ST. PETERSBURG, Fla., April 24, 2025 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported a net loss of $0.3 million, or $0.17 per common share and diluted common share, for the first quarter of 2025, a decrease of 103.4% compared to $9.8 million, or $2.27 per common share or $2.11 per diluted common share, in the fourth quarter of 2024. “While we were encouraged by net interest margin expansion and st ...

Group 1: Core Insights - Zacks Investment Research has initiated coverage of BayFirst Financial Corp. (BAFN) with an Outperform recommendation, highlighting its profitability surge, strategic technology use, and regional market strength as key factors for potential investor interest [1] - BayFirst's earnings in 2024 showed a significant turnaround, with return on equity more than doubling year over year to 12.8% and net interest margin expanding to 3.6%, driven by disciplined pricing and operational efficiency [2] - The bank is located in the rapidly growing Tampa Bay-Sarasota region, benefiting from strong population growth and rising banking demand, and is recognized as Florida's Best Bank in 2024, enhancing its market positioning [3] Group 2: Technology and Expansion - Technology plays a crucial role in BayFirst's long-term growth, with platforms like PowerLOS and MuleSoft's Open API automating lending workflows and improving customer responsiveness, allowing for cost-effective scaling of operations [4] - BayFirst's national SBA and USDA lending platform, including the successful Bolt program, leverages fintech partnerships to reach underserved borrowers, expanding its footprint beyond Florida [4] Group 3: Market Position and Valuation - BayFirst's shares have shown steady improvement and trade at a lower valuation compared to industry peers, indicating that the market has not fully priced in the company's earnings potential and technological advancements [6] - Despite challenges related to credit quality and capital reserves, the firm's strategic focus and diversified loan portfolio position it well for continued growth [7]

Core Viewpoint - BayFirst Financial Corp. will report its first quarter results on April 24, 2025, with a conference call scheduled for April 25, 2025, to discuss the results [1][2]. Company Overview - BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida, operational since September 1, 2000 [3]. - The primary income source is its wholly owned subsidiary, BayFirst National Bank, which began operations on February 12, 1999 [3]. - The Bank operates twelve full-service banking offices in the Tampa Bay-Sarasota region, offering a wide range of commercial and consumer banking services [3]. - In 2024, BayFirst was named the best bank in Florida by Forbes and ranked as the 9th largest SBA 7(a) lender by units originated and 16th by dollar volume nationwide as of December 31, 2024 [3]. - As of December 31, 2024, BayFirst Financial Corp. had total assets of $1.29 billion [3].

Core Viewpoint - BayFirst Financial Corp. reported significant growth in net income for the fourth quarter of 2024, driven by increased net interest income, gains from the sale of branch properties, and improved operational efficiencies [1][2][5]. Financial Performance - Net income for Q4 2024 was $9.8 million, a 759.8% increase from $1.1 million in Q3 2024, and $12.6 million for the year, up from $5.7 million in 2023 [1][6]. - The net interest margin increased by 26 basis points to 3.60% in Q4 2024, compared to 3.34% in Q3 2024 [7][8]. - Noninterest income for Q4 2024 was $22.3 million, up from $12.3 million in Q3 2024, primarily due to an $11.6 million pre-tax gain from the sale of two branch properties [10][11]. Operational Highlights - The company originated $107.8 million in new government guaranteed loans in Q4 2024, an increase from $94.4 million in Q3 2024 [4][5]. - Noninterest expenses decreased by $1.1 million in 2024 compared to 2023, attributed to technology investments and operational efficiencies [3][12]. Balance Sheet and Capital - Total assets increased by $43.2 million, or 3.5%, to $1.29 billion in Q4 2024, with loans held for investment rising by $24.1 million [14][15]. - Deposits increased by $31.0 million, or 2.8%, during Q4 2024, totaling $1.14 billion [16]. - The Tier 1 leverage ratio was 8.82% as of December 31, 2024, up from 8.41% in Q3 2024 [20]. Shareholder Returns - The Board of Directors authorized a share repurchase program for up to $2.0 million starting January 28, 2025 [4][22]. - A cash dividend of $0.08 per common share was declared for Q1 2025, continuing the company's history of quarterly dividends since 2016 [23].

