BayFirst Financial Corp. Reports First Quarter 2025 Results
BayFirst Financial Corp. (NASDAQ: BAFN) reported a net loss of $0.3 million ($0.17 per share) in Q1 2025, down 103.4% from Q4 2024's $9.8 million profit. The decline was primarily due to challenging economic conditions and absence of Q4's $11.6 million gain from branch property sales.
Key financial metrics include:
- Net interest margin increased to 3.77%, up 17 basis points from Q4 2024
- Loans held for investment grew 1.7% to $1.08 billion
- Deposits decreased 1.3% to $1.13 billion
- Government guaranteed loan originations reached $106.3 million
The company announced a Q2 2025 cash dividend of $0.08 per share and implemented a $2.0 million share repurchase program. Asset quality metrics showed increased stress with nonperforming assets at 2.08% of total assets, up from 1.50% in Q4 2024.
BayFirst Financial Corp. (NASDAQ: BAFN) ha riportato una perdita netta di 0,3 milioni di dollari (0,17 dollari per azione) nel primo trimestre 2025, in calo del 103,4% rispetto all'utile di 9,8 milioni di dollari del quarto trimestre 2024. Il calo è stato principalmente dovuto a condizioni economiche difficili e all'assenza della plusvalenza di 11,6 milioni di dollari derivante dalla vendita di immobili delle filiali registrata nel Q4.
I principali indicatori finanziari includono:
- Il margine di interesse netto è salito al 3,77%, in aumento di 17 punti base rispetto al Q4 2024
- I prestiti detenuti per investimento sono cresciuti dell'1,7%, raggiungendo 1,08 miliardi di dollari
- Le depositi sono diminuiti dell'1,3%, attestandosi a 1,13 miliardi di dollari
- Le erogazioni di prestiti garantiti dal governo hanno raggiunto 106,3 milioni di dollari
La società ha annunciato un dividendo in contanti per il secondo trimestre 2025 di 0,08 dollari per azione e ha avviato un programma di riacquisto azionario da 2,0 milioni di dollari. Gli indicatori di qualità degli attivi hanno mostrato un aumento dello stress, con attività non performanti al 2,08% del totale degli attivi, in crescita rispetto all'1,50% del Q4 2024.
BayFirst Financial Corp. (NASDAQ: BAFN) reportó una pérdida neta de 0,3 millones de dólares (0,17 dólares por acción) en el primer trimestre de 2025, una caída del 103,4% respecto a la ganancia de 9,8 millones de dólares en el cuarto trimestre de 2024. La disminución se debió principalmente a condiciones económicas desfavorables y a la ausencia de la ganancia de 11,6 millones de dólares por la venta de propiedades de sucursales en el Q4.
Los principales indicadores financieros incluyen:
- El margen neto de intereses aumentó a 3,77%, subiendo 17 puntos básicos desde el Q4 2024
- Los préstamos mantenidos para inversión crecieron un 1,7% hasta 1.080 millones de dólares
- Los depósitos disminuyeron un 1,3% hasta 1.130 millones de dólares
- Las originaciones de préstamos garantizados por el gobierno alcanzaron los 106,3 millones de dólares
La compañía anunció un dividendo en efectivo para el segundo trimestre de 2025 de 0,08 dólares por acción y puso en marcha un programa de recompra de acciones por 2,0 millones de dólares. Los indicadores de calidad de activos mostraron un aumento de estrés, con activos no productivos en 2,08% del total de activos, frente al 1,50% del Q4 2024.
BayFirst Financial Corp. (NASDAQ: BAFN)는 2025년 1분기에 30만 달러(주당 0.17달러)의 순손실을 보고했으며, 이는 2024년 4분기 980만 달러 이익 대비 103.4% 감소한 수치입니다. 이러한 감소는 주로 어려운 경제 상황과 4분기 지점 부동산 매각으로 인한 1,160만 달러 이익 부재 때문입니다.
주요 재무 지표는 다음과 같습니다:
- 순이자마진은 3.77%로 2024년 4분기 대비 17 베이시스포인트 상승
- 투자용 대출은 1.7% 증가하여 10억 8천만 달러 달성
- 예금은 1.3% 감소하여 11억 3천만 달러 기록
- 정부 보증 대출 신규 실행액은 1억 630만 달러에 달함
회사는 2025년 2분기 현금 배당금으로 주당 0.08달러를 발표했으며, 200만 달러 규모의 자사주 매입 프로그램을 시행했습니다. 자산 건전성 지표는 악화되어 부실 자산 비율이 총 자산의 2.08%로 2024년 4분기 1.50%에서 증가했습니다.
BayFirst Financial Corp. (NASDAQ : BAFN) a enregistré une perte nette de 0,3 million de dollars (0,17 dollar par action) au premier trimestre 2025, soit une baisse de 103,4 % par rapport au bénéfice de 9,8 millions de dollars du quatrième trimestre 2024. Ce recul est principalement dû à des conditions économiques difficiles et à l'absence du gain de 11,6 millions de dollars provenant de la vente de biens immobiliers des agences au quatrième trimestre.
Les principaux indicateurs financiers comprennent :
- La marge nette d'intérêt a augmenté à 3,77 %, soit une hausse de 17 points de base par rapport au quatrième trimestre 2024
- Les prêts détenus à des fins d'investissement ont progressé de 1,7 % pour atteindre 1,08 milliard de dollars
- Les dépôts ont diminué de 1,3 % pour s'établir à 1,13 milliard de dollars
- Les octrois de prêts garantis par le gouvernement ont atteint 106,3 millions de dollars
La société a annoncé un dividende en espèces de 0,08 dollar par action pour le deuxième trimestre 2025 et a lancé un programme de rachat d'actions de 2,0 millions de dollars. Les indicateurs de qualité des actifs ont montré une augmentation de la pression, avec des actifs non performants représentant 2,08 % du total des actifs, contre 1,50 % au quatrième trimestre 2024.
BayFirst Financial Corp. (NASDAQ: BAFN) meldete im ersten Quartal 2025 einen Nettoverlust von 0,3 Millionen US-Dollar (0,17 US-Dollar je Aktie), was einem Rückgang von 103,4 % gegenüber dem Gewinn von 9,8 Millionen US-Dollar im vierten Quartal 2024 entspricht. Der Rückgang ist hauptsächlich auf schwierige wirtschaftliche Bedingungen und das Ausbleiben des Gewinns von 11,6 Millionen US-Dollar aus dem Verkauf von Filialimmobilien im Q4 zurückzuführen.
Wichtige Finanzkennzahlen umfassen:
- Die Nettozinsmarge stieg auf 3,77 %, ein Anstieg um 17 Basispunkte gegenüber Q4 2024
- Die für Investitionen gehaltenen Kredite wuchsen um 1,7 % auf 1,08 Milliarden US-Dollar
- Die Einlagen sanken um 1,3 % auf 1,13 Milliarden US-Dollar
- Die staatlich garantierten Kreditvergaben erreichten 106,3 Millionen US-Dollar
Das Unternehmen kündigte eine Bardividende von 0,08 US-Dollar je Aktie für das zweite Quartal 2025 an und startete ein Aktienrückkaufprogramm im Umfang von 2,0 Millionen US-Dollar. Die Kennzahlen zur Vermögensqualität zeigten eine erhöhte Belastung, mit notleidenden Vermögenswerten von 2,08 % der Gesamtvermögenswerte, gegenüber 1,50 % im Q4 2024.
- Net interest margin improved to 3.77%, up 17 basis points from Q4 2024
- Loans held for investment grew 16% year-over-year to $1.08 billion
- Noninterest-bearing deposits increased by $4.5 million in Q1
- Maintained quarterly dividend of $0.08 per share
- Reported net loss of $0.3 million in Q1 2025, down 103.4% from Q4 2024
- Nonperforming assets increased to 2.08% of total assets from 1.50% in Q4 2024
- Net charge-offs remained elevated at $3.3 million
- Total deposits decreased by $15.0 million or 1.3% during Q1
- Capital ratios declined with Tier 1 leverage ratio falling to 8.56% from 8.82% in Q4 2024
Insights
BayFirst reported Q1 loss amid credit deterioration and SBA loan challenges, despite NIM improvement and steady loan growth.
