ベイコムの四半期報告

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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, 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 August 7, 2024, there were 11,156,267 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	34

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	57

ITEM 4. CONTROLS AND PROCEDURES	57

PART II — OTHER INFORMATION	58

ITEM 1. LEGAL PROCEEDINGS	58

ITEM 1A. RISK FACTORS	58

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	58

ITEM 3. DEFAULTS UPON SENIOR SECURITIES	58

ITEM 4. MINE SAFETY DISCLOSURES	58

ITEM 5. OTHER INFORMATION	59

ITEM 6. EXHIBITS	59

SIGNATURES	60

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)


	June 30,		December 31,
	2024		2023
ASSETS
Cash due from banks	$	23,278	$	17,901
Federal funds sold and interest-bearing balances in banks		367,930		289,638
Cash and cash equivalents		391,208		307,539
Time deposits in banks		747		1,245
Investment securities available-for-sale ("AFS"), at fair value, net of allowance for credit losses of $0 at both June 30, 2024 and December 31, 2023		183,633		163,152
Equity securities		12,837		12,585
Federal Home Loan Bank ("FHLB") stock, at par		11,313		11,313
Federal Reserve Bank ("FRB") stock, at par		9,635		9,626
Loans, net of allowance for credit losses of $19,000 at June 30, 2024 and $22,000 at December 31, 2023		1,845,172		1,905,829
Premises and equipment, net		14,052		13,734
Core deposit intangible, net		3,304		3,915
Cash surrender value of bank owned life insurance ("BOLI") policies, net		23,225		22,867
Right-of-use assets ("ROU"), net		12,874		13,939
Goodwill		38,838		38,838
Interest receivable and other assets		47,095		47,378
Total assets	$	2,593,933	$	2,551,960
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest and interest bearing deposits	$	2,175,010	$	2,132,750
Junior subordinated deferrable interest debentures, net		8,605		8,565
Subordinated debt, net		63,651		63,881
Salary continuation plan		4,733		4,552
Lease liabilities		13,779		14,752
Interest payable and other liabilities		12,890		14,591
Total liabilities		2,278,668		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 June 30, 2024 and December 31, 2023		—		—
Common stock, no par value; 100,000,000 shares authorized; 11,172,323 and 11,551,271 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		173,108		180,913
Additional paid in capital		287		287
Accumulated other comprehensive loss, net of tax		(13,602)		(14,592)
Retained earnings		155,472		146,261
Total shareholders’ equity		315,265		312,869
Total liabilities and shareholders’ equity	$	2,593,933	$	2,551,960

See Notes to Condensed Consolidated Financial Statements.

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BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

(unaudited)


	Three months ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023

Interest income:
Loans, including fees	$	25,014	$	26,667	$	50,271	$	52,922
Investment securities		2,181		1,693		4,137		3,333
Fed funds sold and interest-bearing balances in banks		4,819		2,560		8,934		4,389
FHLB dividends		247		196		519		384
FRB dividends		145		144		289		288
Total interest and dividend income		32,406		31,260		64,150		61,316
Interest expense:
Deposits		9,002		5,881		17,229		9,581
Subordinated debt		891		895		1,784		1,791
Junior subordinated deferrable interest debentures		218		203		435		406
Total interest expense		10,111		6,979		19,448		11,778
Net interest income		22,295		24,281		44,702		49,538
Provision for (reversal of) credit losses		171		(1,260)		423		(985)
Net interest income after provision for (reversal of) credit losses		22,124		25,541		44,279		50,523
Noninterest income:
Gain on sale of loans		287		68		287		480
(Loss) gain on equity securities		(321)		(917)		252		(1,813)
Service charges and other fees		734		882		1,573		1,767
Loan servicing and other loan fees		441		593		833		1,003
Income on investment in Small Business Investment Company (“SBIC”) fund		71		225		41		714
Other income and fees		271		235		559		496
Total noninterest income		1,483		1,086		3,545		2,647
Noninterest expense:
Salaries and employee benefits		9,642		10,745		19,678		21,781
Occupancy and equipment		2,133		1,974		4,287		4,001
Data processing		1,650		1,616		3,403		3,081
Other expense		2,587		2,222		4,715		4,223
Total noninterest expense		16,012		16,557		32,083		33,086
Income before provision for income taxes		7,595		10,070		15,741		20,084
Provision for income taxes		1,995		2,864		4,264		5,687
Net income	$	5,600	$	7,206	$	11,477	$	14,397
Earnings per common share:
Basic earnings per common share	$	0.50	$	0.59	$	1.01	$	1.16
Weighted average common shares outstanding		11,254,233		12,228,206		11,389,992		12,462,539

