totaling $6.3 million that were less than 60 days
past due and have since been brought current. There were no accruing
loans past due more than 90 days, at March 31, 2019, December 31, 2018,
or March 31, 2018.
At March 31, 2019, our allowance for loan losses was $5.4 million, or
0.56% of total loans, compared to $5.1 million, or 0.53% of total loans,
at December 31, 2018 and $4.6 million, or 0.52% of total loans, at March
31, 2018. The allowance for loan losses plus the net discount recorded
on acquired loans totaled $12.4 million, representing 1.28% of total
loans at March 31, 2019 compared to $12.7 million or 1.30% of total
loans at December 31, 2018 and $12.3 million or 1.36% of total loans at
March 31, 2018. Included in the carrying value of loans are net
discounts on acquired loans as they are carried at their estimated fair
value on the date on which they were acquired. As of March 31, 2019,
acquired loans, net of their discounts, totaled $379.6 million compared
to $392.8 million at December 31, 2018 and $378.1 million at March 31,
2018. The provision for loan losses recorded in the first quarter of
2019 totaled $277,000 compared to the prior quarter provision of
$264,000 and $254,000 for same quarter last year. At March 31, 2019,
December 31, 2018 and March 31, 2018, our allowance for loan losses
specific reserves totaled $10,000. Net charge-offs in the first quarter
2019 totaled $12,000 compared to a net charge-off of $624,000 in the
previous quarter and net recovery of $131,000 during the same quarter in
2018.
Deposits and Borrowings
Deposits totaled $1.3 billion at March 31, 2019 and December 31, 2018
compared to $1.1 billion at March 31, 2018. The increase in deposits
from the same quarter a year ago was primarily attributable to the
$135.4 million of deposits acquired in connection with the BFC
Acquisition in November 2018. Non-interest bearing deposits totaled
$416.8 million, or 33.3% of total deposits, at March 31, 2019 compared
to $398.0 million, or 31.6% of total deposits, at December 31, 2018, and
$320.1 million, or 29.1% of total deposits, at March 31, 2018.
At March 31, 2019 and December 31, 2018, borrowings totaled $8.2 million
compared to $11.4 million at March 31, 2018. During the second quarter
2018, we repaid $6.0 million in long-term secured borrowings out of the
net proceeds from our initial public offering. Our borrowings at March
31, 2019 relate to junior subordinated debentures assumed in connection
with our acquisition of First ULB Corp. in April 2017 and the BFC
Acquisition in November 2018.
Shareholders’ Equity
Shareholders’ equity totaled $206.4 million at March 31, 2019 up from
$200.8 million at December 31, 2018, and $122.6 million at March 31,
2018. The increase in shareholders’ equity at March 31, 2019 compared to
December 31, 2018 was primarily due to net income of $4.9 million,
$120,000 in stock-based compensation, and a $597,000 increase in other
comprehensive income representing unrealized gains on investments
securities, net of tax. The year over year increase in shareholder
equity also included, in addition to net income, the common stock issued
in our initial public offering in May 2018 of $66.0 million, net of
expenses and underwriting commissions.
About BayCom Corp
The Company, through its wholly owned operating subsidiary, United
Business Bank, offers a full-range of loans, including SBA, FSA and USDA
guaranteed loans, and deposit products and services to businesses and
its affiliates in California, Washington and New Mexico. The Bank also
offers business escrow services and facilitates tax free exchanges
through its Bankers Exchange Division. The Bank is an Equal Housing
Lender and a member of FDIC. The Company is traded on the NASDAQ under
the symbol “BCML”. For more information, go to www.unitedbusinessbank.com.
