BayFirst Financial Corp. Reports First Quarter 2024 Results; Highlighted by Strong Loan and Deposit Growth with Higher Provision for Credit Losses
- Net income decreased due to higher provision for credit losses and weaker loan production
- Deposits increased by $22.2 million during the quarter
- CreditBench division produced $130.6 million in new loans
- Company opened a new banking office in Tampa Bay
- Asset quality remains within acceptable levels despite challenges
- Net interest margin decreased by 6 bps
- Net charge-offs increased during the first quarter
- Decrease in noninterest income by $0.4 million
- Tier 1 leverage ratio decreased to 9.12%
Insights
The observed decrease in net income for BayFirst Financial Corp. during the first quarter of 2024 signifies a contraction in profitability compared to the previous quarter. This drop, driven by higher provisions for credit losses and weaker loan production in the Core SBA 7(a) segment, reflects the broader impact of the current high-interest-rate environment on the lending sphere. The growth in deposits, however, shows customer confidence and liquidity strength, potentially offsetting some of the concerns arising from the reported increase in net charge-offs.
The increment in government guaranteed loans via the Bolt program is notable. The growth in this area suggests a strategic pivot to more secure lending practices with government backing, which may mitigate risk. However, the 6 basis point dip in net interest margin indicates pressure on the bank’s core earning power, likely due to increased deposit costs, a critical factor for investor consideration.
The broader banking industry is experiencing headwinds due to the 'higher for longer' interest rate climate, as indicated by the company’s commentary. BayFirst's experience appears to be in line with these systemic pressures. Their asset quality metrics and decision to discontinue the FlashCap program show proactive risk management, a positive signal for investors concerned about asset performance amidst economic uncertainties.
Further scrutiny of the bank's liquidity position reveals a well-maintained buffer, important in times of market volatility. The declared dividend remains consistent, which could be interpreted as a message of stability to shareholders. Nonetheless, investors should be wary of the industry trend and the bank's ability to navigate through a potentially prolonged period of economic tightening.
ST. PETERSBURG, Fla., April 25, 2024 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported net income of
“BayFirst opened its twelfth banking office in the attractive Tampa Bay market during the first quarter. The South Sarasota location completes our near-term branch expansion plans,” stated Thomas G. Zernick, Chief Executive Officer. “We were successful in growing deposit balances by
“Our government guaranteed lending division, CreditBench, had a good first quarter producing
First Quarter 2024 Performance Review
- The Company’s government guaranteed loan origination platform, CreditBench, originated
$130.6 million in new government guaranteed loans during the first quarter of 2024, a decrease of9.9% from$144.9 million of loans produced in the previous quarter, and a7.8% increase over$121.1 million of loans produced during the first quarter of 2023. Demand remains strong for the Company's Bolt loan program, an SBA 7(a) loan product designed to expeditiously provide working capital loans of$150 thousand or less to businesses throughout the country. Since the launch in 2022, the Company has originated 4,168 Bolt loans totaling$539.9 million , of which 760 Bolt loans totaling$98.2 million were originated during the quarter. - Loans held for investment increased by
$19.1 million , or2.1% , during the first quarter of 2024 to$934.9 million and increased$142.1 million , or17.9% , over the past year. During the quarter, the Company originated$197.2 million of loans and sold$127.8 million of government guaranteed loan balances. - Deposits increased
$22.2 million , or2.3% , during the first quarter of 2024 and increased$74.4 million , or8.0% , over the past year to$1.01 billion . - Balance sheet liquidity remains strong, with
$60.5 million in cash balances and time deposits with other banks as of March 31, 2024. Additionally, the Company maintains significant borrowing capacity through the FHLB and Federal Reserve discount window. Approximately84% of the Company's deposits were insured at March 31, 2024. - Book value and tangible book value at March 31, 2024 were
$20.45 per common share, a decrease from$20.60 at December 31, 2023, driven by higher shares outstanding. - Net interest margin including discontinued operations decreased by 6 bps to
3.42% in the first quarter of 2024, from3.48% in the fourth quarter of 2023, primarily due to increases in deposit costs.
