ベイコムの四半期報告

0001730984--12-312024Q1false001155127111377117P6MP7Y0001730984us-gaap:ReserveForOffBalanceSheetActivitiesMember2024-03-310001730984us-gaap:ReserveForOffBalanceSheetActivitiesMember2023-12-310001730984us-gaap:RetainedEarningsMember2024-03-310001730984us-gaap:AdditionalPaidInCapitalMember2024-03-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001730984us-gaap:RetainedEarningsMember2023-12-310001730984us-gaap:AdditionalPaidInCapitalMember2023-12-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001730984srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2023-03-310001730984us-gaap:RetainedEarningsMember2023-03-310001730984us-gaap:AdditionalPaidInCapitalMember2023-03-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001730984srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-03-310001730984us-gaap:RetainedEarningsMember2022-12-310001730984us-gaap:AdditionalPaidInCapitalMember2022-12-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001730984us-gaap:CommonStockMember2024-01-012024-03-310001730984us-gaap:CommonStockMember2023-01-012023-03-310001730984us-gaap:FederalFundsPurchasedMember2024-03-310001730984us-gaap:FederalFundsPurchasedMember2023-12-310001730984us-gaap:RestrictedStockMember2024-03-310001730984us-gaap:RestrictedStockMember2023-12-310001730984us-gaap:RestrictedStockMember2023-03-310001730984us-gaap:RestrictedStockMember2022-12-310001730984us-gaap:RestrictedStockMember2023-01-012023-03-310001730984us-gaap:RestrictedStockMember2024-01-012024-03-310001730984srt:MinimumMembersrt:ExecutiveOfficerMemberbcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2017-11-012017-11-300001730984srt:MaximumMembersrt:ExecutiveOfficerMemberbcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2017-11-012017-11-300001730984srt:DirectorMemberbcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2017-11-012017-11-300001730984srt:ExecutiveOfficerMemberbcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2017-11-012017-11-3000017309842023-01-012023-09-300001730984bcml:BankServicingAndOtherMember2024-01-012024-03-310001730984bcml:BankServicingAndOtherMember2023-01-012023-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2023-01-012023-03-310001730984us-gaap:LeaseholdImprovementsMember2024-03-310001730984us-gaap:LandBuildingsAndImprovementsMember2024-03-310001730984bcml:FurnitureFixturesAndEquipmentMember2024-03-310001730984us-gaap:LeaseholdImprovementsMember2023-12-310001730984us-gaap:LandBuildingsAndImprovementsMember2023-12-310001730984bcml:FurnitureFixturesAndEquipmentMember2023-12-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001730984us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001730984bcml:SmallBusinessInvestmentCompanyMember2024-03-310001730984bcml:LowIncomeHousingTaxCreditPartnershipsMember2024-03-310001730984bcml:FederalFundsLineCumulativeAvailableCommitmentsMember2024-03-310001730984bcml:SmallBusinessInvestmentCompanyMember2023-12-310001730984bcml:LowIncomeHousingTaxCreditPartnershipsMember2023-12-310001730984bcml:FederalFundsLineCumulativeAvailableCommitmentsMember2023-12-310001730984stpr:WA2024-03-310001730984stpr:NV2024-03-310001730984stpr:NM2024-03-310001730984stpr:CO2024-03-310001730984stpr:CA2024-03-310001730984bcml:NoncancelableOperatingLeasesMember2024-03-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:SubordinatedDebtMember2024-03-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:SubordinatedDebtMember2023-12-310001730984srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ResidentialPortfolioSegmentMember2023-03-310001730984srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ConsumerPortfolioSegmentMember2023-03-310001730984srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001730984srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:CommercialPortfolioSegmentMember2023-03-310001730984srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberbcml:ConstructionAndLandPortfolioSegmentMember2023-03-310001730984srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2023-03-310001730984us-gaap:ResidentialPortfolioSegmentMember2022-12-310001730984us-gaap:ConsumerPortfolioSegmentMember2022-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2022-12-310001730984us-gaap:CommercialPortfolioSegmentMember2022-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2022-12-310001730984srt:MinimumMemberus-gaap:CoreDepositsMember2024-03-310001730984srt:MaximumMemberus-gaap:CoreDepositsMember2024-03-310001730984us-gaap:CoreDepositsMember2024-03-310001730984us-gaap:CoreDepositsMember2023-12-310001730984us-gaap:CoreDepositsMember2022-12-310001730984us-gaap:UsGovernmentAgencyInsuredLoansMember2024-03-310001730984us-gaap:UsGovernmentAgencyInsuredLoansMember2023-12-310001730984us-gaap:FinancingReceivables1To29DaysPastDueMember2023-12-310001730984bcml:FinancialAsset30To89DaysPastDueMember2023-12-310001730984us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMember2024-03-310001730984us-gaap:LoansInsuredOrGuaranteedByUsGovernmentAuthoritiesMember2023-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2024-01-012024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-03-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMember2024-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001730984us-gaap:SubstandardMember2024-03-310001730984us-gaap:SpecialMentionMember2024-03-310001730984us-gaap:PassMember2024-03-310001730984us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001730984us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001730984us-gaap:FinancialAssetPastDueMember2024-03-310001730984us-gaap:FinancialAssetNotPastDueMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2023-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:PassMember2023-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001730984us-gaap:SubstandardMember2023-12-310001730984us-gaap:SpecialMentionMember2023-12-310001730984us-gaap:PassMember2023-12-310001730984us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001730984us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001730984us-gaap:FinancialAssetPastDueMember2023-12-310001730984us-gaap:FinancialAssetNotPastDueMember2023-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-01-012024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-01-012024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-01-012024-03-310001730984bcml:RoundingMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310001730984us-gaap:FinancialAssetNotPastDueMember2024-01-012024-03-310001730984bcml:RoundingMember2024-01-012024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-01-012023-12-310001730984us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-01-012023-12-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-01-012023-12-310001730984us-gaap:FinancialAssetNotPastDueMember2023-01-012023-12-310001730984srt:FederalHomeLoanBankOfSanFranciscoMember2024-03-310001730984srt:FederalHomeLoanBankOfSanFranciscoMember2023-12-310001730984us-gaap:StandbyLettersOfCreditMember2024-03-310001730984us-gaap:CommitmentsToExtendCreditMember2024-03-310001730984us-gaap:StandbyLettersOfCreditMember2023-12-310001730984us-gaap:CommitmentsToExtendCreditMember2023-12-310001730984us-gaap:FairValueInputsLevel3Member2024-03-310001730984us-gaap:FairValueInputsLevel3Member2023-12-310001730984us-gaap:RetainedEarningsMember2024-01-012024-03-310001730984us-gaap:RetainedEarningsMember2023-01-012023-03-310001730984us-gaap:DepositAccountMemberus-gaap:ProductConcentrationRiskMember2024-03-310001730984bcml:TopTenDepositorsMemberus-gaap:DepositsMember2024-03-310001730984us-gaap:DepositAccountMemberus-gaap:ProductConcentrationRiskMember2023-12-310001730984bcml:TopTenDepositorsMemberus-gaap:DepositsMember2023-12-3100017309842033-01-012033-09-300001730984bcml:FloatingRateJuniorSubordinatedDeferrableInterestDebenturesMemberus-gaap:JuniorSubordinatedDebtMember2024-03-310001730984bcml:FloatingRateJuniorSubordinatedDeferrableInterestDebenturesMemberus-gaap:JuniorSubordinatedDebtMember2023-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2024-03-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-03-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-03-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-03-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001730984us-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2024-03-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310001730984us-gaap:FairValueMeasurementsRecurringMember2024-03-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2023-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2023-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2023-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001730984us-gaap:FairValueMeasurementsRecurringMemberbcml:SbaSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001730984us-gaap:FairValueMeasurementsRecurringMember2023-12-310001730984srt:FederalHomeLoanBankOfSanFranciscoMemberbcml:FederalHomeLoanBankOfSanFranciscoSecuredBorrowingFacilityMember2024-01-012024-03-310001730984bcml:FloatingRateJuniorSubordinatedDeferrableInterestDebenturesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001730984bcml:FloatingRateJuniorSubordinatedDeferrableInterestDebenturesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001730984bcml:FloatingRateJuniorSubordinatedDeferrableInterestDebenturesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:FairValueInputsLevel2Member2024-03-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001730984bcml:FloatingRateJuniorSubordinatedDeferrableInterestDebenturesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001730984bcml:FloatingRateJuniorSubordinatedDeferrableInterestDebenturesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001730984bcml:FloatingRateJuniorSubordinatedDeferrableInterestDebenturesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:FairValueInputsLevel2Member2023-12-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001730984srt:ScenarioForecastMemberbcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:SubordinatedDebtMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-152025-09-150001730984us-gaap:DepositAccountMemberus-gaap:DepositsMemberus-gaap:ProductConcentrationRiskMember2024-01-012024-03-310001730984bcml:TopTenDepositorsMemberus-gaap:DepositsMemberus-gaap:DepositsMember2024-01-012024-03-310001730984us-gaap:DepositAccountMemberus-gaap:DepositsMemberus-gaap:ProductConcentrationRiskMember2023-01-012023-12-310001730984bcml:TopTenDepositorsMemberus-gaap:DepositsMemberus-gaap:DepositsMember2023-01-012023-12-310001730984us-gaap:CommonStockMember2024-03-310001730984us-gaap:CommonStockMember2023-12-310001730984us-gaap:CommonStockMember2023-03-310001730984us-gaap:CommonStockMember2022-12-310001730984bcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2024-03-3100017309842022-12-310001730984us-gaap:MunicipalBondsMember2024-03-310001730984us-gaap:MortgageBackedSecuritiesMember2024-03-310001730984us-gaap:CorporateBondSecuritiesMember2024-03-310001730984us-gaap:CollateralizedMortgageObligationsMember2024-03-310001730984bcml:SbaSecuritiesMember2024-03-310001730984us-gaap:MunicipalBondsMember2023-12-310001730984us-gaap:MortgageBackedSecuritiesMember2023-12-310001730984us-gaap:CorporateBondSecuritiesMember2023-12-310001730984us-gaap:CollateralizedMortgageObligationsMember2023-12-310001730984bcml:SbaSecuritiesMember2023-12-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001730984us-gaap:FairValueMeasurementsNonrecurringMember2024-03-310001730984us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001730984us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001730984us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001730984us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001730984us-gaap:CoreDepositsMember2024-01-012024-03-310001730984us-gaap:CoreDepositsMember2023-01-012023-12-310001730984us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-3100017309842024-05-080001730984bcml:TwoThousandSeventeenOmnibusEquityIncentivePlanMember2017-11-300001730984srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-03-310001730984srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-03-310001730984us-gaap:FairValueInputsLevel2Member2024-03-310001730984us-gaap:FairValueInputsLevel2Member2023-12-310001730984us-gaap:FairValueInputsLevel1Member2024-03-310001730984us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001730984us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001730984us-gaap:FairValueInputsLevel1Member2023-12-310001730984us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001730984us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001730984bcml:CaliforniaPollutionControlFinancingAuthorityLoanProgramMember2024-03-310001730984us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalReserveBankAdvancesMember2024-03-310001730984us-gaap:AssetPledgedAsCollateralMemberus-gaap:FederalReserveBankAdvancesMember2023-12-