Company Quick10K Filing
Baycom
Price22.00 EPS1
Shares12 P/E21
MCap265 P/FCF49
Net Debt-337 EBIT24
TEV-72 TEV/EBIT-3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-19
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-14
S-1 2018-04-11 Public Filing
10-Q 2018-03-31 Filed 2018-06-18
8-K 2020-08-06 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-07-30 Regulation FD, Exhibits
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-06-16
8-K 2020-04-24
8-K 2020-03-11
8-K 2020-02-05
8-K 2020-01-28
8-K 2020-01-28
8-K 2019-11-19
8-K 2019-11-04
8-K 2019-11-04
8-K 2019-10-28
8-K 2019-10-23
8-K 2019-10-21
8-K 2019-07-26
8-K 2019-06-28
8-K 2019-06-18
8-K 2019-05-28
8-K 2019-05-24
8-K 2019-05-06
8-K 2019-04-29
8-K 2019-04-29
8-K 2019-01-29
8-K 2018-12-10
8-K 2018-12-07
8-K 2018-11-30
8-K 2018-10-24
8-K 2018-08-10
8-K 2018-07-24
8-K 2018-07-17
8-K 2018-05-24
8-K 2018-05-08
8-K 2018-05-03

BCML 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Accounting Guidance Not Yet Effective and Adopted Accounting Guidance
Note 3 - Subsequent Events
Note 4 - Acquisitions
Note 5 - Investment Securities
Note 6 - Loans
Note 7 - Allowance for Loan Losses
Note 8 - Premises and Equipment
Note 9 - Goodwill and Intangible Assets
Note 10 - Interest Receivable and Other Assets
Note 11 - Deposits
Note 12 - Borrowings
Note 13 - Interest Payable and Other Liabilities
Note 14 - Other Expenses
Note 15 - Equity Incentive Plans
Note 16 - Fair Value Measurement
Note 17 - Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults of Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 bcml-20200630ex311b5b09a.htm
EX-31.2 bcml-20200630ex3120b2df1.htm
EX-32 bcml-20200630xex32.htm

