BayFirst Financial Corp. Reports Third Quarter 2026 Results
The quarterly loss narrowed, but the nine-month loss widened to $39.3 million from $21.9 million a year earlier.
Sentiment and the balance of points
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Rhea-AI Summary
BayFirst Financial (NASDAQ: BAFN) reported a third-quarter 2026 net loss of $0.7 million, narrowing from the preceding quarter and year-earlier period. The loss compared with $32.7 million in the second quarter and $19.1 million a year earlier. Net interest margin reached 4.07%, up 59 basis points sequentially. Community bank loans, excluding government-guaranteed loans, grew $41.9 million, or 25% annualized, from the prior quarter.
Deposits rose 2.6% sequentially to $1.01 billion but fell 13.4% year over year. Nonperforming assets declined to 1.29% of total assets. Book value and tangible book value fell to $3.64 per common share from $4.82 at June 30. Preferred-stock conversions issued 22,856,000 common shares in July. An October 8 rights offering raised $14.4 million gross through 4,107,908 shares at $3.50 each, intended to improve capital levels and support bank growth.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter net loss narrowed to $0.7 million, from $32.7 million sequentially and $19.1 million a year earlier.
- Moderate pointNet interest margin reached 4.07%, up 59 basis points sequentially and 43 basis points year over year.
- Moderate pointCommunity bank loans excluding government-guaranteed loans grew $41.9 million sequentially, or 25% annualized.
- Moderate pointLoans held for investment reached $903.0 million, up 2.3% sequentially but down 9.1% year over year.
- Moderate pointDeposits reached $1.01 billion, up 2.6% sequentially but down 13.4% year over year.
- Moderate pointNet interest income was $10.6 million, versus $9.4 million sequentially and $11.3 million a year earlier.
- Moderate pointNoninterest income improved to $1.1 million, versus negative $6.8 million sequentially and negative $1.1 million a year earlier.
- Moderate pointNoninterest expense fell to $12.8 million, from $17.7 million sequentially and $25.2 million a year earlier.
- Moderate pointCredit-loss provision was negative $0.1 million, versus $29.0 million sequentially and $11.2 million a year earlier.
- Moderate pointNet charge-offs fell to $3.2 million, from $4.5 million sequentially and $3.5 million a year earlier.
- Moderate pointNonperforming assets fell to 1.29% of total assets, from 1.75% sequentially and 1.98% a year earlier.
- Moderate pointBank Tier 1 leverage ratio rose to 8.79%, from 8.30% sequentially and 6.14% a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.October rights offering raised $14.4 million gross, intended to improve company and bank capital and support bank growth. 8.3% of market cap
4 minor points
- Minor pointNine-month noninterest expense fell to $45.4 million from $58.6 million a year earlier.
- Minor pointAnnualized net charge-off rate was 1.52%, versus 2.08% sequentially and 1.34% a year earlier.
- Minor pointNonperforming assets excluding government-guaranteed balances were 1.21% of assets, versus 1.32% sequentially and 1.21% a year earlier.
- Minor pointBank regulatory capital met all well-capitalized requirements at September 30, 2026.
Negative
- Major pointPreferred-stock conversions issued 22,856,000 common shares on July 14, 2026, diluting existing holders.
- Moderate pointNine-month net loss widened to $39.3 million from $21.9 million a year earlier.
- Moderate pointOctober 8 rights offering issued 4,107,908 common shares at $3.50 each, diluting existing holders.
- Moderate pointBook value and tangible book value fell to $3.64 per common share from $4.82 at June 30.
- Moderate pointNine-month net interest income declined to $29.5 million from $34.1 million a year earlier.
- Moderate pointNine-month noninterest income fell to negative $4.8 million from positive $17.9 million a year earlier.
- Moderate pointCash and cash equivalents decreased $10.8 million during the third quarter.
- Moderate pointBank CET 1 and Tier 1 risk-weighted capital ratios were 11.15%, versus 11.47% sequentially and 7.82% a year earlier.
