BayFirst Financial Corp. Reports Earnings of $2.81 Million, or $0.61 Per Diluted Common Share, in 4Q21 and $24.62 Million, or $5.74 Per Diluted Common Share, for Year 2021; Highlighted by Strong Loan Production and Tangible Book Value per Common Share Increasing 36% Year over Year to $21.75
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.
- Fourth-quarter net income increased to $2.81 million, up from $1.28 million in Q3 2021.
- Annual net income reached a record $24.62 million, a 93.8% increase from 2020.
- Tangible book value increased 35.8% to $21.75 per share.
- Deposits grew by 29.15% year-over-year, totaling $721.69 million.
- Net interest income fell by 16.5% from the previous quarter to $6.69 million.
- Q4 2021 net income decreased from $5.61 million in Q4 2020.
ST. PETERSBURG, Fla., Jan. 26, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of First Home Bank (“First Home” or the “Bank”) reported earnings for the fourth quarter of 2021 of
Net income for the year 2021 increased
“We delivered strong earnings for the fourth quarter and record earnings for the full year in 2021, as we continue pivoting away from extraordinary pandemic-related activities, and refocus our efforts towards our strategic growth plan,” stated Anthony N. Leo, Chief Executive Officer. “As a rapidly growing financial institution, we are driven by our commitment to increase strategic opportunities and establish our reputation as one of the preeminent community banks. We are utilizing our significant capital base and taking advantage of the infrastructure we built throughout the nation, to expand market share while managing risk. In November, BayFirst registered with the SEC and began trading on the Nasdaq Capital Market, marking vital moments in our history. These milestones will aid greatly in our efforts to grow our banking franchise, increase our visibility among investors, provide additional liquidity to shareholders, and ultimately stake our claim as the bank of Tampa Bay.”
“We are proud to have been active participants in PPP, and our lending team clearly responded, with over
“Due to the hard work and continued efforts of our lending team to bring new customers into the Bank, we had another strong quarter with commercial, residential, consumer and SBA loan production. The success of our lending teams is fueling profitability and providing new market opportunities. Our asset-sensitive balance sheet produced strong growth, with total deposits increasing
Fourth Quarter 2021 Highlights:
- CreditBench, the Company’s SBA loan origination platform, originated
$60.77 million in new SBA loans during the fourth quarter of 2021, compared to$47.26 million in the third quarter of 2021, and$16.66 million of loans produced during the fourth quarter of 2020.
- The Residential Mortgage Division originated
$477.48 million in loans during the fourth quarter of 2021 compared to$506.67 million during the third quarter of 2021 and$641.08 million of loans produced during the fourth quarter of 2020.
- Loans held for investment, excluding PPP loans, increased modestly by
$3.88 million during the fourth quarter of 2021 as production added during the quarter was partially offset by$44.85 million in sales of the guaranteed balances of SBA loans, and increased by25.34% or$102.01 million over the past year to$504.53 million due to increases in both conventional community bank loans and SBA loans, partially offset by sales of the guaranteed and unguaranteed portions of select SBA loans.
- During the fourth quarter, the Company sold
$44.85 million in guaranteed SBA loans at a net11.67% premium. The Company expects to continue with SBA loan sales depending on market conditions and will continue efforts to sell loans if the pricing for such loans remains favorable.
- Deposits increased by
6.91% or$46.65 million during the fourth quarter of 2021, and by29.15% or$162.90 million during the past year, to$721.69 million at December 31, 2021, with the majority of the 12-month increase coming from increases in transaction accounts and savings deposits, partially offset by declines in time deposit balances.
- Tangible book value per common share increased to
$21.75 at the end of the fourth quarter from$21.30 at the end of the preceding quarter and$16.02 a year ago.
- The Company paid a quarterly cash dividend of seven cents per common share, on December 15, 2021, to common shareholders of record as of November 15, 2021. The cash dividend marked the 22nd consecutive quarter in which BayFirst paid a cash dividend.