Forward-Looking Statements
This release, as well as other public or shareholder communications
released by the Company, may contain forward-looking statements,
including, but not limited to, (i) statements regarding the financial
condition, results of operations and business of the Company, (ii)
statements about the Company’s plans, objectives, expectations and
intentions and other statements that are not historical facts and (iii)
other statements identified by the words or phrases “will likely
result,” “are expected to,” “will continue,” “is anticipated,”
“estimate,” “project,” “intends” or similar expressions that are
intended to identify “forward-looking statements”, within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are not historical facts but instead are based on current
beliefs and expectations of the Company’s management and are inherently
subject to significant business, economic and competitive uncertainties
and contingencies, many of which are beyond the Company’s control. In
addition, these forward-looking statements are subject to assumptions
with respect to future business strategies and decisions that are
subject to change.
The following factors, among others, could cause actual results to
differ materially from the anticipated results or other expectations
expressed in the forward-looking statements: expected revenues, cost
savings, synergies and other benefits from the proposed merger of the
Company and UFC and the recent merger of the Company and BFC might not
be realized within the expected time frames or at all and costs or
difficulties relating to integration matters, including but not limited
to customer and employee retention, might be greater than expected; the
requisite shareholder and regulatory approvals and other closing
conditions for the UFC Merger may be delayed or may not be obtained or
the merger agreement may be terminated; business disruption may occur
following or in connection with the UFC Merger; the Company’s or UFC’s
businesses may experience disruptions due to transaction-related
uncertainty or other factors making it more difficult to maintain
relationships with employees, customers, other business partners or
governmental entities; the possibility that the proposed merger is more
expensive to complete than anticipated, including as a result of
unexpected factors or events; the diversion of managements’ attention
from ongoing business operations and opportunities as a result of the
UFC Merger or otherwise; future acquisitions by the Company of other
depository institutions or lines of business; changes in general
economic conditions and conditions within the securities market;
legislative and regulatory changes; fluctuations in interest rates; the
risks of lending and investing activities, including changes in the
level and direction of loan delinquencies and write-offs and changes in
estimates of the adequacy of the allowance for loan losses; the
Company’s ability to access cost-effective funding; fluctuations in real
estate values and both residential and commercial real estate market
conditions; demand for loans and deposits in the Company’s market area;
increased competitive pressures; changes in management’s business
strategies; and other factors described in the Company’s latest Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings
with the Securities and Exchange Commission(“SEC”) that are available on
our website at www.unitedbusinessbank.com
and on the SEC’s website at www.sec.gov.
The factors listed above could materially affect the Company’s
financial performance and could cause the Company’s actual results for
future periods to differ materially from any opinions or statements
expressed with respect to future periods in any current statements.
The Company does not undertake – and specifically declines any
obligation – to publicly release the result of any revisions which may
be made to any forward-looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events. When considering
forward-looking statements, you should keep in mind these risks and
uncertainties. You should not place undue reliance on any
forward-looking statement, which speaks only as of the date made.
