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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, 2025

	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 November 3, 2025, there were 10,897,763 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	59

ITEM 4. CONTROLS AND PROCEDURES	59

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	61

ITEM 3. DEFAULTS UPON SENIOR SECURITIES	61

ITEM 4. MINE SAFETY DISCLOSURES	61

ITEM 5. OTHER INFORMATION	62

ITEM 6. EXHIBITS	62

SIGNATURES	63

In this document, “BayCom” refers to BayCom Corp, the “Bank” refers to United Business Bank, BayCom’s wholly-owned subsidiary, and the “Company,” “we,” “us,” and “our” refer to BayCom and the Bank collectively, 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)	8

	Notes to Condensed Consolidated Financial Statements (unaudited)	10

Table of Contents

BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share data)

(unaudited)


	September 30,		December 31,
	2025		2024
ASSETS
Cash due from banks	$	21,731	$	23,138
Federal funds sold and interest-bearing balances in banks		206,715		340,894
Cash and cash equivalents		228,446		364,032
Time deposits in banks		—		249
Investment securities available-for-sale ("AFS"), at fair value, net of allowance for credit losses of $0 at both September 30, 2025 and December 31, 2024		187,774		193,328
Equity securities, at fair value		13,307		13,120
Federal Home Loan Bank ("FHLB") stock, at par		11,524		11,313
Federal Reserve Bank ("FRB") stock, at par		9,657		9,645
Loans held for sale		421		2,216
Loans, net of allowance for credit losses of $20,800 at September 30, 2025 and $17,900 at December 31, 2024		2,021,537		1,934,996
Premises and equipment, net		13,577		13,386
Core deposit intangible, net		1,945		2,693
Cash surrender value of bank owned life insurance ("BOLI") policies, net		24,162		23,591
Right-of-use assets ("ROU"), net		13,476		13,383
Goodwill		38,838		38,838
Interest receivable and other assets		39,123		43,718
Total assets	$	2,603,787	$	2,664,508

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest and interest bearing deposits	$	2,228,052	$	2,234,009
Junior subordinated deferrable interest debentures, net		8,706		8,645
Subordinated debt, net		—		63,736
Salary continuation plan		4,991		4,737
Lease liabilities		14,494		14,383
Interest payable and other liabilities		13,275		14,632
Total liabilities		2,269,518		2,340,142
Commitments and contingencies (Note 17)

Shareholders' equity
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both September 30, 2025 and December 31, 2024		—		—
Common stock, no par value; 100,000,000 shares authorized; 10,916,792 and 11,121,475 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		166,633		172,254
Additional paid in capital		287		287
Accumulated other comprehensive loss, net of tax		(7,962)		(13,006)
Retained earnings		175,311		164,831
Total shareholders’ equity		334,269		324,366
Total liabilities and shareholders’ equity	$	2,603,787	$	2,664,508

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				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024

Interest income:
Loans, including fees	$	29,220	$	26,232	$	84,331	$	76,503
Investment securities		2,315		2,393		7,175		6,530
Fed funds sold and interest-bearing balances in banks		3,017		4,414		8,359		13,348
FHLB dividends		253		243		750		762
FRB dividends		145		144		434		433
Total interest and dividend income		34,950		33,426		101,049		97,576
Interest expense:
Deposits		9,777		9,448		27,669		26,677
Subordinated debt		1,571		892		3,354		2,676
Junior subordinated deferrable interest debentures		193		221		577		656
Total interest expense		11,541		10,561		31,600		30,009
Net interest income		23,409		22,865		69,449		67,567
Provision for credit losses		2,973		1,245		3,818		1,668
Net interest income after provision for credit losses		20,436		21,620		65,631		65,899
Noninterest income:
Gain on sale of loans		—		—		251		287
Gain on equity securities		771		1,420		523		1,672
Service charges and other fees		825		898		2,683		2,471
Loan servicing and other loan fees		403		324		1,308		1,157
Loss on investment in Small Business Investment Company (“SBIC”) fund		(29)		(253)		(365)		(212)
Other income and fees		278		356		801		915
Total noninterest income		2,248		2,745		5,201		6,290
Noninterest expense:
Salaries and employee benefits		10,168		9,569		29,831		29,247
Occupancy and equipment		2,143		2,209		6,462		6,496
Data processing		2,038		1,973		5,804		5,376
Other expense		1,597		2,323		5,592		7,038
Total noninterest expense		15,946		16,074		47,689		48,157
Income before provision for income taxes		6,738		8,291		23,143		24,032
Provision for income taxes		1,731		2,274		6,070		6,538
Net income	$	5,007	$	6,017	$	17,073	$	17,494
Earnings per common share:
Basic earnings per common share	$	0.46	$	0.54	$	1.55	$	1.55
Weighted average common shares outstanding		10,929,779		11,148,482		11,022,179		11,308,901