Baycom Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

00P1Y0001730984--12-312020Q2false0000001187016412444632P7Y0001730984srt:MaximumMemberbcml:OfficersAndEmployeesMemberus-gaap:RestrictedStockMemberbcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2020-01-012020-06-300001730984srt:MaximumMembersrt:DirectorMemberus-gaap:RestrictedStockMemberbcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2020-01-012020-06-300001730984srt:MaximumMemberbcml:OfficersAndEmployeesMemberbcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2020-01-012020-06-300001730984bcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2020-01-012020-06-300001730984us-gaap:RetainedEarningsMember2020-06-300001730984us-gaap:AdditionalPaidInCapitalMember2020-06-300001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001730984us-gaap:RetainedEarningsMember2020-03-310001730984us-gaap:AdditionalPaidInCapitalMember2020-03-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001730984us-gaap:RetainedEarningsMember2019-12-310001730984us-gaap:AdditionalPaidInCapitalMember2019-12-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001730984us-gaap:RetainedEarningsMember2019-09-300001730984us-gaap:AdditionalPaidInCapitalMember2019-09-300001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-3000017309842019-09-300001730984us-gaap:RetainedEarningsMember2019-06-300001730984us-gaap:AdditionalPaidInCapitalMember2019-06-300001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001730984us-gaap:RetainedEarningsMember2019-03-310001730984us-gaap:AdditionalPaidInCapitalMember2019-03-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001730984us-gaap:RetainedEarningsMember2018-12-310001730984us-gaap:AdditionalPaidInCapitalMember2018-12-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001730984us-gaap:FederalFundsPurchasedMember2020-06-300001730984us-gaap:FederalFundsPurchasedMember2019-12-3100017309842017-12-310001730984srt:MinimumMemberbcml:TwoThousandFourteenOmnibusEquityIncentivePlanMember2020-01-012020-06-300001730984srt:MaximumMemberbcml:TwoThousandFourteenOmnibusEquityIncentivePlanMember2020-01-012020-06-300001730984us-gaap:CommonStockMember2020-04-012020-06-300001730984bcml:TwoThousandFourteenOmnibusEquityIncentivePlanMember2020-04-012020-06-300001730984us-gaap:CommonStockMember2020-01-012020-03-310001730984us-gaap:CommonStockMember2019-10-012019-12-310001730984us-gaap:CommonStockMember2019-07-012019-09-300001730984us-gaap:CommonStockMember2019-04-012019-06-300001730984bcml:TwoThousandFourteenOmnibusEquityIncentivePlanMember2019-04-012019-06-300001730984bcml:TwoThousandFourteenOmnibusEquityIncentivePlanMember2019-01-012019-06-300001730984us-gaap:CommonStockMember2019-01-012019-03-310001730984bcml:BankServicingAndOtherMember2020-04-012020-06-300001730984bcml:BankServicingAndOtherMember2020-01-012020-06-300001730984bcml:BankServicingAndOtherMember2019-04-012019-06-300001730984bcml:BankServicingAndOtherMember2019-01-012019-06-300001730984us-gaap:LeaseholdImprovementsMember2020-06-300001730984us-gaap:LandBuildingsAndImprovementsMember2020-06-300001730984bcml:FurnitureFixturesAndEquipmentMember2020-06-300001730984us-gaap:LeaseholdImprovementsMember2019-12-310001730984us-gaap:LandBuildingsAndImprovementsMember2019-12-310001730984bcml:FurnitureFixturesAndEquipmentMember2019-12-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-012019-12-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310001730984bcml:FederalFundsLineCumulativeAvailableCommitmentsMember2020-06-300001730984bcml:FederalFundsLineCumulativeAvailableCommitmentsMember2019-12-310001730984us-gaap:RetainedEarningsMember2020-04-012020-06-300001730984us-gaap:RetainedEarningsMember2020-01-012020-03-3100017309842020-01-012020-03-310001730984us-gaap:RetainedEarningsMember2019-10-012019-12-3100017309842019-10-012019-12-310001730984us-gaap:RetainedEarningsMember2019-07-012019-09-3000017309842019-07-012019-09-300001730984us-gaap:RetainedEarningsMember2019-04-012019-06-300001730984us-gaap:RetainedEarningsMember2019-01-012019-03-310001730984bcml:InterestPayableAndOtherLiabilitiesMember2020-06-300001730984bcml:InterestPayableAndOtherLiabilitiesMember2019-12-310001730984bcml:SmallBusinessInvestmentCompanyMember2020-06-300001730984bcml:LowIncomeHousingTaxCreditPartnershipsMember2020-06-300001730984bcml:SmallBusinessInvestmentCompanyMember2019-12-310001730984bcml:LowIncomeHousingTaxCreditPartnershipsMember2019-12-3100017309842019-01-012019-03-310001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:UnallocatedFinancingReceivablesMember2020-06-300001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2020-06-300001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2020-06-300001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2020-06-300001730984us-gaap:NonperformingFinancingReceivableMemberbcml:ConstructionAndLandPortfolioSegmentMember2020-06-300001730984us-gaap:NonperformingFinancingReceivableMember2020-06-300001730984us-gaap:UnallocatedFinancingReceivablesMember2020-03-310001730984us-gaap:ResidentialPortfolioSegmentMember2020-03-310001730984