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Document and Entity Information - shares | 9 Months Ended |
--- | --- | ---
Sep. 30, 2022 | Nov. 07, 2022
Cover [Abstract] |  |
Document Type | 10-Q/A |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
Document Transition Report | false |
Entity File Number | 001-38483 |
Entity Registrant Name | BAYCOM CORP |
Entity Incorporation, State or Country Code | CA |
Entity Tax Identification Number | 37-1849111 |
Entity Address, Address Line One | 500 Ygnacio Valley Road |
Entity Address, Address Line Two | Suite 200 |
Entity Address, City or Town | Walnut Creek |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94596 |
City Area Code | 925 |
Local Phone Number | 476-1800 |
Title of 12(b) Security | Common Stock, no par value per share |
Trading Symbol | BCML |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding |  | 12,985,190
Entity Central Index Key | 0001730984 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | true |
Amendment Description | EXPLANATORY NOTE REGARDING RESTATEMENT BayCom, a California corporation, is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 ("Amended Report") to reflect a restatement of the consolidated financial statements contained in the Company's original Quarterly Report on Form 10-Q for that period filed with the Securities and Exchange Commission ("SEC") on November 10, 2022 (the "Original Report"). Restatement of Previously Issued Consolidated Financial Statements On July 18, 2023, the audit committee of the Company's board of directors concluded that the Company's previously issued consolidated financial statements for the interim period ended March 31, 2023 and year ended December 31, 2022, as well as for the interim periods included in that fiscal year, should no longer be relied upon because of errors related to the accounting for unrealized losses on preferred equity securities that resulted in material misstatements of noninterest income and accumulated other comprehensive income. At the time of its purchase of the preferred equity securities for investment purposes, the Company inappropriately accounted for them as available for sale debt securities under Accounting Standards Codification ("ASC") Topic 320 – Investments-Debt Securities. As such, the changes in the fair value of these securities were not recorded as part of net income but rather as a component of shareholders' equity (in accumulated other comprehensive income, net of tax). However, as a result of subsequent research and third-party consultation, the Company determined that the securities should instead have been accounted for under ASC Topic 321 – Investments-Equity Securities. The result of this change in classification of the preferred equity securities is that the change in the fair value of the securities each quarter should have been recorded in noninterest income on the consolidated statements of income. As disclosed in the Original Report, the Company recorded the change, net of taxes, in the fair value of preferred equity securities totaling $259,000 and $2.9 million for the three and nine months ended September 30, 2022, respectively as part of Other Comprehensive loss, net of taxes, under ASC Topic 320 – Investments-Debt Securities rather than as part of noninterest income under ASC Topic 321 – Investments-Equity Securities. For additional information on the restatement, see Note 3 Restatement of Previously Issued Consolidated Financial Statements in the Notes to Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Amended Report. Items Amended in this Filing We are filing this Amended Report in order to amend the following items of the Original Report to the extent necessary to reflect the adjustments discussed above and make corresponding revisions to the financial data appearing elsewhere in the Original Report: • Part I, Item 1. Financial Statements • Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations • Part I, Item 4. Controls and Procedures Except as indicated above, no other information in the Original Report is amended hereby. In order to preserve the nature and character of the disclosures set forth in the Original Report, except as expressly noted above, this Amended Report speaks as of the date of the filing of the Original Report, and we have not updated the disclosures in this Amended Report to speak as of a later date. All information contained in this Amended Report is subject to updating and supplementing as provided in filings with the SEC subsequent to the filing date of the Original Report. Accordingly, this Amended Report should be read in conjunction with our filings made with the SEC subsequent to the filing date of the Original Report. Control Considerations In connection with the above, our management has reassessed the effectiveness of our disclosure controls and procedures as of September 30, 2022, and we have included applicable disclosure in Part I, Item 4 herein, "Controls and Procedures." Management identified a material weakness in our internal control over financial reporting, as described in Part I, Item 4 of this Amended Report, resulting in the conclusion by our Chief Executive Officer and Chief Financial Officer that our disclosure controls and procedures were not effective as of September 30, 2022. Management has taken steps, and is continuing to take steps, to remediate this material weakness, as described under "Remediation Plan and Status" in Part I, Item 4 of this Amended Report. |

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