BAYCOM CORP | |||||||||
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) | |||||||||
(Dollars in thousands, except earnings per share data) | |||||||||
Three months ended | |||||||||
March 31, | December 31, | March 31, | |||||||
2019 |
2018 |
2018 |
|||||||
Interest income | |||||||||
Interest income – non-real estate | $ | 1,611 | $ | 1,577 | $ | 1,399 | |||
Interest income – real estate | 11,140 | 10,253 | 9,654 | ||||||
Interest on investment securities | 818 | 775 | 364 | ||||||
Interest on Federal funds sold and other bank deposits | 1,989 | 1,773 | 907 | ||||||
Accretion and net fee amortization | 799 | 892 | 1,228 | ||||||
Total interest income | $ | 16,357 | $ | 15,270 | $ | 13,552 | |||
Interest expense | |||||||||
Interest on transaction accounts | 601 | 574 | 453 | ||||||
Interest on time deposits | 745 | 705 | 526 | ||||||
Interest on borrowings | 146 | 102 | 159 | ||||||
Total interest expense | $ | 1,492 | $ | 1,381 | $ | 1,138 | |||
Net interest income | 14,865 | 13,889 | 12,414 | ||||||
Provision for loan losses | 277 | 264 | 254 | ||||||
Net interest income after provision for loan losses | $ | 14,588 | $ | 13,625 | $ | 12,160 | |||
Non-interest income | |||||||||
Loan fee income | 410 | 413 | $ | 245 | |||||
Service charge income | 87 | 79 | 87 | ||||||
Other fees and service charges | 646 | 505 | 359 | ||||||
Gain on sale of loans | 266 | 438 | 651 | ||||||
Other income | 711 | 200 | 384 | ||||||
Total non-interest income | $ | 2,120 | $ | 1,635 | $ | 1,726 | |||
Non-interest expense | |||||||||
Salaries and benefits | 5,963 | 6,478 | 4,914 | ||||||
Occupancy | 1,110 | 1,040 | 975 | ||||||
Professional | 397 | 612 | 341 | ||||||
Insurance | 156 | 145 | 158 | ||||||
Data processing | 924 | 1,957 | 708 | ||||||
Office | 357 | 466 | 383 | ||||||
Marketing | 209 | 292 | 211 | ||||||
Core deposit premium | 389 | 304 | 289 | ||||||
Loan related expenses | 63 | 31 | 41 | ||||||
Other miscellaneous | 179 | 149 | 103 | ||||||
Total non-interest expense | $ | 9,747 | $ | 11,474 | $ | 8,123 | |||
Income before provision for income taxes | 6,961 | 3,786 | 5,763 | ||||||
Provision for income taxes | 2,019 | 1,169 | 1,694 | ||||||
Net income | $ | 4,942 | $ | 2,617 | $ | 4,069 | |||
Net income per common share: |
|||||||||
Basic |
$ | 0.45 | $ | 0.24 | $ | 0.54 | |||
Diluted | 0.45 | 0.24 | 0.54 | ||||||
Weighted average shares used to compute net income per common share: | |||||||||
Basic | 10,891,564 | 10,869,275 | 7,512,227 | ||||||
Diluted | 10,891,564 | 10,869,275 | 7,512,227 | ||||||
Comprehensive income: | |||||||||
Net income | $ | 4,942 | $ | 2,617 | $ | 4,069 | |||
Other comprehensive income (loss): | |||||||||
Change in net unrealized gain (loss) on available-for-sale securities | 833 | 664 | (401) | ||||||
Deferred (benefit) tax expense | (240) | (201) | 119 | ||||||
Other comprehensive income (loss), net of tax | 593 | 463 | (282) | ||||||
Comprehensive income | $ | 5,535 | $ | 3,080 | $ | 3,787 | |||
BAYCOM CORP | ||||||
STATEMENT OF CONDITION (UNAUDITED) | ||||||
(Dollars in thousands) | ||||||
March 31, 2019 |
December 31, 2018 |
March 31, 2018 |
||||
Assets | ||||||
Cash and due from banks | $ 332,442 | $ 323,581 | $ 255,551 | |||
Investments | 112,552 | 113,019 | 46,159 | |||
Loans held for sale | 4,208 | 855 | 250 | |||
Loans, net of deferred fees | 964,966 | 975,329 | 890,579 | |||
Allowance for loans losses | (5,405) | (5,140) | (4,600) | |||
Bank premises and equipment, net | 6,479 | 11,168 | 8,279 | |||
Cash surrender value of Bank owned life insurance policies, net | 19,766 | 19,602 | 17,211 | |||
Core deposit premium, net | 6,816 | 7,205 | 4,483 | |||
Right to use asset | 7,502 | – | – | |||
Goodwill | 14,594 | 14,594 | 10,365 | |||
Interest receivable and other assets | 18,550 | 18,182 | 13,556 | |||
Total assets | $ 1,482,470 | $ 1,478,395 | $ 1,241,833 | |||
Liabilities and Shareholders’ Equity | ||||||
Liabilities | ||||||
Deposits | ||||||
Non-interest bearing | $ 416,803 | $ 398,045 | $ 320,104 | |||
Interest bearing: | ||||||
Transaction accounts and savings | 498,974 | 510,150 | 409,533 | |||
Premium money market | 123,765 | 134,219 | 149,562 | |||