us-gaap:ConsumerPortfolioSegmentMember2020-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2020-03-310001730984us-gaap:CommercialPortfolioSegmentMember2020-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2020-03-310001730984us-gaap:UnallocatedFinancingReceivablesMember2019-12-310001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:UnallocatedFinancingReceivablesMember2019-06-300001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2019-06-300001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2019-06-300001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-06-300001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2019-06-300001730984us-gaap:NonperformingFinancingReceivableMemberbcml:ConstructionAndLandPortfolioSegmentMember2019-06-300001730984us-gaap:NonperformingFinancingReceivableMember2019-06-300001730984us-gaap:UnallocatedFinancingReceivablesMember2019-03-310001730984us-gaap:ResidentialPortfolioSegmentMember2019-03-310001730984us-gaap:ConsumerPortfolioSegmentMember2019-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2019-03-310001730984us-gaap:CommercialPortfolioSegmentMember2019-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2019-03-310001730984us-gaap:UnallocatedFinancingReceivablesMember2018-12-310001730984us-gaap:ResidentialPortfolioSegmentMember2018-12-310001730984us-gaap:ConsumerPortfolioSegmentMember2018-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2018-12-310001730984us-gaap:CommercialPortfolioSegmentMember2018-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2018-12-3100017309842019-03-2900017309842019-01-012019-12-310001730984srt:MinimumMember2020-01-012020-06-300001730984srt:MaximumMember2020-01-012020-06-300001730984us-gaap:CoreDepositsMember2020-06-300001730984us-gaap:CoreDepositsMember2019-12-310001730984us-gaap:CoreDepositsMember2018-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-06-300001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001730984us-gaap:FinancingReceivables60To89DaysPastDueMember2020-06-300001730984us-gaap:FinancingReceivables30To59DaysPastDueMember2020-06-300001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001730984us-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310001730984us-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310001730984us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMember2020-06-300001730984us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMember2019-12-310001730984us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-06-300001730984us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310001730984us-gaap:PerformingFinancingReceivableMember2020-06-300001730984us-gaap:PerformingFinancingReceivableMember2019-12-310001730984us-gaap:UnallocatedFinancingReceivablesMember2020-06-300001730984us-gaap:ConsumerPortfolioSegmentMember2020-06-300001730984us-gaap:UnallocatedFinancingReceivablesMember2019-06-300001730984us-gaap:ResidentialPortfolioSegmentMember2019-06-300001730984us-gaap:ConsumerPortfolioSegmentMember2019-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2019-06-300001730984us-gaap:CommercialPortfolioSegmentMember2019-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMember2019-06-300001730984srt:FederalHomeLoanBankOfSanFranciscoMemberbcml:FederalHomeLoanBankOfSanFranciscoAdvanceMaturingNovember92020Member2020-05-310001730984srt:FederalHomeLoanBankOfSanFranciscoMemberbcml:FederalHomeLoanBankOfSanFranciscoAdvanceMaturingMay72021Member2020-05-310001730984srt:FederalHomeLoanBankOfSanFranciscoMember2020-05-310001730984bcml:TwoThousandFourteenOmnibusEquityIncentivePlanMember2020-01-012020-06-300001730984us-gaap:CustomerConcentrationRiskMember2020-06-300001730984us-gaap:CustomerConcentrationRiskMember2019-12-310001730984srt:FederalHomeLoanBankOfSanFranciscoMemberbcml:FederalHomeLoanBankOfSanFranciscoSecuredBorrowingFacilityMember2020-01-012020-06-300001730984bcml:ShortTermBorrowingMaturingOctober302020Member2020-04-300001730984bcml:DepositMember2020-01-012020-06-300001730984bcml:DepositMember2019-01-012019-12-310001730984us-gaap:CommonStockMember2020-06-300001730984us-gaap:CommonStockMember2020-03-310001730984us-gaap:CommonStockMember2019-12-310001730984us-gaap:CommonStockMember2019-09-300001730984us-gaap:CommonStockMember2019-06-300001730984us-gaap:CommonStockMember2019-03-310001730984us-gaap:CommonStockMember2018-12-310001730984us-gaap:AccountingStandardsUpdate201912Member2020-06-300001730984us-gaap:AccountingStandardsUpdate201901Member2020-06-300001730984us-gaap:AccountingStandardsUpdate201813Member2020-06-300001730984us-gaap:AccountingStandardsUpdate201704Member2020-06-300001730984us-gaap:AccountingStandardsUpdate201613Member2020-06-3000017309842020-03-3100017309842019-03-3100017309842019-06-3000017309842018-12-310001730984bcml:TigBancorpMember2019-10-210001730984bcml:UnitiFinancialCorporationMember2019-05-240001730984bcml:GrandMountainBancsharesIncMember2020-02-042020-02-040001730984bcml:GrandMountainBancsharesIncMember2020-02-040001730984bcml:TigBancorpMember2019-10-212019-10-210001730984bcml:UnitiFinancialCorporationMember