About BayFirst Financial Corp. BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay- Sarasota region and offers a broad range of commercial and c ...

Core Viewpoint - BayFirst Financial Corp. reported a net loss in Q1 2025, leading to a significant decline in its stock performance compared to the S&P 500 index, primarily due to asset quality deterioration and weaker financial results [1][2]. Financial Performance - The company incurred a net loss of $0.17 per share in Q1 2025, a reversal from a net income of $0.11 per share in Q1 2024, attributed to weaker noninterest income and elevated credit costs [2][3]. - Net interest income improved to $11 million, a 26.4% increase from $8.7 million a year earlier, while noninterest income fell by 38.5% year over year to $8.8 million [2]. - Overall deposits declined by 1.3% sequentially to $1.1 billion, despite a 1.7% increase in loans held for investment, reaching $1.1 billion, driven by commercial real estate and consumer loan origination [4]. Credit Quality Metrics - Net charge-offs decreased to $3.3 million from $3.7 million a year ago, but nonperforming assets rose to 2.08% of total assets, compared to 0.97% in the prior-year quarter [5]. - The provision for credit losses was $4.4 million, flat sequentially but slightly up from $4.1 million in Q1 2024 [5]. Management Insights - CEO Thomas G. Zernick highlighted economic challenges such as high interest rates and inflation affecting borrowers, leading to increased net charge-offs [6]. - The company is focusing on enhancing recurring revenues through core net interest income and reducing reliance on government-guaranteed loan sales [6][7]. Revenue Influences - The decline in earnings was significantly influenced by reduced revenues from government-guaranteed loans, with a $0.8 million drop in gains on sale and a $4.1 million decline in fair value gains [8]. - The absence of an $11.6 million one-time gain from a sale-leaseback transaction in the previous quarter also impacted noninterest income [8]. Expense Management - Noninterest expenses increased modestly by $0.5 million from the prior quarter, but year-over-year expenses declined by $2 million due to lower compensation and professional services costs [9]. Corporate Developments - The board authorized a share repurchase program of up to $2 million, with $0.3 million already repurchased as of March 31, 2025 [10]. - A second-quarter dividend of 8 cents per common share was declared, maintaining consistent payouts since 2016 [10]. SBA Lending Position - BayFirst ranks as the 10th largest SBA 7(a) lender by loan units and 19th by dollar volume nationwide for the SBA's quarter ended March 31, 2025 [11].

BayFirst Financial (BAFN) Q1 2025 Earnings Call April 25, 2025 09:00 AM ET Company Participants Thomas Zernick - CEOScott McKim - Executive VP & CFORobin Oliver - President & COO Operator Good morning, ladies and gentlemen, and welcome to BayFirst Financial Corporation Q1 twenty twenty five Conference Call and Webcast. At this time, note that all participant lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. Also note that this call is being recorded ...

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]