Core Insights - BayFirst Financial Corp. reported a net income of $1.1 million for Q3 2024, a 31.3% increase from $0.9 million in Q2 2024, driven by higher net interest income and gains from government guaranteed loans [1][4][6] Financial Performance - Net interest income for Q3 2024 was $9.4 million, up from $9.2 million in Q2 2024 and $8.4 million in Q3 2023 [6][7] - The net interest margin decreased by 9 basis points to 3.34% in Q3 2024 from 3.43% in Q2 2024, primarily due to a one-time premium recognition related to a USDA loan [6][12] - Noninterest income increased to $12.3 million in Q3 2024 from $11.7 million in Q2 2024, but decreased from $14.7 million in Q3 2023 [8][9] - Noninterest expense rose to $17.1 million in Q3 2024 from $16.6 million in Q2 2024, mainly due to increased compensation expenses [10][11] Loan and Deposit Growth - The company originated $94.4 million in new government guaranteed loans in Q3 2024, a decrease from $98.7 million in Q2 2024 and $155.9 million in Q3 2023 [2][3] - Loans held for investment increased by $34.1 million, or 3.4%, to $1.04 billion in Q3 2024, with an annual increase of $164.0 million, or 18.7% [12][13] - Total deposits increased by $69.8 million, or 6.7%, in Q3 2024, reaching $1.11 billion, with a year-over-year increase of $94.4 million, or 9.3% [14][26] Asset Quality and Capital - The provision for credit losses was $3.1 million in Q3 2024, slightly up from $3.0 million in Q2 2024 [15] - Net charge-offs decreased to $2.8 million in Q3 2024 from $3.3 million in Q2 2024, but increased from $2.2 million in Q3 2023 [16] - The Tier 1 leverage ratio was 8.41% as of September 30, 2024, down from 8.73% in Q2 2024 [17] Recent Developments - The Board of Directors declared a cash dividend of $0.08 per common share for Q4 2024, payable on December 15, 2024 [19] - BayFirst was recognized as the best bank in Florida in 2024 by Forbes Magazine, highlighting its community banking model [2][21]

Core Points - BayFirst Financial Corp. will report its second quarter results on July 25, 2024, after market close, with a conference call scheduled for July 26, 2024, at 9:00 a.m. ET to discuss the results [1] - BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida, with total assets of $1.14 billion as of March 31, 2024 [2] Company Overview - BayFirst Financial Corp. commenced operations on September 1, 2000, and its subsidiary, BayFirst National Bank, began operations on February 12, 1999 [2] - The Bank operates twelve full-service banking offices in the Tampa Bay region, offering a wide range of commercial and consumer banking services [2] - BayFirst was the 2nd SBA 7(a) lender by number of units originated and the 5th largest by dollar volume nationwide for the SBA's 2024 fiscal year, and the number one SBA 7(a) lender in dollar volume in the 5 county Tampa Bay market for the SBA's 2023 fiscal year [2]

Company Overview - BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida, operational since September 1, 2000 [2] - The primary income source is its wholly owned subsidiary, BayFirst National Bank, which began operations on February 12, 1999 [2] - The Bank operates twelve full-service banking offices in the Tampa Bay region, offering a wide range of commercial and consumer banking services [2] - As of March 31, 2024, BayFirst Financial Corp. had total assets of $1.14 billion [2] Performance Highlights - BayFirst was the 2nd SBA 7(a) lender by number of units originated and the 5th largest by dollar volume nationwide through the second quarter ended March 31, 2024 [2] - The Bank was the number one SBA 7(a) lender in dollar volume in the five-county Tampa Bay market for the SBA's 2023 fiscal year [2] Upcoming Events - The company will report its second quarter results after market close on July 25, 2024 [1] - A conference call to discuss the results will be held on July 26, 2024, at 9:00 a.m. ET, which will also be broadcast live on the internet [1]