Time Deposits | 211,025 | 215,354 | 219,574 | |||
Total deposits | $ 1,250,567 | $ 1,257,768 | $ 1,098,773 | |||
Other borrowings | – | – | 6,000 | |||
Junior subordinated deferred interest debentures, net | 8,181 | 8,161 | 5,402 | |||
Lease liability | 7,818 | – | – | |||
Salary continuation plan | 3,400 | 3,338 | 4,107 | |||
Interest payable and other liabilities | 6,093 | 8,375 | 4,983 | |||
Total liabilities | $ 1,276,059 | $ 1,277,642 | $ 1,119,265 | |||
Shareholders’ Equity | ||||||
Common stock, no par value | $ 149,655 | $ 149,535 | $ 81,740 | |||
Retained earnings | 56,262 | 51,321 | 40,897 | |||
Accumulated other comprehensive income (loss) | 494 | (103) | (69) | |||
Total shareholders’ equity | 206,411 | 200,753 | 122,568 | |||
Total liabilities and shareholders’ equity | $ 1,482,470 | $ 1,478,395 | $ 1,241,833 | |||
BAYCOM CORP | |||||||||
FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||
(Dollars in thousands, except per share data) | |||||||||
At and for the three months ended | |||||||||
March 31, | December 31, | March 31, | |||||||
Selected Financial Ratios and Other Data: |
2019 |
2018 |
2018 |
||||||
Performance Ratios: | |||||||||
Return on average assets (1) | 1.33% | 0.75% | 1.31% | ||||||
Return on average equity (1) | 9.69% | 5.24% | 13.27% | ||||||
Yield on earning assets (1) | 4.74% | 4.57% | 4.67% | ||||||
Rate paid on average interest bearing liabilities | 0.70% | 0.68% | 0.59% | ||||||
Interest rate spread – average during the period | 4.00% | 3.89% | 4.08% | ||||||
Net interest margin (1) | 4.30% | 4.16% | 4.28% | ||||||
Loan to deposit ratio | 77.16% | 77.54% | 77.54% | ||||||
Efficiency ratio (2) | 57.39% | 73.90% | 57.45% | ||||||
Charge-offs/(recoveries), net | $ | 12 | $ | 624 | $ | (131) | |||
Per Share Data: | |||||||||
Shares outstanding at end of period | 10,891,564 | 10,869,275 | 7,512,227 | ||||||
Average diluted shares outstanding | 10,891,564 | 10,869,275 | 7,512,227 | ||||||
Diluted earnings per share | $ | 0.45 | $ | 0.24 | $ | 0.54 | |||
Book value per share | 18.95 | 18.47 | 26.72 | ||||||
Tangible book value per share (3) | 16.99 | 16.46 | 14.34 | ||||||
Asset Quality Data: | |||||||||
Non-performing assets to total assets (4) | 0.30% | 0.27% | 0.02% | ||||||
Non-performing loans to total loans (5) | 0.37% | 0.32% | 0.02% | ||||||
Allowance for loan losses to non-performing loans | 149.81% | 164.32% | 2008.73% | ||||||
Allowance for loan losses to total loans | 0.56% | 0.53% | 0.52% | ||||||
Classified assets (graded substandard and doubtful) | $ | 7,117 | $ | 8,603 | $ | 10,358 | |||
Total accruing loans 30-89 days past due | 8,718 | 3,417 | 1,425 | ||||||
Total loans 90 days past due and still accruing | – | – | – | ||||||
Capital Ratios: | |||||||||
Tier 1 leverage ratio – Bank | 10.44% | 10.04% | 9.49% | ||||||
Common equity tier 1 – Bank | 15.29% | 14.63% | 13.31% | ||||||
Tier 1 capital ratio – Bank | 15.29% | 14.63% | 13.31% | ||||||
Total capital ratio – Bank | 15.87% | 15.17% | 13.88% | ||||||
Equity to total assets at end of period | 13.92% | 13.58% | 13.58% | ||||||
Loans: | |||||||||
Real estate | $ | 842,146 | $ | 856,398 | $ | 783,197 | |||
Non-real estate | 126,526 | 123,702 | 115,241 | ||||||
Non-accrual loans | 3,608 | 3,128 | 229 | ||||||
Mark to fair value at acquisition | (6,956) | (7,533) | (7,656) | ||||||
Total loans | $ | 965,324 | $ | 975,695 | $ | 891,011 | |||
Other Data: | |||||||||
Number of full service offices | 22 | 22 | 17 | ||||||
Number of full-time equivalent employees | 205 | 214 | 164 |
Contacts
BayCom Corp
Keary Colwell, 925-476-1800
[email protected]
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Cannabis
Medical Cannabis Market Report 2024-2030: Asia-Pacific Set to Witness Robust Growth, Driven by R&D Discovery Initiatives
Cannabis
Rubicon Organics Reports Q1 2024 Financial Results
SCHWAZZE
Schwazze Announces First Quarter 2024 Financial Results
Schwazze Management to Host Conference Call Today at 5:00 p.m. Eastern Time
DENVER, May 15, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe CA: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the first quarter ended March 31, 2024.