2019-05-242019-05-240001730984us-gaap:USTreasurySecuritiesMember2020-06-300001730984us-gaap:USTreasurySecuritiesMember2019-12-310001730984us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-06-300001730984us-gaap:MunicipalBondsMember2020-06-300001730984us-gaap:MortgageBackedSecuritiesMember2020-06-300001730984us-gaap:CorporateBondSecuritiesMember2020-06-300001730984us-gaap:CollateralizedMortgageObligationsMember2020-06-300001730984bcml:SbaSecuritiesMember2020-06-300001730984us-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-12-310001730984us-gaap:MunicipalBondsMember2019-12-310001730984us-gaap:MortgageBackedSecuritiesMember2019-12-310001730984us-gaap:CorporateBondSecuritiesMember2019-12-310001730984us-gaap:CollateralizedMortgageObligationsMember2019-12-310001730984bcml:SbaSecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:U.s.TreasuriesMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:U.s.TreasuriesMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:U.s.TreasuriesMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2020-06-300001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2020-06-300001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2020-06-300001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2020-06-300001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2020-06-300001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMember2020-06-300001730984us-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-06-300001730984us-gaap:FairValueMeasurementsRecurringMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2019-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2019-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2019-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:U.s.TreasuriesMember2019-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:U.s.TreasuriesMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:U.s.TreasuriesMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2019-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2019-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesOtherMember2019-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2019-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2019-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMember2019-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberbcml:U.s.TreasuriesMember2019-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2019-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001730984us-gaap:FairValueMeasurementsRecurringMember2019-12-310001730984us-gaap:CoreDepositsMember2019-01-012019-12-310001730984us-gaap:UnallocatedFinancingReceivablesMember2020-04-012020-06-300001730984us-gaap:ResidentialPortfolioSegmentMember2020-04-012020-06-300001730984us-gaap:ConsumerPortfolioSegmentMember2020-04-012020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2020-04-012020-06-300001730984us-gaap:CommercialPortfolioSegmentMember2020-04-012020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMember2020-04-012020-06-300001730984us-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-06-300001730984us-gaap:ResidentialPortfolioSegmentMember2020-01-012020-06-300001730984us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-06-300001730984us-gaap:CommercialPortfolioSegmentMember2020-01-012020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMember2020-01-012020-06-300001730984us-gaap:UnallocatedFinancingReceivablesMember2019-04-012019-06-300001730984us-gaap:ResidentialPortfolioSegmentMember2019-04-012019-06-300001730984us-gaap:ConsumerPortfolioSegmentMember2019-04-012019-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2019-04-012019-06-300001730984us-gaap:CommercialPortfolioSegmentMember2019-04-012019-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMember2019-04-012019-06-300001730984us-gaap:UnallocatedFinancingReceivablesMember2019-01-012019-06-300001730984us-gaap:ResidentialPortfolioSegmentMember2019-01-012019-06-300001730984us-gaap:ConsumerPortfolioSegmentMember2019-01-012019-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-06-300001730984us-gaap:CommercialPortfolioSegmentMember2019-01-012019-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMember2019-01-012019-06-300001730984us-gaap:CoreDepositsMember2020-01-012020-06-3000017309842020-08-010001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2020-06-300001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-06-300001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2020-06-300001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2020-06-300001730984us-gaap:LoansReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2020-06-300001730984us-gaap:LoansReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2020-06-300001730984us-gaap:LoansReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001730984us-gaap:LoansReceivableMemberus-gaap:CommercialPortfolioSegmentMember2020-06-300001730984us-gaap:LoansReceivableMemberbcml:ConstructionAndLandPortfolioSegmentMember2020-06-300001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2020-06-300001