BayFirst Financial Corp. (NASDAQ: BAFN) reported a net loss of
Credit quality metrics show troubling trends. Nonperforming assets increased to
On the positive side, net interest margin expanded to
BayFirst's total loans held for investment grew
Deposits decreased
Capital ratios remain adequate but have declined from previous periods. The bank's Tier 1 leverage ratio was
Management candidly attributed performance challenges to "deteriorating economic conditions" with CEO Thomas Zernick noting that business customers are feeling the strain of "inflationary pressures, the continued high interest rate environment, recent macro economic changes and the resulting uncertainty." The bank is exploring strategies to de-risk unguaranteed SBA loan balances, including portfolio sales and strengthening credit underwriting standards.
ST. PETERSBURG, Fla., April 24, 2025 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported a net loss of
“While we were encouraged by net interest margin expansion and steady operating expenses during the quarter, our operating results were impacted by deteriorating economic conditions, resulting in net charge-offs and provision expense continuing to be elevated and lower valuations on our portfolio of loans measured at fair value,” stated Thomas G. Zernick, Chief Executive Officer. “Our business customers have been impacted by inflationary pressures, the continued high interest rate environment, recent macro economic changes and the resulting uncertainty. While we wait for clarity regarding the level and duration of the tariffs and begin to see the impact to the general economy from the recent policy changes, we will continue our practice of robust loan oversight and maintain close contact with our borrowers to better understand the longer-term implication to their businesses.”
“Part of our strategic plan is to grow recurring revenue through net interest income, thereby resulting in less reliance on the gain on sale from government guaranteed loans,” Zernick continued. “A critical element of this strategy focuses on growing our low-cost deposit account base to fund our rapidly expanding conventional commercial and consumer loan portfolios. During the quarter, we did a good job of growing core deposit accounts while letting higher-cost time deposits run off. We serve individuals, families and small businesses, with a focus on checking and savings accounts which are not only less rate sensitive but also are far less volatile. Moreover, our focus on providing checking and savings accounts to a broad segment of the communities we serve expands our overall franchise in the attractive Tampa Bay region and increases opportunities for offering consumer loans, residential mortgages, and small business loans throughout our markets. As management works diligently to address credit concerns moving forward, we are exploring strategies to de-risk unguaranteed SBA loan balances on our balance sheet including portfolio sales and continuing to strengthen credit underwriting on SBA 7(a) loans.”
“One of the highlights of the first quarter was strong loan growth within the community bank, supported by steady loan demand in the greater Tampa Bay market,” said Zernick. “Total loans held for investment increased nearly
First Quarter 2025 Performance Review
- Net interest margin was
3.77% in the first quarter of 2025, an increase of 17 basis points from3.60% in the fourth quarter of 2024 and an increase of 35 basis points from3.42% in the first quarter of 2024. - The Company’s government guaranteed loan team originated
$106.3 million in new loans during the first quarter of 2025, a slight decrease from$107.8 million of loans produced in the previous quarter, and a decrease from$130.6 million of loans produced during the first quarter of 2024. Since the launch in 2022 of the Company's Bolt loan program, an SBA 7(a) loan product designed to expeditiously provide working capital loans of$150 thousand or less, the Company has originated 6,207 Bolt loans totaling$802.0 million , of which 481 Bolt loans totaling$60.5 million were originated during the first quarter. - As we reported last quarter, the Company is pausing the practice of electing to measure SBA 7(a) loans at fair value and continued that in the first quarter, however one originated USDA guaranteed loan for
$4.8 million was measured at fair value during the first quarter of 2025 versus no loans in the fourth quarter of 2024 and$37 million in the first quarter of 2024. - Loans held for investment increased by
$18.3 million , or1.7% , during the first quarter of 2025 to$1.08 billion and increased$149.9 million , or16.0% , over the past year. During the quarter, the Company originated$157.5 million of loans and sold$72.5 million of government guaranteed loan balances. - Deposits decreased
$15.0 million , or1.3% , during the first quarter of 2025 and increased$121.0 million , or12.0% , over the past year to$1.13 billion . A$19.5 million decrease in deposits during the quarter was in primarily high cost interest-bearing time deposits while noninterest-bearing checking accounts increased$4.5 million during the quarter. - Book value and tangible book value at March 31, 2025 were
$22.77 per common share, a decrease from$22.95 at December 31, 2024.