Diluted earnings per common share	$	0.50	$	0.59	$	1.01	$	1.16
Weighted average common shares outstanding		11,254,233		12,228,206		11,389,992		12,462,539

See Notes to Condensed Consolidated Financial Statements.

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BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(unaudited)


		Three months ended			Six months ended
	June 30,				June 30,
	2024		2023		2024		2023

Net income	$	5,600	$	7,206	$	11,477	$	14,397
Other comprehensive income (loss):
Change in unrealized gain (loss) on AFS securities		710		(4,999)		1,406		(6,823)
Deferred tax (expense) benefit		(204)		1,437		(416)		1,964
Other comprehensive income (loss), net of tax		506		(3,562)		990		(4,859)
Total comprehensive income	$	6,106	$	3,644	$	12,467	$	9,538

See Notes to Condensed Consolidated Financial Statements.

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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 June 30, 2024
Balance, April 1, 2024	11,377,117	$	177,075	$	287	$	(14,108)	$	150,981	$	314,235
Net income									5,600		5,600
Other comprehensive income, net							506				506
Cash dividends of $0.10 per share									(1,109)		(1,109)
Stock based compensation			164								164
Repurchase of shares	(204,794)		(4,131)								(4,131)
Balance, June 30, 2024	11,172,323	$	173,108	$	287	$	(13,602)	$	155,472	$	315,265

Three months ended June 30, 2023
Balance, April 1, 2023 (As Restated)	12,443,977	$	196,485	$	287	$	(12,858)	$	129,558	$	313,472
Net income									7,206		7,206
Other comprehensive loss, net							(3,562)				(3,562)
Cash dividends of $0.10 per share									(1,196)		(1,196)
Stock based compensation			182								182
Repurchase of shares	(543,955)		(9,088)								(9,088)
Balance, June 30, 2023	11,900,022	$	187,579	$	287	$	(16,420)	$	135,568	$	307,014


						Accumulated
		Common		Additional		Other				Total
	Number of	Stock		Paid in		Comprehensive		Retained		Shareholders’
	Shares	Amount		Capital		Income/(Loss)		Earnings		Equity
Six months ended June 30, 2024
Balance, January 1, 2024	11,551,271	$	180,913	$	287	$	(14,592)	$	146,261	$	312,869
Net income									11,477		11,477
Other comprehensive income, net							990				990
Restricted stock granted	24,471										—
Forfeiture of restricted stock granted	(505)										—
Cash dividends of $0.20 per share									(2,266)		(2,266)
Stock based compensation			324								324
Repurchase of shares	(402,914)		(8,129)								(8,129)
Balance, June 30, 2024	11,172,323	$	173,108	$	287	$	(13,602)	$	155,472	$	315,265

Six months ended June 30, 2023
Balance, January 1, 2023 (As Restated)	12,838,462	$	204,301	$	287	$	(11,561)	$	124,122	$	317,149
Net income									14,397		14,397
Other comprehensive loss, net							(4,859)				(4,859)
Cumulative change from adoption of ASU 2016-13, net of tax									(491)		(491)
Restricted stock granted	28,392										—
Cash dividends of $0.20 per share									(2,460)		(2,460)
Stock based compensation			432								432
Repurchase of shares	(966,832)		(17,154)								(17,154)
Balance, June 30, 2023	11,900,022	$	187,579	$	287	$	(16,420)	$	135,568	$	307,014

See Notes to Condensed Consolidated Financial Statements.