Results of Operations
Net Income
Net income was
Net Interest Income and Net Interest Margin
Net interest income from continuing operations was
The decrease during the first quarter of 2024 as compared to the fourth quarter of 2023 was mainly due to higher interest costs on deposits of
The decrease during the first quarter of 2024 as compared to the year ago quarter was mainly due to higher interest expense on deposits of
Noninterest Income
Noninterest income from continuing operations was
Noninterest Expense
Noninterest expense from continuing operations was
Balance Sheet
Assets
Total assets increased
Loans
Loans held for investment increased
Deposits
Deposits increased
Asset Quality
The Company recorded a provision for credit losses in the first quarter of
The ratio of ACL to total loans held for investment at amortized cost was
Net charge-offs for the first quarter of 2024 were
Management made changes to improve asset quality performance of the Bank’s CreditBench working capital lending program. Beginning in January 2024, the FlashCap loan product offering was discontinued due to higher-than-expected credit losses. FlashCap provided working capital loans in the amounts of
Capital
The Bank’s Tier 1 leverage ratio was
Liquidity
The Bank has liquidity well in excess of internal minimums and the expectations of our bank regulators. The Bank’s overall liquidity position remains strong and stable. The on-balance sheet liquidity ratio at March 31, 2024 was
Recent Events
Second Quarter Common Stock Dividend. On April 23, 2024, BayFirst’s Board of Directors declared a second quarter 2024 cash dividend of
Conference Call
BayFirst’s management team will host a conference call on Friday, April 26, 2024 at 9:00 a.m. ET to discuss its first quarter results. Interested investors may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com. Investment professionals are invited to dial (800) 549-8228 to participate in the call using Conference ID 78074. A replay of the call will be available for one year at www.bayfirstfinancial.com.
About BayFirst Financial Corp.
BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. The Bank was the 2nd SBA 7(a) lender by number of units originated and 5th largest by dollar volume nationwide through the second quarter ended March 31, 2024, of SBA's 2024 fiscal year. Additionally, it was the number one SBA 7(a) lender in dollar volume in the 5 county Tampa Bay market for the SBA's 2023 fiscal year. As of March 31, 2024, BayFirst Financial Corp. had
Forward-Looking Statements
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 health crises, global military hostilities, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.
| BAYFIRST FINANCIAL CORP. | ||||||||||||||||||||||||
| SELECTED FINANCIAL DATA (Unaudited) | ||||||||||||||||||||||||
| At or for the three months ended | ||||||||||||||||||||||||
| (Dollars in thousands, except for share data) | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | |||||||||||||||||||
| Balance sheet data: | ||||||||||||||||||||||||
| Average loans held for investment at amortized cost | $ | 855,040 | $ | 825,196 | $ | 789,167 | $ | 781,744 | $ | 718,094 | ||||||||||||||
| Average total assets | 1,126,315 | 1,108,550 | 1,088,517 | 1,064,068 | 969,489 | |||||||||||||||||||
| Average common shareholders’ equity | 85,385 | 82,574 | 81,067 | 80,310 | 78,835 | |||||||||||||||||||
| Total loans held for investment | 934,868 | 915,726 | 878,447 | 836,704 | 792,777 | |||||||||||||||||||
| Total loans held for investment, excl gov’t gtd loan balances | 712,073 | 698,106 | 687,141 | 638,148 | 596,505 | |||||||||||||||||||
| Allowance for credit losses | 13,906 | 13,497 | 13,365 | 12,598 | 12,208 | |||||||||||||||||||