Results of Operations
Net Income (Loss)
The Company had a net loss of
Net Interest Income and Net Interest Margin
Net interest income from continuing operations was
The increase in net interest income from continuing operations during the first quarter of 2025, as compared to the fourth quarter of 2024, was mainly due to a decrease in interest cost on deposits of
The increase in net interest income from continuing operations during the first quarter of 2025, as compared to the year ago quarter, was mainly due to an increase in loan interest income, including fees, 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 decreased
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 2025 were
Capital
The Bank’s Tier 1 leverage ratio was
Liquidity
The Bank's overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at March 31, 2025 was
Recent Events
Share Repurchase Program. During the first quarter of 2025, the Company announced that its Board of Directors has adopted a share repurchase program. Under the repurchase program, the Company may repurchase up to
Second Quarter Common Stock Dividend. On April 22, 2025, BayFirst’s Board of Directors declared a second quarter 2025 cash dividend of
Conference Call
BayFirst’s management team will host a conference call on Friday, April 25, 2025, 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 90275. 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. It was named the best bank in Florida in 2024, according to Forbes and was the 10th largest SBA 7(a) lender by number of units originated and 19th largest by dollar volume nationwide through the SBA's quarter ended March 31, 2025. As of March 31, 2025, 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, weather events, 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) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||
| Net income (loss) | $ | (335 | ) | $ | 9,776 | $ | 1,137 | $ | 866 | $ | 824 | ||||||||
| Balance sheet data: | |||||||||||||||||||
| Average loans held for investment at amortized cost | 1,027,648 | 1,003,867 | 948,528 | 902,417 | 855,040 | ||||||||||||||
| Average total assets | 1,287,618 | 1,273,296 | 1,228,040 | 1,178,501 | 1,126,315 | ||||||||||||||
| Average common shareholders’ equity | 96,053 | 87,961 | 86,381 | 84,948 | 85,385 | ||||||||||||||
| Total loans held for investment | 1,084,817 | 1,066,559 | 1,042,445 | 1,008,314 | 934,868 | ||||||||||||||
| Total loans held for investment, excl gov’t gtd loan balances | 943,979 | 917,075 | 885,444 | 844,659 | 776,302 | ||||||||||||||
| Allowance for credit losses | 16,513 | 15,512 | 14,186 | 13,843 | 13,906 | ||||||||||||||
| Total assets | 1,291,957 | 1,288,297 | 1,245,099 | 1,217,869 | 1,144,194 | ||||||||||||||
| Total deposits | 1,128,267 | 1,143,229 | 1,112,196 | 1,042,388 | 1,007,315 | ||||||||||||||
| Common shareholders’ equity | 94,034 | 94,869 | 86,242 | 84,911 | 84,578 | ||||||||||||||
| Share data: | |||||||||||||||||||
| Basic earnings (loss) per common share | $ | (0.17 | ) | $ | 2.27 | $ | 0.18 | $ | 0.12 | $ | 0.11 | ||||||||
| Diluted earnings (loss) per common share | (0.17 | ) | 2.11 | 0.18 | 0.12 | 0.11 | |||||||||||||
| Dividends per common share | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||||||||
| Book value per common share | 22.77 | 22.95 | 20.86 | 20.54 | 20.45 | ||||||||||||||
| Tangible book value per common share (1) | 22.77 | 22.95 | 20.86 | 20.54 | 20.45 | ||||||||||||||