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2020-06-300001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMember2020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMember2020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:DoubtfulMember2020-06-300001730984us-gaap:SubstandardMember2020-06-300001730984us-gaap:SpecialMentionMember2020-06-300001730984us-gaap:PassMember2020-06-300001730984us-gaap:LoansReceivableMember2020-06-300001730984us-gaap:DoubtfulMember2020-06-300001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2019-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2019-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2019-12-310001730984us-gaap:LoansReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2019-12-310001730984us-gaap:LoansReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2019-12-310001730984us-gaap:LoansReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001730984us-gaap:LoansReceivableMemberus-gaap:CommercialPortfolioSegmentMember2019-12-310001730984us-gaap:LoansReceivableMemberbcml:ConstructionAndLandPortfolioSegmentMember2019-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2019-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2019-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2019-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2019-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2019-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2019-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2019-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2019-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2019-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMember2019-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:SpecialMentionMember2019-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMember2019-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:DoubtfulMember2019-12-310001730984us-gaap:SubstandardMember2019-12-310001730984us-gaap:SpecialMentionMember2019-12-310001730984us-gaap:PassMember2019-12-310001730984us-gaap:LoansReceivableMember2019-12-310001730984us-gaap:DoubtfulMember2019-12-310001730984us-gaap:ResidentialPortfolioSegmentMember2020-06-300001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2020-06-300001730984us-gaap:CommercialPortfolioSegmentMember2020-06-300001730984bcml:ConstructionAndLandPortfolioSegmentMember2020-06-300001730984us-gaap:ResidentialPortfolioSegmentMember2019-12-310001730984us-gaap:ConsumerPortfolioSegmentMember2019-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310001730984us-gaap:CommercialPortfolioSegmentMember2019-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2019-12-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:SubordinatedDebtMemberus-gaap:SubsequentEventMember2020-08-102020-08-1000017309842019-03-292019-03-290001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-06-300001730984us-gaap:FairValueMeasurementsNonrecurringMember2020-06-300001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001730984us-gaap:FairValueMeasurementsNonrecurringMember2019-12-310001730984us-gaap:FairValueInputsLevel3Member2020-06-300001730984us-gaap:FairValueInputsLevel2Member2020-06-300001730984us-gaap:FairValueInputsLevel1Member2020-06-300001730984us-gaap:FairValueInputsLevel3Member2019-12-310001730984us-gaap:FairValueInputsLevel2Member2019-12-310001730984us-gaap:FairValueInputsLevel1Member2019-12-310001730984us-gaap:CommercialPortfolioSegmentMemberbcml:FinancingReceivablesTroubledDebtRestructuringMember2020-04-012020-06-300001730984bcml:FinancingReceivablesTroubledDebtRestructuringMember2020-04-012020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberbcml:FinancingReceivablesTroubledDebtRestructuringMember2020-01-012020-06-300001730984bcml:FinancingReceivablesTroubledDebtRestructuringMember2020-01-012020-06-300001730984us-gaap:CommercialPortfolioSegmentMemberbcml:FinancingReceivablesTroubledDebtRestructuringMember2019-01-012019-06-300001730984bcml:FinancingReceivablesTroubledDebtRestructuringMember2019-01-012019-06-300001730984srt:FederalHomeLoanBankOfSanFranciscoMemberbcml:FederalHomeLoanBankOfSanFranciscoSecuredBorrowingFacilityMember2020-06-300001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:SubordinatedDebtMemberus-gaap:SubsequentEventMember2020-08-1000017309842020-06-3000017309842019-12-310001730984srt:RestatementAdjustmentMemberbcml:GrandMountainBancsharesIncMember2020-02-040001730984srt:RestatementAdjustmentMemberbcml:TigBancorpMember2019-10-210001730984srt:RestatementAdjustmentMemberbcml:UnitiFinancialCorporationMember2019-05-240001730984srt:ScenarioPreviouslyReportedMemberbcml:GrandMountainBancsharesIncMember2020-02-040001730984srt:ScenarioPreviouslyReportedMemberbcml:TigBancorpMember2019-10-210001730984srt:ScenarioPreviouslyReportedMemberbcml:UnitiFinancialCorporationMember2019-05-2400017309842020-04-012020-06-3000017309842019-04-012019-06-3000017309842020-01-012020-06-3000017309842019-01-012019-06-30iso4217:USDxbrli:purebcml:loanxbrli:sharesiso4217:USDxbrli:sharesbcml:securityutr:sqftbcml:location