| Total assets | 1,144,194 | 1,117,766 | 1,133,979 | 1,087,399 | 1,069,839 | |||||||||||||||||||
| Common shareholders’ equity | 84,578 | 84,656 | 82,725 | 81,460 | 80,734 | |||||||||||||||||||
| Share data: | ||||||||||||||||||||||||
| Basic earnings per common share | $ | 0.11 | $ | 0.32 | $ | 0.42 | $ | 0.29 | $ | 0.13 | ||||||||||||||
| Diluted earnings per common share | 0.11 | 0.32 | 0.41 | 0.29 | 0.13 | |||||||||||||||||||
| Dividends per common share | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | |||||||||||||||||||
| Book value per common share | 20.45 | 20.60 | 20.12 | 19.85 | 19.70 | |||||||||||||||||||
| Tangible book value per common share (1) | 20.45 | 20.60 | 20.12 | 19.85 | 19.70 | |||||||||||||||||||
| Performance and capital ratios: | ||||||||||||||||||||||||
| Return on average assets(2) | 0.29 | % | 0.60 | % | 0.71 | % | 0.52 | % | 0.30 | % | ||||||||||||||
| Return on average common equity(2) | 2.06 | % | 6.37 | % | 8.46 | % | 5.86 | % | 2.69 | % | ||||||||||||||
| Net interest margin(2) | 3.42 | % | 3.48 | % | 3.36 | % | 4.18 | % | 4.17 | % | ||||||||||||||
| Dividend payout ratio | 74.91 | % | 25.03 | % | 19.15 | % | 27.89 | % | 61.48 | % | ||||||||||||||
| Asset quality ratios: | ||||||||||||||||||||||||
| Net charge-offs | $ | 3,652 | $ | 2,612 | $ | 2,234 | $ | 2,253 | $ | 1,887 | ||||||||||||||
| Net charge-offs/avg loans held for investment at amortized cost(2) | 1.71 | % | 1.27 | % | 1.13 | % | 1.15 | % | 1.05 | % | ||||||||||||||
| Nonperforming loans(3) | $ | 9,877 | $ | 9,688 | $ | 9,518 | $ | 8,478 | $ | 5,890 | ||||||||||||||
| Nonperforming loans (excluding gov't gtd balance)(3) | $ | 7,568 | $ | 8,264 | $ | 7,997 | $ | 6,590 | $ | 2,095 | ||||||||||||||
| Nonperforming loans/total loans held for investment(3) | 1.15 | % | 1.18 | % | 1.20 | % | 1.08 | % | 0.81 | % | ||||||||||||||
| Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3) | 0.88 | % | 1.00 | % | 1.01 | % | 0.84 | % | 0.29 | % | ||||||||||||||
| ACL/Total loans held for investment at amortized cost | 1.62 | % | 1.64 | % | 1.68 | % | 1.61 | % | 1.69 | % | ||||||||||||||
| ACL/Total loans held for investment at amortized cost, excl government guaranteed loans | 2.06 | % | 2.03 | % | 2.03 | % | 2.03 | % | 2.10 | % | ||||||||||||||
| Other Data: | ||||||||||||||||||||||||
| Full-time equivalent employees | 313 | 305 | 307 | 302 | 300 | |||||||||||||||||||
| Banking center offices | 12 | 11 | 10 | 9 | 9 | |||||||||||||||||||
| (1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to most comparable GAAP equivalent. | ||||||||||||||||||||||||
| (2) Annualized | ||||||||||||||||||||||||
| (3) Excludes loans measured at fair value | ||||||||||||||||||||||||
| GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures | ||||||||||||||||||||||||
Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders' equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.
The following presents these non-GAAP financial measures along with their most directly comparable financial measures calculated in accordance with GAAP:
| Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share (Unaudited) | |||||||||||||||||||
| As of | |||||||||||||||||||
| (Dollars in thousands, except for share data) | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||||
| Total shareholders’ equity | $ | 100,629 | $ | 100,707 | $ | 94,165 | $ | 91,065 | $ | 90,339 | |||||||||
| Less: Preferred stock liquidation preference | (16,051 | ) | (16,051 | ) | (11,440 | ) | (9,605 | ) | (9,605 | ) | |||||||||
| Total equity available to common shareholders | 84,578 | 84,656 | 82,725 | 81,460 | 80,734 | ||||||||||||||
| Less: Goodwill | — | — | — | — | — | ||||||||||||||
| Tangible common shareholders' equity | $ | 84,578 | $ | 84,656 | $ | 82,725 | $ | 81,460 | $ | 80,734 | |||||||||
