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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 September 30, 2020

OR

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

For the transition period from            to          

COMMISSION FILE NUMBER 001-38483

BAYCOM CORP

(Exact Name of Registrant as Specified in its Charter)

California

 

37-1849111

(State or other jurisdiction of incorporation or organization)

 

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

 

 

 

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

 

94596

(Address of principal executive offices)

 

(Zip Code)

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

None

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

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value per share

BCML

The NASDAQ Stock Market LLC

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

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

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

Large accelerated filer

Accelerated filer

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

Emerging growth company

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

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

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

As of November 1, 2020, 11,833,115 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

60

ITEM 4. CONTROLS AND PROCEDURES

60

PART II — OTHER INFORMATION

61

ITEM 1. LEGAL PROCEEDINGS

61

ITEM 1A. RISK FACTORS

61

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

62

ITEM 3. DEFAULTS OF SENIOR SECURITIES

63

ITEM 4. MINE SAFETY DISCLOSURES

63

ITEM 5. OTHER INFORMATION

63

ITEM 6. EXHIBITS

63

SIGNATURES

65

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

1

Table of Contents

BAYCOM CORP

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets (unaudited)

3

 

Condensed Consolidated Statements of Income (unaudited)

4

Condensed Consolidated Statements of Comprehensive Income (unaudited)

5

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

6

Condensed Consolidated Statements of Cash Flows (unaudited)

7

Notes to Condensed Consolidated Financial Statements (unaudited)

9

2

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share data)

(unaudited)

September 30, 

December 31, 

    

2020

    

2019

ASSETS

 

  

 

  

Cash and due from banks

$

319,835

$

23,476

Federal funds sold

 

 

271,906

Cash and cash equivalents

 

319,835

 

295,382

Interest bearing deposits in banks

 

8,714

 

1,739

Investment securities available-for-sale

 

113,708

 

119,889

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

 

7,737

 

7,174

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

 

7,594

 

6,731

Loans held for sale

 

12,044

 

2,226

Loans, net of allowance for loan losses of $15,800 and $7,400 at September 30, 2020 and December 31, 2019, respectively

 

1,678,295

 

1,450,229

Premises and equipment, net

 

15,623

 

10,529

Other real estate owned ("OREO")

 

296

 

574

Core deposit intangible

 

8,755

 

9,185

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

 

20,745

 

20,244

Right-of-use assets ("ROU")

13,061

15,291

Goodwill

 

38,838

 

35,466

Interest receivable and other assets

 

26,486

 

19,518

Total assets

$

2,271,731

$

1,994,177

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

Noninterest and interest bearing deposits

$

1,908,646

$

1,701,183

Lease liabilities

 

13,097

 

15,599

Salary continuation plan

 

3,923

 

3,658

Interest payable and other liabilities

 

9,074

 

11,275

Subordinated debt, net

63,340

Other borrowings

10,000

Junior subordinated deferrable interest debentures, net

 

8,302

 

8,242

Total liabilities

 

2,016,382

 

1,739,957

Commitments and contingencies (Note 16)

 

  

 

  

Shareholders' equity

 

  

 

  

Preferred stock - no par value; 10,000,000 shares authorized; no shares issued and outstanding at both September 30, 2020 and December 31, 2019

 

 

Common stock - no par value; 100,000,000 shares authorized; 11,833,115 and 12,444,632 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

174,357

 

184,043

Additional paid in capital

 

287

 

287

Accumulated other comprehensive income, net of tax

 

2,880

 

1,251

Retained earnings

 

77,825

 

68,639

Total shareholders’ equity

 

255,349

 

254,220

Total liabilities and shareholders’ equity

$

2,271,731

$

1,994,177

3

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

Nine months ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Interest income:

 

  

 

  

 

  

 

  

 

Loans, including fees

$

20,136

$

17,524

$

62,511

$

46,194

Investment securities and interest bearing deposits in banks

 

875

 

2,662

 

3,400

 

7,990

FHLB dividends

 

95

 

141

 

274

 

325

FRB dividends

 

117

 

63

 

339

 

186

Total interest and dividend income

 

21,223

 

20,390

 

66,524

 

54,695

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

1,562

 

2,493

 

5,564

 

5,623

Subordinated debt

600

140

818

433

Other borrowings

 

56

 

 

150

 

Total interest expense

 

2,218

 

