BayFirst Financial Corp. Announces Amendment to Increase its Stock Repurchase Program

Rhea-AI Summary

BayFirst Financial Corp. (FHBI) has amended its stock repurchase program, increasing the repurchase limit to $400,000 per quarter, effective in Q3 2021. This allows for up to $1 million in total buybacks until October 1, 2022, or until terminated by the board. The company may retire repurchased shares or use them in various employee and stock purchase plans. As of June 30, 2021, BayFirst reported $1.20 billion in total assets, with $430 million in Paycheck Protection Program loans.

Positive

• Increase in stock repurchase program to $400,000 per quarter, potentially enhancing shareholder value.
• Opportunity for share retirement or use in employee stock plans, indicating confidence in future performance.

Negative

• None.

ST. PETERSBURG, Fla., Sept. 14, 2021 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) (OTCQX: FHBI) (“BayFirst” or the “Company”), parent company of First Home Bank, today announced that its board of directors amended its stock repurchase program, initially authorized on January 26, 2021 for the repurchase of up to $100,000 per calendar quarter of the company’s issued and outstanding common stock, to allow the Company to repurchase up to $400,000 per quarter.

The changes to the program will be implemented in the third quarter of 2021 and will continue until the earlier of the date an aggregate of $1,000,000 of common stock has been repurchased, with no more than $400,000 being bought back in one quarter, or October 1, 2022, or termination of the program by the board of directors.

In addition to the increase in the amount that can repurchased under the plan, the Stock Repurchase Program was also amended to allow the Company to either retire the common shares repurchased in the program or distribute the repurchased shares through the Company’s Dividend Reinvestment and Stock Purchase Plan, Employee Stock Ownership Plan, or Nonqualified Stock Purchase Plan. Any repurchased shares that are retired will be held as unissued shares available for use and reissuance for purposes as and when determined by the board.

BayFirst Financial Corp. trades on OTCQX under the symbol “FHBI.” U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the bank at www.otcmarkets.com.

About BayFirst Financial Corp.

BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) is a registered bank holding company which commenced operations on September 1, 2000. Its primary source of income is from its wholly owned subsidiary, First Home Bank, which commenced business operations on February 12, 1999. First Home Bank is a Federal Reserve member and a state-chartered banking institution. The Bank operates six full-service office locations, 26 mortgage loan production offices, and is in the top 50 by dollar volume and top 20 by number of units, of nation-wide SBA lenders.

BayFirst Financial Corp., through the Bank, offers a broad range of commercial and consumer banking services including various types of deposit accounts and loans for businesses and individuals. As of June 30, 2021, BayFirst Financial Corp. had $1.20 billion in total assets, of which $430 million consisted of loans made under the Paycheck Protection Program.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “is confident that” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements involve risk and uncertainty and a variety of factors could cause our actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. BayFirst Financial Corp. does not have a policy of updating or revising forward-looking statements except as otherwise required by law, and silence by management over time should not be construed to mean that actual events are occurring as estimated in such forward-looking statements.

Contacts:
Anthony N. Leo	Jeffrey M. Hunt
Chief Executive Officer	Chief Strategy Officer
727.399.5678	727.399.5687

FAQ

What is the new stock repurchase limit for BayFirst Financial Corp (FHBI)?

BayFirst Financial Corp has increased its stock repurchase limit to $400,000 per quarter.

What is the total amount approved for repurchases under the new program for FHBI?

The total approved for repurchases under the new program is $1 million until October 1, 2022.

How will the repurchased shares for FHBI be utilized?

Repurchased shares can either be retired or used in various stock purchase plans.

When will the amended stock repurchase program take effect for FHBI?

The amended stock repurchase program will take effect in the third quarter of 2021.