Diluted earnings per common share	$	0.46	$	0.54	$	1.55	$	1.55
Weighted average common shares outstanding		10,929,779		11,148,482		11,022,179		11,308,901

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			Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024

Net income	$	5,007	$	6,017	$	17,073	$	17,494
Other comprehensive income:
Change in unrealized gain on AFS securities		3,296		3,414		7,328		4,820
Deferred tax expense		(1,136)		(980)		(2,284)		(1,396)
Other comprehensive income, net of tax		2,160		2,434		5,044		3,424
Total comprehensive income	$	7,167	$	8,451	$	22,117	$	20,918

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 September 30, 2025
Balance, July 1, 2025	10,941,232	$	167,369	$	287	$	(10,122)	$	173,028	$	330,562
Net income									5,007		5,007
Other comprehensive income, net							2,160				2,160
Restricted stock granted	8,860										—
Forfeiture of restricted stock grants											—
Cash dividends of $0.25 per share									(2,724)		(2,724)
Stock based compensation			173								173
Repurchase of shares	(33,300)		(909)								(909)
Balance, September 30, 2025	10,916,792	$	166,633	$	287	$	(7,962)	$	175,311	$	334,269

Three months ended September 30, 2024
Balance, July 1, 2024	11,172,323	$	173,108	$	287	$	(13,602)	$	155,472	$	315,265
Net income									6,017		6,017
Other comprehensive income, net							2,434				2,434
Restricted stock granted	9,289										—
Cash dividends of $0.10 per share									(1,110)		(1,110)
Stock based compensation			159								159
Repurchase of shares	(51,240)		(1,084)								(1,084)
Balance, September 30, 2024	11,130,372	$	172,183	$	287	$	(11,168)	$	160,379	$	321,681

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						Accumulated
		Common		Additional		Other				Total
	Number of	Stock		Paid in		Comprehensive		Retained		Shareholders’
	Shares	Amount		Capital		Income/(Loss)		Earnings		Equity
Nine months ended September 30, 2025
Balance, January 1, 2025	11,121,475	$	172,254	$	287	$	(13,006)	$	164,831	$	324,366
Net income									17,073		17,073
Other comprehensive income, net							5,044				5,044
Restricted stock granted	31,081										—
Forfeiture of restricted stock granted	(3,221)										—
Cash dividends of $0.60 per share									(6,593)		(6,593)
Stock based compensation			475								475
Repurchase of shares	(232,543)		(6,096)								(6,096)
Balance, September 30, 2025	10,916,792	$	166,633	$	287	$	(7,962)	$	175,311	$	334,269

Nine months ended September 30, 2024
Balance, January 1, 2024	11,551,271	$	180,913	$	287	$	(14,592)	$	146,261	$	312,869
Net income									17,494		17,494
Other comprehensive income, net							3,424				3,424
Restricted stock granted	33,760										—
Forfeiture of restricted stock granted	(505)										—
Cash dividends of $0.30 per share									(3,376)		(3,376)
Stock based compensation			483								483
Repurchase of shares	(454,154)		(9,213)								(9,213)
Balance, September 30, 2024	11,130,372	$	172,183	$	287	$	(11,168)	$	160,379	$	321,681

See Notes to Condensed Consolidated Financial Statements.