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2024-01-012024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ExtendedMaturityMember2024-01-012024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2024-01-012024-03-310001730984us-gaap:ExtendedMaturityMember2024-01-012024-03-310001730984us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2023-01-012023-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:ExtendedMaturityMember2023-01-012023-03-310001730984us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2023-01-012023-03-310001730984us-gaap:ExtendedMaturityMember2023-01-012023-03-310001730984us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001730984us-gaap:FinancingReceivables1To29DaysPastDueMember2024-03-310001730984bcml:FinancialAsset30To89DaysPastDueMember2024-03-310001730984us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001730984bcml:SecuredLineOfCreditLoanMember2024-01-012024-03-310001730984us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-12-310001730984us-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-3100017309842023-01-012023-12-310001730984us-gaap:ResidentialPortfolioSegmentMember2024-01-012024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-03-310001730984us-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310001730984us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2023-01-012023-03-310001730984us-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310001730984srt:SingleFamilyMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001730984srt:SingleFamilyMemberbcml:ConstructionAndLandPortfolioSegmentMember2024-03-310001730984srt:OtherPropertyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001730984srt:OtherPropertyMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310001730984srt:OfficeBuildingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001730984srt:MultifamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001730984bcml:HotelsMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001730984bcml:ConvalescentFacilityMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001730984bcml:AccountsReceivableAndEquipmentMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310001730984srt:SingleFamilyMember2024-03-310001730984srt:OtherPropertyMember2024-03-310001730984srt:OfficeBuildingMember2024-03-310001730984srt:MultifamilyMember2024-03-310001730984bcml:HotelsMember2024-03-310001730984bcml:ConvalescentFacilityMember2024-03-310001730984bcml:AccountsReceivableAndEquipmentMember2024-03-310001730984srt:SingleFamilyMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310001730984srt:SingleFamilyMemberbcml:ConstructionAndLandPortfolioSegmentMember2023-12-310001730984srt:OtherPropertyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001730984srt:OtherPropertyMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001730984srt:OfficeBuildingMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001730984srt:MultifamilyMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001730984bcml:HotelsMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001730984bcml:ConvalescentFacilityMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001730984bcml:AccountsReceivableAndEquipmentMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001730984srt:SingleFamilyMember2023-12-310001730984srt:OtherPropertyMember2023-12-310001730984srt:OfficeBuildingMember2023-12-310001730984srt:MultifamilyMember2023-12-310001730984bcml:HotelsMember2023-12-310001730984bcml:ConvalescentFacilityMember2023-12-310001730984bcml:AccountsReceivableAndEquipmentMember2023-12-310001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310001730984us-gaap:NonperformingFinancingReceivableMemberbcml:ConstructionAndLandPortfolioSegmentMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberbcml:SmallBusinessAdministrationSbaCaresActPaycheckProtectionProgramMember2024-03-310001730984us-gaap:NonperformingFinancingReceivableMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMemberbcml:SmallBusinessAdministrationSbaCaresActPaycheckProtectionProgramMember2023-12-310001730984us-gaap:ResidentialPortfolioSegmentMember2023-12-310001730984us-gaap:ConsumerPortfolioSegmentMember2023-12-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310001730984us-gaap:CommercialPortfolioSegmentMember2023-12-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2023-12-310001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2023-03-310001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001730984us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310001730984us-gaap:NonperformingFinancingReceivableMemberbcml:ConstructionAndLandPortfolioSegmentMember2023-03-310001730984us-gaap:NonperformingFinancingReceivableMember2023-03-310001730984us-gaap:ResidentialPortfolioSegmentMember2024-03-310001730984us-gaap:ConsumerPortfolioSegmentMember2024-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-310001730984us-gaap:CommercialPortfolioSegmentMember2024-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2024-03-310001730984us-gaap:ResidentialPortfolioSegmentMember2023-03-310001730984us-gaap:ConsumerPortfolioSegmentMember2023-03-310001730984us-gaap:CommercialRealEstatePortfolioSegmentMember2023-03-310001730984us-gaap:CommercialPortfolioSegmentMember2023-03-310001730984bcml:ConstructionAndLandPortfolioSegmentMember2023-03-3100017309842023-03-310001730984srt:FederalHomeLoanBankOfSanFranciscoMemberbcml:FederalHomeLoanBankOfSanFranciscoSecuredBorrowingFacilityMember2024-03-310001730984bcml:FixedToFloatingRateSubordinatedNotes5.25PercentDue2030Memberus-gaap:SubordinatedDebtMember2020-08-1000017309842024-03-3100017309842023-12-3100017309842024-01-012024-03-3100017309842023-01-012023-03-310001730984bcml:PacificEnterpriseBancorpMemberbcml:CaliforniaPollutionControlFinancingAuthorityLoanProgramMember2024-03-310001730984bcml:PacificEnterpriseBancorpMemberbcml:CaliforniaPollutionControlFinancingAuthorityLoanProgramMember2023-12-310001730984bcml:PacificEnterpriseBancorpMemberbcml:CaliforniaPollutionControlFinancingAuthorityLoanProgramMember2023-12-310001730984bcml:PacificEnterpriseBancorpMemberbcml:CaliforniaPollutionControlFinancingAuthorityLoanProgramMember2024-03-310001730984bcml:PacificEnterpriseBancorpMemberbcml:CaliforniaPollutionControlFinancingAuthorityLoanProgramMember2023-03-31iso4217:USDxbrli:purebcml:securitybcml:contractbcml:loanxbrli:sharesiso4217:USDxbrli:sharesbcml: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 March 31, 2024