- Moderate pointOn-balance-sheet liquidity ratio declined to 13.49% from 18.44% at December 31, 2025.
2 minor points
- Minor pointNine-month credit-loss provision increased $13.5 million from the year-earlier period.
- Minor pointBank total risk-weighted capital ratio was 12.44%, versus 12.77% sequentially and 9.08% a year earlier.
News Explained
At
Key Figures
- Net loss
- $0.7 million
- Third quarter 2026; compared with a $32.7 million loss in Q2 2026
- Diluted loss per common share
- $0.04
- Third quarter 2026; compared with $8.05 in Q2 2026
- Net interest margin
- 4.07%
- Third quarter 2026; up 59 basis points from Q2 2026
- Community bank loan growth
- $41.9 million; 25% annualized
- Quarter-over-quarter growth, excluding the government-guaranteed portfolio
- Net charge-offs
- $3.2 million
- Third quarter 2026; compared with $4.5 million in Q2 2026
- Nonperforming assets
- 1.29% of total assets
- September 30, 2026; compared with 1.75% at June 30, 2026
- Common shares issued
- 4,107,908 shares at $3.50 per share
- Rights offering completed October 8, 2026
- Rights offering gross proceeds
- $14.4 million
- Proceeds stated for improving company and bank capital levels and supporting bank growth
Previous Earnings Reports
-
Reported a $32.7 million quarterly loss, including asset-resolution-plan expenses.
-
Reported a quarterly loss and restructuring charges while exiting SBA 7(a) lending.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
brokered deposits financial
nonperforming assets financial
net charge-offs financial
cet 1 financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Net Interest Margin Expansion,
ST. PETERSBURG, Fla., Oct. 29, 2026 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or “Company”), parent company of BayFirst National Bank (“Bank”) reported a net loss of
“In the second quarter we took deliberate steps under our asset resolution plan to strengthen our balance sheet, and this quarter’s results show those actions are beginning to pay off,” stated Al Rogers, Chief Executive Officer. “Total community bank loans, excluding the government guaranteed portfolio, grew
“We are also encouraged by the continued improvement in asset quality,” Rogers continued. “Nonperforming assets declined as percentage of total assets, and net charge-offs were lower than in the prior quarter, further evidence that our asset resolution efforts are working. Through it all, our focus on the communities we serve remains unwavering, and I am confident we will continue to build on our standing as the community bank of choice in our Tampa Bay and Sarasota markets.”
Third Quarter 2026 Performance Review
- Net interest margin was
4.07% in the third quarter of 2026, an increase of 59 basis points from3.48% in the second quarter of 2026 and an increase of 43 basis points from3.64% in the third quarter of 2025. - Total loans held for investment increased by
$20.1 million , or2.3% , during the third quarter of 2026 to$903.0 million and decreased$90.1 million , or9.1% , over the past year. The decrease from the prior year was partially the result of no new SBA 7(a) loan originations and the sale of$97.4 million of government guaranteed loans to a third party as part of the Bank’s discontinuance of SBA 7(a) lending. - Deposits increased
$25.3 million , or2.6% , during the third quarter of 2026 and decreased$157.3 million , or13.4% , over the past year to$1.01 billion . The increase in deposits during the quarter was primarily due to increases in noninterest-bearing account balances, interest-bearing transaction account balances, savings and money market account balances, partially offset by a decrease in time deposit balances. The decrease in deposits over the past year was primarily due to decreases in high-rate promotional deposits held with non-relationship customers and brokered deposits. - On July 14, 2026, the Company obtained shareholder approval to amend the BayFirst Financial Corp. Articles of Incorporation to increase the number of authorized shares of the common stock from 15,000,000 to 100,000,000 and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series D, and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series E for a total of 22,856,000 shares of common stock. Upon conversion, all shares of Series D and Series E Preferred Stock were retired.