“We delivered another period of revenue growth in Q1 as we further refined our retail strategy while contending with the prolonged competitive challenges in Colorado and New Mexico,” said Forrest Hoffmaster, Interim CEO of Schwazze. “Throughout the quarter, we continued to sharpen our pricing and promotional efforts while enhancing the in-store experience, widening assortment, improving in-stock position, and advancing our loyalty program to attract and retain new customers. We also strengthened our wholesale business with quarter-over-quarter growth, while surpassing 30% total door penetration across both states.”
“The Colorado market remains highly competitive with more than 680 active recreational licenses, underscoring the importance of delivering an exceptional customer experience and fully integrated retail support program. Although retail pricing has recently stabilized, Colorado sales in Q1 were down 10% year-over-year due to lower volumes. Nonetheless, we significantly outpaced the market as our sales were up 9%, demonstrating the effectiveness of our operating playbook to compete in challenging environments. We expect to continue driving improvements in customer acquisition, retention, and loyalty as we further increase market share in the state.”
“In New Mexico, the proliferation of new licenses continued to outpace state cannabis sales as store count in Q1 increased 31% year-over-year while the market grew only 13%. In addition to pricing and promotional efforts, we’ve focused on driving traffic into our stores by expanding assortment with high quality flower and delivering an elevated customer experience. The New Mexico regulatory body has also increased its license enforcement efforts in recent months, contributing to more than 70 store closures and a 33% sequential decrease in net new store openings in the first quarter. We will continue to support the New Mexico Cannabis Control Division as it develops its regulatory framework.”
“Over the past four years we have rapidly scaled our footprint through 13 acquisitions, building a leading retail presence in both Colorado and New Mexico. We are beginning to see positive momentum from our pricing and promotional strategy and will remain focused on driving operating efficiencies while further optimizing our assets as we consolidate cultivation facilities and eliminate underperforming stores that do not meet our high-margin thresholds. We believe these initiatives, coupled with our operating playbook and strict cost controls, will enable us to return to stronger levels of profitability moving forward.”
First Quarter 2024 Financial Summary
$ in Thousands USD |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Total Revenue |
$41,601 |
$43,325 |
$40,001 |
Gross Profit |
$17,934 |
$7,034[1] |
$21,849 |
Operating Expenses |
$20,643 |
$23,276 |
$16,199 |
Income (Loss) from Operations |
$(2,709) |
$(16,242) |
$5,650 |
Adjusted EBITDA[2] |
$7,341 |
$10,953 |
$14,525 |
Operating Cash Flow |
$(3,700) |
$3,452 |
$(880) |
Recent Highlights
- Announced the grand opening of a medical and recreational dispensary in March under the Everest Apothecary banner in Las Cruces, New Mexico, increasing the Company’s retail footprint to 34 stores across the state.
- Increased wholesale penetration in the first quarter to more than 30% of total doors in Colorado and New Mexico.