	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 check mark 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 check mark 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 check mark 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 May 8, 2024, there were 11,248,342 shares of the registrant’s common stock outstanding.

Table of Contents

BAYCOM CORP

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION	2

ITEM 1. FINANCIAL STATEMENTS	2

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	33

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	52

ITEM 4. CONTROLS AND PROCEDURES	52

PART II — OTHER INFORMATION	53

ITEM 1. LEGAL PROCEEDINGS	53

ITEM 1A. RISK FACTORS	53

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	53

ITEM 3. DEFAULTS UPON SENIOR SECURITIES	53

ITEM 4. MINE SAFETY DISCLOSURES	53

ITEM 5. OTHER INFORMATION	54

ITEM 6. EXHIBITS	54

SIGNATURES	55

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.

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

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share data)

(unaudited)


	March 31,		December 31,
	2024		2023
ASSETS
Cash due from banks	$	20,379	$	17,901
Federal funds sold and interest-bearing balances in banks		327,953		289,638
Cash and cash equivalents		348,332		307,539
Time deposits in banks		996		1,245
Investment securities available-for-sale ("AFS"), at fair value, net of allowance for credit losses of $0 at both March 31, 2024 and December 31, 2023		167,919		163,152
Equity securities		13,158		12,585
Federal Home Loan Bank ("FHLB") stock, at par		11,313		11,313
Federal Reserve Bank ("FRB") stock, at par		9,630		9,626
Loans held for sale		1,684		—
Loans, net of allowance for credit losses of $18,890 at March 31, 2024 and $22,000 at December 31, 2023		1,867,840		1,905,829
Premises and equipment, net		14,355		13,734
Core deposit intangible, net		3,610		3,915
Cash surrender value of bank owned life insurance ("BOLI") policies, net		23,044		22,867
Right-of-use assets ("ROU"), net		13,460		13,939
Goodwill		38,838		38,838
Interest receivable and other assets		46,530		47,378
Total assets	$	2,560,709	$	2,551,960
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest and interest bearing deposits	$	2,142,907	$	2,132,750
Junior subordinated deferrable interest debentures, net		8,585		8,565
Subordinated debt, net		63,609		63,881
Salary continuation plan		4,667		4,552
Lease liabilities		14,321		14,752
Interest payable and other liabilities		12,385		14,591
Total liabilities		2,246,474		2,239,091
Commitments and contingencies (Note 17)
Shareholders' equity
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both March 31, 2024 and December 31, 2023		—		—
Common stock, no par value; 100,000,000 shares authorized; 11,377,117 and 11,551,271 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		177,075		180,913
Additional paid in capital		287		287
Accumulated other comprehensive loss, net of tax		(14,108)		(14,592)
Retained earnings		150,981		146,261
Total shareholders’ equity		314,235		312,869
Total liabilities and shareholders’ equity	$	2,560,709	$	2,551,960

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

(unaudited)


	Three months ended
	March 31,
	2024		2023
			(As Restated)
Interest income:
Loans, including fees	$	25,257	$	26,255
Investment securities		1,956		1,640
Fed funds sold and interest-bearing balances in banks		4,115		1,829
FHLB dividends		272		188
FRB dividends		144		144
Total interest and dividend income		31,744		30,056
Interest expense:
Deposits		8,227		3,700
Subordinated debt		893		896
Junior subordinated deferrable interest debentures		217		203
Total interest expense		9,337		4,799
Net interest income		22,407		25,257
Provision for credit losses		252		275
Net interest income after provision for credit losses		22,155		24,982
Noninterest income:
Gain on sale of loans		—		412
Gain (loss) on equity securities		573		(896)
Service charges and other fees		839		885
Loan servicing and other loan fees		392		410
(Loss) income on investment in Small Business Investment Company (“SBIC”) fund		(30)		489
Other income and fees		288		261
Total noninterest income		2,062		1,561
Noninterest expense:
Salaries and employee benefits		10,036		11,036
Occupancy and equipment		2,154		2,027
Data processing		1,753		1,465
Other expense		2,128		2,001
Total noninterest expense		16,071		16,529
Income before provision for income taxes		8,146		10,014
Provision for income taxes		2,269		2,823
Net income	$	5,877	$	7,191
Earnings per common share:
Basic earnings per common share	$	0.51	$	0.57
Weighted average common shares outstanding		11,525,752		12,699,476