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BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)


	Six months ended
	June 30,
	2024		2023

Cash flows from operating activities:
Net income	$	11,477	$	14,397
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses		423		(985)
Deferred tax expense (benefit)		2,021		(1,285)
Accretion on acquired loans		(186)		(853)
Gain on sale of loans		(287)		(480)
Proceeds from sale of loans		4,749		9,176
Loans originated for sale		(3,562)		(6,882)
Loss on sale of OREO		—		21
Accretion on junior subordinated debentures		40		40
Gain on repayment of subordinated debt, net		(34)		—
Increase in cash surrender value of life insurance policies		(358)		(335)
Amortization/accretion of premiums/discounts on investment securities, net		64		227
(Gain) loss on equity securities		(252)		1,813
Depreciation and amortization		1,009		883
Core deposit intangible amortization		611		674
Stock based compensation expense		324		432
Increase (decrease) in deferred loan origination fees, net		66		(92)
Net change in interest receivable and other assets		(1,120)		1,956
Increase in salary continuation plan, net		181		115
Net change in interest payable and other liabilities		(2,415)		967
Net cash provided by operating activities		12,751		19,789
Cash flows from investing activities:
Proceeds from maturities of interest bearing deposits in banks		498		249
Purchase of investment securities AFS		(26,570)		(2,460)
Proceeds from maturities, repayments and calls of investment securities AFS		7,430		2,943
Purchase of FHLB stock		—		(634)
Purchase of FRB stock		(9)		(14)
Decrease in loans, net		59,454		10,513
Purchase of equipment and leasehold improvements, net		(1,388)		(171)
Net cash provided by investing activities		39,415		10,426

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BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (continued)

(In thousands)

(unaudited)


	Six months ended
	June 30,
	2024		2023

Cash flows from financing activities:
Decrease in noninterest and interest bearing deposits in banks, net		(8,601)		(104,187)
Increase in time deposits, net		50,861		165,774
Repayment of subordinated debt, net		(315)		—
Repurchase of common stock		(8,129)		(17,154)
Dividends paid on common stock		(2,313)		(1,264)
Net cash provided by financing activities		31,503		43,169
Increase in cash and cash equivalents		83,669		73,384
Cash and cash equivalents at beginning of period		307,539		176,815
Cash and cash equivalents at end of period	$	391,208	$	250,199

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest expense	$	18,920	$	10,576
Income taxes paid, net		3,893		7
Recognition of ROU assets		575		—
Recognition of lease liability		570		—

Non-cash investing and financing activities:
Change in unrealized gain (loss) on AFS securities, net of tax	$	990	$	(4,859)
Transfer of loans to held-for-sale		1,684		—
Cash dividends declared on common stock not yet paid		(1,109)		(1,196)

See Notes to Condensed Consolidated Financial Statements.

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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 20 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. Dollar 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.

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.

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.

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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 material impact on the Company's consolidated financial statements and related disclosures.

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 Company’s 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.

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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 comply with 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 Company’s 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 Company’s consolidated financial statements.

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
June 30, 2024
Municipal securities	$	23,817	$	77	$	(1,477)	$	22,417
Mortgage-backed securities		47,464		98		(3,779)		43,783
Collateralized mortgage obligations		45,536		131		(2,277)		43,390
SBA securities		4,674		43		(77)		4,640
Corporate bonds		81,224		—		(11,821)		69,403
Total	$	202,715	$	349	$	(19,431)	$	183,633

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			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 June 30, 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 and six months ended June 30, 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.


	June 30, 2024				December 31, 2023
	Amortized		Estimated		Amortized		Estimated
	cost		fair value		cost		fair value

Securities AFS
Due in one year or less	$	34,697	$	34,051	$	6,397	$	6,338
Due after one through five years		84,573		72,430		15,909		14,206
Due after five years through ten years		26,967		24,092		102,430		87,867
Due after ten years		56,478		53,060		58,904		54,741
Total	$	202,715	$	183,633	$	183,640	$	163,152

At both June 30, 2024 and December 31, 2023, there were no securities pledged.

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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

June 30, 2024

Municipal securities

1,649