BCML

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How BCML rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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BayCom’s wholly owned banking subsidiary, United Business Bank, provides a broad range of financial services to businesses and business owners, as well as individual consumers, through its network of 34 full-service branches, with 16 locations in California, one in Nevada, one in Washington, five in New Mexico and 11 in Colorado.
Accordingly, the information set forth in this Form 10-K, including the consolidated financial statements and related data, relate primarily to the Bank.
These markets have offered significant opportunities to expand our commercial client base, increase interest-earning assets, and enhance market share.
We strive to provide an enhanced banking experience for our clients by providing them with a comprehensive suite of sophisticated products and services tailored to meet their needs, while delivering the high-quality, relationship-based client service of a community bank.
As of December 31, 2025, we had, on a consolidated basis, assets of $2.6 billion, loans of $2.0 billion (net of allowances), deposits of $2.2 billion and shareholders’ equity of $338.6 million.
At that date, our total loan portfolio included $224.9 million, or 10.9%, of acquired loans (all of which were recorded to their estimated fair values at the time of acquisition), and the remaining $1.8 billion, or 89.1%, consisted of loans we originated.
Since 2010, we have completed ten acquisitions, with aggregate total assets acquired of approximately $2.3 billion and total deposits assumed of approximately $1.9 billion.
We have sought to integrate the acquired banks into our existing operational platform to create operational efficiencies within th e combined operations, all geared towards enhancing shareholder value.
At the time of acquisition, United Business Bank, FSB had total assets of approximately $473.1 million, which significantly increased our asset size and provided us with nine full-service banking offices in Long Beach, Oakland, Sacramento, San Francisco, San Jose and Glendale, California; Seattle, Washington and Albuquerque, New Mexico.
This acquisition expanded our geographic footprint and added low cost, stable deposits associated with a strong network of relationship with labor unions.
As of December 31, 2025, including our principal executive offices, we had 34 full-service banking branches, consisting of branch offices in Northern and Southern California; Las Vegas, Nevada; Denver, Colorado; Custer, Delta, and Grand Counties, Colorado; Seattle, Washington; and Central New Mexico.
We operate primarily in the San Francisco-Oakland-Hayward, and the San Jose-Sunnyvale-Santa Clara, California Metropolitan Statistical Areas (“MSA”) with additional operations in the Los Angeles-Long Beach-Anaheim, California MSA, with borrowers or properties located in San Francisco Bay Area comprisin g 19.5%, Northern California comprising 4.5% and Southern California comprising 29.1% of our loan portfolio as of December 31, 2025.
Depositors located in California comprised 51.5% of our total deposits as of December 31, 2025.
In addition to its current size, the market also demonstrates key characteristics we believe provide the opportunity for additional growth, with a median household income of $135,590 versus a national average of $81,604, and the third highest population density in the nation.
The San Jose-Sunnyvale-Santa Clara MSA also demonstrates key characteristics that provide us growth opportunities, including a population of approximately 2.0 million and a median household income of $164,801.
The Los Angeles-Long Beach-Anaheim, California MSA, with approximately 12.9 million residents, is the largest MSA in California, the second largest MSA in the United States, and one of the most significant business markets in the world.
We believe the area’s median household income of $96,405, large concentration of small and medium-sized businesses, and population density, which is the highest in the nation, make the area an attractive market in which to expand operations.
We serve the Seattle-Tacoma-Bellevue MSA, which includes King County (which includes the city of Seattle), through one branch office.
As of December 31, 2025, borrowers or properties located in the states of Colorado, New Mexico, Washington and Nevada comprised 6.4%, 3.4%, 4.4% and 2.2% of our loan portfolio, respectively.