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to          

COMMISSION FILE NUMBER 001-38483

BAYCOM CORP

(Exact Name of Registrant as Specified in its Charter)

California

 

37-1849111

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

500 Ygnacio Valley Road, Suite 200, Walnut Creek, California

 

94596

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code:  (925) 476-1800

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value per share

BCML

The NASDAQ Stock Market LLC

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date.

As of August 1, 2020, there were 11,891,793 shares of the registrant’s common stock outstanding.

Table of Contents

BAYCOM CORP

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

As used throughout this report, the terms “we,” “our,” “us,” “BayCom,” or the “Company” refer to BayCom Corp and its consolidated subsidiary, United Business Bank, which we sometimes refer to as the “Bank,” unless the context otherwise requires.

1

Table of Contents

BAYCOM CORP

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets (unaudited)

3

 

Condensed Consolidated Statements of Income (unaudited)

4

Condensed Consolidated Statements of Comprehensive Income (unaudited)

5

Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

6

Condensed Consolidated Statements of Cash Flows (unaudited)

7

Notes to Condensed Consolidated Financial Statements (unaudited)

9

2

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

(unaudited)

June 30, 

December 31, 

    

2020

    

2019

ASSETS

 

  

 

  

Cash and due from banks

$

37,515

$

23,476

Federal funds sold

 

166,206

 

271,906

Cash and cash equivalents

 

203,721

 

295,382

Interest bearing deposits in banks

 

14,550

 

1,739

Investment securities available-for-sale

 

121,430

 

119,889

Federal Home Loan Bank ("FHLB") stock, at par

 

7,737

 

7,174

Federal Reserve Bank ("FRB") stock, at par

 

7,491

 

6,731

Loans held for sale

 

 

2,226

Loans, net of allowance for loan losses of $13,500 and $7,400 at June 30, 2020 and December 31, 2019, respectively

 

1,711,175

 

1,450,229

Premises and equipment, net

 

14,512

 

10,529

Other real estate owned ("OREO")

 

296

 

574

Core deposit intangible

 

9,208

 

9,185

Cash surrender value of bank owned life insurance ("BOLI") policies, net

 

20,576

 

20,244

Right-of-use assets ("ROU")

13,754

15,291

Goodwill

 

38,838

 

35,466

Interest receivable and other assets

 

26,543

 

19,518

Total Assets

$

2,189,831

$

1,994,177

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

Noninterest and interest bearing deposits

$

1,886,919

$

1,701,183

Lease liabilities

 

14,130

 

15,599

Salary continuation plan

 

3,828

 

3,658

Interest payable and other liabilities

 

8,264

 

11,275

Other borrowings

16,000

Junior subordinated deferrable interest debentures, net

 

8,282

 

8,242

Total liabilities

 

1,937,423

 

1,739,957

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, 2020 and December 31, 2019

 

 

Common stock - no par value; 100,000,000 shares authorized; 11,870,164 and 12,444,632 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

174,656

 

184,043

Additional paid in capital

 

287

 

287

Accumulated other comprehensive income , net of tax

 

2,889

 

1,251

Retained earnings

 

74,576

 

68,639

Total shareholders’ equity

 

252,408

 

