Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 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 juri ...

分组1 - Bay Commercial Bank reported quarterly earnings of $0.63 per share, missing the Zacks Consensus Estimate of $0.65 per share, but showing an increase from $0.55 per share a year ago, resulting in an earnings surprise of -2.33% [1] - The bank's revenues for the quarter ended December 2025 were $25.89 million, which also missed the Zacks Consensus Estimate by 1.56%, compared to $23.66 million in the same quarter last year [2] - Over the last four quarters, Bay Commercial Bank has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] 分组2 - The stock has gained approximately 1.5% since the beginning of the year, outperforming the S&P 500's gain of 0.4% [3] - The current consensus EPS estimate for the upcoming quarter is $0.59 on revenues of $26.2 million, and for the current fiscal year, it is $2.58 on revenues of $106.5 million [7] - The Zacks Industry Rank for Banks - West is in the top 33% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - BayCom Corp reported fourth quarter 2025 earnings of $6.9 million, or $0.63 per diluted share, up from $5.0 million, or $0.46 per diluted share in Q3 2025, and $6.1 million, or $0.55 per diluted share in Q4 2024[1]. - Net income for Q4 2025 increased by $1.9 million, or 37.0%, compared to Q3 2025, primarily due to a $2.7 million decrease in provision for credit losses and a $1.6 million increase in net interest income[2]. - Net income for the year ended December 31, 2025, was $23,931,000, compared to $23,614,000 for the previous year, showing a growth of 1.35%[43]. - Basic net income per common share for the year ended December 31, 2025, was $2.18, an increase from $2.10 in 2024, representing a growth of 3.81%[43]. - Comprehensive income for the year ended December 31, 2025, was $30,303,000, compared to $25,200,000 in 2024, reflecting an increase of 20.1%[43]. Interest Income and Margin - Annualized net interest margin for Q4 2025 was 4.03%, up from 3.68% in Q3 2025 and 3.80% in Q4 2024[5]. - Interest income for the three months ended December 31, 2025, was $34,340,000, compared to $34,950,000 for the previous quarter, indicating a decrease of 1.75%[43]. - Net interest income after provision for credit losses was $24,755,000 for the three months ended December 31, 2025, up from $20,436,000 in the previous quarter, reflecting an increase of 21.5%[43]. Loans and Credit Quality - Loans, net of deferred fees, totaled $2.1 billion at December 31, 2025, consistent with both September 30, 2025, and December 31, 2024[5]. - The allowance for credit losses for loans was $21.2 million, or 1.03% of total loans, at December 31, 2025, compared to $17.9 million, or 0.92% a year earlier[10]. - Nonperforming loans totaled $13.4 million, or 0.65% of total loans, at December 31, 2025, down from $13.9 million, or 0.68% at September 30, 2025[10]. - Provision for credit losses in Q4 2025 was $250,000, significantly lower than $3.0 million in Q3 2025 and a reversal of $403,000 in Q4 2024[19]. Assets and Equity - Total assets remained steady at $2.6 billion as of December 31, 2025, compared to $2.7 billion a year earlier[5]. - Shareholders' equity increased to $338.6 million at December 31, 2025, up from $334.3 million at September 30, 2025, primarily due to net income of $6.9 million[36]. - Total equity and common shareholders' equity (GAAP) increased to $338,554 million from $334,269 million in the previous quarter, and $324,366 million year-over-year[51]. - Equity to total assets (GAAP) improved to 13.05%, compared to 12.84% in the previous quarter and 12.17% year-over-year[51]. Noninterest Income and Expenses - Noninterest income decreased by $1.4 million, or 60.6%, to $885,000 in Q4 2025 compared to $2.2 million in Q3 2025, but increased by $798,000, or 917.2%, from $87,000 in Q4 2024[20]. - Noninterest expense rose by $220,000, or 1.4%, to $16.2 million in Q4 2025 compared to $15.9 million in Q3 2025[21]. Stock and Dividends - The Company repurchased 29,111 shares of common stock at an average cost of $27.75 per share during Q4 2025[10]. - A cash dividend of $0.30 per share was declared on November 20, 2025, and paid on January 9, 2026[10]. Other Financial Metrics - The effective tax rate for Q4 2025 was 27.6%, compared to 25.7% in Q3 2025 and 24.3% in Q4 2024[24]. - The efficiency ratio improved to 62.44% for the three months ended December 31, 2025, compared to 62.15% in the previous quarter[47]. - Return on average assets improved to 1.05% for the three months ended December 31, 2025, up from 0.75% in the previous quarter[47]. - The Tier 1 capital ratio for the bank increased to 13.84% as of December 31, 2025, from 13.54% in the previous quarter[47].