| Performance and capital ratios: | |||||||||||||||||||
| Return on average assets(2) | (0.10 | )% | 3.07 | % | 0.37 | % | 0.29 | % | 0.29 | % | |||||||||
| Return on average common equity(2) | (3.00 | )% | 42.71 | % | 3.48 | % | 2.26 | % | 2.06 | % | |||||||||
| Net interest margin(2) | 3.77 | % | 3.60 | % | 3.34 | % | 3.43 | % | 3.42 | % | |||||||||
| Dividend payout ratio | (46.01 | )% | 3.52 | % | 43.98 | % | 68.91 | % | 75.27 | % | |||||||||
| Asset quality ratios: | |||||||||||||||||||
| Net charge-offs | $ | 3,301 | $ | 3,369 | $ | 2,757 | $ | 3,261 | $ | 3,652 | |||||||||
| Net charge-offs/avg loans held for investment at amortized cost(2) | 1.28 | % | 1.34 | % | 1.16 | % | 1.45 | % | 1.71 | % | |||||||||
| Nonperforming loans(3) | $ | 24,806 | $ | 17,607 | $ | 15,489 | $ | 12,312 | $ | 9,877 | |||||||||
| Nonperforming loans (excluding gov't gtd balance)(3) | $ | 15,078 | $ | 13,570 | $ | 10,992 | $ | 8,054 | $ | 7,568 | |||||||||
| Nonperforming loans/total loans held for investment(3) | 2.42 | % | 1.75 | % | 1.62 | % | 1.34 | % | 1.15 | % | |||||||||
| Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3) | 1.47 | % | 1.35 | % | 1.15 | % | 0.87 | % | 0.88 | % | |||||||||
| ACL/Total loans held for investment at amortized cost | 1.61 | % | 1.54 | % | 1.48 | % | 1.50 | % | 1.62 | % | |||||||||
| ACL/Total loans held for investment at amortized cost, excl government guaranteed loans | 1.84 | % | 1.79 | % | 1.70 | % | 1.73 | % | 1.88 | % | |||||||||
| Other Data: | |||||||||||||||||||
| Full-time equivalent employees | 305 | 299 | 295 | 302 | 313 | ||||||||||||||
| Banking center offices | 12 | 12 | 12 | 12 | 12 | ||||||||||||||
| (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 | |||||||||||||||||||
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 the calculation of the non-GAAP financial measures.
| Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share (Unaudited) | |||||||||||||||||||
| As of | |||||||||||||||||||
| (Dollars in thousands, except for share data) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||
| Total shareholders’ equity | $ | 110,085 | $ | 110,920 | $ | 102,293 | $ | 100,962 | $ | 100,629 | |||||||||
| Less: Preferred stock liquidation preference | (16,051 | ) | (16,051 | ) | (16,051 | ) | (16,051 | ) | (16,051 | ) | |||||||||
| Total equity available to common shareholders | 94,034 | 94,869 | 86,242 | 84,911 | 84,578 | ||||||||||||||
| Less: Goodwill | — | — | — | — | — | ||||||||||||||
| Tangible common shareholders' equity | $ | 94,034 | $ | 94,869 | $ | 86,242 | $ | 84,911 | $ | 84,578 | |||||||||
| Common shares outstanding | 4,129,027 | 4,132,986 | 4,134,059 | 4,134,219 | 4,134,914 | ||||||||||||||
| Tangible book value per common share | $ | 22.77 | $ | 22.95 | $ | 20.86 | $ | 20.54 | $ | 20.45 | |||||||||
| BAYFIRST FINANCIAL CORP. | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Dollars in thousands) | 3/31/2025 | 12/31/2024 | 3/31/2024 | ||||||||
| Assets | (Unaudited) | (Unaudited) | |||||||||
| Cash and due from banks | $ | 6,517 | $ | 4,499 | $ | 4,425 | |||||
| Interest-bearing deposits in banks | 56,637 | 73,289 | 53,080 | ||||||||
| Cash and cash equivalents | 63,154 | 77,788 | 57,505 | ||||||||
| Time deposits in banks | 2,025 | 2,270 | 3,000 | ||||||||
| Investment securities available for sale, at fair value (amortized cost | 36,318 | 36,291 | 42,514 | ||||||||