- On August 13, 2026, the Company redeemed all outstanding Series A and Series B Preferred Shares in the amount of
$6,464 for Preferred Series A, including accrued dividends of$303 , and$3,241 for Preferred Series B, including accrued dividends of$118 . - At September 30, 2026, book value and tangible book value was
$3.64 per common share, a decrease from$4.82 at June 30, 2026.
Results of Operations
Net Loss
The Company had a net loss of
For the nine months ended September 30, 2026, the Company had a net loss of
Net Interest Income and Net Interest Margin
Net interest income was
The increase in net interest income during the third quarter of 2026, as compared to the second quarter of 2026, was mainly due to an increase in loan interest income, including fees, of
The decrease in net interest income during the third quarter of 2026, as compared to the year ago quarter, was mainly due to a decrease in loan interest income, including fees, of
Net interest income was
Noninterest Income
Noninterest income was
Noninterest income was a negative
Noninterest Expense
Noninterest expense was
Noninterest expense was
Balance Sheet
Assets
Total assets increased
Loans
Loans held for investment increased
Deposits
Deposits increased
Asset Quality
The Company recorded a provision for credit losses in the third quarter of negative
The ratio of allowance for credit losses (ACL) on loans to total loans held for investment at amortized cost was
Net charge-offs for the third quarter of 2026 were
Capital
The Bank’s Tier 1 leverage ratio was
Liquidity
The Bank's overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at September 30, 2026 was
Recent Events
On October 8, 2026, the Company sold and issued 4,107,908 common shares at
Conference Call
BayFirst will host a conference call on Friday, October 30, 2026, at 9:00 a.m. ET to discuss its third quarter results. Interested parties may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com or are invited to dial (833) 461-5787 to participate in the call using Conference ID 438809173. A replay of the call will be available for one year at www.bayfirstfinancial.com.
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. As of September 30, 2026, 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 and credit quality; 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; enforcement actions initiated by our regulators and their impact on our operations; 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.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
| BAYFIRST FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited) | |||||||||||||||||||
| At or for the three months ended | |||||||||||||||||||
| (Dollars in thousands, except for share data) | 9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | ||||||||||||||
| As restated | As restated | As restated | |||||||||||||||||
| Net loss | $ | (677 | ) | $ | (32,665 | ) | $ | (5,930 | ) | $ | (2,696 | ) | $ | (19,077 | ) | ||||
| Balance sheet data: | |||||||||||||||||||
| Average loans held for investment at amortized cost | 848,578 | 858,931 | 881,938 | 933,401 | 1,054,946 | ||||||||||||||
| Average total assets | 1,121,140 | 1,185,392 | 1,213,823 | 1,328,923 | 1,339,795 | ||||||||||||||