Core Insights - BayCom Corp (BCML) shares have experienced a significant increase, ending the last trading session at $32.78, which is a 6.4% rise, and an 8.5% gain over the past four weeks [1][2] - The stock reached a new 52-week high of $32.98, driven by improved investor sentiment towards bank stocks following the Federal Reserve's third interest-rate cut of the year, which is expected to enhance loan demand and reduce funding costs [2] - BayCom Corp is projected to report quarterly earnings of $0.65 per share, reflecting an 18.2% year-over-year increase, with revenues anticipated at $26.3 million, up 11.2% from the previous year [3] Earnings and Estimates - The consensus EPS estimate for BayCom Corp has remained stable over the last 30 days, indicating that the stock's price movement may not sustain without changes in earnings estimate revisions [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Context - BayCom Corp is part of the Zacks Banks - West industry, which has shown positive performance, with Western Alliance (WAL) also experiencing a slight increase of 0.1% to $87.59 and a return of 11.9% over the past month [4] - Western Alliance's consensus EPS estimate has remained unchanged at $2.46, representing a 26.2% increase from the previous year, and it also holds a Zacks Rank of 3 (Hold) [5]

Core Points - BayCom Corp announced a quarterly cash dividend of $0.30 per share, marking a 20% increase from the previous dividend of $0.25 per share [1] - The dividend is scheduled to be payable on January 9, 2026, to shareholders of record as of the close of business on December 11, 2025 [1] Company Overview - BayCom Corp is the parent company of United Business Bank [1]

Financial Performance - Net income for the three months ended September 30, 2025, was $5.0 million, a decrease of 13.6% compared to $6.0 million for the same period in 2024 [190]. - Interest income for the three months ended September 30, 2025, increased by 4.6% to $35.0 million, driven by higher yields on interest-earning assets [193]. - Noninterest income decreased by $497,000, or 18.1%, to $2.2 million for the third quarter of 2025, mainly due to a $649,000 decrease in gain on equity securities [231]. - Noninterest income for the nine months ended September 30, 2025, decreased by $1.1 million, or 17.3%, to $5.2 million compared to the same period in 2024 [232]. - The efficiency ratio improved to 62.15% for the three months ended September 30, 2025, compared to 62.76% for the same period in 2024 [192]. Loan Portfolio - The total loan portfolio amounted to $2.0 billion, with $245.1 million, or 12.0%, of loans acquired through business combinations [133]. - Loans receivable increased by $89.4 million, or 4.6%, to $2.0 billion at September 30, 2025, from $1.9 billion at December 31, 2024 [152]. - Total loans included $245.1 million, or 12.0%, of loans acquired through business combinations as of September 30, 2025 [157]. - Total loans increased to $2,034,570 thousand in Q3 2025, up from $1,886,231 thousand in Q3 2024, representing a growth of 7.85% [224]. - New loan originations amounted to $337.2 million, contributing to the overall increase in loans [152]. Asset Management - Total assets decreased by $60.7 million, or 2.3%, to $2.6 billion at September 30, 2025, primarily due to a $135.6 million, or 37.2%, decline in cash and cash equivalents [146]. - Cash and cash equivalents decreased by $135.6 million, or 37.2%, to $228.4 million at September 30, 2025, primarily due to funding loan growth and deposit withdrawals [148]. - Investment securities available-for-sale decreased by $5.6 million, or 2.9%, to $187.8 million at September 30, 2025, attributed to routine maturities and principal repayments [149]. - Total average assets reached $2,657,740 thousand in Q3 2025, compared to $2,572,650 thousand in Q3 2024, indicating an increase of 3.31% [224]. Deposits and Funding - Total deposits reached $2.2 billion, indicating a stable funding base for commercial loan growth [132]. - Total deposits decreased by $5.9 million, or 0.3%, to $2.2 billion at September 30, 2025, compared to December 31, 2024 [178]. - Noninterest-bearing demand deposits fell to $618.1 million, or 27.7% of total deposits, from $689.0 million, or 30.8% at December 31, 2024 [178]. - Total deposits decreased by 0.3% to $2,228,052,000 as of September 30, 2025, primarily due to a 10.3% decline in demand deposits [182]. Credit Quality - The provision for credit losses was established based on estimated credit losses in the loan and investment securities portfolios [138]. - Nonperforming assets increased by $4.4 million to $13.9 million, or 0.68% of total loans, at September 30, 2025, compared to $9.5 million, or 0.48% of total loans, at December 31, 2024 [160]. - The allowance for credit losses increased by 16.2% to $20.8 million at September 30, 2025, from $17.9 million at December 31, 2024 [154]. - Nonperforming loans totaled $13.9 million, or 0.68% of total loans, at September 30, 2025, up from $9.5 million, or 0.48% at December 31, 2024 [161]. - The increase in the allowance for credit losses was primarily due to growth in the loan portfolio and an increase in the reserve for pooled loans [171]. Interest Income and Expense - Interest income on loans rose by 11.4% to $29.2 million for the three months ended September 30, 2025, due to a $148.3 million increase in the average balance of loans [196]. - Interest expense increased by 9.3% to $11.5 million for the three months ended September 30, 2025, primarily due to higher interest expense on subordinated debt [206]. - Interest income for the nine months ended September 30, 2025, was $101.0 million, an increase of 3.6% compared to $97.6 million for the same period in 2024 [200]. - The average annualized yield on interest-earning assets was 5.49% for Q3 2025, a four basis point increase from 5.45% in Q3 2024 [218]. - The annualized net interest margin improved to 3.76% for the nine months ended September 30, 2025, compared to 3.72% for the same period in 2024 [221]. Capital and Dividends - Shareholders' equity increased by $9.9 million to $334.3 million at September 30, 2025, primarily due to $17.1 million of net income earned during the first nine months of 2025 [189]. - The Company declared a quarterly cash dividend of $0.25 per share, with an expected average total dividend of approximately $2.7 million each quarter based on outstanding shares [248]. - As of September 30, 2025, the Bank was considered "Well Capitalized" under Federal Reserve regulations, maintaining adequate capital ratios [251]. - The Common Equity Tier 1 Ratio for BayCom Corp was 14.25% as of September 30, 2025, exceeding the minimum requirement for "Well Capitalized" status [253]. - The Bank's total risk-based capital ratio was 15.71% as of September 30, 2025, above the minimum requirement of 10.00% for "Well Capitalized" status [253].

