$BCML

BayCom Corp

CIK:0001730984|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including fees	$ 28,213,000	$ 27,962,000	$ 57,791,000	$ 55,111,000
Investment securities	2,267,000	2,406,000	4,399,000	4,860,000
Fed funds sold and interest-bearing balances in banks	1,634,000	2,693,000	3,770,000	5,342,000
FHLB dividends	23,000	248,000	607,000	497,000
FRB dividends	112,000	144,000	232,000	289,000
Total interest and dividend income	32,249,000	33,453,000	66,799,000	66,099,000
Interest expense:
Deposits	8,399,000	9,209,000	17,363,000	17,892,000
Subordinated debt		892,000		1,783,000
Other borrowings	3,000		3,000
Junior subordinated deferrable interest debentures	119,000	192,000	509,000	384,000
Total interest expense	8,521,000	10,293,000	17,875,000	20,059,000
Net interest income	23,728,000	23,160,000	48,924,000	46,040,000
Provision for credit losses	5,241,000	203,000	4,571,000	845,000
Net interest income after provision for credit losses	18,487,000	22,957,000	44,353,000	45,195,000
Noninterest income:
Gain on sale of loans	89,000	54,000	212,000	252,000
Gain (loss) on equity securities	95,000	7,000	153,000	(248,000)
Loan servicing and other loan fees	353,000	516,000	640,000	905,000
Gain (loss) on investment in Small Business Investment Company ("SBIC") fund	(193,000)	(227,000)	(108,000)	(336,000)
Other income and fees	267,000	250,000	518,000	522,000
Total noninterest income	1,486,000	1,513,000	3,031,000	2,953,000
Noninterest expense:
Salaries and employee benefits	21,049,000	9,728,000	31,898,000	19,663,000
Occupancy and equipment	2,085,000	2,183,000	4,212,000	4,319,000
Data processing	2,039,000	1,913,000	4,077,000	3,766,000
Other expense	1,985,000	1,930,000	3,477,000	3,995,000
Total noninterest expense	27,158,000	15,754,000	43,664,000	31,743,000
(Loss) income before provision for income tax (benefit) expense	(7,185,000)	8,716,000	3,720,000	16,405,000
Provision for income tax (benefit) expense	(223,000)	2,352,000	2,502,000	4,339,000
Net (loss) income	$ (6,962,000)	$ 6,364,000	$ 1,218,000	$ 12,066,000
Net (loss) income per common share:
Basic (loss) earnings per common share (in dollars per share)	$ (0.64)	$ 0.58	$ 0.11	$ 1.09
Weighted average common shares outstanding (in shares)	10,909,317	11,002,967	10,909,197	11,069,145
Diluted (loss) earnings per common share (in dollars per share)	$ (0.64)	$ 0.58	$ 0.11	$ 1.09
Weighted average common shares outstanding (in shares)	10,909,317	11,002,967	10,909,197	11,069,145
Service charges and other fees
Noninterest income:
Service charges and other fees	$ 875,000	$ 913,000	$ 1,616,000	$ 1,858,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income			$ 1,218,000	$ 12,066,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	$ 5,241,000	$ 203,000	4,571,000	845,000
Deferred tax expense			(3,382,000)	801,000
(Accretion) amortization on acquired loans			(158,000)	7,000
Gain on sale of loans	(89,000)	(54,000)	(212,000)	(252,000)
Proceeds from sale of loans originated for sale			2,810,000	4,496,000
Loans originated for sale			(2,579,000)	(3,372,000)
Amortization on junior subordinated debentures			255,000	41,000
Increase in cash surrender value of life insurance policies			(393,000)	(377,000)
Amortization of premiums on investment securities, net			50,000	57,000
(Gain) loss on equity securities	(95,000)	(7,000)	(153,000)	248,000
Depreciation and amortization			995,000	966,000
Core deposit intangible amortization	113,000	242,000	227,000	506,000	$ 948,000
Stock based compensation expense			1,354,000	302,000
Increase (decrease) in deferred loan origination fees, net			119,000	(476,000)
Net change in interest receivable and other assets			(3,679,000)	2,945,000
Increase (decrease) in salary continuation plan, net			113,000	123,000
Net change in interest payable and other liabilities			10,967,000	(3,278,000)
Net cash provided by operating activities			12,123,000	15,648,000