Results of Operations
Net Income and Performance Ratios
Net income was
BayFirst’s return on average common equity and return on average assets returned to more realistic levels in the fourth quarter as contributions from the PPP loan program tapered off. Return on average common equity was
Net Interest Income and Net Interest Margin
Net interest income was
Net interest margin was
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expense was
Balance Sheet
Assets
Total assets decreased by
Loans
Loans held for investment, excluding PPP loans, increased by
Deposits
Deposits increased by
Asset Quality
Asset quality improved throughout 2021, reflecting improving economic and business conditions in the markets we serve. We recognized significant provision expense in each quarter of 2020. As the financial impact of the COVID-19 pandemic becomes more predictable we continue to adjust our allowance for loan losses which resulted in a negative provision for the fourth quarter 2021 of
The ratio of the allowance for loan losses to total loans, excluding government guaranteed loans, residential loans held for sale, and loans carried at fair value, was
Over the past five years, the Company’s loan losses have been incurred primarily in its SBA unguaranteed loan portfolio, particularly loans originated under the SBA 7(a) Small Loan Program. The Small Loan Program represents loans of
Net charge-offs for the fourth quarter of 2021 were
The ratio of the allowance for loan losses to total loans, excluding government guaranteed loans, residential loans held for sale, and loans carried at fair value, was
In addition to the above metrics, past due PPP loans increased during the third and fourth quarters of 2021 as certain PPP loan customers did not apply for forgiveness nor make required payments. As such, as of December 31, 2021, the Company reported
Capital
The Bank’s Tier 1 leverage ratio was
During the fourth quarter of 2021, no shares of Series B Preferred Stock were issued, 1,100 shares of Series B Preferred Stock were converted to common shares, and
Recent Events
Application to Convert to a National Bank: On January 3, 2022, BayFirst Financial Corp.’s operating subsidiary, First Home Bank submitted an application to the Office of the Comptroller of the Currency to convert to a national banking association under the name BayFirst National Bank.
Approved for Listing on Nasdaq Capital Market Under Ticker Symbol “BAFN”: On November 30, 2021, BayFirst Financial Corp. began trading on the Nasdaq Capital Market under the symbol “BAFN,” becoming the only Nasdaq-listed bank holding company headquartered on the west coast of Florida and one of only eight in the state.
Securities Act Registration Statement Declared Effective by SEC: On November 15, 2021, BayFirst announced that the SEC declared the Company’s Securities Act registration statement effective, and that the Company is now subject to Exchange Act reporting requirements. These rules require the Company to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the SEC on an ongoing basis. The Company chose not to issue new securities under the registration statement.
Branch Expansion: In November 2021, the Company celebrated the ongoing expansion of its banking centers with the opening of a seventh location in Belleair Bluffs, Florida and the groundbreaking of an eighth location in Sarasota, Florida, slated to open in late 2022.
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 seven full-service office locations, 23 mortgage loan production offices, and is in the top 15 by dollar volume and by number of units originated nationwide through the first quarter of SBA’s 2022 fiscal year ended December 31, 2021.
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 December 31, 2021, BayFirst Financial Corp. had
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 |
BayFirst Financial Corp.