254,220

Total Liabilities and Shareholders’ Equity

$

2,189,831

$

1,994,177

3

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except for per share data)

(unaudited)

Three months ended

Six months ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Interest income:

 

  

 

  

 

  

 

  

 

Loans, including fees

$

21,756

$

15,120

$

42,375

$

28,670

Investment securities and interest bearing deposits in banks

 

888

 

2,674

 

2,526

 

5,328

FHLB dividends

 

54

 

92

 

179

 

184

FRB dividends

 

114

 

62

 

222

 

123

Total interest and dividend income

 

22,812

 

17,948

 

45,302

 

34,305

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

1,675

 

1,783

 

4,002

 

3,129

Subordinated debt

100

147

219

293

Other borrowings

 

87

 

 

94

 

Total interest expense

 

1,862

 

1,930

 

4,315

 

3,422

Net interest income

 

20,950

 

16,018

 

40,987

 

30,883

Provision for loan losses

 

4,398

 

445

 

6,111

 

722

Net interest income after provision for loan losses

 

16,552

 

15,573

 

34,876

 

30,161

Noninterest income:

 

  

 

  

 

  

 

  

Gain on sale of loans

 

212

 

903

 

854

 

1,169

Service charges and other fees

 

610

 

663

 

1,315

 

1,396

(Loss) income on investment in SBIC fund

 

595

 

514

 

1,241

 

469

Loan servicing and other loan fees

 

(309)

 

11

 

35

 

924

Other income and fees

 

194

 

449

 

435

 

702

Total noninterest income

 

1,302

 

2,540

 

3,880

 

4,660

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

8,252

 

7,198

 

16,960

 

13,161

Occupancy and equipment

 

1,774

 

1,064

 

3,585

 

2,174

Data processing

 

1,450

 

3,683

 

5,074

 

4,607

Other expense

 

2,060

 

2,850

 

4,835

 

4,601

Total noninterest expense

 

13,536

 

14,795

 

30,454

 

24,543

Income before provision for income taxes

 

4,318

 

3,318

 

8,302

 

10,278

Provision for income taxes

 

1,199

 

1,091

 

2,365

 

3,110

Net income

$

3,119

$

2,227

$

5,937

$

7,168

Earnings per common share:

 

  

 

  

 

  

 

  

Basic earnings per common share

$

0.26

$

0.20

$

0.49

$

0.64

Weighted average shares outstanding

 

12,025,098

 

11,384,287

 

12,186,254

 

11,139,287

Diluted earnings per common share

$

0.26

$

0.20

$

0.49

$

0.64

Weighted average shares outstanding

 

12,025,098

 

11,384,287

 

12,186,254

 

11,139,287

4

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except for per share data)

(unaudited)

Three months ended

Six months ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Net income

$

3,119

$

2,227

$

5,937

7,168

Other comprehensive income:

 

  

 

  

 

  

 

  

Change in unrealized gain on available-for-sale securities

 

1,164

 

1,112

 

2,291

 

1,945

Deferred tax expense

 

(336)

 

(320)

 

(653)

 

(556)

Other comprehensive income, net of tax

 

828

 

792

 

1,638

 

1,389

Total comprehensive income

$

3,947

$

3,019

$

7,575

$

8,557

5

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands, except for per share data)

(unaudited)

    

    

    

    

Accumulated

    

    

Common

Additional

Other

Total

Number of

Stock

Paid in

Comprehensive

Retained

Shareholders’

Shares

Amount

Capital

Income/(Loss)

Earnings

Equity

Balance, December 31, 2018

 

10,869,275

$

149,248

$

287

$

(103)

$

51,321

$

200,753

Net income

 

 

 

 

 

4,941

 

4,941

Other comprehensive income, net

 

 

 

 

597

 

  

 

597

Restricted stock granted

22,289

 

  

 

 

 

  

 

Stock based compensation

 

 

120

 

 

 

  

 

120

Balance, March 31, 2019

 

10,891,564

$

149,368

$

287

$

494

$

56,262

$

206,411

Net income

 