Cash flows from investing activities:
Proceeds from maturities of interest bearing deposits in banks				249,000
Purchase of investment securities AFS			(24,414,000)	(3,580,000)
Proceeds from maturities, repayments and calls of investment securities AFS			23,333,000	16,201,000
Purchase of FHLB stock			(522,000)	(211,000)
Purchase of FRB stock			(11,000)	(8,000)
Proceeds from sale of loans held for investment			8,658,000
Purchase of loans			(66,548,000)	(20,644,000)
Decrease (increase) in loans, net			47,503,000	(24,940,000)
Purchase of equipment and leasehold improvements, net			(907,000)	(892,000)
Net cash provided by (used in) investing activities			(12,908,000)	(33,825,000)
Cash flows from financing activities:
Increase (decrease) in noninterest and interest bearing deposits in banks, net			62,527,000	(47,807,000)
Increase (decrease) in time deposits, net			(106,249,000)	432,000
Repayment of junior subordinated debentures			(3,093,000)
Increase in other borrowings, net			25,000,000
Repurchase of common stock				(5,187,000)
Dividends paid on common stock			(6,532,000)	(1,669,000)
Net cash provided by (used in) financing activities			(28,347,000)	(54,231,000)
Increase (decrease) in cash and cash equivalents			(29,132,000)	(72,408,000)
Cash and cash equivalents at beginning of period			206,514,000	364,032,000	364,032,000
Cash and cash equivalents at end of period	$ 177,382,000	$ 291,624,000	177,382,000	291,624,000	$ 206,514,000
Cash paid during the year for:
Interest expense			17,565,000	20,024,000
Income taxes paid, net			5,999,000	4,953,000
Non-cash investing and financing activities:
Change in unrealized gain on AFS securities, net of tax			811,000	2,884,000
Transfer of loans to held-for-sale				276,000
Recognition of ROU assets in exchange for lease obligations			3,660,000	1,469,000
Cash dividends declared on common stock not yet paid			$ (3,273,000)	$ (2,198,000)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash due from banks	$ 21,758	$ 26,785
Federal funds sold and interest-bearing balances in banks	155,624	179,729
Cash and cash equivalents	177,382	206,514
Investment securities available-for-sale ("AFS"), at fair value, net of allowance for credit losses of $0 at both June 30, 2026 and December 31, 2025	182,710	179,708
Equity securities, at fair value	11,707	12,554
Federal Home Loan Bank ("FHLB") stock, at par	12,046	11,524
Federal Reserve Bank ("FRB") stock, at par	7,733	7,722
Loans held for sale		1,316
Loans, net of allowance for credit losses of $22,950 at June 30, 2026 and $21,210 at December 31, 2025	2,052,279	2,045,126
Premises and equipment, net	13,132	13,220
Core deposit intangible, net	1,518	1,745
Cash surrender value of bank owned life insurance ("BOLI") policies, net	24,746	24,353
Right-of-use assets ("ROU"), net	14,730	12,665
Goodwill	38,838	38,838
Interest receivable and other assets	43,260	38,392
Total assets	2,580,081	2,593,677
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest and interest bearing deposits	2,169,918	2,213,640
Other borrowings	25,000
Junior subordinated deferrable interest debentures, net	5,888	8,726
Salary continuation plan	5,235	5,122
Lease liabilities	15,692	13,659
Interest payable and other liabilities	22,958	13,976
Total liabilities	2,244,691	2,255,123
Commitments and contingencies (Note 17)
Shareholders' equity
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both June 30, 2026 and December 31, 2025
Common stock, no par value; 100,000,000 shares authorized; 10,909,317 and 10,887,681 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	167,352	165,998
Additional paid in capital	287	287
Accumulated other comprehensive loss, net of tax	(5,823)	(6,634)
Retained earnings	173,574	178,903
Total shareholders' equity	335,390	338,554
Total liabilities and shareholders' equity	$ 2,580,081	$ 2,593,677