Selected Financial Data (Unaudited)
Dollars in Thousands, Except for Share Data
| At or for the three months ended | |||||||||||||||||||
| 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | |||||||||||||||
| Balance sheet data: | |||||||||||||||||||
| Average loans held for investment, excluding PPP loans | $ | 518,697 | $ | 467,283 | $ | 481,424 | $ | 422,130 | $ | 399,098 | |||||||||
| Average total assets | 923,485 | 1,086,377 | 1,541,287 | 1,636,171 | 1,513,403 | ||||||||||||||
| Average common shareholders’ equity | 83,056 | 81,989 | 68,525 | 57,944 | 53,035 | ||||||||||||||
| Total loans held for investment | 583,948 | 656,294 | 895,194 | 1,388,533 | 1,228,322 | ||||||||||||||
| Total loans held for investment, excluding PPP loans | 504,525 | 500,647 | 465,470 | 421,258 | 402,520 | ||||||||||||||
| Total loans held for investment, excl gov’t gtd loan balances | 323,363 | 306,723 | 304,364 | 288,889 | 283,060 | ||||||||||||||
| Allowance for loan losses | 13,452 | 16,616 | 20,797 | 22,017 | 21,162 | ||||||||||||||
| Total assets | 917,095 | 943,743 | 1,198,229 | 1,716,831 | 1,544,691 | ||||||||||||||
| Common shareholders’ equity | 86,685 | 83,593 | 81,838 | 66,046 | 55,914 | ||||||||||||||
| Share data: (1) | |||||||||||||||||||
| Basic earnings per common share | $ | 0.66 | $ | 0.27 | $ | 3.34 | $ | 2.05 | $ | 1.53 | |||||||||
| Diluted earnings per common share | 0.61 | 0.26 | 2.98 | 1.85 | 1.35 | ||||||||||||||
| Dividends per common share | 0.070 | 0.070 | 0.070 | 0.067 | 0.067 | ||||||||||||||
| Book value per common share | 21.77 | 21.32 | 21.16 | 17.95 | 16.04 | ||||||||||||||
| Tangible book value per common share (2) | 21.75 | 21.30 | 21.14 | 17.93 | 16.02 | ||||||||||||||
| Performance and capital ratios: | |||||||||||||||||||
| Return on average assets | 1.22 | % | 0.47 | % | 3.38 | % | 1.84 | % | 1.48 | % | |||||||||
| Return on average common equity | 12.54 | % | 5.12 | % | 74.61 | % | 49.56 | % | 39.97 | % | |||||||||
| Net interest margin | 3.07 | % | 3.04 | % | 3.46 | % | 3.21 | % | 3.13 | % | |||||||||
| Dividend payout ratio | 10.65 | % | 26.09 | % | 2.10 | % | 3.27 | % | 4.38 | % | |||||||||
| Asset quality ratios: | |||||||||||||||||||
| Net charge-offs | $ | 664 | $ | 1,181 | $ | 1,221 | $ | 1,145 | $ | 2,751 | |||||||||
| Net charge-offs/avg loans held for investment excl PPP | 0.51 | % | 1.01 | % | 1.01 | % | 1.09 | % | 2.76 | % | |||||||||
| Nonperforming loans | $ | 11,909 | $ | 10,495 | $ | 9,885 | $ | 9,741 | $ | 9,586 | |||||||||
| Nonperforming loans (excluding gov’t gtd balance) | $ | 3,967 | $ | 3,756 | $ | 3,577 | $ | 3,242 | $ | 3,327 | |||||||||
| Nonperforming loans/total loans held for investment | 2.04 | % | 1.60 | % | 1.10 | % | 0.70 | % | 0.78 | % | |||||||||
| Nonperforming loans (excl gov’t gtd balance)/total loans held for investment | 0.68 | % | 0.57 | % | 0.40 | % | 0.23 | % | 0.27 | % | |||||||||
| ALLL/Total loans held for investment | 2.30 | % | 2.53 | % | 2.32 | % | 1.59 | % | 1.72 | % | |||||||||
| ALLL/Total loans held for investment, excl PPP loans | 2.67 | % | 3.32 | % | 4.47 | % | 5.23 | % | 5.26 | % | |||||||||
| Other Data: | |||||||||||||||||||
| Full-time equivalent employees | 637 | 651 | 671 | 649 | 529 | ||||||||||||||
| Banking center offices | 7 | 6 | 6 | 6 | 6 | ||||||||||||||
| Loan production offices | 23 | 22 | 26 | 22 | 29 | ||||||||||||||
| (1) Adjusted for the three-for-two stock split, effective May 10, 2021. | |||||||||||||||||||
| (2) Non-GAAP financial measure calculated as total shareholders’ equity minus preferred stock liquidation preference minus goodwill, divided by common shares outstanding. | |||||||||||||||||||
BayFirst Financial Corp.