| Average common shareholders’ equity | 59,761 | 67,624 | 64,448 | 67,481 | 86,976 | ||||||||||||||
| Government guaranteed loans held for sale | — | — | — | — | 94,052 | ||||||||||||||
| Total loans held for investment | 902,966 | 882,840 | 924,220 | 958,014 | 993,109 | ||||||||||||||
| Total loans held for investment, excl gov’t gtd loan balances | 832,904 | 805,684 | 849,157 | 887,885 | 917,816 | ||||||||||||||
| Allowance for credit losses | 41,762 | 45,081 | 20,632 | 21,996 | 24,485 | ||||||||||||||
| Total assets | 1,147,929 | 1,134,925 | 1,189,671 | 1,294,269 | 1,340,222 | ||||||||||||||
| Total deposits | 1,014,154 | 988,874 | 1,085,869 | 1,183,938 | 1,171,457 | ||||||||||||||
| Common shareholders’ equity | 98,095 | 19,850 | 58,421 | 64,758 | 67,921 | ||||||||||||||
| Share data: | |||||||||||||||||||
| Basic loss per common share | $ | (0.04 | ) | $ | (8.05 | ) | $ | (1.54 | ) | $ | (0.75 | ) | $ | (4.71 | ) | ||||
| Diluted loss per common share | (0.04 | ) | (8.05 | ) | (1.54 | ) | (0.75 | ) | (4.71 | ) | |||||||||
| Book value per common share | 3.64 | 4.83 | 14.22 | 15.76 | 16.50 | ||||||||||||||
| Tangible book value per common share (1) | 3.64 | 4.82 | 14.22 | 15.76 | 16.50 | ||||||||||||||
| Performance ratios: | |||||||||||||||||||
| Return on average assets(2) | (0.24) | % | (11.02) | % | (1.95) | % | (0.81) | % | (5.70) | % | |||||||||
| Return on average common equity(2) | (6.39) | % | (195.50) | % | (39.19) | % | (18.26) | % | (89.51) | % | |||||||||
| Net interest margin(2) | 4.07 | % | 3.48 | % | 3.44 | % | 3.60 | % | 3.64 | % | |||||||||
| Asset quality ratios: | |||||||||||||||||||
| Net charge-offs | $ | 3,228 | $ | 4,460 | $ | 4,719 | $ | 4,865 | $ | 3,544 | |||||||||
| Net charge-offs/avg loans held for investment at amortized cost(2) | 1.52 | % | 2.08 | % | 2.14 | % | 2.08 | % | 1.34 | % | |||||||||
| Nonperforming loans(3) | $ | 14,013 | $ | 18,457 | $ | 21,453 | $ | 24,343 | $ | 24,687 | |||||||||
| Nonperforming loans (excluding gov't gtd balance)(3) | $ | 13,445 | $ | 14,434 | $ | 15,873 | $ | 16,271 | $ | 15,822 | |||||||||
| Nonperforming loans/total loans held for investment(3) | 1.63 | % | 2.20 | % | 2.46 | % | 2.69 | % | 2.65 | % | |||||||||
| Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3) | 1.56 | % | 1.72 | % | 1.82 | % | 1.80 | % | 1.70 | % | |||||||||
| ACL/Total loans held for investment at amortized cost | 4.85 | % | 5.37 | % | 2.36 | % | 2.43 | % | 2.63 | % | |||||||||
| ACL/Total loans held for investment at amortized cost, excl government guaranteed loans | 5.20 | % | 5.82 | % | 2.55 | % | 2.60 | % | 2.80 | % | |||||||||
| Other Data: | |||||||||||||||||||
| Full-time equivalent employees | 146 | 148 | 143 | 144 | 237 | ||||||||||||||
| Banking center offices | 12 | 11 | 12 | 12 | 12 | ||||||||||||||
| (1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to most comparable GAAP equivalent. | |||||||||||||||||||
| (2) Annualized | |||||||||||||||||||
| (3) Excludes loans measured at fair value | |||||||||||||||||||
Reconciliation and Management Explanation of Non-GAAP Financial Measures
Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders' equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.
The following presents the calculation of the non-GAAP financial measures.
| Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share (Unaudited) | |||||||||||||||||||
| As of | |||||||||||||||||||
| (Dollars in thousands, except for share data) | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| As restated | As restated | As restated | |||||||||||||||||
| Total shareholders’ equity | $ | 104,541 | $ | 115,901 | $ | 75,628 | $ | 81,580 | $ | 83,972 | |||||||||
| Less: Preferred stock liquidation preference | (6,446 | ) | (96,051 | ) | (17,207 | ) | (16,822 | ) | (16,051 | ) | |||||||||
| Total equity available to common shareholders | 98,095 | 19,850 | 58,421 | 64,758 | 67,921 | ||||||||||||||
| Less: Intangible assets | (62 | ) | (62 | ) | — | — | — | ||||||||||||
| Tangible common shareholders' equity | $ | 98,033 | $ | 19,788 | $ | 58,421 | $ | 64,758 | $ | 67,921 | |||||||||
| Common shares outstanding | 26,962,725 | 4,106,905 | 4,108,072 | 4,108,069 | 4,116,913 | ||||||||||||||
| Tangible book value per common share | $ | 3.64 | $ | 4.82 | $ | 14.22 | $ | 15.76 | $ | 16.50 | |||||||||
| BAYFIRST FINANCIAL CORP. | |||||||||
| CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||
| (Dollars in thousands) | 9/30/2026 | 6/30/2026 | 9/30/2025 | ||||||
| Assets | As restated | ||||||||
| Cash and due from banks | $ | 5,230 | $ | 5,641 | $ | 5,193 | |||
| Interest-bearing deposits in banks | 123,097 | 133,524 | 113,357 | ||||||
| Cash and cash equivalents | 128,327 | 139,165 | 118,550 | ||||||
| Time deposits in banks | — | — | 1,284 | ||||||
| Investment securities available for sale, at fair value (amortized cost | 23,856 | 27,778 | 29,857 | ||||||
| Investment securities held to maturity, at amortized cost, net of allowance for credit losses of | 2,493 | 2,493 | 2,491 | ||||||
| Nonmarketable equity securities | 4,509 | 3,164 | 7,028 | ||||||
| Government guaranteed loans held for sale | — | — | 94,052 | ||||||
| Government guaranteed loans held for investment, at fair value | 42,204 | 43,847 | 61,780 | ||||||
| Loans held for investment, at amortized cost | 860,762 | 838,993 | 931,329 | ||||||
| Allowance for credit losses on loans | (41,762 | ) | (45,081 | ) | (24,485 | ) | |||
| Net Loans held for investment, at amortized cost | 819,000 | 793,912 | 906,844 | ||||||
| Accrued interest receivable | 5,429 | 5,127 | 6,800 | ||||||
| Premises and equipment, net | 34,681 | 30,245 | 31,695 | ||||||
| Loan servicing rights | 8,827 | 9,942 | 15,663 | ||||||
| Deferred income tax assets | 21,836 | 21,253 | 7,040 | ||||||
| Right-of-use operating lease assets | 13,402 | 13,720 | 14,833 | ||||||
| Bank owned life insurance | 27,854 | 27,654 | 27,071 | ||||||
| Other real estate owned | 410 | 532 | 400 | ||||||
| Other assets | 15,101 | 16,093 | 14,834 | ||||||
| Total assets | $ | 1,147,929 | $ | 1,134,925 | $ | 1,340,222 | |||
| Liabilities: | |||||||||
| Noninterest-bearing deposit accounts | $ | 121,193 | $ | 116,788 | $ | 105,937 | |||
| Interest-bearing transaction accounts | 142,555 | 135,628 | 210,336 | ||||||
| Savings and money market deposit accounts | 445,578 | 422,933 | 479,262 | ||||||
| Time deposits | 304,828 | 313,525 | 375,922 | ||||||
| Total deposits | 1,014,154 | 988,874 | 1,171,457 | ||||||
| FHLB borrowings | — | — | 50,000 | ||||||
| Subordinated debentures | 5,968 | 5,966 | 5,961 | ||||||
| Notes payable | 1,138 | 1,252 | 1,593 | ||||||
| Accrued interest payable | 735 | 597 | 1,082 | ||||||
| Operating lease liabilities | 12,408 | 12,694 | 13,554 | ||||||
