Bayfirst Financial Corp

BayFirst Financial Corp. is a bank holding company, which through its subsidiary, engages in the provision of banking services. Its products include demand deposits, money market accounts, savings deposits, time deposits, commercial business loans, real estate loans, and consumer loans. It operates through the Banking and Residential Mortgage Lending segments. The company was founded on September 1, 2000 and is headquartered in St. Petersburg, FL.

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

BayFirst Financial Corp boosts profitability amid revenue challenges in Q2

BayFirst Financial Corp demonstrated resilience in improving profitability amidst revenue challenges.
Strategic initiatives to enhance loan portfolio quality and customer engagement position the company for sustainable growth.
Despite facing headwinds, the firm's focus on cost management and strategic hires reflects a proactive approach to navigating market conditions.

BayFirst Financial Corp reports strong Q3 earnings amidst market recognition

BayFirst Financial Corp (BAFN) delivered a robust performance in Q3 2024, marked by significant growth in net income, deposit balances, and government-guaranteed loans. The company's recognition as the top bank in Florida and focus on credit quality position it well for future growth.
While facing challenges such as slight decreases in loan origination and increased noninterest expenses, BayFirst has opportunities to optimize its operations, expand its loan portfolio, and drive profitability through enhanced efficiency and customer-centric strategies.

Revenue

Cost of revenue

Gross profit

Operating expenses

SG&A

Other

Operating income

EBITDA

Net income

Earnings per share

Total assets

Current assets

Cash & equivalents

Receivables

Inventory

Non-current assets

Net PPE

Intangibles

Total liabilities

Current liabilities

Short term debt

Income tax payable

Non-current liabilities

Long-term debt

Total equity

Stockholders equity

Minority interest

Total liabilities & equity

Total debt

Net debt

Book value per share

Cash from operations

Funds from operations

Change in working capital

Cash from investing

Capital expenditure

Purchase/sale of investments

Purchase/sale of business

Other sources

Cash from financing

Change in stock

Change in debt

Cash dividends paid

Cash from other sources

Net change in cash

Free cash flow

BayFirst Financial Corp. is a bank holding company, which engages in the provision of banking services. Its products include demand deposits, money market accounts, savings deposits, time deposits, commercial business loans, real estate loans, and consumer loans. The company was founded on September 1, 2000 and is headquartered in St. Petersburg, FL.

ST. PETERSBURG, Fla., Oct. 28, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported net income from continuing operations of $3.1 million for the third quarter of 2022 compared to $391 thousand in the second quarter of 2022. Following the strategic decision to discontinue the Bank's nationwide residential mortgage operations, BayFirst recognized a one-time charge of $3.7 million in the third quarter of 2022. Net loss inclusive of discontinued operations was $1.4 million, or $0.35 per diluted share, for the third quarter of 2022, compared to a net loss of $282 thousand, or $0.10 per diluted share, in the second quarter of 2022. In the third quarter of 2021, net income inclusive of discontinued operations was $1.3 million, or $0.26 per diluted share. Quarterly financial results were highlighted by robust loan production in community banking, up 172% year over year, as well as the best quarter of SBA 7(a) loan production in the Company's history.

BayFirst Financial Corp. Reports Third Quarter 2022 Results; Highlighted by Strong SBA 7(a) and Conventional Loan Production and Net Interest Margin Expansion

ST. PETERSBURG, Fla., Sept. 21, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (the “Company”), parent company of BayFirst National Bank (the "Bank"), today announced that due to the precipitous decline in mortgage volumes and the uncertain outlook for mortgage lending over the coming quarters, its Board of Directors has initiated the process of discontinuing the Bank's nationwide network of residential mortgage loan production offices. The Bank will continue to originate mortgage loans in its local Florida market areas. The Board's action is subject to any necessary regulatory approvals.

BayFirst Financial Corp. To Discontinue Nationwide Network of Residential Mortgage LPOs

ST. PETERSBURG, Fla., Aug. 03, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (f/k/a First Home Bank) (the “Bank”) revised its second quarter earnings report to correct the accounting treatment of deferred loan costs on loans on which the Company elected the fair value option. The timing of recognition of fees and costs on such financial instruments differs for loans carried at amortized cost, with costs and fees recognized when incurred, rather than deferred and recognized over the life of the loan. Much of these costs would have been recognized in the third quarter of 2022 assuming the guaranteed and a portion of the unguaranteed components of these loans would be sold at that time. As of June 30, 2022, $806 thousand of costs related to the loans were charged to expense. A significant portion of these costs was previously included in loans held for investment at amortized cost. Due to this adjustment, the Company incurred a $282 thousand loss, or $(0.12) per diluted common share for the second quarter of 2022, instead of net income of $328 thousand, or $0.03 per diluted common share previously reported. This compares to net income of $13 thousand, or $(0.05) per diluted common share in the first quarter of 2022, and $13.0 million, or $2.98 per diluted common share, in the second quarter of 2021. Financial results for the second quarter of 2022 were highlighted by robust loan production in community banking, up more than 200% year to date over last year, as well as one of the best quarters of SBA 7(a) loan production in the Company's history.