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BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)


	Nine months ended
	September 30,
	2025		2024

Cash flows from operating activities:
Net income	$	17,073	$	17,494
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		3,818		1,668
Deferred tax expense		1,495		3,409
Amortization (accretion) on acquired loans		180		(95)
Gain on sale of loans		(251)		(287)
Proceeds from sale of loans originated for sale		4,496		4,749
Loans originated for sale		(3,372)		(3,562)
Accretion on junior subordinated debentures		61		60
Gain on repayment of subordinated debt, net		—		(34)
Increase in cash surrender value of life insurance policies		(571)		(542)
Amortization/accretion of premiums/discounts on investment securities, net		95		18
Gain on equity securities		(523)		(1,672)
Depreciation and amortization		2,460		1,537
Core deposit intangible amortization		748		916
Stock based compensation expense		475		483
Decrease in deferred loan origination fees, net		(505)		(128)
Net change in interest receivable and other assets		1,011		(7)
Increase in salary continuation plan, net		254		145
Net change in interest payable and other liabilities		(3,951)		(1,783)
Net cash provided by operating activities		22,993		22,369
Cash flows from investing activities:
Proceeds from maturities of interest bearing deposits in banks		249		747
Purchase of investment securities AFS		(11,569)		(39,020)
Proceeds from maturities, repayments and calls of investment securities AFS		24,692		13,140
Purchase of FHLB stock		(211)		—
Purchase of FRB stock		(12)		(14)
Proceeds from sale of loans		—		6,837
Purchase of loans		(24,633)		(64,432)
(Increase) decrease in loans, net		(64,479)		65,032
Purchase of equipment and leasehold improvements, net		(2,008)		(1,643)
Net cash used in investing activities		(77,971)		(19,353)

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BAYCOM CORP AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (continued)

(In thousands)

(unaudited)


	Nine months ended
	September 30,
	2025		2024

Cash flows from financing activities:
Decrease in noninterest and interest bearing deposits in banks, net		(16,767)		(8,900)
Increase in time deposits, net		10,810		12,591
Repayment of subordinated debt, net		(64,685)		(315)
Repurchase of common stock		(6,096)		(9,213)
Dividends paid on common stock		(3,870)		(3,434)
Net cash used in financing activities		(80,608)		(9,271)
Decrease in cash and cash equivalents		(135,586)		(6,255)
Cash and cash equivalents at beginning of period		364,032		307,539
Cash and cash equivalents at end of period	$	228,446	$	301,284

Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest expense	$	32,287	$	30,096
Income taxes paid, net		6,473		5,317


Non-cash investing and financing activities:
Change in unrealized gain on AFS securities, net of tax	$	5,044	$	3,424
Transfer of loans to held-for-sale		697		2,252
Recognition of ROU assets in exchange for lease obligations		2,701		1,629
Cash dividends declared on common stock not yet paid		(2,724)		(1,110)

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 34 full-service banking branches at September 30, 2025, with 16 locations in California, one in Nevada, one 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, 2024. 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.

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

Accounting Guidance Recently Adopted

Segment Reporting – Improvements to Reportable Segment Disclosures (Topic 280) – In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarifying circumstances in which an entity can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and requiring other disclosures. The amendments are effective for annual reporting periods beginning after December 15, 2023 (i.e., starting with the Company’s 2024 Form 10-K) and interim periods within fiscal years beginning after December 31, 2024, and must be applied retrospectively to all prior periods presented in the financial statements. The disclosure requirements of this update did not have a material effect on the Company’s consolidated financial statements. See Note 18—Segment Information.

Recent Accounting Guidance Not Yet Effective

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.

In March 2024, the FASB issued ASU 2024-01 to clarify how entities should determine whether profits interest and similar awards granted in exchanges for services fall within the scope of Topic 718, Compensation – Stock

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Compensation, or Topic 710, Compensation – General. The amendments include illustrative examples to assist entities in evaluating the substance of such awards and determining the appropriate accounting treatment. The amendments are effective for public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the accounting and disclosure requirements of this update and does not expect the adoption of this standard to have a material effect on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220) – Reporting Comprehensive Income – Expense Disaggregation Disclosures, to address investor requests for more detailed information about certain expense types. The new standard requires public business entities to disclose disaggregated information about specific natural expense categories underlying relevant expense captions presented on the face of the income statement within continuing operations, such as employee compensation, depreciation, and intangible asset amortization. The amendments are effective for public business entities for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Entities are required to adopt the amendments prospectively. In January 2025, the FASB issued ASU 2025-01, Income Statement (Topic 220) – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Clarifying the Effective Date, to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of this update on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05 to simplify the estimation of expected credit losses for current accounts receivable and contract assets arising from revenue transaction within the scope of Topic 606, Revenue from Contracts with Customers. The amendments introduce a practical expedient that allows entities to assume that conditions existing as of the balance sheet date remain unchanged over the remaining life of the asset, and for entities other than public business entities, permit the use of subsequent cash collections when estimating credit losses. The amendments are effective for annual reporting periods beginning after December 15, 2025, including interim periods within those annual periods. Early adoption is permitted. The amendments should be applied prospectively. The Company is currently evaluating the accounting and disclosure requirements of this update and does not expect the adoption of this standard to have a material effect on its 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
September 30, 2025
U.S. Government Agencies	$	1,738	$	—	$	(7)	$	1,731
Municipal securities		25,219		166		(911)		24,474
Mortgage-backed securities		49,541		315		(2,752)		47,104
Collateralized mortgage obligations		47,862		210		(1,480)		46,592
SBA securities		3,177		6		(53)		3,130
Corporate bonds		71,094		63		(6,414)		64,743
Total	$	198,631	$	760	$	(11,617)	$	187,774