| Common shares outstanding | 4,134,914 | 4,110,470 | 4,110,650 | 4,103,834 | 4,098,805 | ||||||||||||||
| Tangible book value per common share | $ | 20.45 | $ | 20.60 | $ | 20.12 | $ | 19.85 | $ | 19.70 | |||||||||
| BAYFIRST FINANCIAL CORP. | |||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||
| (Dollars in thousands) | 3/31/2024 | 12/31/2023 | 3/31/2023 | ||||||
| Assets | Unaudited | Unaudited | |||||||
| Cash and due from banks | $ | 4,425 | $ | 4,099 | $ | 3,766 | |||
| Interest-bearing deposits in banks | 53,080 | 54,286 | 127,901 | ||||||
| Cash and cash equivalents | 57,505 | 58,385 | 131,667 | ||||||
| Time deposits in banks | 3,000 | 4,646 | 4,881 | ||||||
| Investment securities available for sale, at fair value (amortized cost | 42,514 | 39,575 | 42,435 | ||||||
| Investment securities held to maturity, at amortized cost, net of allowance for credit losses of | 2,487 | 2,484 | 2,484 | ||||||
| Nonmarketable equity securities | 5,228 | 4,770 | 5,115 | ||||||
| Government guaranteed loans held for sale | 2,226 | — | 1,174 | ||||||
| Government guaranteed loans held for investment, at fair value | 77,769 | 91,508 | 69,047 | ||||||
| Loans held for investment, at amortized cost net of allowance for credit losses of | 843,193 | 810,721 | 711,522 | ||||||
| Accrued interest receivable | 7,625 | 7,130 | 5,547 | ||||||
| Premises and equipment, net | 39,327 | 38,874 | 37,780 | ||||||
| Loan servicing rights | 15,742 | 14,959 | 11,625 | ||||||
| Deferred income tax assets | — | — | 1,338 | ||||||
| Right-of-use operating lease assets | 2,499 | 2,416 | 2,985 | ||||||
| Bank owned life insurance | 25,974 | 25,800 | 25,313 | ||||||
| Other assets | 18,805 | 16,150 | 16,421 | ||||||
| Assets from discontinued operations | 300 | 348 | 505 | ||||||
| Total assets | $ | 1,144,194 | $ | 1,117,766 | $ | 1,069,839 | |||
| Liabilities: | |||||||||
| Noninterest-bearing deposits | $ | 96,977 | $ | 93,708 | $ | 106,622 | |||
| Interest-bearing transaction accounts | 250,478 | 259,422 | 266,445 | ||||||
| Savings and money market deposits | 391,915 | 373,000 | 364,269 | ||||||
| Time deposits | 267,945 | 259,008 | 195,565 | ||||||
| Total deposits | 1,007,315 | 985,138 | 932,901 | ||||||
| FHLB borrowings | 15,000 | 10,000 | 25,000 | ||||||
| Subordinated debentures | 5,950 | 5,949 | 5,994 | ||||||
| Notes payable | 2,276 | 2,389 | 2,731 | ||||||
| Accrued interest payable | 1,598 | 882 | 860 | ||||||
| Operating lease liabilities | 2,673 | 2,619 | 3,209 | ||||||
| Deferred income tax liabilities | 728 | 482 | — | ||||||
| Accrued expenses and other liabilities | 7,496 | 8,980 | 7,738 | ||||||
| Liabilities from discontinued operations | 529 | 620 | 1,067 | ||||||
| Total liabilities | 1,043,565 | 1,017,059 | 979,500 | ||||||
| Shareholders’ equity: | Unaudited | Unaudited | |||||||
| Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at March 31, 2024, December 31, 2023, and March 31, 2023; aggregate liquidation preference of | 6,161 | 6,161 | 6,161 | ||||||
| Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at March 31, 2024, December 31, 2023, and March 31, 2023; aggregate liquidation preference of | 3,123 | 3,123 | 3,123 | ||||||
| Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at March 31, 2024 and December 31, 2023, and no shares issued and outstanding as of March 31, 2023; aggregate liquidation preference of | 6,446 | 6,446 | — | ||||||
| Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,134,914, 4,110,470, and 4,098,805 shares issued and outstanding at March 31, 2024, December 31, 2023, and March 31, 2023, respectively | 54,776 | 54,521 | 54,003 | ||||||
| Accumulated other comprehensive loss, net | (3,188 | ) | (2,981 | ) | (3,182 | ) | |||
| Unearned compensation | (1,192 | ) | (958 | ) | (940 | ) | |||