Diluted earnings per common share	$	0.51	$	0.57
Weighted average common shares outstanding		11,525,752		12,699,476

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(unaudited)


		Three months ended
	March 31,
	2024		2023
			(As Restated)
Net income	$	5,877	$	7,191
Other comprehensive loss:
Change in unrealized gain (loss) on AFS securities		696		(1,821)
Deferred tax (expense) benefit		(212)		524
Other comprehensive income (loss), net of tax		484		(1,297)
Total comprehensive income	$	6,361	$	5,894

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

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

(unaudited)


						Accumulated
		Common		Additional		Other				Total
	Number of	Stock		Paid in		Comprehensive		Retained		Shareholders’
	Shares	Amount		Capital		Income/(Loss)		Earnings		Equity
Three months ended March 31, 2024
Balance, December 31, 2023	11,551,271	$	180,913	$	287	$	(14,592)	$	146,261	$	312,869
Net income									5,877		5,877
Other comprehensive income, net							484				484
Restricted stock granted	24,471										—
Forfeiture of restricted stock grants	(505)										—
Cash dividends of $0.10 per share									(1,157)		(1,157)
Stock based compensation			160								160
Repurchase of shares	(198,120)		(3,998)								(3,998)
Balance, March 31, 2024	11,377,117	$	177,075	$	287	$	(14,108)	$	150,981	$	314,235

Three months ended March 31, 2023
Balance, December 31, 2022 (As Restated)	12,838,462	$	204,301	$	287	$	(11,561)	$	124,122	$	317,149
Net income									7,191		7,191
Other comprehensive loss, net							(1,297)				(1,297)
Cumulative change from adoption of ASU 2016-13, net of tax									(491)		(491)
Restricted stock granted	28,392										—
Cash dividends of $0.10 per share									(1,264)		(1,264)
Stock based compensation			250								250
Repurchase of shares	(422,877)		(8,066)								(8,066)
Balance, March 31, 2023 (As Restated)	12,443,977	$	196,485	$	287	$	(12,858)	$	129,558	$	313,472

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)


	Three months ended
	March 31,
	2024		2023
			(As Restated)
Cash flows from operating activities:
Net income	$	5,877	$	7,191
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		252		275
Deferred tax expense		1,909		1,681
Accretion on acquired loans		(38)		(893)
Gain on sale of loans		—		(412)
Proceeds from sale of loans		—		8,497
Loans originated for sale		—		(6,372)
Accretion on junior subordinated debentures		20		20
Gain on repayment of subordinated debt, net		34		—
Increase in cash surrender value of life insurance policies		(177)		(166)
Amortization/accretion of premiums/discounts on investment securities, net		36		113
(Gain) loss on equity securities		(573)		896
Depreciation and amortization		491		453
Core deposit intangible amortization		305		369
Stock based compensation expense		160		250
Increase (decrease) in deferred loan origination fees, net		64		(66)
Net change in interest receivable and other assets		(811)		1,317
Increase in salary continuation plan, net		115		81
Net change in interest payable and other liabilities		(2,581)		(5,046)
Net cash provided by operating activities		5,083		8,188
Cash flows from investing activities:
Proceeds from maturities of interest bearing deposits in banks		249		—
Purchase of investment securities AFS		(7,132)		(1,500)
Proceeds from maturities, repayments and calls of investment securities AFS		3,025		1,170
Purchase of FRB stock		(4)		(7)
Decrease (increase) in loans, net		36,027		(20,560)
Purchase of equipment and leasehold improvements, net		(1,143)		(148)
Net cash provided by (used in) investing activities		31,022		(21,045)

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (continued)

(In thousands)

(unaudited)


	Three months ended
	March 31,
	2024		2023
			(As Restated)
Cash flows from financing activities:
Decrease in noninterest and interest bearing deposits in banks, net		(26,816)		(54,301)
Increase in time deposits, net		36,973		96,591
Repayment of subordinated debt, net		(315)		—
Repurchase of common stock		(3,998)		(8,066)
Dividends paid on common stock		(1,156)		(644)
Net cash provided by financing activities		4,688		33,580
Increase in cash and cash equivalents		40,793		20,723
Cash and cash equivalents at beginning of period		307,539		176,815
Cash and cash equivalents at end of period	$	348,332	$	197,538

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest expense	$	9,673	$	5,108
Income taxes paid, net		—		10
Recognition of ROU assets		575		—
Recognition of lease liability		570		—

Non-cash operating activities:
Increase in allowance for credit losses upon adoption of ASU 2016-03	$	—	$	1,545

Non-cash investing and financing activities:
Change in unrealized gain (loss) on AFS securities, net of tax	$	484	$	(1,297)
Transfer of loans to held-for-sale		1,684		—
Cash dividends declared on common stock not yet paid		(1,157)		(1,264)

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

NOTE 1 – BASIS OF PRESENTATION

BayCom Corp (the “Company”) is a bank holding company headquartered in Walnut Creek, California. United Business Bank (the “Bank”), the Company’s wholly owned banking subsidiary, is a California state-chartered bank which provides a broad range of financial services primarily to local small and mid-sized businesses, service professionals and individuals. In its 19 years of operation, the Bank has grown to 35 full-service banking branches, with 16 locations in California, one in Nevada, two in Washington, five in New Mexico and 11 in Colorado. The condensed consolidated financial statements include the accounts of the Company and the Bank.