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			Gross		Gross
	Amortized		unrealized		unrealized		Estimated
	cost		gains		losses		fair value
December 31, 2024
U.S. Government Agencies	$	1,949	$	—	$	(12)	$	1,937
Municipal securities		23,777		82		(1,334)		22,525
Mortgage-backed securities		51,281		95		(3,893)		47,483
Collateralized mortgage obligations		49,220		147		(2,208)		47,159
SBA securities		4,054		6		(75)		3,985
Corporate bonds		81,232		29		(11,022)		70,239
Total	$	211,513	$	359	$	(18,544)	$	193,328

No allowances for credit losses have been recognized on investment debt securities AFS in an unrealized loss position at both September 30, 2025 and December 31, 2024.

Amortized cost and fair values exclude accrued interest receivable of $1.5 million at September 30, 2025 and $1.3 million at December 31, 2024, which is included in interest receivable and other assets in the condensed consolidated balance sheets.

During both the three and nine months ended September 30, 2025 and 2024, 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.


	September 30, 2025				December 31, 2024
	Amortized		Estimated		Amortized		Estimated
	cost		fair value		cost		fair value

Securities AFS
Due in one year or less	$	2,059	$	2,058	$	2,002	$	1,993
Due after one through five years		18,242		16,809		37,763		33,467
Due after five years through ten years		88,868		81,798		84,002		74,018
Due after ten years		89,462		87,109		87,746		83,850
Total	$	198,631	$	187,774	$	211,513	$	193,328

At both September 30, 2025 and December 31, 2024, 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
September 30, 2025
U.S. Government Agencies	$	911	$	(3)	$	820	$	(4)	$	1,731	$	(7)
Municipal securities		2,064		(138)		12,087		(773)		14,151		(911)
Mortgage-backed securities		1,582		(19)		25,336		(2,733)		26,918		(2,752)
Collateralized mortgage obligations		12,266		(52)		20,932		(1,428)		33,198		(1,480)
SBA securities		1,734		(12)		852		(41)		2,586		(53)
Corporate bonds		1,739		(11)		62,097		(6,403)		63,836		(6,414)
Total	$	20,296	$	(235)	$	122,124	$	(11,382)	$	142,420	$	(11,617)


	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, 2024
U.S. Government Agencies	$	1,938	$	(12)	$	—	$	—	$	1,938	$	(12)
Municipal securities		5,135		(67)		13,333		(1,267)		18,468		(1,334)
Mortgage-backed securities		16,514		(321)		22,257		(3,572)		38,771		(3,893)
Collateralized mortgage obligations		17,234		(145)		19,012		(2,063)		36,246		(2,208)
SBA securities		2,023		(9)		1,250		(66)		3,273		(75)
Corporate bonds		2,760		(240)		64,118		(10,782)		66,878		(11,022)
Total	$	45,604	$	(794)	$	119,970	$	(17,750)	$	165,574	$	(18,544)

At September 30, 2025, the Company held 337 securities AFS, of which 179 were in an unrealized loss position for more than twelve months and 22 were in an unrealized loss position for less than twelve months. At December 31, 2024, the Company held 352 investment securities, of which 212 were in an unrealized loss position for more than twelve months and 53 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

Investment debt securities that were in an unrealized loss position as of September 30, 2025 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 September 30, 2025, the Company expects to recover the amortized cost basis of its securities, the Company has no present intent to sell any investment securities with unrealized losses, it is not more likely than not that we will 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 September 30, 2025.

