BayCom Corp (BCML): auditor change — BayCom Corp restates 2022 and Q1 2023 financials due to equity security misclassification

BayCom Corp

Audit committee concludes previously issued financials for YE Dec 31, 2022 and Q1 2023 are unreliable due to misclassification of preferred equity securities as debt rather than equity.
Restated net income for YE 2022 is $23.73M (down from $26.99M); basic EPS revised to $1.81 from $2.06.
Restated net income for Q1 2023 is $7.19M (up from $7.05M); basic EPS revised to $0.57 from $0.55.
Noninterest income for YE 2022 restated to $6.1M from $10.67M; for Q1 2023 to $1.56M from $2.46M.
Company plans to file amended 10-Qs for 2022 and Q1 2023 and amended 10-K for 2022 before filing Q2 2023 10-Q.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

BayCom Corp reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

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 (the “Restated Periods”), 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. Additionally, the Company’s earnings releases and other public communications should no longer be relied upon to the extent that they relate to our consolidated financial statements for the Restated Periods. 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 (“

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Source: SEC EDGAR

accession 0001558370-23-012077

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