2,633

 

6,532

 

6,056

Net interest income

 

19,005

 

17,757

 

59,992

 

48,639

Provision for loan losses

 

2,293

 

479

 

8,404

 

1,201

Net interest income after provision for loan losses

 

16,712

 

17,278

 

51,588

 

47,438

Noninterest income:

 

  

 

  

 

  

 

  

Gain on sale of loans

 

176

 

689

 

1,030

 

1,782

Service charges and other fees

 

648

 

605

 

1,963

 

2,000

Loan servicing and other loan fees

 

608

 

443

 

1,849

 

1,367

(Loss) gain on sale of premises

(25)

(25)

187

Income on investment in SBIC fund

 

188

 

131

 

223

 

599

Other income and fees

 

233

 

246

 

668

 

839

Total noninterest income

 

1,828

 

2,114

 

5,708

 

6,774

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

8,482

 

7,440

 

25,442

 

20,600

Occupancy and equipment

 

1,749

 

1,396

 

5,334

 

3,570

Data processing

 

1,642

 

1,036

 

6,716

 

5,643

Other expense

 

2,283

 

1,792

 

7,118

 

6,394

Total noninterest expense

 

14,156

 

11,664

 

44,610

 

36,207

Income before provision for income taxes

 

4,384

 

7,728

 

12,686

 

18,005

Provision for income taxes

 

1,135

 

2,165

 

3,500

 

5,274

Net income

$

3,249

$

5,563

$

9,186

$

12,731

Earnings per common share:

 

  

 

  

 

  

 

  

Basic earnings per common share

$

0.27

$

0.46

$

0.76

$

1.11

Weighted average shares outstanding

 

11,865,058

 

12,061,616

 

12,078,407

 

11,450,108

Diluted earnings per common share

$

0.27

$

0.46

$

0.76

$

1.11

Weighted average shares outstanding

 

11,865,058

 

12,061,616

 

12,078,407

 

11,450,108

4

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(unaudited)

Three months ended

Nine months ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Net income

$

3,249

$

5,563

$

9,186

12,731

Other comprehensive income:

 

  

 

  

 

  

 

  

Change in unrealized (loss) gain on available-for-sale securities

 

(13)

 

446

 

2,288

 

2,391

Deferred tax benefit (expense)

 

4

 

(128)

 

(659)

 

(684)

Other comprehensive (loss) income, net of tax

 

(9)

 

318

 

1,629

 

1,707

Total comprehensive income

$

3,240

$

5,881

$

10,815

$

14,438

5

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands, except for share data)

(unaudited)

    

    

    

    

Accumulated

    

    

Common

Additional

Other

Total

Number of

Stock

Paid in

Comprehensive

Retained

Shareholders’

Shares

Amount

Capital

Income/(Loss)

Earnings

Equity

Balance, December 31, 2018

 

10,869,275

$

149,248

$

287

$

(103)

$

51,321

$

200,753

Net income

 

 

 

 

 

4,941

 

4,941

Other comprehensive income, net

 

 

 

 

597

 

  

 

597

Restricted stock granted

22,289

 

  

 

 

 

  

 

Stock based compensation

 

 

120

 

 

 

  

 

120

Balance, March 31, 2019

 

10,891,564

$

149,368

$

287

$

494

$

56,262

$

206,411

Net income

 

 

 

 

 

2,227

 

2,227

Other comprehensive income, net

 

 

 

 

792

 

  

 

792

Restricted stock granted

45,696

 

  

 

 

 

  

 

Stock based compensation

 

 

320

 

 

 

  

 

320

Stock issued in acquisition

 

1,115,006

 

24,887

 

 

 

  

 

24,887

Balance, June 30, 2019

 

12,052,266

174,575

287

1,286

58,489

234,637

Net income

 

 

 

 

 

5,563

 

5,563

Other comprehensive income, net

 

 

 

 

318

 

  

 

318

Restricted stock granted

9,350

 

  

 

 

 

  

 

Stock based compensation

 

 

367

 

 

 

  

 

367

Balance, September 30, 2019

12,061,616

174,942

287

1,604

64,052

240,885

Net income

 

 

 

 

 

4,587

 

4,587

Other comprehensive loss, net

 

 

 

 

(353)

 

  

 

(353)

Stock based compensation

 

 

347

 

 

 

  

 