- Lowell Herb Co. pre-roll sales increased more than 3x quarter-over-quarter in Colorado, where it continues to be the #1 pre-roll in the state.
- Wana gummy sales up more than 2x quarter-over-quarter in New Mexico.
First Quarter 2024 Financial Results
Total revenue in the first quarter of 2024 increased 4% to $41.6 million compared to $40.0 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period, partially offset by continued pricing pressure and the proliferation of new licenses in New Mexico.
Gross profit for the first quarter of 2024 was $17.9 million or 43.1% of total revenue, compared to $21.8 million or 54.6% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by the aforementioned pricing pressure in New Mexico, as well as higher medical sales mix in Colorado.
____________________________ |
1 Q4 2023 Gross Profit includes one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. |
Operating expenses for the first quarter of 2024 were $20.6 million compared to $16.2 million for the same quarter last year. The year-ago period benefitted from a payroll tax credit of $3.9M. The remaining increase was primarily driven by personnel expenses and four-wall SG&A costs associated with 21 additional stores in Colorado and New Mexico that are still ramping.
Loss from operations for the first quarter of 2024 was $2.7 million compared to income from operations of $5.6 million in the same quarter last year. Net loss was $16.1 million for the first quarter of 2024 compared to net income of $1.7 million for the same quarter last year.
Adjusted EBITDA for the first quarter of 2024 was $7.3 million compared to $14.5 million for the same quarter last year. The decrease in Adjusted EBITDA was primarily driven by lower gross margin and higher operating expenses associated with the 21 additional stores that are still ramping.
As of March 31, 2024, cash and cash equivalents were $13.2 million compared to $19.2 million on December 31, 2023. Total debt as of March 31, 2024, was $159.7 million compared to $156.8 million on December 31, 2023.
Conference Call
The Company will conduct a conference call today, May 15, 2024, at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2024.
Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].
Date: Wednesday, May 15, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 84167910
Webcast: SHWZ Q1 2024 Earnings Call
The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.
Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 167910
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
About Schwazze
Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
For the Periods Ended March 31, 2024 and December 31, 2023
Expressed in U.S. Dollars
March 31, |
December 31, |
||||
2024 |
2023 |
||||
ASSETS
|
|||||
Current Assets |
|||||
Cash & Cash Equivalents |
$ |
13,151,317 |
$ |
19,248,932 |
|
Accounts Receivable, net of Allowance for Doubtful Accounts |
3,356,032 |
4,261,159 |
|||
Inventory |
26,382,184 |
25,787,793 |
|||
Marketable Securities, net of Unrealized Loss of $347,516 and Loss of $1,816, respectively |
108,583 |
456,099 |
|||
Prepaid Expenses & Other Current Assets |
3,502,310 |
3,914,064 |
|||
Total Current Assets |
46,500,426 |
53,668,047 |
|||
Non-Current Assets |
|||||
Fixed Assets, net Accumulated Depreciation of $10,061,700 and $8,741,782, respectively |
31,326,000 |
31,113,630 |
|||
Investments |
2,000,000 |
2,000,000 |
|||
Investments Held for Sale |
– |
202,111 |
|||
Goodwill |
67,492,705 |
67,499,199 |
|||