All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements include all adjustments of a normal and recurring nature, which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. Amounts presented in the consolidated financial statements and footnote tables are rounded and presented to the nearest thousands of dollars except per share amounts. If the amounts are above $1.0 million, they are rounded one decimal point, and if they are above $1.0 billion, they are rounded two decimal points.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes normally included in annual financial statements prepared in conformity with accounting principles generally accepted in the United States of America. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Results of operations for interim periods are not necessarily indicative of results for the full year. Certain prior year information has been reclassified to conform to the current year presentation. None of the reclassifications impacted consolidated net income, earnings per share or shareholders’ equity.

On April 5, 2012, the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for a public company that qualified as an “emerging growth company,” or EGC. The Company qualified as an EGC and remained an EGC until December 31, 2023, the last day of the Company’s fiscal year following the fifth anniversary of the completion of the Company’s initial public offering. As an EGC, we were permitted to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies. We took advantage of the benefits of this extended transition period; accordingly, our condensed consolidated financial statements for periods prior to our exit from EGC status may not be comparable to companies that comply with such new or revised accounting standards.

Restatement of Previously Issued Consolidated Financial Statements

On July 18, 2023, the audit committee of the Company’s board of directors concluded that the Company’s previously issued unaudited interim consolidated financial statements for the period ended March 31, 2023 and the consolidated financial statements for the year ended December 31, 2022, as well as for the unaudited interim periods included in that fiscal year (collectively, “Restated Periods”), should no longer be relied upon because of errors related to the accounting for unrealized losses on preferred equity securities that resulted in material misstatements of noninterest income and accumulated other comprehensive income.

At the time of its purchase of the preferred equity securities for investment purposes, the Company inappropriately accounted for them as AFS debt securities under Accounting Standards Codification (“ASC”) Topic 320 – Investments-Debt Securities. As such, the changes in the fair value of these securities were not recorded as part of net income but rather as a component of shareholders’ equity (in accumulated other comprehensive income, net of tax). However, as a result of subsequent research and third-party consultation, the Company determined that the securities should instead have been accounted for under ASC Topic 321 – Investments-Equity Securities. The result of this change in classification of the preferred equity securities is that the change in the fair value of the securities each quarter should have been recorded in noninterest income on the consolidated statements of income.

Table of Contents

On July 25, 2023, the Company filed amendments to its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023, September 30, 2022, June 30, 2022, and March 31, 2022, and its Form 10-K for the year ended December 31, 2022, (the “Original Reports”) with the Securities and Exchange Commission (“SEC”), to reflect the restatement of the Company’s consolidated financial statements for the Restated Periods (the “Amended Form 10-Qs” and the “Amended Form 10-K,” collectively, the “Amended Reports”).

As disclosed in the Original Reports, the Company recorded the change, net of taxes, in the fair value of preferred equity securities as part of other comprehensive loss, net of taxes, under ASC Topic 320 – Investments-Debt Securities rather than as part of non-interest income under ASC Topic 321 – Investments-Equity Securities. In addition, various footnotes in the Amended Reports reflect the effects of these restatements.

For additional information on the effects of the restatement, see Note 2 Restatement of Consolidated Financial Statements in the Notes to Consolidated Financial Statements contained in the Amended Form 10-K and Note 3. Restatement of the Consolidated Financial Statements in the Notes to Condensed Consolidated Financial Statements contained in each of the Amended Form 10-Qs.

NOTE 2 - ACCOUNTING GUIDANCE NOT YET EFFECTIVE AND ADOPTED ACCOUNTING GUIDANCE

Accounting Guidance Adopted in 2024

On January 1, 2024, the Company adopted Accounting Standards Update (“ASU”) 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, a consensus of the Emerging Issues Task Force. ASU 2023-02 allows an entity the option to apply the proportional amortization method of accounting to other equity investments that are made for the primary purpose of receiving tax credits or other income tax benefits if certain conditions are met. Prior to this ASU, the application of the proportional amortization method of accounting was limited to investments in low-income housing tax credit structures. The proportional amortization method of accounting results in the amortization of applicable investments, as well as the related income tax credits or other income tax benefits received, being presented on a single line in the statements of income, income tax expense. Under this ASU, an entity has the option to apply the proportional amortization method of accounting to applicable investments on a tax-credit-program-by-tax-credit program basis. In addition, the amendments in this ASU require that all tax equity investments accounted for using the proportional amortization method use the delayed equity contribution guidance in paragraph 323-740-25-3, requiring a liability to be recognized for delayed equity contributions that are unconditional and legally binding or for equity contributions that are contingent upon a future event when that contingent event becomes probable. Under this ASU, low-income housing tax credit investments for which the proportional amortization method is not applied can no longer be accounted for using the delayed equity contribution guidance. Further, this ASU specifies that impairment of low-income housing tax credit investments not accounted for using the equity method must apply the impairment guidance in Subtopic 323-10: Investments - Equity Method and Joint Ventures - Overall. This ASU also clarifies that for low-income housing tax credit investments not accounted for under the proportional amortization method or the equity method, an entity shall account for them under Topic 321: Investments - Equity Securities. The amendments in the ASU also require additional disclosures in interim and annual periods concerning investments for which the proportional amortization method is applied, including (i) the nature of tax equity investments, and (ii) the effect of tax equity investments and related income tax credits and other income tax benefits on the financial position and results of operations. ASU 2023-02 is effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02 did not have a material impact on the Company's consolidated financial statements and related disclosures.