CONSOLIDATED BALANCE SHEETS (Unaudited)
Dollars in Thousands
| Assets | 12/31/2021 | 9/30/2021 | 12/31/2020 | ||||||
| Cash and due from banks | $ | 2,869 | $ | 2,715 | $ | 2,790 | |||
| Interest-bearing deposits in banks | 106,858 | 104,382 | 52,589 | ||||||
| Cash and cash equivalents | 109,727 | 107,097 | 55,379 | ||||||
| Time deposits in banks | 2,381 | 2,381 | 2,381 | ||||||
| Investment securities available for sale | 30,893 | 32,535 | — | ||||||
| Investment securities held to maturity | 2 | 3 | 41 | ||||||
| Restricted equity securities, at cost | 2,827 | 2,827 | 2,362 | ||||||
| Residential loans held for sale | 114,131 | 91,243 | 208,704 | ||||||
| SBA loans held for sale | 1,460 | — | — | ||||||
| SBA loans held for investment, at fair value | 9,614 | 9,805 | 9,264 | ||||||
| Loans held for investment, at amortized cost net of allowance for loan losses of | 560,882 | 629,873 | 1,197,896 | ||||||
| Accrued interest receivable | 3,564 | 4,292 | 7,300 | ||||||
| Premises and equipment, net | 29,671 | 24,622 | 18,115 | ||||||
| Loan servicing rights | 6,619 | 6,155 | 8,160 | ||||||
| Deferred income taxes | 454 | 1,263 | 3,808 | ||||||
| Right-of-use operating lease assets | 4,543 | 4,345 | 3,737 | ||||||
| Bank owned life insurance | 24,547 | 12,434 | 12,183 | ||||||
| Other assets | 15,780 | 14,868 | 15,361 | ||||||
| Total assets | $ | 917,095 | $ | 943,743 | $ | 1,544,691 | |||
| Liabilities: | |||||||||
| Noninterest-bearing deposits | $ | 83,638 | $ | 87,625 | $ | 62,650 | |||
| Interest-bearing transaction accounts | 163,495 | 157,304 | 140,265 | ||||||
| Savings and money market deposits | 423,864 | 377,452 | 286,744 | ||||||
| Time deposits | 50,688 | 52,653 | 69,125 | ||||||
| Total deposits | 721,685 | 675,034 | 558,784 | ||||||
| Subordinated debentures | 5,985 | 5,983 | 5,948 | ||||||
| Notes payable | 3,299 | 3,413 | 3,754 | ||||||
| PPP Liquidity Facility | 69,654 | 144,601 | 881,262 | ||||||
| Accrued interest payable | 326 | 562 | 1,999 | ||||||
| Operating lease liabilities | 4,747 | 4,545 | 3,925 | ||||||
| Accrued expenses and other liabilities | 15,109 | 15,307 | 17,950 | ||||||
| Total liabilities | 820,805 | 849,445 | 1,473,622 | ||||||
| Shareholders’ equity: | |||||||||
| Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at December 31, 2021, September 30, 2021, and December 31, 2020; aggregate liquidation preference of | 6,161 | 6,161 | 6,161 | ||||||
| Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210, 4,310, and 8,760 shares issued and outstanding at December 31, 2021, September 30, 2021, and December 31, 2020; aggregate liquidation preference of | 3,123 | 4,193 | 8,516 | ||||||
| Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 3,981,117, 3,919,977, and 3,867,414 shares issued and outstanding at December 31, 2021, September 30, 2021, and December 31, 2020, respectively | 51,496 | 50,546 | 43,043 | ||||||
| Accumulated other comprehensive income (loss), net | (420 | ) | (201 | ) | — | ||||
| Unearned compensation | (17 | ) | (23 | ) | (41 | ) | |||
| Retained earnings | 35,947 | 33,622 | 13,390 | ||||||
| Total shareholders’ equity | 96,290 | 94,298 | 71,069 | ||||||
| Total liabilities and shareholders’ equity | $ | 917,095 | $ | 943,743 | $ | 1,544,691 | |||
BayFirst Financial Corp.
