BayFirst Discontinues Bolt SBA 7(a) Loan Program
BayFirst Financial Corp. (NASDAQ: BAFN) has announced the immediate discontinuation of its Bolt SBA 7(a) loan program as part of a strategic restructuring. The company is implementing significant changes including a 17% workforce reduction (51 positions) that will result in $6 million in annual cost savings.
Key measures include charge-offs and fair value write-downs on high-risk SBA 7(a) loans in Q2 2025, plans to sell the Bolt loan balances and origination platform, suspension of dividend payments, and directors foregoing board fees. The company will record a restructuring charge in Q3 2025.
BayFirst aims to refocus on its community banking activities across its twelve Tampa Bay centers while strengthening its core SBA 7(a) offerings.
BayFirst Financial Corp. (NASDAQ: BAFN) ha annunciato l'immediata cessazione del suo programma di prestiti Bolt SBA 7(a) nell'ambito di una ristrutturazione strategica. L'azienda sta attuando cambiamenti significativi, tra cui una riduzione del personale del 17% (51 posizioni), che porterà a 6 milioni di dollari di risparmi annuali.
Le misure principali includono svalutazioni e perdite su crediti per prestiti SBA 7(a) ad alto rischio nel secondo trimestre 2025, piani per la vendita dei saldi dei prestiti Bolt e della piattaforma di origine, la sospensione dei pagamenti dei dividendi e la rinuncia alle indennità da parte dei direttori del consiglio. L'azienda registrerà un onere di ristrutturazione nel terzo trimestre 2025.
BayFirst intende concentrarsi nuovamente sulle attività bancarie comunitarie nelle sue dodici sedi di Tampa Bay, rafforzando al contempo le sue offerte principali SBA 7(a).
BayFirst Financial Corp. (NASDAQ: BAFN) ha anunciado la inmediata discontinuación de su programa de préstamos Bolt SBA 7(a) como parte de una reestructuración estratégica. La compañía está implementando cambios significativos, incluyendo una reducción del 17% en la plantilla (51 puestos), que resultará en 6 millones de dólares en ahorros anuales.
Las medidas clave incluyen cancelaciones y ajustes a valor razonable en préstamos SBA 7(a) de alto riesgo en el segundo trimestre de 2025, planes para vender los saldos de préstamos Bolt y la plataforma de originación, suspensión de pagos de dividendos y que los directores renuncien a sus honorarios. La compañía registrará un cargo por reestructuración en el tercer trimestre de 2025.
BayFirst busca reenfocarse en sus actividades bancarias comunitarias en sus doce centros de Tampa Bay, mientras fortalece sus ofertas principales de SBA 7(a).
BayFirst Financial Corp. (NASDAQ: BAFN)는 전략적 구조조정의 일환으로 Bolt SBA 7(a) 대출 프로그램을 즉시 중단한다고 발표했습니다. 회사는 17% 인력 감축(51명)을 포함한 대대적인 변화를 시행하여 연간 600만 달러의 비용 절감을 달성할 계획입니다.
주요 조치로는 2025년 2분기 고위험 SBA 7(a) 대출에 대한 대손상각 및 공정가치 평가절하, Bolt 대출 잔액 및 대출 개시 플랫폼 매각 계획, 배당금 지급 중단, 이사들의 이사회 수당 포기가 포함됩니다. 회사는 2025년 3분기에 구조조정 비용을 기록할 예정입니다.
BayFirst는 12개의 Tampa Bay 지점을 중심으로 지역사회 은행 업무에 재집중하며 핵심 SBA 7(a) 상품을 강화할 계획입니다.
BayFirst Financial Corp. (NASDAQ : BAFN) a annoncé l'arrêt immédiat de son programme de prêts Bolt SBA 7(a) dans le cadre d'une restructuration stratégique. L'entreprise met en œuvre des changements importants, notamment une réduction de 17 % des effectifs (51 postes), ce qui permettra des économies annuelles de 6 millions de dollars.
Les mesures clés comprennent des radiations et des dépréciations de la juste valeur sur des prêts SBA 7(a) à haut risque au deuxième trimestre 2025, des projets de vente des soldes de prêts Bolt et de la plateforme d'octroi, la suspension des paiements de dividendes, ainsi que la renonciation des administrateurs à leurs honoraires. L'entreprise enregistrera une charge de restructuration au troisième trimestre 2025.
BayFirst vise à se recentrer sur ses activités bancaires communautaires dans ses douze centres de Tampa Bay tout en renforçant ses offres principales SBA 7(a).
BayFirst Financial Corp. (NASDAQ: BAFN) hat die sofortige Einstellung seines Bolt SBA 7(a)-Darlehensprogramms im Rahmen einer strategischen Umstrukturierung bekannt gegeben. Das Unternehmen führt bedeutende Änderungen durch, darunter eine 17%ige Reduzierung der Belegschaft (51 Stellen), die zu jährlichen Kosteneinsparungen von 6 Millionen US-Dollar führen wird.
