BayFirst Financial Corp.

Listed Company

BAFNCIK 0001649739NasdaqEmerging GrowthState Commercial BanksFloridaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-22.94M

Total Assets

$1.30B

Equity

$87.57M

Shares Out

4.11M

Op. Cash Flow

$285.30M

Business

BayFirst Financial Corp. is a bank holding company that operates through its wholly owned BayFirst National Bank, providing commercial banking and nationwide government-guaranteed lending services. The company offers deposit products, community retail and business banking, treasury and cash management, online banking, consumer and commercial lending, residential mortgages through its branch network, and origination, servicing and sale of SBA and USDA guaranteed loans using technology-enabled small loan platforms. Its principal business segments are Community Banking, Government Guaranteed Lending, and a discontinued nationwide residential mortgage line. It serves customers primarily in the Tampa Bay/Sarasota region and originates guaranteed loans nationally via direct sales teams and fintech referral channels.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	81	79	63	36	43
Interest-bearing deposits in banks and other	5	4	5	2	570,000
Total interest income	86	83	69	39	44
Deposits	38	43	31	8	5
Borrowings	2	2	1	722,000	2
Total interest expense	40	45	32	—	—
Net interest income	46	38	36	30	37
Provision for credit losses	25	15	10	−700,000	—
Net interest income after provision for credit losses	21	23	26	31	40
Loan servicing income, net	3	3	3	2	2
Gain on sale of government guaranteed loans, net	12	28	25	22	18
Service charges and fees	2	2	2	1	1
Government guaranteed loans fair value gain (loss), net	−1	10	16	5	184,000
Government guaranteed loan packaging fees	2	4	4	—	—
Gain on sale of premises and equipment	0	12	0	—	—
Other noninterest income	1	2	1	2	874,000
Total noninterest income	18	60	50	32	22
Salaries and benefits	28	31	31	27	25
Bonus, commissions, and incentives	855,000	4	6	2	3
Occupancy and equipment	6	5	5	4	3
Data processing	8	7	6	5	5
Marketing and business development	1	2	3	3	3
Professional services	3	4	4	4	4
Loan servicing and origination expense	8	6	7	4	2
Employee recruiting and development	2	2	2	2	2
Regulatory assessments	2	1	881,000	457,000	442,000
Restructure charges	7	0	—	—	—
Other noninterest expense	4	4	3	3	2
Total noninterest expense	70	67	68	55	50
Income (loss) from continuing operations before income taxes	−31	17	8	7	12
Income tax expense (benefit) from continuing operations	−8	4	2	2	3
Net income (loss) from continuing operations	−23	13	6	5	9
Loss from discontinued operations before income taxes	0	−92,000	−283,000	−8	21
Income tax benefit from discontinued operations	0	−23,000	−70,000	−2	5
Net loss from discontinued operations	0	−69,000	−213,000	−6	16
Net income (loss)	−23	13	6	−349,000	25
Preferred stock dividends	2	2	965,000	832,000	1
Net income available to (loss attributable to) common shareholders	−24	11	5	−1	24
Continuing operations (in dollars per share)	−5.93	2.69	1.21	1.16	2.11
Discontinued operations (in dollars per share)	0	−0.01	−0.05	−1.45	4.1
Total basic earnings (loss) per common share (in dollars per share)	−5.93	2.68	1.16	−0.29	6.21
Continuing operations (in dollars per share)	−5.93	2.64	1.17	1.16	2.08
Discontinued operations (in dollars per share)	0	−0.02	−0.05	−1.38	3.83
Total diluted earnings (loss) per common share (in dollars per share)	−5.93	2.62	1.12	−0.22	5.91

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	5	4	4	4	3
Interest-bearing deposits in banks	202	73	54	62	107
Cash and cash equivalents	207	78	58	66	110
Time deposits in banks	0	2	5	5	2
Investment securities available for sale, at fair value (amortized cost: $31,974 and $40,279 at December 31, 2025 and December 31, 2024, respectively)	29	36	40	42	31
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $7 and $12 (fair value: $2,384 and $2,346 at December 31, 2025 and December 31, 2024, respectively)	2	2	2	5	2,000
Nonmarketable equity securities	5	5	5	4	3
Government guaranteed loans HFI, at fair value	54	61	92	27	10
Loans HFI, at amortized cost	910	1,006	824	—	—
Allowance for credit losses on loans	−22	−16	−13	−12	13
Net loans HFI, at amortized cost	888	990	811	693	561
Accrued interest receivable	8	9	7	4	4
Premises and equipment, net	31	33	39	35	29
Loan servicing rights	13	17	15	11	6
Deferred income tax asset	7	0	0	980,000	454,000
Right-of-use operating lease assets	15	16	2	3	3
Bank owned life insurance	27	27	26	25	25
Other real estate owned	400,000	132,000	0	—	—
Other assets	14	12	16	16	14
Total assets	1,300	1,288	1,118	939	917
Noninterest-bearing deposit accounts	96	102	94	93	84
Interest-bearing transaction accounts	231	257	259	203	163
Savings and money market deposit accounts	455	474	373	363	—
Time deposits	402	310	259	136	51
Total deposits	1,184	1,143	985	795	722
Subordinated notes	6	6	6	6	6
Notes payable	2	2	2	3	3
Accrued interest payable	1	1	882,000	704,000	326,000
Operating lease liabilities	13	15	3	4	3
Deferred income tax liabilities	0	301,000	482,000	0	—
Accrued expenses and other liabilities	7	10	9	12	9
Total liabilities	1,213	1,177	1,017	847	821
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,108,069 and 4,132,986 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	54	55	55	53	51
Accumulated other comprehensive loss, net	−2	−3	−3	−4	−420,000
Unearned compensation	−335,000	−752,000	−958,000	−178,000	−17,000
Retained earnings	20	44	34	33	36
Total shareholders equity	88	111	101	92	96
Total liabilities and shareholders equity	1,300	1,288	1,118	939	917