Intangible Assets, net Accumulated Amortization of $36,483,160 and $32,706,765, respectively |
162,391,482 |
166,167,877 |
|||
Other Non-Current Assets |
1,328,187 |
1,263,837 |
|||
Operating Lease Right of Use Assets |
34,575,832 |
34,233,142 |
|||
Deferred Tax Assets, net |
992,144 |
1,996,489 |
|||
Total Non-Current Assets |
300,106,350 |
304,476,285 |
|||
Total Assets |
$ |
346,606,776 |
$ |
358,144,332 |
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|||||
Current Liabilities |
|||||
Accounts Payable |
$ |
9,443,233 |
$ |
13,341,561 |
|
Accrued Expenses |
8,106,618 |
7,774,691 |
|||
Derivative Liabilities |
1,319,845 |
638,020 |
|||
Lease Liabilities – Current |
5,186,316 |
4,922,724 |
|||
Current Portion of Long Term Debt |
29,579,713 |
3,547,011 |
|||
Income Taxes Payable |
28,235,039 |
25,232,782 |
|||
Total Current Liabilities |
81,870,764 |
55,456,789 |
|||
Non-Current Liabilities |
|||||
Long Term Debt, net of Debt Discount & Issuance Costs |
130,120,753 |
153,262,203 |
|||
Lease Liabilities – Non-Current |
30,735,072 |
30,133,452 |
|||
Total Non-Current Liabilities |
160,855,825 |
183,395,655 |
|||
Total Liabilities |
$ |
242,726,589 |
$ |
238,852,444 |
|
Stockholders’ Equity |
|||||
Preferred Stock, $0.001 Par Value. 10,000,000 Shares Authorized; 82,185 Shares Issued and |
|||||
82,185 Outstanding as of March 31, 2024 and 85,534 Shares Issued and 85,534 Outstanding as of |
|||||
December 31, 2023. |
82 |
86 |
|||
Common Stock, $0.001 Par Value. 250,000,000 Shares Authorized; 79,168,539 Shares Issued |
|||||
and 78,248,389 Shares Outstanding as of March 31, 2024 and 74,888,392 Shares Issued |
|||||
and 73,968,242 Shares Outstanding as of December 31, 2023. |
79,169 |
74,888 |
|||
Additional Paid-In Capital |
202,677,665 |
202,040,968 |
|||
Accumulated Deficit |
(96,843,602) |
(80,790,927) |
|||
Common Stock Held in Treasury, at Cost, 920,150 Shares Held as of March 31, 2024 and |
|||||
920,150 Shares Held as of December 31, 2023. |
(2,033,127) |
(2,033,127) |
|||
Total Stockholders’ Equity |
103,880,187 |
119,291,888 |
|||
Total Liabilities & Stockholders’ Equity |
$ |
346,606,776 |
$ |
358,144,332 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Operating Revenues |
|||||
Retail |
$ |
37,633,252 |
$ |
35,820,111 |
|
Wholesale |
3,898,320 |
4,058,925 |
|||
Other |
69,421 |
121,900 |
|||
Total Revenue |
41,600,993 |
40,000,936 |
|||
Total Cost of Goods & Services |
23,667,319 |
18,152,163 |
|||
Gross Profit |
17,933,674 |
21,848,773 |
|||
Operating Expenses |
|||||
Selling, General and Administrative Expenses |
11,835,818 |
10,100,934 |
|||
Professional Services |
1,671,881 |
1,187,364 |
|||
Salaries |
6,880,988 |
4,695,971 |
|||
Stock Based Compensation |
253,916 |
214,544 |
|||
Total Operating Expenses |
20,642,603 |
16,198,813 |
|||
Income from Operations |
(2,708,929) |
5,649,960 |
|||
Other Income (Expense) |
|||||
Interest Expense, net |
(8,307,369) |
(7,745,854) |
|||
Unrealized Gain (Loss) on Derivative Liabilities |
(681,825) |
8,501,685 |
|||
Other Loss |
10,500 |
– |
|||
Loss on Investment |
(33,382) |
– |
|||
Unrealized Gain on Investment |
(347,516) |
1,816 |
|||
Total Other Income (Expense) |
(9,359,592) |
757,647 |
|||
Pre-Tax Net Income (Loss) |
(12,068,521) |
6,407,607 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Less: Accumulated Preferred Stock Dividends for the Period |
(2,155,259) |
(2,029,394) |
|||
Net Income (Loss) Attributable to Common Stockholders |
$ |
(18,207,934) |
$ |
(283,965) |
|
Earnings (Loss) per Share Attributable to Common Stockholders |