Consolidated Statements of Income (Unaudited)
Dollars in Thousands
| For the Quarter Ended | Year-to-Date | |||||||||||||||||
| 12/31/2021 | 9/30/2021 | 12/31/2020 | 12/31/2021 | 12/31/2020 | ||||||||||||||
| Interest income: | ||||||||||||||||||
| Loans, other than PPP | $ | 7,320 | $ | 7,009 | $ | 6,355 | $ | 27,681 | $ | 23,986 | ||||||||
| PPP loan interest income | 258 | 692 | 2,244 | 5,009 | 5,685 | |||||||||||||
| PPP origination fee income | 381 | 1,656 | 5,244 | 14,283 | 13,419 | |||||||||||||
| Interest-bearing deposits in banks and other | 150 | 188 | 70 | 570 | 641 | |||||||||||||
| Total interest income | 8,109 | 9,545 | 13,913 | 47,543 | 43,731 | |||||||||||||
| Interest expense: | ||||||||||||||||||
| Deposits | 1,219 | 1,152 | 1,379 | 4,885 | 7,490 | |||||||||||||
| PPPLF borrowings | 381 | 278 | 783 | 1,791 | 1,968 | |||||||||||||
| Other | (184 | ) | 99 | 178 | 624 | 820 | ||||||||||||
| Total interest expense | 1,416 | 1,529 | 2,340 | 7,300 | 10,278 | |||||||||||||
| Net interest income | 6,693 | 8,016 | 11,573 | 40,243 | 33,453 | |||||||||||||
| Provision for loan losses | (2,500 | ) | (3,000 | ) | 5,000 | (3,500 | ) | 16,900 | ||||||||||
| Net interest income after provision for loan losses | 9,193 | 11,016 | 6,573 | 43,743 | 16,553 | |||||||||||||
| Noninterest income: | ||||||||||||||||||
| Residential loan fee income | 18,601 | 21,323 | 30,790 | 95,305 | 92,678 | |||||||||||||
| Loan servicing income, net | 429 | 417 | 271 | 1,875 | 2,024 | |||||||||||||
| Gain (loss) on sale of SBA loans, net | 4,564 | (338 | ) | (80 | ) | 18,024 | 1,652 | |||||||||||
| Service charges and fees | 298 | 261 | 269 | 1,028 | 933 | |||||||||||||
| SBA loan fair value gain | 33 | 72 | (48 | ) | 184 | 1 | ||||||||||||
| Other noninterest income | 289 | 257 | 175 | 1,161 | 407 | |||||||||||||
| Total noninterest income | 24,214 | 21,992 | 31,377 | 117,577 | 97,695 | |||||||||||||
| Noninterest Expense: | ||||||||||||||||||
| Salaries and benefits | 12,603 | 12,851 | 11,906 | 51,569 | 36,403 | |||||||||||||
| Bonus, commissions, and incentives | 8,319 | 8,536 | 10,185 | 37,946 | 34,072 | |||||||||||||
| Mortgage banking | 1,024 | 1,440 | 1,647 | 5,731 | 5,292 | |||||||||||||
| Occupancy and equipment | 1,329 | 1,278 | 1,139 | 5,236 | 4,453 | |||||||||||||
| Data processing | 1,323 | 1,347 | 1,332 | 6,532 | 4,418 | |||||||||||||
| Marketing and business development | 2,176 | 1,924 | 1,303 | 7,620 | 3,553 | |||||||||||||
| Professional services | 1,493 | 1,428 | 1,190 | 4,688 | 3,533 | |||||||||||||
| Loan origination and collection | 168 | 683 | 269 | 2,452 | 2,040 | |||||||||||||
| Employee recruiting and development | 914 | 809 | 634 | 3,345 | 1,769 | |||||||||||||
| Regulatory assessments | 102 | 138 | 26 | 442 | 444 | |||||||||||||
| Other noninterest expense | 773 | 795 | 844 | 3,281 | 2,493 | |||||||||||||
| Total noninterest expense | 30,224 | 31,229 | 30,475 | 128,842 | 98,470 | |||||||||||||
| Income before taxes | 3,183 | 1,779 | 7,475 | 32,478 | 15,778 | |||||||||||||
| Income tax expense | 372 | 499 | 1,869 | 7,860 | 3,075 | |||||||||||||
| Net income | 2,811 | 1,280 | 5,606 | 24,618 | 12,703 | |||||||||||||
| Preferred dividends | 208 | 230 | 306 | 1,005 | 863 | |||||||||||||
| Net income available to common shareholders | $ | 2,603 | $ | 1,050 | $ | 5,300 | $ | 23,613 | $ | 11,840 | ||||||||