Fair Value Measurement (Topic 820) - In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance in the ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account on the equity security and, therefore, is not considered in measuring fair value. The ASU also requires additional disclosures about the restriction. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The adoption of ASU 2022-03 did not have a significant impact on the Company's consolidated financial statements and related disclosures.

Table of Contents

Recent Accounting Guidance Not Yet Effective

Business Combinations (Topic 805) - In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture (JV) Formations: Recognition and Initial Measurement. The guidance requires newly-formed JVs to apply a new basis of accounting to all of its contributed net assets, which results in the JV initially measuring its contributed net assets under ASC 805-20, Business Combinations. The new guidance would be applied prospectively and is effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the consolidated financial statements.

Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) – In November 2023, the FASB issued ASU 2023-07 to enhance disclosures about significant segment expenses for public entities reporting segment information under Topic 280. It requires that a public entity disclose, on an annual and interim basis, significant expense categories for each reportable segment. Significant expense categories are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker ("CODM"), and 2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for "other segment items," reflecting the difference between 1) segment revenue less significant segment expenses, and 2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must disclose both new and existing segment reporting requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the guidance on a retrospective basis. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the consolidated financial statements.

Income Taxes – Improvements to Income Tax Disclosures (Topic 740) –In December 2023, the FASB issued ASU 2023-09 to provide additional transparency into an entity’s income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires that public business entities disclose, on an annual basis, specific categories in the rate reconciliation and additional information for reconciling items meeting a certain quantitative threshold. The amendments also require that entities disclose on an annual basis: 1) income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and 2) the income taxes paid (net of refunds received) disaggregated by individual jurisdictions exceeding 5% of total income taxes paid (net of refunds received). The amendments are effective for public business entities for annual periods beginning after December 15, 2024. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the consolidated financial statements.

Table of Contents

NOTE 3 – INVESTMENT SECURITIES

The amortized cost, gross unrealized gains and losses, and estimated fair values of securities AFS at the dates indicated are summarized as follows:


			Gross		Gross
	Amortized		unrealized		unrealized		Estimated
	cost		gains		losses		fair value
March 31, 2024
Municipal securities	$	23,080	$	98	$	(1,326)	$	21,852
Mortgage-backed securities		40,499		136		(3,745)		36,890
Collateralized mortgage obligations		37,787		136		(2,330)		35,593
SBA securities		4,954		40		(82)		4,912
Corporate bonds		81,391		7		(12,726)		68,672
Total	$	187,711	$	417	$	(20,209)	$	167,919


			Gross		Gross
	Amortized		unrealized		unrealized		Estimated
	cost		gains		losses		fair value
December 31, 2023
Municipal securities	$	21,910	$	75	$	(1,158)	$	20,827
Mortgage-backed securities		41,048		194		(3,641)		37,601
Collateralized mortgage obligations		35,019		256		(2,299)		32,976
SBA securities		5,280		49		(77)		5,252
Corporate bonds		80,383		7		(13,894)		66,496
Total	$	183,640	$	581	$	(21,069)	$	163,152

Amortized cost and fair values exclude accrued interest receivable of $1.5 million and $1.2 million at March 31, 2024 and December 31, 2023, respectively, which is included in interest receivable and other assets in the condensed consolidated balance sheets.

During both the three months ended March 31, 2024 and 2023, the Company sold no securities AFS.

The amortized cost and estimated fair value of securities AFS at the dates indicated by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2024				December 31, 2023
	Amortized		Estimated		Amortized		Estimated
	cost		fair value		cost		fair value

Securities AFS
Due in one year or less	$	4,880	$	4,839	$	6,397	$	6,338
Due after one through five years		16,285		14,560		15,909		14,206
Due after five years through ten years		102,621		89,055		102,430		87,867
Due after ten years		63,925		59,465		58,904		54,741
Total	$	187,711	$	167,919	$	183,640	$	163,152

At March 31, 2024, there were $12.0 million securities pledged, compared to no securities pledged at December 31, 2023.

Table of Contents

The estimated fair value and gross unrealized losses for securities AFS aggregated by the length of time that individual securities have been in a continuous unrealized loss position at the dates indicated are as follows:


	Less than 12 months				12 months or more				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	fair value		loss		fair value		loss		fair value		loss
March 31, 2024
Municipal securities	$	2,479	$	(24)	$	15,167	$	(1,302)	$	17,646	$	(1,326)
Mortgage-backed securities		1,355		(23)		25,932		(3,722)		27,287		(3,745)
Collateralized mortgage obligations		—		—		23,863		(2,330)		23,863		(2,330)
SBA securities		—		—		1,710		(82)		1,710		(82)
Corporate bonds		—		—		67,675		(12,726)		67,675		(12,726)
Total	$	3,834	$	(47)	$	134,347	$	(20,162)	$	138,181	$	(20,209)


