BayCom Corp (BCML) is a California state commercial bank holding company operating through United Business Bank, with consolidated total assets of $2.59B at December 31, 2025. Under a liquidation lens, recovery to equity is materially positive relative to book value, driven by the composition of assets: approximately $206.5M in cash and federal funds sold (100% recovery), a $2.05B gross loan book (net $2.05B after ACL), $179.7M in AFS securities carried at fair value with embedded unrealized losses of $9.9M, and goodwill and intangibles of $40.6M ($38.8M goodwill plus $1.7M core deposit intangibles) that receive zero recovery credit. The $21.2M allowance for credit losses provides partial buffer on the loan portfolio; under a stressed liquidation scenario, loan recovery rates would depend heavily on collateral quality and market conditions not fully disclosed in this filing excerpt. Consolidated total liabilities of $2.26B are carried at face value, dominated by $2.21B in deposits. MFFAIS reports a liquidation value of $192.9M versus book equity of $338.6M at the consolidated level—a substantial haircut driven primarily by goodwill write-off ($38.8M), AFS unrealized losses flowing through ($9.9M gross, $6.6M net of tax in AOCI), and any additional loan portfolio haircut applied by the model. The most significant change year-over-year at the holding company level is the full repayment of $63.7M in subordinated debt (the 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 were retired in 2025, funded via a capital redemption from the bank subsidiary), which eliminated that obligation from the holding company liability stack entirely—$0 vs. $63.7M prior year. This meaningfully improves the holding company standalone recovery profile. Operating lease commitments of $14.8M undiscounted ($13.7M discounted based on implied excess of $1.1M) remain as a face-value liability. The filing discusses loan credit quality including $13.4M nonaccrual loans, off-balance-sheet commitments of $67.5M, and $17.8M in related-party loans in MD&A narrative, but the off-balance-sheet commitment reserve is separately tagged at $410K, which is immaterial. No pension obligation of consequence is present beyond a small supplemental benefit plan with $715K obligation. BCML is well-capitalized across all regulatory metrics: CET1 of 14.32%, Total RBC of 15.78%, against 10% and 6.5% well-capitalized thresholds respectively.
▼ Community Notes