| Investment securities held to maturity, at amortized cost, net of allowance for credit losses of | 2,488 | 2,488 | 2,487 | ||||||||
| Nonmarketable equity securities | 5,480 | 4,526 | 5,228 | ||||||||
| Government guaranteed loans held for sale | — | — | 2,226 | ||||||||
| Government guaranteed loans held for investment, at fair value | 57,901 | 60,833 | 77,769 | ||||||||
| Loans held for investment, at amortized cost | 1,026,916 | 1,005,726 | 857,099 | ||||||||
| Allowance for credit losses on loans | (16,513 | ) | (15,512 | ) | (13,906 | ) | |||||
| Net Loans held for investment, at amortized cost | 1,010,403 | 990,214 | 843,193 | ||||||||
| Accrued interest receivable | 9,153 | 9,155 | 7,625 | ||||||||
| Premises and equipment, net | 32,769 | 33,249 | 39,327 | ||||||||
| Loan servicing rights | 16,460 | 16,534 | 15,742 | ||||||||
| Right-of-use operating lease assets | 15,484 | 15,814 | 2,499 | ||||||||
| Bank owned life insurance | 26,696 | 26,513 | 25,974 | ||||||||
| Other real estate owned | 132 | 132 | 404 | ||||||||
| Other assets | 13,494 | 12,490 | 18,401 | ||||||||
| Assets from discontinued operations | — | — | 300 | ||||||||
| Total assets | $ | 1,291,957 | $ | 1,288,297 | $ | 1,144,194 | |||||
| Liabilities: | |||||||||||
| Noninterest-bearing deposit accounts | $ | 106,236 | $ | 101,743 | $ | 96,977 | |||||
| Interest-bearing transaction accounts | 261,074 | 256,793 | 250,478 | ||||||||
| Savings and money market deposit accounts | 467,766 | 474,425 | 391,915 | ||||||||
| Time deposits | 293,191 | 310,268 | 267,945 | ||||||||
| Total deposits | 1,128,267 | 1,143,229 | 1,007,315 | ||||||||
| FHLB borrowings | 20,000 | — | 15,000 | ||||||||
| Subordinated debentures | 5,957 | 5,956 | 5,950 | ||||||||
| Notes payable | 1,820 | 1,934 | 2,276 | ||||||||
| Accrued interest payable | 1,053 | 1,036 | 1,598 | ||||||||
| Operating lease liabilities | 14,102 | 14,510 | 2,673 | ||||||||
| Deferred income tax liabilities | 648 | 301 | 728 | ||||||||
| Accrued expenses and other liabilities | 10,025 | 10,411 | 7,496 | ||||||||
| Liabilities from discontinued operations | — | — | 529 | ||||||||
| Total liabilities | 1,181,872 | 1,177,377 | 1,043,565 | ||||||||
| Shareholders’ equity: | (Unaudited) | (Unaudited) | |||||||||
| Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024; 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, 2025, December 31, 2024, and March 31, 2024; 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, 2025, December 31, 2024, and March 31, 2024; aggregate liquidation preference of | 6,446 | 6,446 | 6,446 | ||||||||
| Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,129,027, 4,132,986, and 4,134,914 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024, respectively | 54,657 | 54,764 | 54,776 | ||||||||
| Accumulated other comprehensive loss, net | (2,378 | ) | (2,956 | ) | (3,188 | ) | |||||
| Unearned compensation | (1,006 | ) | (752 | ) | (1,192 | ) | |||||
| Retained earnings | 43,082 | 44,134 | 34,503 | ||||||||
| Total shareholders’ equity | 110,085 | 110,920 | 100,629 | ||||||||
| Total liabilities and shareholders’ equity | $ | 1,291,957 | $ | 1,288,297 | $ | 1,144,194 | |||||
| BAYFIRST FINANCIAL CORP. | |||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
| For the Quarter Ended | |||||||||||
| (Dollars in thousands, except per share data) | 3/31/2025 | 12/31/2024 | 3/31/2024 | ||||||||
| Interest income: | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
| Loans, including fees | $ | 19,751 | $ | 20,747 | $ | 18,228 | |||||