| Accrued expenses and other liabilities | 8,985 | 9,641 | 12,603 | ||||||
| Total liabilities | 1,043,388 | 1,019,024 | 1,256,250 | ||||||
| Shareholders’ equity: | As restated | ||||||||
| Preferred stock, Series A; no par value, no shares authorized, issued, and outstanding at September 30, 2026, and 10,000 shares authorized, 6,395 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of | — | 6,161 | 6,161 | ||||||
| Preferred stock, Series B; no par value, no shares authorized, issued, and outstanding at September 30, 2026, 20,000 shares authorized, 3,210 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of | — | 3,123 | 3,123 | ||||||
| Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025; aggregate liquidation preference of | 6,446 | 6,446 | 6,446 | ||||||
| Preferred stock, Series D; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025 and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of | — | 37,254 | — | ||||||
| Preferred stock, Series E; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025, and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of | — | 37,254 | — | ||||||
| Common stock and additional paid-in capital; no par value, 100,000,000, 15,000,000, and 15,000,000 shares authorized, 26,962,725, 4,106,905, and 4,116,913 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025, respectively | 128,646 | 54,382 | 54,764 | ||||||
| Accumulated other comprehensive loss, net | (2,701 | ) | (2,111 | ) | (2,069 | ) | |||
| Unearned compensation | (213 | ) | (245 | ) | (538 | ) | |||
| Retained earnings | (27,637 | ) | (26,363 | ) | 16,085 | ||||
| Total shareholders’ equity | 104,541 | 115,901 | 83,972 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,147,929 | $ | 1,134,925 | $ | 1,340,222 | |||
| BAYFIRST FINANCIAL CORP. | |||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||||
| For the Quarter Ended | Year-to-Date | ||||||||||||||||||
| (Dollars in thousands, except per share data) | 9/30/2026 | 6/30/2026 | 9/30/2025 | 9/30/2026 | 9/30/2025 | ||||||||||||||
| Interest income: | As restated | As restated | |||||||||||||||||
| Loans, including fees | $ | 15,951 | $ | 14,803 | $ | 20,746 | $ | 46,675 | $ | 61,346 | |||||||||
| Interest-bearing deposits in banks and other | 1,296 | 1,562 | 946 | 4,367 | 2,926 | ||||||||||||||
| Total interest income | 17,247 | 16,365 | 21,692 | 51,042 | 64,272 | ||||||||||||||
| Interest expense: | |||||||||||||||||||
| Deposits | 6,483 | 6,850 | 9,576 | 21,226 | 28,289 | ||||||||||||||
| Other | 137 | 93 | 798 | 327 | 1,928 | ||||||||||||||
| Total interest expense | 6,620 | 6,943 | 10,374 | 21,553 | 30,217 | ||||||||||||||
| Net interest income | 10,627 | 9,422 | 11,318 | 29,489 | 34,055 | ||||||||||||||
| Provision for credit losses | (69 | ) | 28,977 | 11,165 | 32,312 | 23,332 | |||||||||||||
| Net interest income after provision for credit losses | 10,696 | (19,555 | ) | 153 | (2,823 | ) | 10,723 | ||||||||||||
| Noninterest income: | |||||||||||||||||||
| Loan servicing income, net | 655 | 588 | 761 | 2,013 | 1,981 | ||||||||||||||
| Gain (loss) on sale of government guaranteed loans, net | — | — | 3,039 | (97 | ) | 15,975 | |||||||||||||
| Service charges and fees | 507 | 497 | 474 | 1,494 | 1,396 | ||||||||||||||
| Government guaranteed loans fair value gain (loss), net | (38 | ) | (6,468 | ) | (882 | ) | (7,039 | ) | 805 | ||||||||||
| Fair value adjustment on loans held for sale | — | — | (5,096 | ) | — | (5,096 | ) | ||||||||||||
