BayFirst Financial Corp. Reports Fourth Quarter 2024 Results
BayFirst Financial Corp. (NASDAQ: BAFN) reported strong Q4 2024 results with net income of $9.8 million, or $2.11 per diluted common share, a 759.8% increase from Q3 2024. Full-year 2024 net income reached $12.6 million ($2.62 per diluted share), up from $5.7 million in 2023.
Key highlights include a 26bps expansion in net interest margin to 3.60%, $107.8 million in new government guaranteed loans, and a significant $11.6 million pre-tax gain from a sale-leaseback transaction of two branch properties. Loans held for investment increased by $24.1 million to $1.07 billion, while deposits grew by $31.0 million to $1.14 billion.
The company announced a new $2.0 million share repurchase program and declared a Q1 2025 cash dividend of $0.08 per common share.
BayFirst Financial Corp. (NASDAQ: BAFN) ha riportato risultati solidi per il quarto trimestre del 2024 con un utile netto di 9,8 milioni di dollari, pari a 2,11 dollari per azione ordinaria diluita, un aumento del 759,8% rispetto al terzo trimestre del 2024. L'utile netto per l'intero anno 2024 ha raggiunto 12,6 milioni di dollari (2,62 dollari per azione diluita), rispetto ai 5,7 milioni di dollari nel 2023.
I punti salienti includono un'espansione di 26 punti base nel margine di interesse netto al 3,60%, 107,8 milioni di dollari in nuovi prestiti garantiti dal governo e un significativo guadagno ante imposte di 11,6 milioni di dollari da una transazione di vendita-rimborso su due proprietà di filiali. I prestiti detenuti per investimento sono aumentati di 24,1 milioni di dollari fino a 1,07 miliardi di dollari, mentre i depositi sono cresciuti di 31,0 milioni di dollari fino a 1,14 miliardi di dollari.
La società ha annunciato un nuovo programma di riacquisto di azioni da 2,0 milioni di dollari e ha dichiarato un dividendo in contante per il primo trimestre del 2025 di 0,08 dollari per azione ordinaria.
BayFirst Financial Corp. (NASDAQ: BAFN) reportó resultados sólidos para el cuarto trimestre de 2024 con un ingreso neto de 9.8 millones de dólares, o 2.11 dólares por acción común diluida, un aumento del 759.8% en comparación con el tercer trimestre de 2024. El ingreso neto del año completo 2024 alcanzó 12.6 millones de dólares (2.62 dólares por acción diluida), en comparación con los 5.7 millones de dólares en 2023.
Los puntos destacados incluyen una expansión de 26 puntos básicos en el margen de interés neto al 3.60%, 107.8 millones de dólares en nuevos préstamos garantizados por el gobierno, y una ganancia significativa antes de impuestos de 11.6 millones de dólares por una transacción de venta y arrendamiento de dos propiedades de sucursales. Los préstamos mantenidos para inversión aumentaron en 24.1 millones de dólares a 1.07 mil millones de dólares, mientras que los depósitos crecieron en 31.0 millones de dólares a 1.14 mil millones de dólares.
La empresa anunció un nuevo programa de recompra de acciones por 2.0 millones de dólares y declaró un dividendo en efectivo de 0.08 dólares por acción común para el primer trimestre de 2025.
BayFirst Financial Corp. (NASDAQ: BAFN)는 2024년 4분기 실적을 발표하며 980만 달러의 순이익을 기록했습니다. 이는 희석 보통주당 2.11달러로, 2024년 3분기 대비 759.8% 증가한 수치입니다. 2024년 전체 순이익은 1,260만 달러(희석 주당 2.62달러)로, 2023년의 570만 달러에서 증가했습니다.
주요 하이라이트에는 36bps의 순이자 마진 확장(3.60%), 1억 780만 달러의 새로운 정부 보증 대출, 그리고 두 지점 자산 매각-임대 거래에서 발생한 세전 이익 1,160만 달러가 포함됩니다. 투자용 대출은 2410만 달러 증가하여 10억 7000만 달러에 도달했으며, 예금은 3100만 달러 증가하여 11억 4000만 달러가 되었습니다.
