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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.
BayFirst Financial Corp. (OTCQX: FHBI) announced that its common stock will begin trading on the Nasdaq Capital Market under the symbol "BAFN" starting November 30, 2021. This milestone positions BayFirst as the only Nasdaq-listed bank holding company on Florida's west coast and one of only seven in the state. The company reported significant growth in its SBA lending division, becoming the No. 1 SBA lender in the Tampa Bay area. Additionally, BayFirst's mortgage division surpassed $2 billion in mortgage loans in 2021, furthering its expansion with new banking centers.
BayFirst Financial Corp. (OTCQX: FHBI) announced that the SEC has declared its Securities Act registration statement effective, requiring ongoing reporting under Exchange Act rules. The company will not issue new securities under this statement. CEO Anthony N. Leo emphasized that this step is crucial for taking BayFirst public, with plans for a NASDAQ listing. The bank, operating since 2000 with $943.74 million in total assets, aims to leverage its public status to enhance growth opportunities and liquidity for shareholders.
BayFirst Financial Corp. (OTCQX: FHBI) announced a quarterly cash dividend of $0.07 per common share, payable on December 15, 2021, to shareholders of record by November 15, 2021. This is the 22nd consecutive cash dividend since its initiation in 2016. In Q3 2021, BayFirst reported a net income of $1.28 million, or $0.26 per diluted share, a decline from $13.02 million in Q2 2021. The decrease is attributed to lower recognition of PPP origination fee income and gains from previous loan sales, partially offset by a negative provision for loan losses of $3.00 million.
BayFirst Financial Corp. (FHBI) reported third-quarter 2021 earnings of $1.28 million, or $0.26 per diluted share, down from $13.02 million in Q2 2021 and $5.25 million in Q3 2020. The decline was influenced by lower recognition of PPP origination fee income and a significant prior quarter gain on PPP loan sales. However, net income for the first nine months of 2021 tripled to $21.81 million compared to the same period in 2020. The company experienced strong loan growth, with total deposits increasing by 32.32% year-over-year. Tangible book value rose to $21.30 per share.
BayFirst Financial Corp. (OTCQX: FHBI) announced that CEO Anthony N. Leo will present at VirtualInvestorConferences.com on September 21, 2021, at 11:00 a.m. Eastern Time. This interactive online event invites investors to engage directly with the company. BayFirst reported record earnings of $13.02 million in Q2 2021, up from $7.51 million in Q1 2021 and $2.35 million in Q2 2020. The bank, which has $1.20 billion in total assets, focuses on commercial and consumer banking services and operates multiple locations, ranking among the top nationwide SBA lenders.
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.
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.
BayFirst Financial Corp (FHBI) reported record earnings for Q2 2021, with net income of $13.02 million ($2.98/share), up from $7.51 million in Q1 2021 and $2.35 million YoY. This surge is attributed to $14.73 million in PPP origination fees and increased interest income from non-PPP loans. The company's tangible book value rose to $21.14/share, while net interest income skyrocketed to $26.70 million, a 111% increase from Q1 2021. Despite a 26% decrease in noninterest income, the bank remained profitable, with total assets at $1.20 billion and deposits of $632.32 million.
