Welcome to our dedicated page for BayFirst Financial news (Ticker: BAFN), a resource for investors and traders seeking the latest updates and insights on BayFirst Financial stock.
BayFirst Financial Corp., trading under the symbol BAFN, is a one-bank holding company dedicated to providing high-quality banking services to the Tampa Bay community. Founded in 1999, BayFirst operates First Home Bank, a locally owned and operated institution offering a personalized and friendly banking experience.
The company's core business revolves around generating revenue through interest on loans and gain-on-sale income from loan sales in the secondary market. BayFirst serves a diverse clientele, including individuals, families, and small businesses, with a special focus on residential and SBA lending, supported by advanced technology platforms.
BayFirst Financial Corp. is committed to fostering a robust corporate culture, emphasizing career development, competitive compensation, and comprehensive benefits for its employees. This commitment helps attract and retain top talent, ensuring the company remains Tampa Bay’s premier community bank.
The primary funding source for BayFirst's loans is customer deposits. The company's financial performance is measured by net interest income after provision for loan losses, return on average assets, and return on average common equity. Importantly, BayFirst maintains proper regulatory leverage and risk-based capital ratios to ensure financial stability.
BayFirst has achieved significant milestones recently, including adopting the CECL methodology for estimating credit losses as of January 1, 2023. This transition marks a significant step in the company's commitment to accurate and reliable financial reporting.
For more information or inquiries, please contact Megan Brewster, Public Relations Manager, at 727.258.5614, or Scott McKim, Chief Financial Officer, at 727.521.7085.
BayFirst Financial Corp (NASDAQ: BAFN) reported Q3 2024 net income of $1.1 million, or $0.18 per diluted share, marking a 31.3% increase from Q2 2024's $0.9 million. The company's government guaranteed loan team originated $94.4 million in new loans, while loans held for investment increased by $34.1 million to $1.04 billion. Deposits grew by $69.8 million to $1.11 billion. Net interest margin decreased to 3.34%. The company maintained its quarterly dividend at $0.08 per common share, payable December 15, 2024.
BayFirst Financial Corp. (NASDAQ: BAFN), the parent company of BayFirst National Bank, has announced its plans to report third quarter 2024 results. The company will release its financial results after the market closes on Thursday, October 24, 2024. Following this, BayFirst will host a conference call and webcast on Friday, October 25, 2024, at 9:00 a.m. ET to discuss the quarterly results.
Investors can listen to the live broadcast of the call on the company's website under the Investor Relations tab. Investment professionals are invited to participate in the call by dialing (800) 549-8228 and using Conference ID 30458. A replay of the call will be available for one year on the BayFirst Financial website.
BayFirst Financial Corp. (NASDAQ: BAFN) reported Q2 2024 net income of $0.9 million, or $0.12 per diluted share, up 5.1% from Q1 2024. Key highlights include:
- Improved credit administration led to a $1.1 million decrease in provision for credit losses
- CreditBench originated $98.7 million in new government guaranteed loans
- Loans held for investment increased 7.9% to $1.01 billion
- Deposits grew 3.5% to $1.04 billion
- Net interest margin increased to 3.43%
- Noninterest expense decreased by $1.2 million
- Launched Healthcare Banking initiative
The company maintained strong liquidity and capital positions, with a CET1 ratio of 10.54% and a total capital ratio of 11.79%.
BayFirst Financial Corp. (NASDAQ: BAFN) has announced its second quarter 2024 earnings report will be released after market close on July 25, 2024. The following day, July 26, 2024, at 9:00 a.m. ET, the company will hold a conference call to discuss the results. The call will be broadcast live on the internet via the Investor Relations section of their website. Interested investors can listen to the live call or access a replay, which will be available for one year. Investment professionals can join the call by dialing (800) 549-8228 with Conference ID 63886.
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