 

 

 

 

2,227

 

2,227

Other comprehensive income, net

 

 

 

 

792

 

  

 

792

Restricted stock granted

45,696

 

  

 

 

 

  

 

Stock based compensation

 

 

320

 

 

 

  

 

320

Stock issued in acquisition

 

1,115,006

 

24,887

 

 

 

  

 

24,887

Balance, June 30, 2019

 

12,052,266

174,575

287

1,286

58,489

234,637

Net income

 

 

 

 

 

5,563

 

5,563

Other comprehensive income, net

 

 

 

 

318

 

  

 

318

Restricted stock granted

9,350

 

  

 

 

 

  

 

Stock based compensation

 

 

367

 

 

 

  

 

367

Balance, September 30, 2019

12,061,616

174,942

287

1,604

64,052

240,885

Net income

 

 

 

 

 

4,587

 

4,587

Other comprehensive income, net

 

 

 

 

(353)

 

  

 

(353)

Stock based compensation

 

 

347

 

 

 

  

 

347

Issuance of shares

876,803

19,711

19,711

Repurchase of shares

(493,787)

(10,957)

(10,957)

Balance, December 31, 2019

12,444,632

184,043

287

1,251

68,639

254,220

Net income

 

2,818

2,818

Other comprehensive income, net

 

810

810

Restricted stock granted

 

15,173

Restricted stock forfeited

(1,432)

Stock based compensation

309

309

Repurchase of shares

(228,525)

(4,596)

(4,596)

Balance, March 31, 2020

12,229,848

179,756

287

2,061

71,457

253,561

Net income

 

3,119

3,119

Other comprehensive income, net

 

828

828

Restricted stock granted

 

92,294

Stock based compensation

363

363

Repurchase of shares

(451,978)

(5,463)

(5,463)

Balance, June 30, 2020

 

11,870,164

$

174,656

$

287

$

2,889

$

74,576

$

252,408

6

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, except for share and per share data)

(unaudited)

Six months ended

June 30, 

    

2020

    

2019

Cash flows from operating activities:

 

  

 

  

 

Net income

$

5,937

$

7,168

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Increase in deferred tax asset

 

(1,486)

 

(1,020)

Accretion on acquired loans

 

(3,534)

 

(1,356)

Gain on sale of loans

 

(854)

 

(1,169)

Proceeds from sale of loans

 

11,707

 

13,607

Loans originated for sale

 

(15,651)

 

(20,544)

Gain on sale of premises

(187)

Gain on sale of OREO

 

(28)

 

(112)

Accretion on junior subordinated debentures

 

40

 

40

Increase in cash surrender value of life insurance policies securities

 

(332)

 

(316)

Provision for loan losses

 

6,111

 

722

Amortization/accretion of premium/discount on investment securities, net

 

376

 

226

Depreciation and amortization

 

897

 

562

Core deposit intangible amortization

 

926

 

781

Stock based compensation expense

 

672

 

440

Increase in deferred loan origination fees, net

 

4,121

 

129

Increase in interest receivable and other assets

 

(3,080)

 

(7,413)

Increase in salary continuation plan, net

 

170

 

133

(Decrease) increase in interest payable and other liabilities

 

(5,099)

 

10,475

Net cash provided by operating activities

 

893

 

2,166

Cash flows from investing activities:

 

  

 

  

Proceeds from maturities of interest bearing deposits in banks

 

3,229

 

748

Purchase of investment securities

 

(9,920)

 

(6,138)

Proceeds from the maturity and repayment of investment securities

 

14,676

 

12,448

Purchase of Federal Home Loan Bank stock

 

(398)

 

(477)

Purchase of Federal Reserve Bank stock

 

(760)

 

(88)

(Increase) decrease in loans, net

 

(162,421)

 

41,831

Proceeds from sale of premises

4,961

Proceeds from sale of OREO

 

518

 

362

Purchase of equipment and leasehold improvements

 

(