	Less than 12 months				12 months or more				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	fair value		loss		fair value		loss		fair value		loss
December 31, 2023
Municipal securities	$	2,483	$	(28)	$	13,975	$	(1,130)	$	16,458	$	(1,158)
Mortgage-backed securities		1,369		(30)		26,435		(3,611)		27,804		(3,641)
Collateralized mortgage obligations		1,496		(8)		20,713		(2,291)		22,209		(2,299)
SBA securities		—		—		1,610		(77)		1,610		(77)
Corporate bonds		—		—		65,505		(13,894)		65,505		(13,894)
Total	$	5,348	$	(66)	$	128,238	$	(21,003)	$	133,586	$	(21,069)

At March 31, 2024, the Company held 321 securities AFS, of which 301 were in an unrealized loss position for more than twelve months and 17 were in an unrealized loss position for less than twelve months. At December 31, 2023, the Company held 334 investment securities, of which 297 were in an unrealized loss position for more than twelve months and 22 were in an unrealized loss position for less than twelve months. The Company anticipates full recovery of amortized cost with respect to these securities at maturity or sooner in the event of a more favorable market interest rate environment.

Allowance for credit losses on investment debt securities available-for-sale

Securities that were in an unrealized loss position as of March 31, 2024 were evaluated to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or changes in required yields by investors in these types of securities, among other factors. This assessment first includes a determination of whether the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis less any current-period credit losses. In making this assessment, management considers the nature of the security and any related government guarantees, any changes to the rating of the security by a rating agency, creditworthiness of the issuers/guarantors, the underlying collateral, the financial conditions and prospects of the issuer, and any adverse conditions specifically related to the security, among other factors.

As of March 31, 2024, the Company expects to recover the amortized cost basis of its securities, has no present intent to sell any investment securities with unrealized losses and it is not more likely than not that we will not be required to sell securities with unrealized losses before recovery of their amortized cost and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers of these securities continue to make timely principal and interest payments. No allowances for credit losses have been recognized on investment debt securities AFS in an unrealized loss position, as management does not believe any of the securities are impaired due to reasons of credit quality at March 31, 2024.

Table of Contents

Equity Securities

The Company recognized a net gain on equity securities of $573,000 and a net loss on equity securities of $896,000 for the three months ended March 31, 2024 and 2023, respectively. Equity securities were $13.2 million and $12.6 million as of March 31, 2024 and December 31, 2023, respectively.

NOTE 4 – LOANS

The Company’s loan portfolio at the dates indicated is summarized below:


	March 31,		December 31,
	2024		2023
Commercial and industrial (1)	$	160,594	$	162,889
Construction and land		9,616		9,559
Commercial real estate		1,632,090		1,668,585
Residential		83,868		86,002
Consumer		570		738
Total loans		1,886,738		1,927,773
Net deferred loan (fees) costs		(8)		56
Allowance for credit losses		(18,890)		(22,000)
Net loans	$	1,867,840	$	1,905,829

(1)

Includes $2.9 million and $3.8 million of U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans as of March 31, 2024 and December 31, 2023, respectively.

Net loans exclude accrued interest receivable of $6.0 million and $6.7 million at March 31, 2024 and December 31, 2023, respectively, which is included in interest receivable and other assets in the condensed consolidated balance sheets.

Table of Contents

The Company’s total individually evaluated loans, including nonaccrual loans, modified loans to borrowers experiencing financial difficulty, and accreting purchase credit deteriorated (“PCD”) loans that have experienced post-acquisition declines in cash flows expected to be collected are summarized as follows:


	Commercial		Construction		Commercial
	and industrial		and land		real estate		Residential		Consumer		Total
March 31, 2024
Recorded investment in loans individually evaluated:
With no specific allowance recorded	$	103	$	366	$	13,208	$	1,324	$	—	$	15,001
With a specific allowance recorded		1,564		—		5,400		139		—		7,103
Total recorded investment in loans individually evaluated	$	1,667	$	366	$	18,608	$	1,463	$	—	$	22,104
Specific allowance on loans individually evaluated	$	1,290	$	—	$	58	$	2	$	—	$	1,350

December 31, 2023
Recorded investment in loans individually evaluated:
With no specific allowance recorded	$	273	$	366	$	1,298	$	1,349	$	—	$	3,286
With a specific allowance recorded		1,799		—		7,745		147		—		9,691
Total recorded investment in loans individually evaluated	$	2,072	$	366	$	9,043	$	1,496	$	—	$	12,977
Specific allowance on loans individually evaluated	$	1,423	$	—	$	3,008	$	2	$	—	$	4,433

From time to time, the Company may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties. At time of restructuring, these loans are generally placed on nonaccrual. These loans may be returned to accrual status after the borrower demonstrated performance with the modified terms for a sustained period of time (generally six months) and the capacity to continue to perform in accordance with the modified terms of the restructured debt. The ACL on a modified loan to a borrower experiencing financial difficulty is measured using the same method as individually evaluated loans. During the three months ended March 31, 2024 and 2023, there were no modifications of loans to borrowers experiencing financial difficulty.

Table of Contents

A summary of modified loans to borrowers experiencing financial difficulty by type of concession and type of loan, as of the dates indicated, is set forth below (number of loans not in thousands):


	Number of	Rate		Term		Rate & term				% of Total
	loans	modification		modification		modification		Total		loans outstanding
March 31, 2024
Commercial and industrial	2	$	—	$	117	$	—	$	117		0.07	%
Construction and land	—		—		—	<