Core Insights - Bay Commercial Bank reported quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.52 per share, and down from $0.54 per share a year ago, representing an earnings surprise of -11.54% [1] - The bank's revenues for the quarter ended September 2025 were $25.66 million, exceeding the Zacks Consensus Estimate by 3.46%, and slightly up from $25.61 million year-over-year [2] - The stock has underperformed the market, gaining about 4.9% year-to-date compared to the S&P 500's 13.9% increase [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.69 on revenues of $26.9 million, and for the current fiscal year, it is $2.20 on revenues of $101 million [7] - The estimate revisions trend for Bay Commercial Bank was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Banks - West industry, to which Bay Commercial Bank belongs, is currently in the top 37% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Another company in the same industry, Sierra Bancorp, is expected to report quarterly earnings of $0.79 per share, reflecting a year-over-year increase of 6.8% [9]

Financial Performance - Net income for Q3 2025 was $5.0 million, a decrease of $1.4 million or 21.3% from Q2 2025 and a decrease of $1.0 million or 16.8% from Q3 2024[1][2] - Net interest income increased by $248,000, or 1.1%, to $23.4 million in Q3 2025 compared to $23.2 million in Q2 2025[6] - Noninterest income increased by $736,000, or 48.6%, to $2.2 million in Q3 2025 compared to $1.5 million in the prior quarter, but decreased by $496,000, or 18.1%, from $2.7 million in Q3 2024[20] - Noninterest expense rose by $192,000, or 1.2%, to $15.9 million in Q3 2025 compared to $15.8 million in Q2 2025, and decreased by $128,000, or 0.8%, from $16.1 million in Q3 2024[20] - Basic net income per common share for the three months ended September 30, 2025, was $0.46, compared to $0.54 for the same period in 2024, a decline of 14.81%[46] - Comprehensive income for the three months ended September 30, 2025, was $7,167,000, slightly up from $7,153,000 for the same period in 2024, an increase of 0.20%[46] Asset and Loan Management - Total assets remained steady at $2.6 billion as of September 30, 2025, consistent with both June 30, 2025, and September 30, 2024[5] - Loans totaled $2.0 billion at September 30, 2025, unchanged from June 30, 2025, and up from $1.9 billion at September 30, 2024[5] - Loans totaled $2.0 billion at September 30, 2025, an increase of $42.1 million from June 30, 2025, and $130.2 million from September 30, 2024[24] - Total loans as of September 30, 2025, were $2,041,683, an increase from $1,999,624 as of June 30, 2025[50] Credit Losses and Provisions - The allowance for credit losses for loans was $20.8 million, or 1.02% of total loans, as of September 30, 2025, compared to $18.7 million or 0.93% at June 30, 2025[10] - The company recorded a provision for credit losses of $2.9 million in Q3 2025, compared to $203,000 in Q2 2025 and $1.2 million in Q3 2024[10] - Provision for credit losses increased significantly to $2,973,000 for the three months ended September 30, 2025, compared to $203,000 for the previous quarter, indicating a rise in credit risk[46] - Nonperforming loans decreased to $13.9 million, or 0.68% of total loans, at September 30, 2025, down from $16.4 million, or 0.82%, at June 30, 2025[25] Deposits and Equity - Deposits totaled $2.2 billion at September 30, 2025, consistent with June 30, 2025, and up from $2.1 billion at September 30, 2024[10] - Deposits increased by $41.4 million, or 1.9%, to $2.2 billion at September 30, 2025, compared to $2.2 billion at June 30, 2025, and increased by $91.6 million, or 4.3%, from $2.1 billion at September 30, 2024[32] - Shareholders' equity rose to $334.3 million at September 30, 2025, compared to $330.6 million at June 30, 2025, driven