회사는 200만 달러의 자사주 매입 프로그램을 발표하고, 2025년 1분기 보통주 1주당 0.08달러의 현금 배당금을 선언했습니다.
BayFirst Financial Corp. (NASDAQ: BAFN) a annoncé des résultats solides pour le quatrième trimestre 2024 avec un bénéfice net de 9,8 millions de dollars, soit 2,11 dollars par action ordinaire diluée, ce qui représente une augmentation de 759,8% par rapport au troisième trimestre 2024. Le bénéfice net pour l'année entière 2024 a atteint 12,6 millions de dollars (2,62 dollars par action diluée), contre 5,7 millions de dollars en 2023.
Les points forts comprennent une expansion de 26 points de base de la marge d'intérêt nette à 3,60 %, 107,8 millions de dollars en nouveaux prêts garantis par le gouvernement, ainsi qu'un gain avant impôt significatif de 11,6 millions de dollars provenant d'une transaction de vente-achat de deux propriétés de succursales. Les prêts détenus pour investissement ont augmenté de 24,1 millions de dollars pour atteindre 1,07 milliard de dollars, tandis que les dépôts ont augmenté de 31,0 millions de dollars pour atteindre 1,14 milliard de dollars.
L'entreprise a annoncé un nouveau programme de rachat d'actions de 2,0 millions de dollars et a déclaré un dividende en espèces de 0,08 dollar par action ordinaire pour le premier trimestre 2025.
BayFirst Financial Corp. (NASDAQ: BAFN) berichtete für das vierte Quartal 2024 über starke Ergebnisse mit einem Nettogewinn von 9,8 Millionen USD, also 2,11 USD pro verwässerter Stammaktie, was einem Anstieg von 759,8% im Vergleich zum dritten Quartal 2024 entspricht. Der Nettogewinn für das Gesamtjahr 2024 erreichte 12,6 Millionen USD (2,62 USD pro verwässerter Aktie), nachdem er im Jahr 2023 bei 5,7 Millionen USD lag.
Zu den wichtigsten Highlights gehören eine Ausweitung der Nettomarge um 26 Basispunkte auf 3,60%, 107,8 Millionen USD in neuen staatlich garantierten Krediten und ein erheblicher steuerfreier Gewinn von 11,6 Millionen USD aus einer Verkaufs-Leasing-Transaktion zweier Filialimmobilien. Die zur Investition gehaltenen Kredite stiegen um 24,1 Millionen USD auf 1,07 Milliarden USD, während die Einlagen um 31,0 Millionen USD auf 1,14 Milliarden USD zunahmen.
Das Unternehmen kündigte ein neues Aktienrückkaufprogramm in Höhe von 2,0 Millionen USD an und erklärte eine Bardividende von 0,08 USD pro Stammaktie für das erste Quartal 2025.