| Retained earnings | 34,503 | 34,395 | 31,174 | ||||||
| Total shareholders’ equity | 100,629 | 100,707 | 90,339 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,144,194 | $ | 1,117,766 | $ | 1,069,839 | |||
| BAYFIRST FINANCIAL CORP. | |||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||
| For the Quarter Ended | |||||||||||
| (Dollars in thousands, except per share data) | 3/31/2024 | 12/31/2023 | 3/31/2023 | ||||||||
| Interest income: | |||||||||||
| Loans, including fees | $ | 18,228 | $ | 17,714 | $ | 13,071 | |||||
| Interest-bearing deposits in banks and other | 959 | 1,140 | 1,180 | ||||||||
| Total interest income | 19,187 | 18,854 | 14,251 | ||||||||
| Interest expense: | |||||||||||
| Deposits | 10,215 | 9,719 | 4,923 | ||||||||
| Other | 230 | 258 | 275 | ||||||||
| Total interest expense | 10,445 | 9,977 | 5,198 | ||||||||
| Net interest income | 8,742 | 8,877 | 9,053 | ||||||||
| Provision for credit losses | 4,058 | 2,737 | 1,942 | ||||||||
| Net interest income after provision for credit losses | 4,684 | 6,140 | 7,111 | ||||||||
| Noninterest income: | |||||||||||
| Loan servicing income, net | 795 | 677 | 740 | ||||||||
| Gain on sale of government guaranteed loans, net | 8,089 | 6,977 | 4,409 | ||||||||
| Service charges and fees | 444 | 555 | 379 | ||||||||
| Government guaranteed loans fair value gain, net | 3,305 | 4,697 | 3,574 | ||||||||
| Other noninterest income | 1,635 | 1,785 | 346 | ||||||||
| Total noninterest income | 14,268 | 14,691 | 9,448 | ||||||||
| Noninterest Expense: | |||||||||||
| Salaries and benefits | 8,005 | 7,446 | 7,835 | ||||||||
| Bonus, commissions, and incentives | 1,571 | 2,211 | 804 | ||||||||
| Occupancy and equipment | 1,110 | 1,150 | 1,163 | ||||||||
| Data processing | 1,560 | 1,422 | 1,347 | ||||||||
| Marketing and business development | 588 | 640 | 665 | ||||||||
| Professional services | 1,349 | 1,070 | 897 | ||||||||
| Loan origination and collection | 1,719 | 2,728 | 1,495 | ||||||||
| Employee recruiting and development | 597 | 510 | 568 | ||||||||
| Regulatory assessments | 282 | 266 | 99 | ||||||||
| Other noninterest expense | 992 | 1,023 | 539 | ||||||||
| Total noninterest expense | 17,773 | 18,466 | 15,412 | ||||||||
| Income before taxes from continuing operations | 1,179 | 2,365 | 1,147 | ||||||||
| Income tax expense from continuing operations | 296 | 704 | 280 | ||||||||
| Net income from continuing operations | 883 | 1,661 | 867 | ||||||||
| Loss from discontinued operations before income taxes | (78 | ) | (8 | ) | (170 | ) | |||||
| Income tax benefit from discontinued operations | (19 | ) | (2 | ) | (42 | ) | |||||
| Net loss from discontinued operations | (59 | ) | (6 | ) | (128 | ) | |||||
| Net income | 824 | 1,655 | 739 | ||||||||
| Preferred dividends | 385 | 341 | 208 | ||||||||
| Net income available to common shareholders | $ | 439 | $ | 1,314 | $ | 531 | |||||
| Basic earnings (loss) per common share: | |||||||||||
| Continuing operations | $ | 0.12 | $ | 0.32 | $ | 0.16 | |||||
| Discontinued operations | (0.01 | ) | — | (0.03 | ) | ||||||
| Basic earnings per common share | $ | 0.11 | $ | 0.32 | $ | 0.13 | |||||
| Diluted earnings (loss) per common share: | |||||||||||
| Continuing operations | $ | 0.12 | $ | 0.32 | $ | 0.16 | |||||
| Discontinued operations | (0.01 | ) | — | (0.03 | ) | ||||||
| Diluted earnings per common share | $ | 0.11 | $ | 0.32 | $ | 0.13 | |||||
| Loan Composition | |||||||||||||||||||
| (Dollars in thousands) | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | ||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| Real estate: | |||||||||||||||||||
| Residential | $ | 285,214 | $ | 264,126 | $ | 248,973 | $ | 235,339 | $ | 214,638 | |||||||||