|||||
Basic Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.01) |
|
Diluted Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.06) |
|
Weighted Average Number of Shares Outstanding – Basic |
76,006,932 |
55,835,501 |
|||
Weighted Average Number of Shares Outstanding – Diluted |
76,006,932 |
101,608,278 |
|||
Comprehensive Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Cash Flows from Operating Activities: |
|||||
Net Income (Loss) for the Period |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities |
|||||
Depreciation & Amortization |
5,096,314 |
6,151,395 |
|||
Non-Cash Interest Expense |
1,031,431 |
991,184 |
|||
Non-Cash Lease Expense |
2,871,226 |
2,251,459 |
|||
Deferred Taxes |
1,004,345 |
(637,225) |
|||
Loss on Investment |
202,111 |
– |
|||
Change in Derivative Liabilities |
681,825 |
(8,501,685) |
|||
Amortization of Debt Issuance Costs |
421,512 |
421,513 |
|||
Amortization of Debt Discount |
2,303,246 |
1,999,933 |
|||
(Gain) Loss on Investments, net |
347,516 |
(1,816) |
|||
Stock Based Compensation |
640,974 |
214,544 |
|||
Changes in Operating Assets & Liabilities (net of Acquired Amounts): |
|||||
Accounts Receivable |
905,127 |
(118,181) |
|||
Inventory |
(587,900) |
(3,023,251) |
|||
Prepaid Expenses & Other Current Assets |
411,754 |
(3,036,801) |
|||
Other Assets |
(64,350) |
360,674 |
|||
Change in Operating Lease Liabilities |
(2,348,703) |
(1,531,765) |
|||
Accounts Payable & Other Liabilities |
(3,566,401) |
(3,464,671) |
|||
Income Taxes Payable |
3,002,257 |
5,299,403 |
|||
Net Cash Provided by (Used in) Operating Activities |
(3,700,390) |
(879,861) |
|||
Cash Flows from Investing Activities: |
|||||
Collection of Notes Receivable |
– |
10,631 |
|||
Purchase of Fixed Assets |
(1,532,287) |
(2,913,394) |
|||
Net Cash Provided by (Used in) Investing Activities |
(1,532,287) |
(2,902,763) |
|||
Cash Flows from Financing Activities: |
|||||
Payment on Notes Payable |
(864,938) |
– |
|||
Net Cash Provided by (Used in) Financing Activities |
(864,938) |
– |
|||
Net (Decrease) in Cash & Cash Equivalents |
(6,097,615) |
(3,782,624) |
|||
Cash & Cash Equivalents at Beginning of Period |
19,248,932 |
38,949,253 |
|||
Cash & Cash Equivalents at End of Period |
$ |
13,151,317 |
$ |
35,166,628 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash Paid for Interest |
$ |
4,515,205 |
$ |
6,540,748 |
MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Interest Expense, net |
8,307,369 |
7,745,854 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Other (Income) Expense, net of Interest Expense |
1,052,223 |
(8,503,501) |
|||
Depreciation & Amortization |
5,618,834 |
6,612,814 |
|||
Earnings Before Interest, Taxes, Depreciation and |
|||||
Amortization (EBITDA) (non-GAAP) |
$ |
2,909,905 |
$ |
12,262,774 |
|
Non-Cash Stock Compensation |
253,916 |
214,544 |
|||
Deal Related Expenses |
637,761 |
1,195,802 |
|||
Capital Raise Related Expenses |
20,760 |
35,068 |
|||
Severance |
484,561 |
118,436 |
|||
Retention Program Expenses |
807,500 |
280,632 |
|||
Pre-Operating & Dark Carry Expenses |
1,053,837 |
391,917 |
|||
One-Time Legal Settlements |
417,653 |
– |
|||
Other Non-Recurring Items |
754,751 |
25,707 |
|||
Adjusted EBITDA (non-GAAP) |
$ |
7,340,644 |
$ |
14,524,880 |
|
Revenue |
41,600,993 |
40,000,936 |
|||
Adjusted EBITDA Percent |
17.6 % |
36.3 % |
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-first-quarter-2024-financial-results-302146858.html
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