BayFirst Financial Corp. Revises Its Second Quarter 2022 Results; Highlighted by Strong SBA 7(a) and Conventional Loan Production, Improved Operating Efficiencies, and Net Interest Margin Expansion

ST. PETERSBURG, Fla., July 28, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (the “Company”), parent company of BayFirst National Bank (the "Bank"), today announced its Board of Directors declared a quarterly cash dividend of $0.08 per common share. The dividend will be payable September 15, 2022 to common shareholders of record as of September 1, 2022. This dividend marks the 25th consecutive quarterly cash dividend paid since BayFirst initiated cash dividends in 2016.

BayFirst Financial Corp. Declares Quarterly Cash Dividend of $0.08 Per Common Share

ST. PETERSBURG, Fla., July 27, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (f/k/a First Home Bank) (the “Bank”) reported earnings for the second quarter of 2022 of $328 thousand, or $0.03 per diluted common share compared to $13 thousand, or $(0.05) per diluted common share in the first quarter of 2022, and $13.0 million, or $2.98 per diluted common share, in the second quarter of 2021. Financial results for the second quarter of 2022 were highlighted by robust loan production in community banking, up 200% year to date over last year, as well as one of the best quarters of SBA 7(a) loan production in the Company's history.

BayFirst Financial Corp. Reports Second Quarter 2022 Results; Highlighted by Strong SBA 7(a) and Conventional Loan Production, Improved Operating Efficiencies, and Net Interest Margin Expansion

Tom Zernick Promoted to President of First Home Bank

BayFirst Financial Corp., Parent Company of St. Petersburg-Based First Home Bank, Announces Key Executive Promotions

ST. PETERSBURG, Fla., Jan. 27, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of First Home Bank, today announced its Board of Directors increased its quarterly cash dividend by 14% to $0.08 per common share. The dividend will be payable March 15, 2022 to common shareholders of record as of March 1, 2022. This dividend marks the 23rd consecutive quarterly cash dividend paid since BayFirst initiated cash dividends in 2016, and represents a 240% increase over the 23-quarter period.

BayFirst Financial Corp. Increases Quarterly Cash Dividend by 14% to $0.08 Per Common Share

ST. PETERSBURG, Fla., Jan. 26, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of First Home Bank (“First Home” or the “Bank”) reported earnings for the fourth quarter of 2021 of $2.81 million, or $0.61 per diluted common share, driven by higher gain on sale of SBA guaranteed loans, which were partially offset by a reduction in interest and origination fee income from the SBA's Paycheck Protection Program (“PPP”) and lower residential loan fee income, compared to the previous quarter. In the third quarter of 2021, the Company reported net income of $1.28 million, or $0.26 per diluted common share, and in the fourth quarter of 2020 the Company earned $5.61 million, or $1.35 per diluted common share. The variability in financial metrics for the fourth quarter of 2021 compared to the year ago period is a direct reflection of the Bank's participation in PPP over the course of the last two years. Fourth quarter earnings increased tangible book value to $21.75 per common share, a 35.80% increase from $16.02 a year ago. All per share data has been adjusted to reflect the 3-for-2 common stock split effective May 10, 2021.

BayFirst Financial Corp. Reports Earnings of $2.81 Million, or $0.61 Per Diluted Common Share, in 4Q21 and $24.62 Million, or $5.74 Per Diluted Common Share, for Year 2021; Highlighted by Strong Loan Production and Tangible Book Value per Common Share Inc

ST. PETERSBURG, Fla., Nov. 30, 2021 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (Nasdaq: BAFN) (f/k/a First Home Bancorp, Inc., OTCQX: FHBI) (“BayFirst” or the “Company”), parent company of First Home Bank (“First Home” or the “Bank”), today announced that its board of directors amended its stock repurchase program to allow the Company to repurchase up to $450,000 of the Company's issued and outstanding common stock per quarter. The board of directors initially authorized the program on January 26, 2021 for the repurchase of up to $100,000 per quarter and amended the program on September 9, 2021 to increase the quarterly purchase limit to $400,000.

BayFirst Financial Corp. Announces Increase to its Stock Repurchase Program

ST. PETERSBURG, Fla., Nov. 29, 2021 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) (OTCQX: FHBI) (“BayFirst” or the “Company”), parent company of First Home Bank, today announced that its common stock will begin trading tomorrow, November 30, 2021, on the Nasdaq Capital Market under the symbol “BAFN”. As a result, BayFirst will become the only Nasdaq-listed bank holding company headquartered on the west coast of Florida and one of only seven in the state.

BayFirst Financial Corp. Approved for Listing on Nasdaq Capital Market Under Ticker Symbol “BAFN” Becoming the Only Nasdaq-Listed Bank Holding Company Headquartered on Florida's West Coast

News for Bayfirst Financial Corp Stock (BAFN)