secwatch.observer — SEC 8-K summary
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Issuer:     BayCom Corp (BCML)
CIK:        0001730984
Form:       8-K
Filed at:   2023-07-21T23:59:59+00:00
Accession:  0001558370-23-012077
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

BayCom Corp restates 2022 and Q1 2023 financials due to equity security misclassification
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1730984/000155837023012077/0001558370-23-012077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1730984/000155837023012077/bcml-20230718x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-012077

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