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PARENT COMPANY ONLY

12 Months Ended

Dec. 31, 2020

PARENT COMPANY ONLY

PARENT COMPANY ONLY

24.          PARENT COMPANY ONLY

BAYCOM CORP

BALANCE SHEETS

December 31, 2020 and 2019

​

​	​	​	​	​	​	​
​		2020			2019
ASSETS		​			​
Cash and due from banks	​	$	49,450	​	$	756
Investment in bank subsidiary	​		275,198	​		260,394
Interest receivable and other assets	​		709	​		1,388
Total assets	​	$	325,357	​	$	262,538
LIABILITIES AND SHAREHOLDERS' EQUITY	​			​
Junior subordinated deferrable interest debentures, net	​	$	8,322	​	$	8,242
Subordinated debt, net	​	​	63,372	​	​	—
Interest payable and other liabilities	​	​	1,072	​	​	76
Total liabilities	​		72,766	​		8,318
Shareholders' equity	​			​
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at both December 31, 2020 and 2019	​		—	​		—
Common stock, no par value; 100,000,000 shares authorized; 11,295,397 and 12,444,632 shares issued and outstanding at December 31, 2020 and 2019, respectively	​		167,242	​		184,043
Additional paid in capital	​		287	​		287
Accumulated other comprehensive income, net of tax	​		2,697	​		1,251
Retained earnings	​		82,365	​		68,639
Total shareholders' equity	​		252,591	​		254,220
Total liabilities and shareholders' equity	​	$	325,357	​	$	262,538

​

​

BAYCOM CORP

STATEMENTS OF INCOME

For the years ended December 31, 2020, 2019 and 2018

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
Income:		​			​		​	​
Interest income	​	$	75	​	$	210	​	$	466
Earnings from bank subsidiary	​		15,216	​		17,528	​		14,535
Dividends from statutory trusts	​		6	​		18	​		2
Total income	​		15,297	​		17,756	​		15,003
Expense:	​			​			​
Subordinated debt	​		1,405	​		—	​		—
Other borrowings	​		503	​		567	​		480
Total Interest expense	​		1,908	​		567	​		480
Noninterest expense	​		363	​		55	​		98
Total expense	​		2,271	​		622	​		578
Income before provision for income taxes	​		13,026	​		17,134	​		14,425
Income tax benefit	​		(700)	​		(184)	​		(68)
Net income	​	$	13,726	​	$	17,318	​	$	14,493

​

BAYCOM CORP

STATEMENTS OF CASH FLOWS

For the years ended December 31, 2020, 2019 and 2018

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
Cash flows from operating activities:		​			​		​	​
Net income	​	$	13,726	​	$	17,318	​	$	14,493
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	​			​			​
Income from bank subsidiary	​		(15,429)	​		(17,732)	​		(14,655)
Dividend from bank subsidiary	​		18,740	​		20,200	​		—
Depreciation of furniture, fixtures and equipment	​		—	​		1	​		3
Income tax benefit	​		(700)	​		(184)	​		(68)
Accretion on junior subordinated debentures	​		80	​		81	​		36
Stock-based compensation expense	​		7	​		26	​		45
Decrease in interest receivable and other assets	​		2,825	​		888	​		(88)
Increase (decrease) in interest payable and other liabilities	​		996	​		(24)	​		(217)
Net cash provided by operating activities	​		20,245	​		20,574	​		(451)
Cash flows from investing activities:	​			​			​
Capital contribution to subsidiary	​		(2,654)	​		(34,543)	​		(644)
Net cash paid for acquisitions	​		(13,886)	​		(57,998)	​		(23,523)
Net cash provided by (used in) investing activities	​		(16,540)	​		(92,541)	​		(24,167)
Cash flows from financing activities:	​			​			​
Repayment of junior subordinated debentures	​	​	(1,575)	​	​	—	​	​	—
Proceeds from issuance of subordinated debt, net	​	​	63,372	​	​	—	​	​	—
Increase in other borrowings	​		6,000	​		—	​		—
Repayment of other borrowings	​		(6,000)	​		—	​		(6,000)
Restricted stock issued	​		1,449	​		1,128	​		1,135
Issuance of shares	​	​	—	​	​	44,598	​	​	—
Repurchase of common stock	​		(18,257)	​		(10,957)	​		—
Proceeds from initial public offering, net	​	​	—	​	​	—	​	​	66,761
Net cash provided by financing activities	​		44,989	​		34,769	​		61,896
Increase (decrease) in cash and cash equivalents	​		48,694	​		(37,198)	​		37,278
Cash and cash equivalents at beginning of period	​		756	​		37,954	​		676
Cash and cash equivalents at end of period	​	$	49,450	​	$	756	​	$	37,954

​

X

- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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