| Basic earnings per common share | $ | 0.66 | $ | 0.27 | $ | 1.53 | $ | 6.21 | $ | 3.45 | ||||||||
| Diluted earnings per common share | $ | 0.61 | $ | 0.26 | $ | 1.35 | $ | 5.74 | $ | 3.01 | ||||||||
Loan Composition
| December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||
| Real estate: | |||||||||||||||||||
| Residential | $ | 87,235 | $ | 79,889 | $ | 75,618 | $ | 70,059 | $ | 64,724 | |||||||||
| Commercial | 163,477 | 151,122 | 143,388 | 123,374 | 114,884 | ||||||||||||||
| Construction and land | 18,632 | 17,848 | 14,293 | 12,685 | 15,113 | ||||||||||||||
| Commercial and industrial | 217,155 | 232,416 | 215,359 | 198,876 | 193,927 | ||||||||||||||
| Commercial and industrial - PPP | 80,158 | 156,783 | 432,469 | 987,185 | 838,847 | ||||||||||||||
| Consumer and other | 3,581 | 4,910 | 3,489 | 3,624 | 2,896 | ||||||||||||||
| Loans held for investment, at amortized cost, gross | 570,238 | 642,968 | 884,616 | 1,395,803 | 1,230,391 | ||||||||||||||
| Deferred loan costs (fees), net | 7,975 | 7,298 | 4,968 | (12,702 | ) | (5,819 | ) | ||||||||||||
| Discount on SBA 7(a) loans sold | (3,866 | ) | (3,753 | ) | (4,420 | ) | (4,961 | ) | (5,417 | ) | |||||||||
| Discount on PPP loans purchased | (13 | ) | (24 | ) | (40 | ) | (82 | ) | (97 | ) | |||||||||
| Allowance for loan losses | (13,452 | ) | (16,616 | ) | (20,797 | ) | (22,017 | ) | (21,162 | ) | |||||||||
| Loans held for investment, at amortized cost | $ | 560,882 | $ | 629,873 | $ | 864,327 | $ | 1,356,041 | $ | 1,197,896 | |||||||||
Nonperforming Assets
| December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||
| Nonperforming loans (government guaranteed balances) | $ | 7,942 | $ | 6,739 | $ | 6.308 | $ | 6.499 | $ | 6,259 | |||||||||
| Nonperforming loans (unguaranteed balances) | 3,967 | 3,756 | 3.577 | 3.242 | 3,327 | ||||||||||||||
| Total nonperforming loans | 11,909 | 10,495 | 9.885 | 9.741 | 9,586 | ||||||||||||||
| OREO | 3 | 3 | — | — | — | ||||||||||||||
| Total nonperforming assets | $ | 11,912 | $ | 10,498 | $ | 9.885 | $ | 9.741 | $ | 9,586 | |||||||||
| Nonperforming loans as a percentage of total loans held for investment | 2.04 | % | 1.60 | % | 1.10 | % | 0.70 | % | 0.78 | % | |||||||||
| Nonperforming loans (excluding government guaranteed balances) to total loans held for investment | 0.68 | % | 0.57 | % | 0.40 | % | 0.23 | % | 0.27 | % | |||||||||
| Nonperforming assets as a percentage of total assets | 1.30 | % | 1.11 | % | 0.82 | % | 0.57 | % | 0.62 | % | |||||||||
| Nonperforming assets (excluding government guaranteed balances) to total assets | 0.43 | % | 0.40 | % | 0.30 | % | 0.19 | % | 0.22 | % | |||||||||
| ALLL to nonperforming loans | 112.96 | % | 158.32 | % | 210.39 | % | 226.03 | % | 220.83 | % | |||||||||
| ALLL to nonperforming loans (excluding government guaranteed balances) | 339.10 | % | 442.39 | % | 581.39 | % | 679.13 | % | 636.28 | % | |||||||||
FAQ
What were BayFirst Financial Corp's earnings results for Q4 2021?
How did BayFirst's annual net income change in 2021?
What was the growth in deposits for BayFirst Financial Corp in 2021?
What is the significance of BayFirst's tangible book value in Q4 2021?
How did BayFirst Financial Corp perform in terms of net interest income in Q4 2021?
