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 ...