by net income of $5.0 million[37] Interest and Yield - The annualized net interest margin for Q3 2025 was 3.72%, down from 3.77% in Q2 2025 and 3.73% in Q3 2024[5][18] - The average yield on loans increased to 5.76% in Q3 2025, compared to 5.63% in Q2 2025 and 5.53% in Q3 2024[11][18] - Total interest income for the three months ended September 30, 2025, was $34,950,000, an increase from $33,426,000 for the same period in 2024, representing a growth of 4.56%[46] Tax and Returns - The effective tax rate for Q3 2025 was 25.7%, down from 27.0% in the prior quarter and 27.4% in Q3 2024[23] - Return on average assets decreased to 0.75% for the three months ended September 30, 2025, from 0.98% for the three months ended June 30, 2025[50] Share Repurchase and Stock Performance - The company repurchased 33,300 shares of common stock at an average cost of $27.29 per share during Q3 2025[10] - The weighted average shares used to compute net income per common share for the three months ended September 30, 2025, was 10,929,779, a decrease from 11,148,482 for the same period in 2024[46] Equity and Book Value - Total equity and common shareholders' equity (GAAP) increased to $334,269 million in September 2025 from $321,681 million in September 2024, reflecting a year-over-year growth of 3.5%[54] - Book value per share (GAAP) increased to $30.62 in September 2025, compared to $28.90 in September 2024, representing a growth of 5.9%[54] - Tangible book value per share (Non-GAAP) rose to $26.88 in September 2025, up from $25.14 in September 2024, reflecting a year-over-year increase of 6.9%[54]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Bay Commercial Bank, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - The expected quarterly earnings per share (EPS) for Bay Commercial Bank is $0.52, reflecting a year-over-year decrease of 3.7% [3]. - Projected revenues are $24.8 million, down 3.2% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - The Most Accurate Estimate for Bay Commercial Bank is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +15.39% [11]. Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of potential earnings beats, especially when combined with a favorable Zacks Rank [9]. - Bay Commercial Bank currently holds a Zacks Rank of 4, which complicates the prediction of an earnings beat despite the positive Earnings ESP [11]. Historical Performance - In the last reported quarter, Bay Commercial Bank exceeded the expected EPS of $0.55 by delivering $0.58, resulting in a surprise of +5.45% [12]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [13]. Market Reaction Considerations - An earnings beat or miss alone may not dictate stock movement, as other factors can influence investor sentiment [14]. - The company does not appear to be a compelling candidate for an earnings beat, suggesting that investors should consider additional factors before making decisions [16].

Group 1 - BayCom Corp (BCML) is experiencing significant activity in the options market, particularly with the Sep 19, 2025 $22.50 Put showing high implied volatility, indicating potential for a major price movement [1] - Implied volatility reflects market expectations for future stock movement, suggesting that investors anticipate a significant event that could lead to a rally or sell-off [2] - Analysts currently rate BayCom as a Zacks Rank 3 (Hold) within the Banks - West industry, which is in the top 28% of the Zacks Industry Rank, with no upward revisions in earnings estimates over the last 60 days [3] Group 2 - The high implied volatility for BayCom shares may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4] - The Zacks Consensus Estimate for BayCom's current quarter earnings has slightly increased from 52 cents to 53 cents per share, despite one analyst revising estimates downward [3]