Equity Securities

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The Company recognized a net gain on equity securities of $771,000 and $523,000 for the three and nine months ended September 30, 2025, compared to $1.4 million and $1.7 million for the three and nine months ended September 30, 2024, respectively. Equity securities were $13.3 million and $13.1 million as of September 30, 2025 and December 31, 2024, respectively.

NOTE 4 – LOANS

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


	September 30,		December 31,
	2025		2024
Commercial and industrial	$	177,250	$	173,948
Construction and land		5,124		1,515
Commercial real estate		1,743,268		1,667,231
Residential		115,292		109,662
Consumer		749		391
Total loans		2,041,683		1,952,747
Net deferred loan costs		654		149
Allowance for credit losses		(20,800)		(17,900)
Net loans	$	2,021,537	$	1,934,996

Net loans exclude accrued interest receivable of $6.5 million and $6.7 million at September 30, 2025 and December 31, 2024, respectively, which is included in interest receivable and other assets in the condensed consolidated balance sheets.

The Company’s total individually evaluated loans, including collateral dependent loans, 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
September 30, 2025
Recorded investment in loans individually evaluated:
With no specific allowance recorded	$	—	$	—	$	13,333	$	711	$	—	$	14,044
With a specific allowance recorded		—		—		4,711		—		—		4,711
Total recorded investment in loans individually evaluated	$	—	$	—	$	18,044	$	711	$	—	$	18,755
Specific allowance on loans individually evaluated	$	—	$	—	$	868	$	—	$	—	$	868

December 31, 2024
Recorded investment in loans individually evaluated:
With no specific allowance recorded	$	—	$	—	$	13,671	$	984	$	—	$	14,655
With a specific allowance recorded		954		—		1,754		—		—		2,708
Total recorded investment in loans individually evaluated	$	954	$	—	$	15,425	$	984	$	—	$	17,363
Specific allowance on loans individually evaluated	$	367	$	—	$	25	$	—	$	—	$	392

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The Company may modify the contractual terms of a loan to a borrower experiencing financial difficulty as a part of ongoing loss mitigation strategies. These modifications may result in an interest rate reduction, term extension, an other-than-insignificant payment delay, or a combination thereof. The Company typically does not offer principal forgiveness. An assessment of whether a borrower is experiencing financial difficulty is made on the date of modification. The effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses on loans because of the measurement methodologies used to estimate the allowance.

During the three and nine months ended September 30, 2025 and 2024, there were no modifications of loans to borrowers experiencing financial difficulty.

A summary of previously 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	Rate		Term		Rate & term				% of Total
	loans	modification		modification		modification		Total		loans outstanding
September 30, 2025
Commercial and industrial	2	$	—	$	91	$	—	$	91		0.05	%
Construction and land	—		—		—		—		—		—	%
Commercial real estate	2		—		632		—		632		0.04	%
Residential	1		—		710		—		710		0.62	%
Consumer	—		—		—		—		—		—	%
Total	5	$	—	$	1,433	$	—	$	1,433		0.07	%


	Number of	Rate		Term		Rate & term				% of Total
	loans	modification		modification		modification		Total		loans outstanding
December 31, 2024
Commercial and industrial	2	$	—	$	97	$	—	$	97		0.06	%
Construction and land	—		—		—		—		—		—	%
Commercial real estate	3		—		1,846		—		1,846		0.11	%
Residential	1		—		747		—		747		0.68	%
Consumer	—		—		—		—		—		—	%
Total	6	$	—	$	2,690	$	—	$	2,690		0.14	%

For the three and nine months ended September 30, 2025, the Company recorded no charge-offs for modified loans to borrowers experiencing financial difficulty. During the three and nine months ended September 30, 2024, the Company recorded no charge-offs and $1.3 million of charge-offs related to modified loans to borrowers experiencing financial difficulty, respectively.

As of September 30, 2025 and December 31, 2024, individually evaluated modified loans to borrowers experiencing financial difficulty had no related allowance and an allowance of $24,000, respectively. At both dates, none of the modified loans to borrowers experiencing financial difficulty were performing in accordance with their modified terms. All accruing modified loans to borrowers experiencing financial difficulty, if any, are included in the loans individually evaluated in the calculation of the allowance for credit losses.