| Interest-bearing deposits in banks and other | 934 | 1,007 | 959 | ||||||||
| Total interest income | 20,685 | 21,754 | 19,187 | ||||||||
| Interest expense: | |||||||||||
| Deposits | 9,431 | 10,600 | 10,215 | ||||||||
| Other | 255 | 501 | 230 | ||||||||
| Total interest expense | 9,686 | 11,101 | 10,445 | ||||||||
| Net interest income | 10,999 | 10,653 | 8,742 | ||||||||
| Provision for credit losses | 4,400 | 4,546 | 4,058 | ||||||||
| Net interest income after provision for credit losses | 6,599 | 6,107 | 4,684 | ||||||||
| Noninterest income: | |||||||||||
| Loan servicing income, net | 736 | 582 | 795 | ||||||||
| Gain on sale of government guaranteed loans, net | 7,327 | 8,425 | 8,089 | ||||||||
| Service charges and fees | 449 | 451 | 444 | ||||||||
| Government guaranteed loans fair value gain (loss), net | (755 | ) | (80 | ) | 3,305 | ||||||
| Government guaranteed loan packaging fees | 716 | 773 | 1,407 | ||||||||
| Gain on sale of premises and equipment | — | 11,649 | — | ||||||||
| Other noninterest income | 278 | 476 | 228 | ||||||||
| Total noninterest income | 8,751 | 22,276 | 14,268 | ||||||||
| Noninterest Expense: | |||||||||||
| Salaries and benefits | 7,998 | 7,351 | 8,005 | ||||||||
| Bonus, commissions, and incentives | 71 | 1,074 | 1,571 | ||||||||
| Occupancy and equipment | 1,634 | 1,217 | 1,110 | ||||||||
| Data processing | 2,045 | 1,749 | 1,560 | ||||||||
| Marketing and business development | 487 | 390 | 588 | ||||||||
| Professional services | 732 | 803 | 1,349 | ||||||||
| Loan origination and collection | 1,035 | 758 | 1,719 | ||||||||
| Employee recruiting and development | 617 | 445 | 597 | ||||||||
| Regulatory assessments | 339 | 379 | 282 | ||||||||
| Other noninterest expense | 855 | 1,169 | 992 | ||||||||
| Total noninterest expense | 15,813 | 15,335 | 17,773 | ||||||||
| Income (loss) before taxes from continuing operations | (463 | ) | 13,048 | 1,179 | |||||||
| Income tax expense (benefit) from continuing operations | (128 | ) | 3,272 | 296 | |||||||
| Net income (loss) from continuing operations | (335 | ) | 9,776 | 883 | |||||||
| Loss from discontinued operations before income taxes | — | — | (78 | ) | |||||||
| Income tax benefit from discontinued operations | — | — | (19 | ) | |||||||
| Net loss from discontinued operations | — | — | (59 | ) | |||||||
| Net income (loss) | (335 | ) | 9,776 | 824 | |||||||
| Preferred dividends | 385 | 385 | 385 | ||||||||
| Net income available to (loss attributable to) common shareholders | $ | (720 | ) | $ | 9,391 | $ | 439 | ||||
| Basic earnings (loss) per common share: | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
| Continuing operations | $ | (0.17 | ) | $ | 2.27 | $ | 0.12 | ||||
| Discontinued operations | — | — | (0.01 | ) | |||||||
| Basic earnings (loss) per common share | $ | (0.17 | ) | $ | 2.27 | $ | 0.11 | ||||
| Diluted earnings (loss) per common share: | |||||||||||
| Continuing operations | $ | (0.17 | ) | $ | 2.11 | $ | 0.12 | ||||
| Discontinued operations | — | — | (0.01 | ) | |||||||
| Diluted earnings (loss) per common share | $ | (0.17 | ) | $ | 2.11 | $ | 0.11 | ||||
Loan Composition
| (Dollars in thousands) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| Real estate: | |||||||||||||||||||
| Residential | $ | 339,886 | $ | 330,870 | $ | 321,740 | $ | 304,234 | $ | 285,214 | |||||||||
| Commercial | 296,351 | 305,721 | 292,026 | 288,185 | 273,227 | ||||||||||||||