| Government guaranteed loan packaging fees | — | — | 380 | — | 1,673 | ||||||||||||||
| Loss on nonmarketable securities | — | (1,500 | ) | — | (1,500 | ) | — | ||||||||||||
| Loss on sale of premises and equipment | — | (34 | ) | — | (21 | ) | — | ||||||||||||
| Other noninterest income (loss) | (23 | ) | 108 | 254 | 326 | 1,215 | |||||||||||||
| Total noninterest income | 1,101 | (6,809 | ) | (1,070 | ) | (4,824 | ) | 17,949 | |||||||||||
| Noninterest Expense: | |||||||||||||||||||
| Salaries and benefits | 4,466 | 5,332 | 7,637 | 14,867 | 23,748 | ||||||||||||||
| Bonus, commissions, and incentives | 576 | 741 | 530 | 1,607 | 863 | ||||||||||||||
| Occupancy and equipment | 1,307 | 1,352 | 1,525 | 4,027 | 4,738 | ||||||||||||||
| Data processing | 1,406 | 2,649 | 2,049 | 5,544 | 6,172 | ||||||||||||||
| Marketing and business development | 76 | 157 | 262 | 356 | 1,152 | ||||||||||||||
| Professional services | 571 | 1,172 | 859 | 2,907 | 2,373 | ||||||||||||||
| Loan servicing and origination expense | 3,004 | 3,122 | 3,273 | 9,962 | 6,866 | ||||||||||||||
| Employee recruiting and development | 213 | 248 | 364 | 663 | 1,443 | ||||||||||||||
| Regulatory assessments | 515 | 611 | 484 | 1,704 | 1,175 | ||||||||||||||
| Restructure charges | — | — | 7,262 | — | 7,262 | ||||||||||||||
| Other noninterest expense | 682 | 2,292 | 970 | 3,741 | 2,764 | ||||||||||||||
| Total noninterest expense | 12,816 | 17,676 | 25,215 | 45,378 | 58,556 | ||||||||||||||
| Loss before taxes | (1,019 | ) | (44,040 | ) | (26,132 | ) | (53,025 | ) | (29,884 | ) | |||||||||
| Income tax benefit | (342 | ) | (11,375 | ) | (7,055 | ) | (13,753 | ) | (8,015 | ) | |||||||||
| Net loss | (677 | ) | (32,665 | ) | (19,077 | ) | (39,272 | ) | (21,869 | ) | |||||||||
| Preferred dividends | 277 | 386 | 385 | 1,048 | 1,156 | ||||||||||||||
| Net loss attributable to common shareholders | $ | (954 | ) | $ | (33,051 | ) | $ | (19,462 | ) | $ | (40,320 | ) | $ | (23,025 | ) | ||||
| Basic loss per common share | $ | (0.04 | ) | $ | (8.05 | ) | $ | (4.71 | ) | $ | (3.76 | ) | $ | (5.57 | ) | ||||
| Diluted loss per common share | $ | (0.04 | ) | $ | (8.05 | ) | $ | (4.71 | ) | $ | (3.76 | ) | $ | (5.57 | ) | ||||
| Loan Composition | |||||||||||||||||||
| (Dollars in thousands) | 9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | ||||||||||||||
| (Unaudited) | (Unaudited) | Unaudited/As restated | As restated | Unaudited/As restated | |||||||||||||||
| Real estate: | |||||||||||||||||||
| Residential | $ | 348,865 | $ | 353,716 | $ | 359,305 | $ | 365,427 | $ | 364,020 | |||||||||
| Commercial | 228,589 | 211,518 | 216,643 | 215,771 | 231,039 | ||||||||||||||
| Construction and land | 35,976 | 38,095 | 36,732 | 48,397 | 43,700 | ||||||||||||||
| Commercial and industrial | 177,062 | 158,077 | 171,666 | 181,566 | 194,654 | ||||||||||||||
| Commercial and industrial - PPP | — | — | 6 | 6 | 13 | ||||||||||||||
| Consumer and other | 66,903 | 73,567 | 82,269 | 86,441 | 90,946 | ||||||||||||||
| Loans held for investment, at amortized cost, gross | 857,395 | 834,973 | 866,621 | 897,608 | 924,372 | ||||||||||||||
| Deferred loan costs, net | 7,151 | 8,338 | 9,353 | 10,491 | 11,522 | ||||||||||||||
| Discount on government guaranteed loans | (4,472 | ) | (5,107 | ) | (6,007 | ) | (6,811 | ) | (7,506 | ) | |||||||||
| Premium on loans purchased, net | 688 | 789 | 2,446 | 2,650 | 2,941 | ||||||||||||||
| Loans held for investment, at amortized cost, net | 860,762 | 838,993 | 872,413 | 903,938 | 931,329 | ||||||||||||||