| Commercial | 273,227 | 293,595 | 280,620 | 272,200 | 239,720 | ||||||||||||||
| Construction and land | 36,764 | 26,272 | 25,339 | 15,575 | 11,069 | ||||||||||||||
| Commercial and industrial | 182,264 | 177,566 | 174,238 | 198,639 | 199,721 | ||||||||||||||
| Commercial and industrial - PPP | 2,965 | 3,202 | 15,364 | 15,808 | 18,430 | ||||||||||||||
| Consumer and other | 63,854 | 47,287 | 39,024 | 38,103 | 32,697 | ||||||||||||||
| Loans held for investment, at amortized cost, gross | 844,288 | 812,048 | 783,558 | 775,664 | 716,275 | ||||||||||||||
| Deferred loan costs, net | 16,233 | 14,707 | 12,928 | 11,506 | 10,678 | ||||||||||||||
| Discount on government guaranteed loans sold | (7,674 | ) | (7,040 | ) | (6,623 | ) | (5,937 | ) | (6,046 | ) | |||||||||
| Premium on loans purchased, net | 4,252 | 4,503 | 4,406 | 3,306 | 2,823 | ||||||||||||||
| Loans held for investment, at amortized cost, net | 857,099 | 824,218 | 794,269 | 784,539 | 723,730 | ||||||||||||||
| Government guaranteed loans held for investment, at fair value | 77,769 | 91,508 | 84,178 | 52,165 | 69,047 | ||||||||||||||
| Total loans held for investment, net | $ | 934,868 | $ | 915,726 | $ | 878,447 | $ | 836,704 | $ | 792,777 | |||||||||
| Nonperforming Assets (Unaudited) | ||||||||||||||||||||||||
| (Dollars in thousands) | 3/31/2024 | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | |||||||||||||||||||
| Nonperforming loans (government guaranteed balances), at amortized cost, gross | $ | 2,309 | $ | 1,424 | $ | 1,521 | $ | 1,888 | $ | 3,795 | ||||||||||||||
| Nonperforming loans (unguaranteed balances), at amortized cost, gross | 7,568 | 8,264 | 7,997 | 6,590 | 2,095 | |||||||||||||||||||
| Total nonperforming loans, at amortized cost, gross | 9,877 | 9,688 | 9,518 | 8,478 | 5,890 | |||||||||||||||||||
| Nonperforming loans (government guaranteed balances), at fair value | 94 | — | 96 | 127 | — | |||||||||||||||||||
| Nonperforming loans (unguaranteed balances), at fair value | 729 | 648 | 363 | — | — | |||||||||||||||||||
| Total nonperforming loans, at fair value | 823 | 648 | 459 | 127 | — | |||||||||||||||||||
| OREO | 404 | — | — | 3 | 3 | |||||||||||||||||||
| Total nonperforming assets, gross | $ | 11,104 | $ | 10,336 | $ | 9,977 | $ | 8,608 | $ | 5,893 | ||||||||||||||
| Nonperforming loans as a percentage of total loans held for investment(1) | 1.15 | % | 1.18 | % | 1.20 | % | 1.08 | % | 0.81 | % | ||||||||||||||
| Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1) | 0.88 | % | 1.00 | % | 1.01 | % | 0.84 | % | 0.29 | % | ||||||||||||||
| Nonperforming assets as a percentage of total assets | 0.97 | % | 0.92 | % | 0.88 | % | 0.79 | % | 0.55 | % | ||||||||||||||
| Nonperforming assets (excluding government guaranteed balances) to total assets | 0.70 | % | 0.74 | % | 0.71 | % | 0.62 | % | 0.20 | % | ||||||||||||||
| ACL to nonperforming loans(1) | 140.79 | % | 139.32 | % | 128.60 | % | 146.39 | % | 207.27 | % | ||||||||||||||
| ACL to nonperforming loans (excluding government guaranteed balances)(1) | 183.75 | % | 163.32 | % | 152.29 | % | 191.17 | % | 582.72 | % | ||||||||||||||
| (1) Excludes loans measured at fair value | ||||||||||||||||||||||||
| Note: Transmitted on Globe Newswire on April 25, 2024, at 4:00 p.m. ET. | ||||||||||||||||||||||||
| Contacts: | |
| Thomas G. Zernick | Scott J. McKim |
| Chief Executive Officer | Chief Financial Officer |
| 727.399.5680 | 727.521.7085 |
FAQ
What was the net income for BayFirst Financial Corp. in the first quarter of 2024?
What were the primary factors that led to the decrease in net income?
How much did deposit balances increase by during the first quarter of 2024?
What was the total amount of new loans produced by CreditBench in the first quarter of 2024?
What type of loans does the SBA Bolt program provide?