As of December 31, 2025, depositors located in the states of Colorado, New Mexico, Washington and Nevada comprised 13.6%, 9.1%, 5.2% and 0.8% of our total deposits, respectively.
Lending We provide a comprehensive suite of financial solutions that competes with large, national institutions, but with the personalized attention and nimbleness of a relationship-focused community bank.
During the years ended December 31, 2025 and 2024, we purchased $31.0 million and $86.1 million, respectively, of loans and loan participation interests, principally commercial and industrial loans, multifamily real estate loans, and single-family residential loans.
At December 31, 2025, we had net loans of $2.0 billion, representing 78.9% of our total assets.
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Comparison of Financial Condition at December 31, 2025 and 2024 — Loans”, contained in this Form 10-K.
Our loan portfolio consists primarily of commercial real estate loans (including multifamily) and construction loans, which totaled $1.8 billion and constituted 86.0% of total loans as of December 31, 2025.
Commercial and industrial loans totaled $175.4 million and constituted 8.5% of total loans as of December 31, 2025.
As of December 31, 2025, the aggregate amount of loans to our ten and 25 largest borrowers (including related entities) amounted to approximately $266.9 million, or 12.9% of total loans, and $470.5 million, or 22.8% of total loans, respectively.
The table below shows our five largest borrowing relationships as of December 31, 2025 in descending order.
Each of the loans in these borrowing relationships was performing in accordance with the loan repayment terms as of December 31, 2025. Loan Collateral Number of CRE Owner CRE Non-Owner CRE Multi One-to-Four Total Borrower Type loans Occupied Occupied Family Family Total Commitment (Dollars in thousands) Real estate investor $ — $ — $ — $ 43,524 $ 43,524 $ 50,644 Commercial real estate investor — 42,050 — — 42,050 43,232 Commercial real estate investor — — 27,263 — 27,263 27,263 Church 26,028 — — — 26,028 26,028 Commercial real estate investor — — 21,388 — 21,388 21,901 Total $ 26,028 $ 42,050 $ 48,651 $ 43,524 $ 160,253 $ 169,068 Loan Underwriting and Approval.
The underwriting guidelines include, among other things, approval limitation and hierarchy, documentation standards, loan-to-value limits, debt coverage ratio, overall creditworthiness of the borrower, guarantor support, etc.
Our lending activities are subject to a variety of limits imposed by federal and state law.
The dollar amounts of our lending limits increase or decrease as the Bank’s capital increases or decreases.
At December 31, 2025, our authorized legal lending limit for loans to one borrower was $47.0 million for unsecured loans (or 15% of total risk-based capital) and $78.3 million (or 25% of total risk-based capital) for specific secured loans.
Currently, we maintain an in-house limit of $10.3 million for unsecured loans and $17.2 million for secured loans.
At December 31, 2025, there were seven loans to a total of four individuals, entities, or their related interests that exceeded internal limits, all of which were approved by the Board’s Loan Committee.
The real estate portion of our loan portfolio is comprised of the following: mortgage loans secured typically by commercial and multifamily properties; construction and land loans; and mortgage loans and revolving lines of credit secured by equity in residential properties.
At December 31, 2025, we held $2.0 billion in loans secured by real estate, representing 97.8% of total loans receivable, and had a total of $49.9 million in undisbursed real estate related loan commitments.
At December 31, 2025, our commercial real estate loan portfolio totaled $1.8 billion, or 85.5% of total loans.
As of December 31, 2025, our commercial real estate loans, excluding loans secured by multifamily properties, consisted of $506.2 million of owner-occupied commercial real estate loans, or 24.5% of the total loan portfolio, and $950.4 million of non-owner occupied commercial real estate loans, or 46.0% of the total loan portfolio.
Commercial real estate loan terms generally are limited to 15 years or less, although payments may be structured on a amortization basis of up to 20 years, with balloon payments or rate adjustments due at the end of three to seven years.

