BayFirst Announces Third Quarter 2024 Conference Call and Webcast
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 30 2024
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Source: Newsfilter
Upcoming Financial Reporting: BayFirst Financial Corp. will announce its third quarter results on October 24, 2024, followed by a conference call on October 25 at 9:00 a.m. ET, which will be available for live streaming and replay on their website.
Company Overview: BayFirst Financial Corp., based in St. Petersburg, Florida, operates BayFirst National Bank and has been recognized as the best bank in Florida for 2024, with significant achievements in SBA lending and total assets of $1.22 billion as of June 30, 2024.
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About BAFN
BayFirst Financial Corp. is a bank holding company that operates through its wholly owned subsidiary, BayFirst National Bank (the Bank). The Bank operates about 12 full-service banking offices throughout the Tampa Bay region and offers a range of commercial and consumer banking services to businesses and individuals. The Bank offers its products and services through its Community Banking Division and its government guaranteed lending division. The Bank also has an advanced technology platform for its small business administration (SBA) 7(a) Small Loan Program that enables the Bank to utilize and support technology-enabled banking products and services as well as various financial technology applications. The Bank offers specialized business and personal checking accounts, internet banking and online bill payment, lock box services, remote capture and deposit, cash management, wire transfers, safety deposit boxes, courier services, retail investment services, among other services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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See More
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- Conference Call Timing: Management will host a conference call on July 31, 2026, at 9:00 a.m. ET to discuss the earnings results, which is anticipated to attract significant attention from investors and analysts, thereby enhancing the company's transparency.
- Participation Details: Investors can listen to the call live via the Investor Relations page on the company's website, while investment professionals are invited to dial (833) 461-5787 to participate using Conference ID 560643219, ensuring timely information dissemination.
- Company Background: BayFirst Financial Corp. is a registered bank holding company with total assets of $1.20 billion as of March 31, 2026, primarily offering a diverse range of commercial and consumer banking services through its wholly-owned subsidiary, BayFirst National Bank, highlighting its market position in Florida.
See More
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- Capital Raising and Shareholder Equity: BayFirst Financial Corp. raised $80 million through a private investment, planning to convert convertible preferred stock into approximately 22.9 million common shares at an effective purchase price of $3.50 per share, which will enhance the company's capital base and support future growth.
- Leadership Changes and Governance: The appointment of new CEO Al Rogers signifies a major governance shift, while the board's decision to resume dividend payments to preferred shareholders and formally redeem Series A shares demonstrates the company's commitment to improving shareholder returns.
- Financial Performance and Risk Management: The company reported a net loss of $5.7 million in Q1, with loans held for investment decreasing by $33.5 million and deposits down by $98 million, reflecting liquidity pressures and credit risks, with management pledging to closely monitor credit risk to reduce future losses.
- Market Strategy and Expansion Plans: The bank plans to expand its presence in the Tampa Metropolitan Area, currently operating only two branches, but the new capital infusion will enable it to better meet local customer needs and deepen relationships, emphasizing the company's strategic focus on specific markets.
See More
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Financial Performance: BayFirst Financial shares dropped by 39.4% in pre-market trading following a significant capital raise of $80 million.
Leadership Change: The company has announced the appointment of a new CEO amidst the financial turmoil.
See More
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- Earnings Performance: Bayfirst Financial reported a GAAP EPS of $1.48 for Q1 2026, indicating stability in profitability despite challenges from declining loan volumes.
- Investment Loan Decline: The company's investment loans decreased by $33.5 million, or 3.5%, to $930.4 million in the first quarter, reflecting changes in market conditions and strategic adjustments.
- Annual Loan Reduction: Compared to the previous year, total loans fell by $154.4 million, or 14.2%, partly due to the sale of $97.4 million in government-guaranteed loans, indicating a strategic shift in the loan portfolio to adapt to market dynamics.
- Strategic Transition: This loan reduction is closely tied to Bayfirst Financial's decision to discontinue its SBA 7(a) lending business, highlighting the company's strategic intent to optimize its business structure and enhance risk management.
See More
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- Strategic Transition Completed: BayFirst Financial Corp. successfully exited the SBA 7(a) lending business in Q4 2025, executing several strategic initiatives that significantly reduced risk and improved operational efficiency, thereby laying a foundation for sustainable growth.
- Significant Deposit Growth: The company achieved a deposit increase of $12.5 million in Q4, with 85% of deposits insured, demonstrating strong performance in its community banking operations and expected to enhance market competitiveness further.
- Improved Financial Performance: Although reporting a net loss of $2.5 million in Q4, this marked a substantial narrowing from the $18.9 million loss in Q3, indicating positive progress in cost control and risk management efforts.
- Optimistic Future Outlook: Management reiterated that the 2026 strategic plan will focus on strengthening the balance sheet and maintaining a culture of disciplined risk management, with expectations for ongoing improvements in asset quality as the SBA portfolio winds down.
See More
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- Earnings Performance: Bayfirst Financial reported a GAAP EPS of $0.69 for Q4 2025, demonstrating stable profitability despite challenges from asset reductions, indicating resilience in its financial performance.
- Revenue Overview: The company generated $11.05 million in revenue during Q4, maintaining a relatively stable income level despite total asset declines, reflecting the robustness of its business operations.
- Asset Changes: Total assets decreased by $45.7 million, or 3.4%, in Q4 2025, primarily due to the sale of $96.6 million in SBA 7(a) loans to Banesco USA, highlighting strategic adjustments in asset management.
- Cash Flow Status: While loans held for investment decreased by $34.8 million, cash and cash equivalents increased by $88.4 million, indicating effective liquidity management that supports future investment and operational flexibility.
See More