| Construction and land | 46,740 | 32,914 | 33,784 | 35,759 | 36,764 | ||||||||||||||
| Commercial and industrial | 234,384 | 226,522 | 200,212 | 192,140 | 182,264 | ||||||||||||||
| Commercial and industrial - PPP | 457 | 941 | 1,656 | 2,324 | 2,965 | ||||||||||||||
| Consumer and other | 93,889 | 93,826 | 92,546 | 85,789 | 63,854 | ||||||||||||||
| Loans held for investment, at amortized cost, gross | 1,011,707 | 990,794 | 941,964 | 908,431 | 844,288 | ||||||||||||||
| Deferred loan costs, net | 20,521 | 19,499 | 18,060 | 17,299 | 16,233 | ||||||||||||||
| Discount on government guaranteed loans | (8,727 | ) | (8,306 | ) | (7,880 | ) | (7,731 | ) | (7,674 | ) | |||||||||
| Premium on loans purchased, net | 3,415 | 3,739 | 3,860 | 4,173 | 4,252 | ||||||||||||||
| Loans held for investment, at amortized cost, net | 1,026,916 | 1,005,726 | 956,004 | 922,172 | 857,099 | ||||||||||||||
| Government guaranteed loans held for investment, at fair value | 57,901 | 60,833 | 86,441 | 86,142 | 77,769 | ||||||||||||||
| Total loans held for investment, net | $ | 1,084,817 | $ | 1,066,559 | $ | 1,042,445 | $ | 1,008,314 | $ | 934,868 | |||||||||
Nonperforming Assets (Unaudited)
| (Dollars in thousands) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||||||
| Nonperforming loans (government guaranteed balances), at amortized cost, gross | $ | 9,728 | $ | 4,037 | $ | 4,497 | $ | 4,258 | $ | 2,309 | |||||||||
| Nonperforming loans (unguaranteed balances), at amortized cost, gross | 15,078 | 13,570 | 10,992 | 8,054 | 7,568 | ||||||||||||||
| Total nonperforming loans, at amortized cost, gross | 24,806 | 17,607 | 15,489 | 12,312 | 9,877 | ||||||||||||||
| Nonperforming loans (government guaranteed balances), at fair value | 507 | — | 24 | 341 | 94 | ||||||||||||||
| Nonperforming loans (unguaranteed balances), at fair value | 1,419 | 1,490 | 1,535 | 1,284 | 729 | ||||||||||||||
| Total nonperforming loans, at fair value | 1,926 | 1,490 | 1,559 | 1,625 | 823 | ||||||||||||||
| OREO | 132 | 132 | — | 1,633 | 404 | ||||||||||||||
| Repossessed assets | 36 | 36 | 94 | — | — | ||||||||||||||
| Total nonperforming assets, gross | $ | 26,900 | $ | 19,265 | $ | 17,142 | $ | 15,570 | $ | 11,104 | |||||||||
| Nonperforming loans as a percentage of total loans held for investment(1) | 2.42 | % | 1.75 | % | 1.62 | % | 1.34 | % | 1.15 | % | |||||||||
| Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1) | 1.47 | % | 1.35 | % | 1.15 | % | 0.87 | % | 0.88 | % | |||||||||
| Nonperforming assets as a percentage of total assets | 2.08 | % | 1.50 | % | 1.38 | % | 1.28 | % | 0.97 | % | |||||||||
| Nonperforming assets (excluding government guaranteed balances) to total assets | 1.22 | % | 1.06 | % | 0.88 | % | 0.82 | % | 0.70 | % | |||||||||
| ACL to nonperforming loans(1) | 66.57 | % | 88.10 | % | 91.59 | % | 112.44 | % | 140.79 | % | |||||||||
| ACL to nonperforming loans (excluding government guaranteed balances)(1) | 109.52 | % | 114.31 | % | 129.06 | % | 171.88 | % | 183.75 | % | |||||||||
| (1) Excludes loans measured at fair value | |||||||||||||||||||
| Contacts: | |
| Thomas G. Zernick | Scott J. McKim |
| Chief Executive Officer | Chief Financial Officer |
| 727.399.5680 | 727.521.7085 |
FAQ
What caused BAFN's Q1 2025 net loss of $0.3 million?
How much did BAFN's loans and deposits change in Q1 2025?
What is BAFN's new share repurchase program?
How has BAFN's asset quality changed in Q1 2025?