Core Viewpoint - BayFirst Financial Corp. reported a net income of $0.8 million for Q1 2024, a decrease from $1.7 million in Q4 2023, primarily due to higher provisions for credit losses and weaker loan production amid a high interest rate environment [1][4]. Financial Performance - Net income for Q1 2024 was $0.8 million, or $0.11 per diluted share, down from $1.7 million, or $0.32 per diluted share in Q4 2023 [1][4]. - The provision for credit losses increased to $4.1 million in Q1 2024 from $2.7 million in Q4 2023 [12]. - Noninterest income decreased by $0.4 million, or 2.9%, from Q4 2023 but increased by $4.9 million, or 51.0%, from Q1 2023 [7]. Loan Production - The company originated $130.6 million in new government guaranteed loans in Q1 2024, a decrease of 9.9% from the previous quarter but a 7.8% increase year-over-year [3]. - The Core SBA 7(a) loan production was below expectations by 50%, attributed to weaker demand due to higher interest rates [2][3]. Deposit Growth - Deposits increased by $22.2 million, or 2.3%, in Q1 2024, totaling $1.01 billion, with a year-over-year increase of $74.4 million, or 8.0% [11][3]. Asset Quality - Net charge-offs for Q1 2024 were $3.7 million, an increase from $2.6 million in Q4 2023 and $1.9 million in Q1 2023 [13]. - The ratio of allowance for credit losses (ACL) to total loans held for investment was 1.62% as of March 31, 2024, down from 1.64% at the end of Q4 2023 [12][27]. Capital and Liquidity - The Tier 1 leverage ratio was 9.12% as of March 31, 2024, compared to 9.38% at the end of Q4 2023 [15]. - The bank's liquidity position remains strong, with $60.5 million in cash and time deposits as of March 31, 2024 [3][16]. Recent Developments - The Board of Directors declared a second quarter 2024 cash dividend of $0.08 per common share, payable on June 15, 2024 [17]. - The company opened its twelfth banking office in the Tampa Bay market during Q1 2024 [2].

Core Viewpoint - BayFirst Financial Corp. reported a net income of $1.7 million for Q4 2023, a decrease from $1.9 million in Q3 2023, attributed to higher noninterest expenses and a lack of gains from the sale of real estate that occurred in the previous quarter [1][5][12]. Financial Performance - Net income for Q4 2023 was $1.7 million, or $0.32 per diluted share, compared to $1.9 million, or $0.41 per diluted share in Q3 2023 [1][5]. - For the year ended 2023, net income was $5.7 million, an increase from a net loss of $0.3 million in 2022 [6]. - Net interest income for Q4 2023 was $8.9 million, a 5.8% increase from Q3 2023, and a 3.5% increase from Q4 2022 [7][8]. - Noninterest income for Q4 2023 was $14.7 million, unchanged from Q3 2023, but up 74.8% from $8.4 million in Q4 2022 [9][10]. Loan and Deposit Activity - The company originated $144.9 million in new government guaranteed loans in Q4 2023, a decrease of 7.0% from the previous quarter but a 32.8% increase from Q4 2022 [3]. - Loans held for investment, excluding PPP loans, increased by $49.3 million, or 5.7%, during Q4 2023, totaling $912.5 million [16]. - Deposits decreased by $32.7 million, or 3.2%, in Q4 2023, but increased by $190.1 million, or 23.9%, year-over-year [17]. Asset Quality and Credit Losses - The provision for credit losses in Q4 2023 was $2.7 million, down from $3.0 million in Q3 2023 [19]. - Net charge-offs for Q4 2023 were $2.6 million, an increase from $2.2 million in Q3 2023 [20]. - The ratio of allowance for credit losses to total loans held for investment was 1.64% as of December 31, 2023 [19]. Capital and Liquidity - The Bank's Tier 1 leverage ratio was 9.38% as of December 31, 2023, compared to 9.16% in the previous quarter [21]. - The overall liquidity position remains strong, with a liquidity ratio of 9.33% as of December 31, 2023 [22]. Recent Developments - The company issued preferred stock totaling $6.45 million to support growth and operations [23]. - A cash dividend of $0.08 per common share was declared for Q1 2024, marking the 31st consecutive quarterly dividend [24].

BayFirst Financial Corp. (NASDAQ:BAFN) 2023 – First Quarter Results (Unaudited) In addition to the historical information contained herein, this presentation includes "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of the COVID-19 pandemic, global military hostilities, or climate change, including their effects on the economic environm ...