- Net income increased 759.8% quarter-over-quarter to $9.8 million
- Net interest margin expanded by 26 basis points to 3.60%
- $11.6 million pre-tax gain from sale-leaseback transaction
- Loans held for investment increased 16.5% year-over-year
- Deposits grew 16.0% year-over-year to $1.14 billion
- Noninterest expenses decreased by $1.1 million compared to 2023
- Net charge-offs increased to $3.4 million in Q4 2024
- Nonperforming assets to total assets increased to 1.50% from 0.92% year-over-year
- Tier 1 leverage ratio declined to 8.82% from 9.38% year-over-year
- 496 SBA 7(a) borrowers required loan modification options
Insights
BayFirst's Q4 2024 results reveal a multifaceted strategy focused on operational efficiency and strategic capital management. The
The expansion of net interest margin to
Asset quality metrics warrant attention, with nonperforming assets to total assets increasing to
The newly announced share repurchase program, while modest at
The loan portfolio growth of
Earnings per common share increased to
ST. PETERSBURG, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported net income of
“We reported strong fourth quarter 2024 results, highlighted by quarterly net interest margin expansion and improved operating efficiencies,” stated Thomas G. Zernick, Chief Executive Officer. “Net income increased substantially compared to the preceding quarter, led by increases in net interest income, higher gain on sale of government guaranteed loans, and a gain on sale of two branch office properties, which was part of a sale-leaseback transaction. It’s worth noting that we continue to lease these two branch offices, resulting in no impact to our existing branch network. As a result of this transaction, we recorded an after-tax gain on sale of the properties of
“The strength of our community bank business model, which includes serving individuals, families, and small businesses, coupled with results from our government guaranteed banking division, continues to fuel our operating results,” Zernick continued. “Our government guaranteed banking team had a solid quarter, producing
“One of the highlights of the full year 2024 was the
“Additionally, the Board of Directors authorized a share repurchase program on January 28, 2025. We believe our stock offers an attractive investment and repurchasing stock is a means for building long-term shareholder value,” said Zernick. “We are confident about the growth of our Company, and we believe that when our shares are undervalued, repurchases represent a value-enhancing deployment of capital.”
Fourth Quarter 2024 Performance Review
- In December 2024, the Company entered into a sale-leaseback agreement for two branch office properties for an aggregate cash purchase price of
$15.0 million . As a result of this transaction, the Company recorded a pre-tax gain on sale of the properties of$11.6 million . - The Company’s government guaranteed loan team originated
$107.8 million in new loans during the fourth quarter of 2024, an increase from$94.4 million of loans produced in the previous quarter, and a decrease from$144.9 million of loans produced during the fourth quarter of 2023. 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 5,726 Bolt loans totaling$741.5 million , of which 495 Bolt loans totaling$64.8 million were originated during the fourth quarter. No newly originated government guaranteed loans were measured at fair value during the fourth quarter of 2024 versus$34 million in the third quarter of 2024 and$53 million in the fourth quarter of 2023. - Loans held for investment increased by
$24.1 million , or2.3% , during the fourth quarter of 2024 to$1.07 billion and increased$150.8 million , or16.5% , over the past year. During the quarter, the Company originated$158.7 million of loans and sold$94.5 million of government guaranteed loan balances. - Deposits increased
$31.0 million , or2.8% , during the fourth quarter of 2024 and increased$158.1 million , or16.0% , over the past year to$1.14 billion . - Book value and tangible book value at December 31, 2024 were
$22.95 per common share, an increase from$20.86 at September 30, 2024. - Net interest margin increased by 26 basis points to
3.60% in the fourth quarter of 2024, from3.34% in the third quarter of 2024 and 12 basis points from3.48% in the fourth quarter of 2023.
Results of Operations
Net Income
Net income was
For the year ended December 31, 2024, net income was
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 fourth quarter of 2024, as compared to the third 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 fourth quarter of 2024, as compared to the year ago quarter, was mainly due to an increase in loan interest income, including fees, of
Net interest income from continuing operations was
Noninterest Income
Noninterest income from continuing operations was
Noninterest income from continuing operations was
Noninterest Expense
Noninterest expense from continuing operations was
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 fourth quarter of
The ratio of ACL to total loans held for investment at amortized cost was
Net charge-offs for the fourth quarter of 2024 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 December 31, 2024 was
Recent Events
Share Repurchase Program
The Company announced that its Board of Directors has adopted a share repurchase program. Under the repurchase program, the Company may repurchase up to
First Quarter Common Stock Dividend. On January 28, 2025, BayFirst’s Board of Directors declared a first quarter 2025 cash dividend of
Conference Call
BayFirst’s management team will host a conference call on Friday, January 31, 2025, at 9:00 a.m. ET to discuss its fourth 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 71006. 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 9th largest SBA 7(a) lender by number of units originated and 16th largest by dollar volume nationwide through the SBA's quarter ended December 31, 2024. As of December 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, 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.
| Contacts: | |
| Thomas G. Zernick | Scott J. McKim |
| Chief Executive Officer | Chief Financial Officer |
| 727.399.5680 | 727.521.7085 |
BAYFIRST FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)
| At or for the three months ended | |||||||||||||||||||
| (Dollars in thousands, except for share data) | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||
| Balance sheet data: | |||||||||||||||||||
| Average loans held for investment at amortized cost | $ | 1,003,867 | $ | 948,528 | $ | 902,417 | $ | 855,040 | $ | 825,196 | |||||||||
| Average total assets | 1,273,296 | 1,228,040 | 1,178,501 | 1,126,315 | 1,108,550 | ||||||||||||||
| Average common shareholders’ equity | 87,961 | 86,381 | 84,948 | 85,385 | 82,574 | ||||||||||||||
| Total loans held for investment | 1,066,559 | 1,042,445 | 1,008,314 | 934,868 | 915,726 | ||||||||||||||
| Total loans held for investment, excl gov’t gtd loan balances | 917,075 | 885,444 | 844,659 | 776,302 | 698,106 | ||||||||||||||
| Allowance for credit losses | 15,512 | 14,186 | 13,843 | 13,906 | 13,497 | ||||||||||||||
| Total assets | 1,288,297 | 1,245,099 | 1,217,869 | 1,144,194 | 1,117,766 | ||||||||||||||
| Common shareholders’ equity | 94,869 | 86,242 | 84,911 | 84,578 | 84,656 | ||||||||||||||
| Share data: | |||||||||||||||||||
| Basic earnings per common share | $ | 2.27 | $ | 0.18 | $ | 0.12 | $ | 0.11 | $ | 0.32 | |||||||||
| Diluted earnings per common share | 2.11 | 0.18 | 0.12 | 0.11 | 0.32 | ||||||||||||||
| Dividends per common share | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||||||||
| Book value per common share | 22.95 | 20.86 | 20.54 | 20.45 | 20.60 | ||||||||||||||
| Tangible book value per common share (1) | 22.95 | 20.86 | 20.54 | 20.45 | 20.60 | ||||||||||||||
| Performance and capital ratios: | |||||||||||||||||||
| Return on average assets(2) | 3.07 | % | 0.37 | % | 0.29 | % | 0.29 | % | 0.60 | % | |||||||||
| Return on average common equity(2) | 42.71 | % | 3.48 | % | 2.26 | % | 2.06 | % | 6.37 | % | |||||||||
| Net interest margin(2) | 3.60 | % | 3.34 | % | 3.43 | % | 3.42 | % | 3.48 | % | |||||||||
| Dividend payout ratio | 3.52 | % | 43.98 | % | 68.91 | % | 75.27 | % | 25.03 | % | |||||||||
| Asset quality ratios: | |||||||||||||||||||
| Net charge-offs | $ | 3,369 | $ | 2,757 | $ | 3,261 | $ | 3,652 | $ | 2,612 | |||||||||
| Net charge-offs/avg loans held for investment at amortized cost(2) | 1.34 | % | 1.16 | % | 1.45 | % | 1.71 | % | 1.27 | % | |||||||||
| Nonperforming loans(3) | $ | 17,607 | $ | 15,489 | $ | 12,312 | $ | 9,877 | $ | 9,688 | |||||||||
| Nonperforming loans (excluding gov't gtd balance)(3) | $ | 13,570 | $ | 10,992 | $ | 8,054 | $ | 7,568 | $ | 8,264 | |||||||||
| Nonperforming loans/total loans held for investment(3) | 1.75 | % | 1.62 | % | 1.34 | % | 1.15 | % | 1.18 | % | |||||||||
| Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3) | 1.35 | % | 1.15 | % | 0.87 | % | 0.88 | % | 1.00 | % | |||||||||
| ACL/Total loans held for investment at amortized cost | 1.54 | % | 1.48 | % | 1.50 | % | 1.62 | % | 1.64 | % | |||||||||
| ACL/Total loans held for investment at amortized cost, excl government guaranteed loans | 1.79 | % | 1.70 | % | 1.73 | % | 1.88 | % | 2.03 | % | |||||||||
| Other Data: | |||||||||||||||||||
| Full-time equivalent employees | 299 | 295 | 302 | 313 | 305 | ||||||||||||||
| Banking center offices | 12 | 12 | 12 | 12 | 11 | ||||||||||||||
| (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) | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | |||||||||||||||
| Total shareholders’ equity | $ | 110,920 | $ | 102,293 | $ | 100,962 | $ | 100,629 | $ | 100,707 | ||||||||||
| Less: Preferred stock liquidation preference | (16,051 | ) | (16,051 | ) | (16,051 | ) | (16,051 | ) | (16,051 | ) | ||||||||||
| Total equity available to common shareholders | 94,869 | 86,242 | 84,911 | 84,578 | 84,656 | |||||||||||||||
| Less: Goodwill | — | — | — | — | — | |||||||||||||||
| Tangible common shareholders' equity | $ | 94,869 | $ | 86,242 | $ | 84,911 | $ | 84,578 | $ | 84,656 | ||||||||||
| Common shares outstanding | 4,132,986 | 4,134,059 | 4,134,219 | 4,134,914 | 4,110,470 | |||||||||||||||
| Tangible book value per common share | $ | 22.95 | $ | 20.86 | $ | 20.54 | $ | 20.45 | $ | 20.60 | ||||||||||
| BAYFIRST FINANCIAL CORP. | |||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||
| (Dollars in thousands) | 12/31/2024 | 9/30/2024 | 12/31/2023 | ||||||
| Assets | (Unaudited) | (Unaudited) | |||||||
| Cash and due from banks | $ | 4,499 | $ | 4,708 | $ | 4,099 | |||
| Interest-bearing deposits in banks | 73,289 | 59,675 | 54,286 | ||||||
| Cash and cash equivalents | 77,788 | 64,383 | 58,385 | ||||||
| Time deposits in banks | 2,270 | 2,264 | 4,646 | ||||||
| Investment securities available for sale, at fair value (amortized cost | 36,291 | 37,984 | 39,575 | ||||||
| Investment securities held to maturity, at amortized cost, net of allowance for credit losses of | 2,488 | 2,487 | 2,484 | ||||||
| Nonmarketable equity securities | 4,526 | 4,997 | 4,770 | ||||||
| Government guaranteed loans held for sale | — | 595 | — | ||||||
| Government guaranteed loans held for investment, at fair value | 60,833 | 86,441 | 91,508 | ||||||
| Loans held for investment, at amortized cost | 1,005,726 | 956,004 | 824,218 | ||||||
| Allowance for credit losses on loans | (15,512 | ) | (14,186 | ) | (13,497 | ) | |||
| Net Loans held for investment, at amortized cost | 990,214 | 941,818 | 810,721 | ||||||
| Accrued interest receivable | 9,155 | 8,537 | 7,130 | ||||||
| Premises and equipment, net | 33,249 | 38,736 | 38,874 | ||||||
| Loan servicing rights | 16,534 | 15,966 | 14,959 | ||||||
| Right-of-use operating lease assets | 15,814 | 2,018 | 2,416 | ||||||
| Bank owned life insurance | 26,513 | 26,330 | 25,800 | ||||||
| Other real estate owned | 132 | — | — | ||||||
| Other assets | 12,490 | 12,543 | 16,150 | ||||||
| Assets from discontinued operations | — | — | 348 | ||||||
| Total assets | $ | 1,288,297 | $ | 1,245,099 | $ | 1,117,766 | |||
| Liabilities: | |||||||||
| Noninterest-bearing deposits | $ | 101,743 | $ | 95,995 | $ | 93,708 | |||
| Interest-bearing transaction accounts | 256,793 | 247,923 | 259,422 | ||||||
| Savings and money market deposits | 474,425 | 455,297 | 373,000 | ||||||
| Time deposits | 310,268 | 312,981 | 259,008 | ||||||
| Total deposits | 1,143,229 | 1,112,196 | 985,138 | ||||||
| FHLB borrowings | — | 10,000 | 10,000 | ||||||
| Subordinated debentures | 5,956 | 5,954 | 5,949 | ||||||
| Notes payable | 1,934 | 2,048 | 2,389 | ||||||
| Accrued interest payable | 1,036 | 1,114 | 882 | ||||||
| Operating lease liabilities | 14,510 | 2,271 | 2,619 | ||||||
| Deferred income tax liabilities | 301 | 1,488 | 482 | ||||||
| Accrued expenses and other liabilities | 10,411 | 7,735 | 8,980 | ||||||
| Liabilities from discontinued operations | — | — | 620 | ||||||
| Total liabilities | 1,177,377 | 1,142,806 | 1,017,059 | ||||||
| Shareholders’ equity: | (Unaudited) | (Unaudited) | |||||||
| Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 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 December 31, 2024, September 30, 2024, and December 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 December 31, 2024, September 30, 2024, and December 31, 2023; 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, 4,132,986, 4,134,059, and 4,110,470 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023, respectively | 54,764 | 54,780 | 54,521 | ||||||
| Accumulated other comprehensive loss, net | (2,956 | ) | (2,312 | ) | (2,981 | ) | |||
| Unearned compensation | (752 | ) | (978 | ) | (958 | ) | |||
| Retained earnings | 44,134 | 35,073 | 34,395 | ||||||
| Total shareholders’ equity | 110,920 | 102,293 | 100,707 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,288,297 | $ | 1,245,099 | $ | 1,117,766 | |||
| BAYFIRST FINANCIAL CORP. | ||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||
| For the Quarter Ended | Year-to-Date | |||||||||||||||||
| (Dollars in thousands, except per share data) | 12/31/2024 | 9/30/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | |||||||||||||
| Interest income: | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Loans, including fees | $ | 20,747 | $ | 20,442 | $ | 17,714 | $ | 78,831 | $ | 63,189 | ||||||||
| Interest-bearing deposits in banks and other | 1,007 | 1,000 | 1,140 | 3,979 | 5,328 | |||||||||||||
| Total interest income | 21,754 | 21,442 | 18,854 | 82,810 | 68,517 | |||||||||||||
| Interest expense: | ||||||||||||||||||
| Deposits | 10,600 | 11,609 | 9,719 | 42,872 | 30,795 | |||||||||||||
| Other | 501 | 384 | 258 | 1,912 | 1,291 | |||||||||||||
| Total interest expense | 11,101 | 11,993 | 9,977 | 44,784 | 32,086 | |||||||||||||
| Net interest income | 10,653 | 9,449 | 8,877 | 38,026 | 36,431 | |||||||||||||
| Provision for credit losses | 4,546 | 3,122 | 2,737 | 14,726 | 10,445 | |||||||||||||
| Net interest income after provision for credit losses | 6,107 | 6,327 | 6,140 | 23,300 | 25,986 | |||||||||||||
| Noninterest income: | ||||||||||||||||||
| Loan servicing income, net | 582 | 918 | 677 | 3,100 | 2,826 | |||||||||||||
| Gain on sale of government guaranteed loans, net | 8,425 | 6,143 | 6,977 | 28,252 | 24,553 | |||||||||||||
| Service charges and fees | 451 | 447 | 555 | 1,794 | 1,721 | |||||||||||||
| Government guaranteed loans fair value gain, net | (80 | ) | 3,416 | 4,697 | 9,843 | 15,718 | ||||||||||||
| Government guaranteed loan packaging fees | 773 | 903 | 1,588 | 4,105 | 3,664 | |||||||||||||
| Gain on sale of premises and equipment | 11,649 | — | — | 11,649 | — | |||||||||||||
| Other noninterest income | 476 | 445 | 197 | 1,726 | 1,273 | |||||||||||||
| Total noninterest income | 22,276 | 12,272 | 14,691 | 60,469 | 49,755 | |||||||||||||
| Noninterest Expense: | ||||||||||||||||||
| Salaries and benefits | 7,351 | 7,878 | 7,446 | 31,063 | 30,973 | |||||||||||||
| Bonus, commissions, and incentives | 1,074 | 1,141 | 2,211 | 4,445 | 5,726 | |||||||||||||
| Occupancy and equipment | 1,217 | 1,248 | 1,150 | 4,848 | 4,758 | |||||||||||||
| Data processing | 1,749 | 1,789 | 1,422 | 6,745 | 5,611 | |||||||||||||
| Marketing and business development | 390 | 532 | 640 | 2,050 | 3,336 | |||||||||||||
| Professional services | 803 | 853 | 1,070 | 3,882 | 3,657 | |||||||||||||
| Loan origination and collection | 758 | 1,956 | 2,728 | 6,391 | 7,425 | |||||||||||||
| Employee recruiting and development | 445 | 595 | 510 | 2,186 | 2,177 | |||||||||||||
| Regulatory assessments | 379 | 309 | 266 | 1,249 | 881 | |||||||||||||
| Other noninterest expense | 1,169 | 763 | 1,023 | 3,923 | 3,163 | |||||||||||||
| Total noninterest expense | 15,335 | 17,064 | 18,466 | 66,782 | 67,707 | |||||||||||||
| Income before taxes from continuing operations | 13,048 | 1,535 | 2,365 | 16,987 | 8,034 | |||||||||||||
| Income tax expense from continuing operations | 3,272 | 398 | 704 | 4,315 | 2,119 | |||||||||||||
| Net income from continuing operations | 9,776 | 1,137 | 1,661 | 12,672 | 5,915 | |||||||||||||
| Loss from discontinued operations before income taxes | — | — | (8 | ) | (92 | ) | (283 | ) | ||||||||||
| Income tax benefit from discontinued operations | — | — | (2 | ) | (23 | ) | (70 | ) | ||||||||||
| Net loss from discontinued operations | — | — | (6 | ) | (69 | ) | (213 | ) | ||||||||||
| Net income | 9,776 | 1,137 | 1,655 | 12,603 | 5,702 | |||||||||||||
| Preferred dividends | 385 | 385 | 341 | 1,541 | 965 | |||||||||||||
| Net income available to common shareholders | $ | 9,391 | $ | 752 | $ | 1,314 | $ | 11,062 | $ | 4,737 | ||||||||
| Basic earnings (loss) per common share: | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Continuing operations | $ | 2.27 | $ | 0.18 | $ | 0.32 | $ | 2.69 | $ | 1.21 | ||||||||
| Discontinued operations | — | — | — | (0.01 | ) | (0.05 | ) | |||||||||||
| Basic earnings per common share | $ | 2.27 | $ | 0.18 | $ | 0.32 | $ | 2.68 | $ | 1.16 | ||||||||
| Diluted earnings (loss) per common share: | ||||||||||||||||||
| Continuing operations | $ | 2.11 | $ | 0.18 | $ | 0.32 | $ | 2.64 | $ | 1.17 | ||||||||
| Discontinued operations | — | — | — | (0.02 | ) | (0.05 | ) | |||||||||||
| Diluted earnings per common share | $ | 2.11 | $ | 0.18 | $ | 0.32 | $ | 2.62 | $ | 1.12 | ||||||||
Loan Composition
| (Dollars in thousands) | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| Real estate: | |||||||||||||||||||
| Residential | $ | 330,870 | $ | 321,740 | $ | 304,234 | $ | 285,214 | $ | 264,126 | |||||||||
| Commercial | 305,721 | 292,026 | 288,185 | 273,227 | 293,595 | ||||||||||||||
