BayFirst Financial Corp. Announces Quarterly Cash Dividend of $0.07 Per Common Share

Rhea-AI Summary

BayFirst Financial Corp. (OTCQX: FHBI) has declared a quarterly cash dividend of $0.07 per common share, payable on September 15, 2021, to shareholders of record as of August 15, 2021. This marks the 21st consecutive cash dividend since the company's initiation in 2016. Additionally, the company reported record earnings of $13.02 million for Q2 2021, translating to $2.98 per diluted share, a significant increase from prior quarters. This success was attributed to higher net interest income and strong noninterest income from residential loan fees.

Positive

• Declared quarterly cash dividend of $0.07 per share.
• 21st consecutive cash dividend paid since 2016.
• Record earnings of $13.02 million in Q2 2021.
• Earnings increased from $7.51 million in Q1 2021 and $2.35 million in Q2 2020.
• Higher net interest income and strong noninterest income contributed to profitability.

Negative

• None.

ST. PETERSBURG, Fla., July 30, 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 its Board of Directors declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable September 15, 2021 to common shareholders of record as of August 15, 2021. This marks the 21^st consecutive cash dividend paid since BayFirst initiated cash dividends in 2016.

On July 26, 2021, BayFirst reported record earnings of $13.02 million, or $2.98 per diluted share, in the second quarter of 2021, compared to net income of $7.51 million, or $1.85 per diluted common share, in the first quarter of 2021, and $2.35 million, or $0.63 per diluted common share, in the second quarter of 2020. Higher net interest income from both the recognition of Paycheck Protection Program (“PPP”) origination fees earned on PPP loans sold during the quarter, as well as higher interest income from non-PPP loans, and strong noninterest income led by residential loan fees contributed to profitability for the quarter.

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.

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 Chief Executive Officer 727.399.5678		Jeffrey M. Hunt Chief Strategy Officer 727.399.5687

FAQ

What is the dividend amount for BayFirst Financial Corp. (FHBI)?

BayFirst Financial Corp. has declared a cash dividend of $0.07 per common share.

When will the dividend for FHBI be paid?

The dividend will be payable on September 15, 2021.

What were BayFirst's earnings in Q2 2021?

BayFirst reported record earnings of $13.02 million, or $2.98 per diluted share, in Q2 2021.

How does the Q2 2021 earnings compare to previous quarters for FHBI?

Earnings in Q2 2021 increased from $7.51 million in Q1 2021 and $2.35 million in Q2 2020.

What factors contributed to the profitability of BayFirst in Q2 2021?

Profitability was driven by higher net interest income and strong noninterest income from residential loan fees.