Risk Rating System

The Company evaluates and assigns a risk grade to each loan based on certain criteria to assess the credit quality of the loan. The assignment of a risk rating is done for each individual loan. Loans are graded from inception and on a continuing basis until the debt is repaid. Any adverse or beneficial trends will trigger a review of the loan risk rating. Each loan is assigned a risk grade based on its characteristics. Loans with low to average credit risk are assigned a lower risk grade than those with higher credit risk as determined by the individual loan characteristics.

The Company’s Pass loans include loans with acceptable business or individual credit risk where the borrower’s operations, cash flow or financial condition provides evidence of low to average levels of risk.

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Loans that are assigned higher risk grades are loans that exhibit the following characteristics:

Special Mention loans have potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in a deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Special Mention is a temporary rating, pending the occurrence of an event that would cause the risk rating either to improve or to be downgraded.

Loans in this category would be characterized by any of the following situations:

●

Credit that is currently protected but is potentially a weak asset;

●

Credit that is difficult to manage because of an inadequate loan agreement, the condition of and/or control over collateral, failure to obtain proper documentation, or any other deviation from product lending practices; and

●

Adverse financial trends.

Substandard loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans classified substandard must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. The potential loss does not have to be recognizable in an individual credit for that credit to be risk rated Substandard. A loan can be fully and adequately secured and still be considered Substandard.

Some characteristics of Substandard loans are:

●

Inability to service debt from ordinary and recurring cash flow;

●

Chronic delinquency;

●

Reliance upon alternative sources of repayment;

●

Term loans that are granted on liberal terms because the borrower cannot service normal payments for that type of debt;

●

Repayment dependent upon the liquidation of collateral;

●

Inability to perform as agreed, but adequately protected by collateral;

●

Necessity to renegotiate payments to a non-standard level to ensure performance; and

●

The borrower is bankrupt, or for any other reason, future repayment is dependent on court action.

Doubtful loans have all the weaknesses inherent in loans classified as Substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and value, highly questionable and improbable. Doubtful loans have a high probability of loss, yet certain important and reasonably specific pending factors may work toward the strengthening of the credit.

Losses are recognized as charges to the allowance when the loan or portion of the loan is considered uncollectible or at the time of foreclosure. Recoveries on loans previously charged off are credited to the allowance for credit losses.

Revolving loans that are converted to term loans are treated as new originations in the tables below and are presented by year of initial origination. During the nine months ended September 30, 2025, and the year ended December 31, 2024, none and $867,000, respectively, of the Company’s revolving loans were converted to term loans.

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The following tables present the internally assigned risk grade by class of loans at the dates indicated:


													Revolving
		Term loans - amortized cost by origination year											loans
	2025		2024		2023		2022		2021		Prior		amortized cost		Total
September 30, 2025
Commercial and industrial:
Pass	$	29,078	$	51,084	$	15,667	$	17,741	$	7,973	$	29,228	$	23,984	$	174,755
Special mention		—		—		—		—		—		1,122		—		1,122
Substandard		—		—		154		—		55		878		286		1,373
Total commercial and industrial	$	29,078	$	51,084	$	15,821	$	17,741	$	8,028	$	31,228	$	24,270	$	177,250
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	193	$	—	$	193
Construction and land:
Pass	$	—	$	4,742	$	—	$	—	$	119	$	263	$	—	$	5,124
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Total construction and land	$	—	$	4,742	$	—	$	—	$	119	$	263	$	—	$	5,124
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate:
Pass	$	247,443	$	182,898	$	69,954	$	323,265	$	350,993	$	413,211	$	1,866	$	1,589,630
Special mention		—		—		—		31,570		18,793		51,389		—		101,752
Substandard		—		—		5,463		—		14,724		31,699		—		51,886
Total commercial real estate	$	247,443	$	182,898	$	75,417	$	354,835	$	384,510	$	496,299	$	1,866	$	1,743,268
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	839	$	—	$	839
Residential:
Pass	$	44,227	$	26,603	$	—	$	—	$	32,089	$	6,795	$	4,711	$	114,425
Special mention		—		—		—		—		—		—		13		13
Substandard		—		—		—		—		44		746		64		854
Total residential	$	44,227	$	26,603	$	—	$	—	$	32,133	$	7,541	$	4,788	$	115,292
YTD gross charge-offs	$	—	$	—	$	—

BayCom Corp 10-Q