and 78 more.

Gone since FY2024

BayCom’s wholly owned banking subsidiary, United Business Bank, provides a broad range of financial services to businesses and business owners as well as individuals through its network of 35 full-service branches, with 16 locations in California, one in Nevada, two in Washington, five in New Mexico and 11 in Colorado.
Accordingly, the information set forth in this Form 10-K, including consolidated financial statements and related data, relate primarily to the Bank.
These markets offer significant opportunities to expand our commercial client base, increase interest-earning assets, and enhance market share.
We strive to provide an enhanced banking experience for our clients by providing them with a comprehensive suite of sophisticated banking products and services tailored to meet their needs, while delivering the high-quality, relationship-based client service of a community bank.
As of December 31, 2024, we had, on a consolidated basis, assets of $2.7 billion, loans of $1.9 billion (net of allowances), deposits of $2.2 billion and shareholders’ equity of $324.4 million.
At that date, our total loan portfolio included $299.2 million, or 15.3%, of acquired loans (all of which were recorded to their estimated fair values at the time of acquisition), and the remaining $1.7 billion, or 84.7%, consisted of loans we originated.
Since 2010, we have completed 10 acquisitions, with aggregate total assets acquired of approximately $2.3 billion and total deposits assumed of approximately $1.9 billion.
We have sought to integrate the acquired banks into our existing operational platform to create operational efficiencies within the combined operations, all geared towards enhancing shareholder value.
At the time of acquisition, United Business Bank, FSB had total assets of approximately $473.1 million, which significantly increased our total asset size and provided us with nine full-service banking offices in Long Beach, Oakland, Sacramento, San Francisco, San Jose and Glendale, California; and Seattle, Washington and Albuquerque, New Mexico.
This acquisition significantly increased our total asset size, expanded our geographic footprint and added low cost, stable deposits associated with a strong network of relationship with labor unions.
As of December 31, 2024, including our principal executive offices, we had 35 full-service banking branches, consisting of branch offices in Northern and Southern California; Las Vegas, Nevada; Denver, Colorado; Custer, Delta, and Grand Counties, Colorado; Seattle, Washington; and Central New Mexico.
We operate primarily in the San Francisco-Oakland-Hayward, and the San Jose-Sunnyvale-Santa Clara, California Metropolitan Statistical Areas (“MSA”) with additional operations in the Los Angeles-Long Beach-Anaheim, California MSA, with borrowers or properties located in San Francisco Bay Area comprising 19.7%, Northern California comprising 4.4% and Southern California comprising 27.5% of our loan portfolio as of December 31, 2024.
Deposits located in California comprised 62.7% of our total deposits as of December 31, 2024.
In addition to its current size, the market also demonstrates key characteristics we believe provide the opportunity for additional growth, with a median household income of $127,792 versus a national average of $77,719, and the third highest population density in the nation.
The San Jose-Sunnyvale-Santa Clara MSA also demonstrates key characteristics that provide us growth opportunities, including a population of approximately 1.9 million and a median household income of $153,202.
The Los Angeles-Long Beach-Anaheim, California MSA, with approximately 12.8 million residents, is the largest MSA in California, the second largest MSA in the United States, and one of the most significant business markets in the world.
We believe the market’s median household income of $91,960, large concentration of small and medium-sized businesses, and its highest population density in the nation position the area as an attractive market in which to expand operations.
We serve the Seattle-Tacoma-Bellevue MSA, which includes King County (which includes the city of Seattle), through two branch offices.
As of December 31, 2024, borrowers or properties located in the states of Colorado, New Mexico and Washington comprised 6.9%, 3.2% and 4.3% of our loan portfolio, respectively.
As of December 31, 2024, deposits located in the states of Colorado, New Mexico and Washington comprised 15.7%, 10.1% and 5.9% of our total deposits, respectively.
Lending We provide a comprehensive suite of financial solutions that competes with large, national competitors, but with the personalized attention and nimbleness of a relationship-focused community bank.
During the years ended December 31, 2024 and 2023, we purchased $86.1 million and $137.9 million, respectively, of loans and loan participation interests, principally commercial and industrial loans and multifamily real estate loans.
At December 31, 2024, we had net loans of $1.9 billion, representing 72.6% of our total assets.
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Comparison of Financial Condition at December 31, 2024 and 2023 — Loans”, contained in this Form 10-K.
Our loan portfolio consists primarily of commercial real estate loans (including multifamily) and construction loans, which totaled $1.7 billion and constituted 85.5% of total loans as of December 31, 2024.
Commercial and industrial loans totaled $173.9 million and constituted 8.9% of total loans as of December 31, 2024.
As of December 31, 2024, the aggregate amount of loans to our 10 and 25 largest borrowers (including related entities) amounted to approximately $184.4 million, or 9.4% of total loans, and $319.3 million, or 16.4% of total loans, respectively.
The table below shows our five largest borrowing relationships as of December 31, 2024 in descending order.
Each of the loans in these borrowing relationships was performing in accordance with the loan repayment terms as of December 31, 2024. Loan Collateral Number of CRE Owner CRE Non-Owner One-to-Four Total Borrower Type loans Occupied Occupied Family Total Commitment (Dollars in thousands) Church $ 26,551 $ — $ — $ 26,551 $ 27,000 Real estate investor — — 26,865 26,865 26,551 Commercial real estate investor — 22,568 — 22,568 22,568 Commercial real estate investor 20,000 — — 20,000 20,000 Commercial real estate investor — 18,518 — 18,518 18,518 Total $ 46,551 $ 41,086 $ 26,865 $ 114,502 $ 114,637 Loan Underwriting and Approval.
The underwriting guidelines include, among other things, approval limitation and hierarchy, documentation standards, loan-to-value limits, debt coverage ratio, overall credit-worthiness of the borrower, guarantor support, etc.
Our lending activities are subject to a variety of lending limits imposed by federal and state law.
The dollar amounts of our lending limit increase or decrease as the Bank’s capital increases or decreases.
At December 31, 2024, our authorized legal lending limit for loans to one borrower was $54.1 million for unsecured loans (or 15% of total risk-based capital) and $90.1 million (or 25% of total risk-based capital) for specific secured loans.
Currently, we maintain an in-house limit of $11.9 million for unsecured loans and $19.8 million for secured loans.
At December 31, 2024, there were four loans to a total of four individuals, entities, or their related interests that exceeded internal limits, all of which were approved by the Board’s Loan Committee.
The real estate portion of our loan portfolio is comprised of the following: mortgage loans secured typically by commercial and multifamily properties; construction and land loans; and mortgages and revolving lines of credit secured by equity in residential properties.
At December 31, 2024, we held $1.8 billion in loans secured by real estate, representing 91.1% of total loans receivable, and had a total of $34.4 million in undisbursed real estate related loan commitments.
At December 31, 2024, our commercial real estate loan portfolio totaled $1.7 billion, or 85.4% of total loans.
As of December 31, 2024, our commercial real estate loans, excluding loans secured by multifamily properties, consisted of $500.1 million of owner-occupied commercial real estate loans, or 25.6% of the total loan portfolio, and $941.9 million of non-owner occupied commercial real estate loans, or 48.2% of the total loan portfolio.
Commercial real estate loan terms generally are limited to 15 years or less, although payments may be structured on a longer amortization basis of up to 20 years, with balloon payments or rate adjustments due at the end of three to seven years.

and 78 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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