Zu den wichtigsten Maßnahmen gehören Abschreibungen und Wertberichtigungen auf risikoreiche SBA 7(a)-Kredite im zweiten Quartal 2025, Pläne zum Verkauf der Bolt-Darlehensbestände und der Originierungsplattform, Aussetzung der Dividendenzahlungen sowie der Verzicht der Direktoren auf Vorstandsvergütungen. Das Unternehmen wird im dritten Quartal 2025 eine Restrukturierungsaufwendung verbuchen.
BayFirst beabsichtigt, sich wieder auf seine Gemeinschaftsbankaktivitäten an seinen zwölf Standorten im Tampa Bay Bereich zu konzentrieren und dabei seine Kernangebote im Bereich SBA 7(a) zu stärken.
- Expected $6 million in annual cost savings from workforce reduction
- Strategic refocus on core community banking in Florida markets
- Infrastructure of twelve banking centers in Tampa Bay area provides growth potential
- Potential risk reduction through discontinuation of unguaranteed SBA 7(a) loans
- 17% workforce reduction affecting 51 positions
- Suspension of dividend payments
- Charge-offs and fair value write-downs on high-risk SBA 7(a) loans in Q2 2025
- Expected restructuring charge in Q3 2025
- Discontinuation of revenue-generating Bolt loan program
Insights
BayFirst's discontinuation of its Bolt SBA loan program signals financial distress with workforce reductions, dividend suspension, and loan write-downs.
BayFirst Financial's decision to immediately discontinue its Bolt SBA 7(a) loan program represents a significant strategic pivot that suggests underlying performance issues. The company is cutting 51 positions (17% of its workforce), including 26 directly from the Bolt program, projecting annual cost savings of
More concerning for investors are the financial implications: BayFirst has already recorded charge-offs and fair value write-downs on high-risk SBA loans in Q2 2025, with additional restructuring charges expected in Q3. The magnitude of these financial impacts appears serious enough to warrant suspending dividend payments and board fees, directly affecting shareholder returns.
The company's plan to potentially sell both the Bolt loan balances and origination platform to third parties suggests management sees limited recovery potential in managing these assets internally. This strategic retreat from a previously established business line implies the Bolt program may have experienced higher-than-expected default rates or operational inefficiencies.
The announcement frames these changes as part of a "comprehensive strategic review" to reduce risk and position for long-term growth, but the immediate actions—workforce reduction, dividend suspension, and write-downs—point to addressing urgent financial pressures rather than proactive repositioning. BayFirst appears to be refocusing on its core community banking operations in Florida markets, leveraging its existing twelve banking centers to pursue more traditional, potentially lower-risk growth opportunities.
ST. PETERSBURG, Fla., Aug. 04, 2025 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or “Company”), parent company of BayFirst National Bank (“Bank”) today announced that as part of a comprehensive strategic review aimed at positioning the Company for long-term growth and enhanced shareholder value, the Bank has discontinued its Bolt loan program, effective immediately. The Bolt loan program was an SBA 7(a) loan designed to provide small balance loans to small businesses, typically used for working capital. The Company continues to explore a range of opportunities intended to increase emphasis on the Bank’s community banking activities in its Florida markets. The Company is also reviewing how it may strengthen its core SBA 7(a) offerings, improve its operations, and adapt to evolving local and financial market conditions.
“Earlier this year, Management and the Board began a comprehensive strategic review to reduce risk from unguaranteed SBA 7(a) loans and position the Company for long-term growth,” said Tom Zernick, Chief Executive Officer. “As part of this effort, we are discontinuing the Bank's Bolt loan program, our SBA 7(a) loan product which offered expedited working capital loans. Accordingly, we are announcing a reduction in force of 26 Bolt positions and 25 positions in other areas of the Bank, which will save
“Our Board of Directors and leadership team are committed to driving innovation and resilience as we move forward into the next phase of our development,” Zernick continued. “These efforts will allow us to focus our resources on building a premier community banking franchise and capitalizing on our strengths. With twelve banking centers throughout Tampa Bay, we have both the infrastructure and banking teams in place to efficiently grow and gain market share in our attractive Florida markets. We are confident that these efforts will better align the Company and our Bank with the demands of our rapidly changing banking landscape.”
About BayFirst Financial Corp.
BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. The Bank was the 8th largest SBA 7(a) lender by number of units originated and 18th largest by dollar volume nationwide through the SBA's quarter ended June 30, 2025. As of June 30, 2025, BayFirst Financial Corp. had
Forward-Looking Statements
In addition to the historical information contained herein, this presentation includes "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.
| Contacts: | |
| Thomas G. Zernick | Scott J. McKim |
| Chief Executive Officer | Chief Financial Officer |
| 727.399.5680 | 727.521.7085 |
FAQ
Why did BayFirst Financial (NASDAQ: BAFN) discontinue its Bolt loan program?
How many jobs will be cut at BayFirst Financial in 2025?
What is the expected cost savings from BayFirst's 2025 restructuring?
How will BayFirst's dividend payments be affected by the restructuring?
What are BayFirst's plans for the Bolt loan portfolio?
