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Press Release Exhibit 99.1 BayCom Corp Reports 2021 Third Quarter Earnings of $ 5.4 Million WALNUT CREEK , CA , October 21 , 2021 -- ( Business Wire ) BayCom Corp ( " BayCom " or the " Company " ) ( NASDAQ : BCML ) , the holding company for United Business Bank ( the “ Bank ” or “ UBB ” ) , announced earnings of $ 5.4 million , or $ 0.51 per diluted share , for the third quarter of 2021 , compared to earnings of $ 5.3 million , or $ 0.49 per diluted share , for the second quarter of 2021 and $ 3.2 million , or $ 0.27 per diluted share , for the third quarter of 2020. Net income for the third quarter of 2021 compared to the prior quarter increased $ 104,000 , or 2.0 % , primarily as a result of a $ 1.6 million increase in noninterest income , partially offset by a $ 984,000 change in the provision for loan losses , related to a $ 477,000 provision for loan losses recorded in the current quarter compared to a $ 507,000 reversal of the provision for loan losses recorded in the prior quarter , and a $ 471,000 increase in noninterest expense . Net income increased $ 6.1 million , or 66.0 % to $ 15.3 million , or $ 1.39 per diluted common share , for the nine months ended September 30 , 2021 , compared to $ 9.2 million , or $ 0.76 per diluted common share , for the nine months ended September 30 , 2020. The increase in net income was the result of an $ 8.4 million decrease in the provision for loan losses , a $ 3.0 million increase in noninterest income and a $ 3.2 million decrease in noninterest expense , partially offset by a $ 6.4 million decrease in net interest income and a $ 2.2 million increase in provision for income taxes . A reversal of the provision for loan losses of $ 30,000 was recorded during the first nine months of 2021 following continued improvements in the economic forecast at September 30 , 2021 , partially offset by an increase in new loan production , as compared to a provision for loan losses of $ 8.4 million during the same nine - month period last year when the COVID - 19 pandemic significantly impacted economic conditions . The increase in noninterest income was related to increases in gain on sale of loans of $ 2.7 million , and income from an investment in a Small Business Investment Company ( " SBIC ” ) fund of $ 798,000 , partially offset by a decrease in loan servicing and other fees of $ 426,000 . Noninterest expense during the nine months ended September 30 , 2021 , did not include any acquisition - related expenses compared to the same period last year which included $ 3.0 million of acquisition - related expenses for the acquisition of Grand Mountain Bancshares ( " GMB " ) and its wholly owned subsidiary Grand Mountain Bank . Proposed Acquisition of Pacific Enterprise Bancorp On September 7 , 2021 , the Company entered into a definitive agreement with Pacific Enterprise Bancorp ( " PEB ” ) , which is headquartered in Irvine , California . Pursuant to the merger agreement PEB will merge with and into the Company , with the Company as the surviving corporation in the merger . Immediately after the merger , Pacific Enterprise Bank , a California state - chartered bank and wholly owned subsidiary of PEB , will merge with and into the Bank , with the Bank as the surviving bank . The transaction was approved and adopted by the Board of Directors of each company and is expected to be completed in the first calendar quarter of 2022 , subject to customary closing conditions , regulatory approval , and approval of the Company's and PEB's shareholders . Under the terms of the merger agreement , holders of PEB common stock will receive 1.0292 shares of Company common stock for each share of PEB common stock . The aggregate consideration was valued at approximately $ 53.1 million based on the closing price of the Company's common stock of $ 17.28 on September 3 , 2021. The total value of the transaction will fluctuate until closing based on the value of the Company's common stock price . Upon consummation of the transaction , the shareholders of PEB will own approximately 22.2 % of the Company . George Guarini , President and Chief Executive Officer , commented , “ Our third quarter of 2021 financial results have continued the positive trend that began last quarter . We are encouraged by the improving level of business activity in our markets and our loan pipeline is strong going into the fourth quarter . On the acquisition front , we are looking forward to closing our merger with Pacific Enterprise Bank early in the first quarter of 2022 and we continue to believe in our focus on growth through strategic acquisitions as it permits us to diversify our loan portfolio with seasoned loans , expand our market areas and retain local lending personnel and credit administration personnel to manage client relationships . We believe our overall credit quality metrics remain strong because of this approach . ”