347

Issuance of shares

876,803

19,711

19,711

Repurchase of shares

(493,787)

(10,957)

(10,957)

Balance, December 31, 2019

12,444,632

184,043

287

1,251

68,639

254,220

Net income

 

2,818

2,818

Other comprehensive income, net

 

810

810

Restricted stock granted

 

15,173

Restricted stock forfeited

(1,432)

Stock based compensation

309

309

Repurchase of shares

(228,525)

(4,596)

(4,596)

Balance, March 31, 2020

12,229,848

179,756

287

2,061

71,457

253,561

Net income

 

3,119

3,119

Other comprehensive income, net

 

828

828

Restricted stock granted

 

92,294

Stock based compensation

363

363

Repurchase of shares

(451,978)

(5,463)

(5,463)

Balance, June 30, 2020

 

11,870,164

$

174,656

$

287

$

2,889

$

74,576

$

252,408

Net income

 

3,249

3,249

Other comprehensive loss, net

 

(9)

(9)

Restricted stock granted

 

21,599

Stock based compensation

385

385

Repurchase of shares

(58,648)

(684)

(684)

Balance, September 30, 2020

 

11,833,115

$

174,357

$

287

$

2,880

$

77,825

$

255,349

6

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

Nine months ended

September 30, 

    

2020

    

2019

Cash flows from operating activities:

 

  

 

  

 

Net income

$

9,186

$

12,731

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

 

  

 

  

Increase in deferred tax asset

 

(1,888)

 

(1,148)

Accretion on acquired loans

 

(4,339)

 

(2,683)

Gain on sale of loans

 

(1,030)

 

(1,782)

Proceeds from sale of loans

 

14,993

 

24,317

Loans originated for sale

 

(20,036)

 

(33,551)

Loss (gain) on sale of premises

25

(187)

Gain on sale of OREO

 

(28)

 

(112)

Accretion on junior subordinated debentures

 

60

 

60

Increase in cash surrender value of life insurance policies securities

 

(501)

 

(484)

Provision for loan losses

 

8,404

 

1,201

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

 

543

 

340

Depreciation and amortization

 

1,198

 

859

Core deposit intangible amortization

 

1,379

 

1,177

Stock based compensation expense

 

1,057

 

807

Increase in deferred loan origination fees, net

 

4,124

 

212

Increase in interest receivable and other assets

 

(1,854)

 

(6,889)

Increase in salary continuation plan, net

 

265

 

213

(Decrease) increase in interest payable and other liabilities

 

(5,401)

 

10,300

Net cash provided by operating activities

 

6,157

 

5,381

Cash flows from investing activities:

 

  

 

  

Proceeds from maturities of interest bearing deposits in banks

 

9,065

 

1,497

Purchase of investment securities

 

(9,920)

 

(13,260)

Proceeds from the maturity and repayment of investment securities

 

22,228

 

21,173

Purchase of Federal Home Loan Bank stock

 

(398)

 

(477)

Purchase of Federal Reserve Bank stock

 

(863)

 

(88)

(Increase) decrease in loans, net

 

(141,802)

 

29,362

Proceeds from sale of premises

431

4,961

Proceeds from sale of OREO

 

518

 

354

Purchase of equipment and leasehold improvements

 

(2,869)

 

(704)

Net cash paid out for acquisition

 

(8,432)

 

(9,342)

Net cash (used in) provided by investing activities

 

(132,042)

 

33,476

7

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (continued)

(In thousands)

(unaudited)

Nine months ended

September 30, 

    

2020

    

2019

Cash flows from financing activities:

 

  

 

  

Increase (decrease) in noninterest and interest bearing deposits, net

 

175,055

 

(10,410)

Decrease in time deposits, net

 

(85,739)

 

(14,950)

Repurchase of common stock

 

(10,743)

 

Repayment of junior subordinated debentures

(1,575)

Proceeds from Issuance of subordinated debt, net

 

63,340

 

Increase in other borrowings

 

116,000

 

Repayment of other borrowings

 

(106,000)

 

Net cash provided by (used in) financing activities

 

150,338

 

(25,360)

Increase in cash and cash equivalents

 

24,453

 

13,497

Cash and cash equivalents at beginning of period

 

295,382

 

323,581

Cash and cash equivalents at end of period

$

319,835

$

337,078

Supplemental disclosure of cash flow information: