Welcome to our dedicated page for BayFirst Financial news (Ticker: BAFN), a resource for investors and traders seeking the latest updates and insights on BayFirst Financial stock.
BayFirst Financial Corp., trading under the symbol BAFN, is a one-bank holding company dedicated to providing high-quality banking services to the Tampa Bay community. Founded in 1999, BayFirst operates First Home Bank, a locally owned and operated institution offering a personalized and friendly banking experience.
The company's core business revolves around generating revenue through interest on loans and gain-on-sale income from loan sales in the secondary market. BayFirst serves a diverse clientele, including individuals, families, and small businesses, with a special focus on residential and SBA lending, supported by advanced technology platforms.
BayFirst Financial Corp. is committed to fostering a robust corporate culture, emphasizing career development, competitive compensation, and comprehensive benefits for its employees. This commitment helps attract and retain top talent, ensuring the company remains Tampa Bay’s premier community bank.
The primary funding source for BayFirst's loans is customer deposits. The company's financial performance is measured by net interest income after provision for loan losses, return on average assets, and return on average common equity. Importantly, BayFirst maintains proper regulatory leverage and risk-based capital ratios to ensure financial stability.
BayFirst has achieved significant milestones recently, including adopting the CECL methodology for estimating credit losses as of January 1, 2023. This transition marks a significant step in the company's commitment to accurate and reliable financial reporting.
For more information or inquiries, please contact Megan Brewster, Public Relations Manager, at 727.258.5614, or Scott McKim, Chief Financial Officer, at 727.521.7085.
BayFirst Financial Corp. (NASDAQ: BAFN) reported Q2 2022 earnings of $328K, up from $13K in Q1 2022 but down from $13M in Q2 2021. Loan production surged 200% year-to-date. Key measures include a $2.5M reduction in salaries, $2.9M increase in SBA loan fair value gains, and a $1M rise in net interest income. However, restructuring charges of $630K, a $3M decline in residential loan fees, and a $2.7M increase in loan loss provisions noted. The company's net interest margin expanded to 3.73%. BayFirst also launched the BOLT product for quick SBA loans, further enhancing loan origination capabilities.
BayFirst Financial Corp. (NASDAQ: BAFN) announced a quarterly cash dividend of $0.08 per common share, payable on June 15, 2022 to shareholders of record by June 1, 2022. This marks the 24th consecutive quarterly dividend since the company began distributing dividends in 2016. As of March 31, 2022, BayFirst reported total assets of $888.54 million and ranks among the top 25 nationwide for SBA loan origination.
BayFirst Financial Corp. (NASDAQ: BAFN) reported a net income of $13,000 for Q1 2022, a significant decline from $7.51 million in Q1 2021 and $2.81 million in Q4 2021. This decline was primarily due to disruptions in the residential secondary market, a 29.7% drop in residential loan production, and a 205% increase in SBA loan production year-over-year. The company's tangible book value decreased by 2.42% to $21.22 per share. Despite challenges, CEO Anthony N. Leo highlighted strength in asset quality and positive SBA loan pipeline growth.
BayFirst Financial Corp. announces the launch of LoanBud, a new lending division aimed at aiding self-employed homebuyers and small business owners. With alternatives to traditional tax returns, LoanBud allows easier mortgage qualification options, addressing challenges faced by over 53 million freelance workers in the U.S. Additionally, it offers up to $5 million in SBA loans, enhancing support for entrepreneurs. This initiative is part of BayFirst's commitment to expanding financial access for the growing self-employed workforce.
BayFirst Financial Corp. (NASDAQ: BAFN) has appointed Sheryl WuDunn to its Board of Directors, effective immediately. WuDunn, a Pulitzer Prize-winning journalist, co-founder of FullSky Partners, and former Goldman Sachs vice president, brings significant expertise in technology and social impact. Her appointment is expected to enhance board diversity and strengthen the company’s strategic approach to innovation. BayFirst, which operates First Home Bank, reported total assets of $917.10 million as of December 31, 2021, and is recognized as a top SBA lender.
BayFirst Financial Corp. announced the promotions of Tom Zernick to President of First Home Bank and Robin Oliver to Chief Operating Officer and CFO. These changes follow the company’s record-breaking earnings for 2021, which saw a 93.80% increase in net income, totaling $24.62 million. Zernick will enhance loan and deposit generation, while Oliver will improve operational efficiencies. BayFirst reported total assets of $917.10 million as of December 31, 2021, and is now trading under the NASDAQ symbol 'BAFN'.
BayFirst Financial Corp. (NASDAQ: BAFN) announced a 14% increase in its quarterly cash dividend to $0.08 per share, payable on March 15, 2022. This marks the 23rd consecutive quarterly dividend since 2016, signifying a 240% increase over that period. The company reported fourth-quarter earnings of $2.81 million or $0.61 per diluted share, with a rise in gains from SBA loan sales, despite reduced fee income from the PPP program. The total assets of BayFirst stood at $917.10 million as of December 31, 2021.
BayFirst Financial Corp (NASDAQ: BAFN) reported a fourth-quarter 2021 net income of $2.81 million, equating to $0.61 per diluted share. This reflects a significant increase from $1.28 million in Q3 2021 but a decline from $5.61 million in Q4 2020. Annual net income surged 93.8% to $24.62 million, aided by higher SBA loan sales and PPP origination fees. The tangible book value rose 35.8% to $21.75 per share. Despite a 16.5% drop in net interest income from the previous quarter due to reduced PPP fees, total deposits climbed 29.15% year-over-year, indicating strong growth momentum.
BayFirst Financial Corp. (Nasdaq: BAFN) has amended its stock repurchase program, allowing up to $450,000 of its common stock to be repurchased each quarter. This change, effective immediately, follows earlier increases in the program's limits, initially set at $100,000 per quarter and raised to $400,000. The program will continue until a total of $1,000,000 is repurchased or until October 1, 2022. BayFirst's total assets stood at $943.74 million as of September 30, 2021.
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