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].
BayFirst Financial Corp. Reports Fourth Quarter 2024 Results