| Government guaranteed loans held for investment, at fair value | 42,204 | 43,847 | 51,807 | 54,076 | 61,780 | ||||||||||||||
| Total loans held for investment, net | $ | 902,966 | $ | 882,840 | $ | 924,220 | $ | 958,014 | $ | 993,109 | |||||||||
| Nonperforming Assets (Unaudited) | |||||||||||||||||||
| (Dollars in thousands) | 9/30/2026 | 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | ||||||||||||||
| As Restated | As Restated | As Restated | |||||||||||||||||
| Nonperforming loans (government guaranteed balances), at amortized cost, gross | $ | 568 | $ | 4,023 | $ | 5,580 | $ | 8,072 | $ | 8,865 | |||||||||
| Nonperforming loans (unguaranteed balances), at amortized cost, gross | 13,445 | 14,434 | 15,873 | 16,271 | 15,822 | ||||||||||||||
| Total nonperforming loans, at amortized cost, gross | 14,013 | 18,457 | 21,453 | 24,343 | 24,687 | ||||||||||||||
| Nonperforming loans (government guaranteed balances), at fair value | — | — | 208 | 83 | — | ||||||||||||||
| Nonperforming loans (unguaranteed balances), at fair value | 114 | 443 | 1,230 | 1,453 | 1,385 | ||||||||||||||
| Total nonperforming loans, at fair value | 114 | 443 | 1,438 | 1,536 | 1,385 | ||||||||||||||
| OREO | 410 | 532 | 400 | 400 | 400 | ||||||||||||||
| Repossessed assets | 253 | 466 | 583 | 263 | 32 | ||||||||||||||
| Total nonperforming assets, gross | $ | 14,790 | $ | 19,898 | $ | 23,874 | $ | 26,542 | $ | 26,504 | |||||||||
| Nonperforming loans as a percentage of total loans held for investment(1) | 1.63 | % | 2.20 | % | 2.46 | % | 2.69 | % | 2.65 | % | |||||||||
| Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1) | 1.56 | % | 1.72 | % | 1.82 | % | 1.80 | % | 1.70 | % | |||||||||
| Nonperforming assets as a percentage of total assets | 1.29 | % | 1.75 | % | 2.01 | % | 2.05 | % | 1.98 | % | |||||||||
| Nonperforming assets (excluding government guaranteed balances) to total assets | 1.21 | % | 1.32 | % | 1.39 | % | 1.29 | % | 1.21 | % | |||||||||
| ACL to nonperforming loans(1) | 298.02 | % | 244.24 | % | 96.17 | % | 90.35 | % | 99.18 | % | |||||||||
| ACL to nonperforming loans (excluding government guaranteed balances)(1) | 310.61 | % | 312.32 | % | 129.98 | % | 135.18 | % | 154.75 | % | |||||||||
| (1) Excludes loans measured at fair value | |||||||||||||||||||
| Contacts: | |
| Alfred T. Rogers, Jr. | Scott J. McKim |
| Chief Executive Officer and President | Chief Financial Officer |
| 727.685.2097 | 727.521.7085 |
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were BayFirst Financial's third-quarter 2026 earnings results?
BayFirst reported a $0.7 million net loss, or $0.04 per common and diluted common share. That compared with a $32.7 million loss in the second quarter of 2026 and a $19.1 million loss in the third quarter of 2025.
How much did BayFirst Financial raise in its October 2026 rights offering?
BayFirst raised $14.4 million in gross proceeds by selling and issuing 4,107,908 common shares at $3.50 each on October 8, 2026. The proceeds will be used to improve capital levels at the company and bank and support continued bank growth.
Did BayFirst National Bank have outstanding institutional borrowings at September 30, 2026?
The bank had no borrowings from the Federal Home Loan Bank, Federal Reserve or other financial institutions at September 30, 2026, or June 30, 2026. Its liquidity resources include available secured borrowing facilities and lines of credit with other financial institutions.