| Construction and land | 32,914 | 33,784 | 35,759 | 36,764 | 26,272 | ||||||||||||||
| Commercial and industrial | 226,522 | 200,212 | 192,140 | 182,264 | 177,566 | ||||||||||||||
| Commercial and industrial - PPP | 941 | 1,656 | 2,324 | 2,965 | 3,202 | ||||||||||||||
| Consumer and other | 93,826 | 92,546 | 85,789 | 63,854 | 47,287 | ||||||||||||||
| Loans held for investment, at amortized cost, gross | 990,794 | 941,964 | 908,431 | 844,288 | 812,048 | ||||||||||||||
| Deferred loan costs, net | 19,499 | 18,060 | 17,299 | 16,233 | 14,707 | ||||||||||||||
| Discount on government guaranteed loans | (8,306 | ) | (7,880 | ) | (7,731 | ) | (7,674 | ) | (7,040 | ) | |||||||||
| Premium on loans purchased, net | 3,739 | 3,860 | 4,173 | 4,252 | 4,503 | ||||||||||||||
| Loans held for investment, at amortized cost, net | 1,005,726 | 956,004 | 922,172 | 857,099 | 824,218 | ||||||||||||||
| Government guaranteed loans held for investment, at fair value | 60,833 | 86,441 | 86,142 | 77,769 | 91,508 | ||||||||||||||
| Total loans held for investment, net | $ | 1,066,559 | $ | 1,042,445 | $ | 1,008,314 | $ | 934,868 | $ | 915,726 | |||||||||
Nonperforming Assets (Unaudited)
| (Dollars in thousands) | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||
| Nonperforming loans (government guaranteed balances), at amortized cost, gross | $ | 4,037 | $ | 4,497 | $ | 4,258 | $ | 2,309 | $ | 1,424 | |||||||||
| Nonperforming loans (unguaranteed balances), at amortized cost, gross | 13,570 | 10,992 | 8,054 | 7,568 | 8,264 | ||||||||||||||
| Total nonperforming loans, at amortized cost, gross | 17,607 | 15,489 | 12,312 | 9,877 | 9,688 | ||||||||||||||
| Nonperforming loans (government guaranteed balances), at fair value | — | 24 | 341 | 94 | — | ||||||||||||||
| Nonperforming loans (unguaranteed balances), at fair value | 1,490 | 1,535 | 1,284 | 729 | 648 | ||||||||||||||
| Total nonperforming loans, at fair value | 1,490 | 1,559 | 1,625 | 823 | 648 | ||||||||||||||
| OREO | 132 | — | 1,633 | 404 | — | ||||||||||||||
| Repossessed assets | 36 | 94 | — | — | — | ||||||||||||||
| Total nonperforming assets, gross | $ | 19,265 | $ | 17,142 | $ | 15,570 | $ | 11,104 | $ | 10,336 | |||||||||
| Nonperforming loans as a percentage of total loans held for investment(1) | 1.75 | % | 1.62 | % | 1.34 | % | 1.15 | % | 1.18 | % | |||||||||
| Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1) | 1.35 | % | 1.15 | % | 0.87 | % | 0.88 | % | 1.00 | % | |||||||||
| Nonperforming assets as a percentage of total assets | 1.50 | % | 1.38 | % | 1.28 | % | 0.97 | % | 0.92 | % | |||||||||
| Nonperforming assets (excluding government guaranteed balances) to total assets | 1.06 | % | 0.88 | % | 0.82 | % | 0.70 | % | 0.74 | % | |||||||||
| ACL to nonperforming loans(1) | 88.10 | % | 91.59 | % | 112.44 | % | 140.79 | % | 139.32 | % | |||||||||
| ACL to nonperforming loans (excluding government guaranteed balances)(1) | 114.31 | % | 129.06 | % | 171.88 | % | 183.75 | % | 163.32 | % | |||||||||
(1) Excludes loans measured at fair value
Note: Transmitted on Globe Newswire on January 30, 2025, at 4:00 p.m. ET.
FAQ
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