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of fixed assets	2	2	2	2	1
Net securities premium amortization	40,000	112,000	95,000	122,000	102,000
Amortization of debt issuance costs	6,000	7,000	7,000	7,000	37,000
Amortization of premium on loans purchased, net	1	714,000	591,000	199,000	−84,000
Accretion of discount on unguaranteed loans	−4	−3	−3	−3	−2
Deferred tax benefit	−7	−189,000	2	424,000	4
Origination of government guaranteed loans held for sale	0	−3	−4	−2	−1
Proceeds from sales of government guaranteed loans held for sale	298	406	484	354	394
Sale of servicing rights	2	0	—	—	—
Amortization of loan servicing rights	7	6	5	3	3
Gain on other real estate owned	−423,000	14,000	−355,000	0	—
Loss on sale and writedowns of repossessed assets	118,000	0	—	—	—
Non-qualified stock purchase plan expense	17,000	23,000	27,000	87,000	57,000
Stock based compensation expense	99,000	396,000	604,000	763,000	461,000
Income from bank owned life insurance	−751,000	−713,000	−641,000	−612,000	−364,000
Impairment of equipment and software	1	0	—	—	—
Accrued interest receivable	734,000	−2	−3	−920,000	4
Other assets	−1	−8	117,000	−2	−7
Accrued interest payable	97,000	154,000	178,000	378,000	−2
Other liabilities	−5	14	−4	3	3
Net cash provided by operating activities of continuing operations	285	391	455	335	384
Net cash used in operating activities of discontinued operations	0	−341,000	−388,000	106	112
Net cash provided by operating activities	285	391	455	440	495
Purchase of investment securities available for sale	−6	−4	0	−20	−33
Principal payments on investment securities available for sale	3	8	4	3	2
Principal payments on investment securities held to maturity	0	1,000	1,000	50,000	—
Call of investment securities held to maturity	11	0	3	0	38,000
Net sale (purchase) of nonmarketable equity securities	−130,000	244,000	−733,000	−1	−465,000
Purchase of time deposits in banks	−14,000	−1	−1	−3	0
Maturity of time deposits in banks	2	3	1	0	—
Purchase of government guaranteed loans	0	−4	−112	−54	0
Loan originations, net	−205	−531	−530	−424	265
Purchase related to other real estate owned	0	−1	0	—	—
Proceeds for the sale of premises and equipment	0	15	0	—	—
Purchase of premises and equipment	−300,000	−2	−8	−8	−13
Proceeds on sales of other real estate owned	155,000	2	2	0	—
Proceeds on sales of repossessed assets	59,000	0	—	—	—
Net cash used in investing activities	−195	−516	−641	−511	208
Net change in deposits	41	158	190	73	163
Net decrease in short-term borrowings	0	10	—	—	—
Payments on notes payable	−341,000	−455,000	−455,000	−455,000	−455,000
Proceeds from issuance of common stock for benefit plans, net	50,000	−23,000	289,000	509,000	2
Common share buyback - redeemed stock	−335,000	0	−13,000	−49,000	0
Unearned ESOP shares	193,000	53,000	−189,000	−15,000	—
Dividends paid on common stock	−663,000	−1	−1	−1	−1
Dividends paid on preferred stock	−771,000	−2	−965,000	−832,000	−1
Net cash provided by financing activities	39	145	179	27	−649
Net change in cash and cash equivalents	129	19	−8	−44	54
Interest paid	40	45	32	8	9
Income taxes paid	5	8,000	97,000	248,000	10
Net change in unrealized holding gains (losses) on investment securities available for sale, net of tax effect	996,000	25,000	743,000	−3	−420,000
Transfer of government guaranteed loans HFI to loans HFS	296	383	464	337	378
Transfer of government guaranteed loans HFS to loans HFI	5	0	—	—	—
Transfer of loans HFI to OREO	0	94,000	0	53,000	—
Transfer of loans HFI to repossessed assets	422,000	0	0	—	—
Recognition of right of use asset in exchange for new operating lease liabilities	0	14	0	627,000	543,000

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