BayCom Corp

BayCom Corp announced that Syvia L. Magid resigned from her position as a director of both BayCom Corp and its wholly owned subsidiary, United Business Bank. The resignation was effective July 22, 2026. The company clarified that Ms. Magid's decision to resign was not a result of any disagreement with the Boards or the management of either entity.

BayCom Corp announced a net loss of $7.0 million, or $(0.64) per diluted common share, for the second quarter of 2026. This was primarily driven by $10.5 million in one-time severance and employee benefit expenses related to executive departures, and a $5.2 million provision for credit losses. Despite the net loss, the company reported a 3.2% increase in total loans and a decrease in the average cost of deposits, with management expressing confidence in the underlying business strength and future positioning.

BayCom Corp's Board of Directors adopted a 2026 Performance Stock Unit Program for senior executive officers, establishing a new incentive compensation structure. Under the program, participants receive performance stock units (PSUs) that vest upon meeting a market vesting condition, specifically when the company's volume-weighted average stock price exceeds a specified threshold for 20 consecutive trading days. Once vested, these 'Banked PSUs' will be settled approximately three years after the grant date, with half in common stock and half in cash, and will include dividend equivalent units.

BayCom Corp announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share on the company's common stock. The dividend is scheduled to be paid on July 9, 2026, to shareholders who are on record as of the close of business on June 11, 2026.

BayCom Corp reported a strong first quarter for 2026, with net income increasing significantly to $8.18 million and diluted earnings per share rising to $0.75. The company also saw a healthy increase in net interest income, driven by higher interest income and lower interest expense. Total assets and deposits grew quarter-over-quarter, while the company recorded a reversal of provision for credit losses.

BayCom Corp announced a significant leadership transition, with George J. Guarini, Janet L. King, and Keary L. Colwell stepping down from their executive positions and board roles. William J. Black, Jr. was appointed Executive Vice Chair, Christopher F. Baron became President and CEO, and Kevin L. Thompson was named EVP, CFO, and Corporate Secretary. Michael J. Perdue also joined the board. The changes are aimed at advancing the company's long-term strategic objectives, including building balance sheet scale and improving financial performance. The company also announced its Annual Meeting of Shareholders for June 16, 2026, where shareholders will vote on director elections, executive compensation, and auditor ratification.

BayCom Corp reported strong first-quarter 2026 earnings of $8.2 million, or $0.75 per diluted common share, marking a significant increase from $6.9 million ($0.63 EPS) in Q4 2025 and $5.7 million ($0.51 EPS) in Q1 2025. The 19.3% sequential increase in net income was primarily driven by a favorable $920,000 change in the provision for credit losses, a $660,000 rise in noninterest income, and a $191,000 increase in net interest income, partially offset by higher noninterest expenses.

BayCom Corp announced the appointment of Michael J. Perdue as a new director to its Board, effective April 22, 2026. Mr. Perdue will also serve on the Compensation Committee and Nominating Committee. His compensation will align with the company's standard non-employee director program. This appointment is expected to strengthen the board's oversight and strategic capabilities.

BayCom Corp's Board of Directors approved a significant leadership transition on April 7, 2026, terminating its Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer without cause. George J. Guarini, who served as President and CEO since 2017 for the Company and 2004 for the Bank, will cease his executive roles on April 10, 2026, transitioning to a non-executive role until July 6, 2026. The company has appointed an Executive Vice Chair, a new CEO, and a new CFO, alongside related changes to the Board, signaling a strategic shift aimed at long-term objectives.