Bayfirst Financial (BAFN) Stock News

BayFirst Financial Corp. (Nasdaq: BAFN) has announced the hiring of two seasoned SBA lending experts, Cesar Jimenez and Jeff Smith, to strengthen its government-guaranteed lending division, CreditBench. Both previously held vice president roles at GBank, bringing over 40 years of combined experience. Jimenez contributed $23 million in SBA loans in just six months at GBank. CreditBench, ranked No. 8 nationally for SBA 7(a) loans, has originated over $1.7 billion since 2016. The new hires are expected to enhance business operations and customer support significantly, aligning with BayFirst’s growth strategy in the small business lending sector.

BayFirst Financial Corp. (NASDAQ: BAFN) has announced a stock repurchase program allowing for the buyback of up to $1.0 million of its outstanding shares. This program is set to commence on February 28, 2023, and will extend until the earlier of program completion or December 31, 2023. BayFirst has established itself as a significant player in the SBA lending market, being the 8th largest SBA 7(a) lender nationwide and the top lender in the Tampa Bay area. As of December 31, 2022, the company reported a total asset value of $939 million.

BayFirst National Bank has appointed Wade Stringfield as vice president and SBA lending officer within its SBA loan division, CreditBench, which was the No. 8 SBA 7(a) lender in the U.S. for the fiscal year 2022. Stringfield, with 15 years of experience, previously served as SBA sales manager at SaviBank, generating over $33 million in loans since 2021. His role focuses on expanding CreditBench’s market in the Pacific Northwest by marketing and closing SBA loans up to $5 million. BayFirst's CreditBench has originated over $1 billion in SBA loans since 2016, showcasing its commitment to small business lending and competitive offerings.

BayFirst National Bank has appointed Raj Badri as vice president and SBA lending officer within its CreditBench division. Badri brings over 20 years of experience, including his prior roles at Acclivity Financial and Centrust Bank. His focus will be on promoting SBA and USDA loans nationwide. CreditBench, a leading SBA 7(a) lender, has originated over $1 billion in loans since 2016. The bank anticipates that Badri's expertise will enhance its capabilities to support small businesses and achieve its production goals for 2023 and beyond. BayFirst Financial Corp. has $939 million in total assets as of December 31, 2022.

BayFirst National Bank has appointed Charles Conoley as VP for USDA Rural Development Lending to enhance its lending efforts in rural areas. Following a strong performance as the No. 8 SBA lender in the U.S. for FY 2022, the bank aims to leverage Conoley's 40 years of industry experience and expertise in government lending to increase growth and profitability. With over $300 million in USDA and SBA loans originated, Conoley's role will be pivotal in driving initiatives that support underserved rural businesses. BayFirst operates eight banking centers in the Tampa Bay area and has a significant commitment to community economic development.

BayFirst Financial Corp. (NASDAQ: BAFN) has announced the retirement of CEO Anthony N. Leo at the end of 2023, with Thomas G. Zernick set to succeed him on January 1, 2024. Zernick, who has been with the company since 2016 and served as President since February 2022, previously led the CreditBench Division. Under Leo's leadership, BayFirst’s assets grew from $69 million to nearly $1 billion, establishing the company as a top SBA lender. The Board expressed confidence in Zernick’s ability to continue the company's growth and profitability. Leo will maintain his role as a Director and serve as Special Counsel for strategic matters.

BayFirst Financial Corp. (NASDAQ: BAFN) reported a net income of $1.3 million, or $0.27 per diluted share, for Q4 2022, a turnaround from a net loss of $1.4 million in Q3 2022. Year-over-year, net income decreased from $2.8 million in Q4 2021. The increase in net income was primarily attributed to robust loan production, particularly a 98% year-over-year rise in community banking loans. However, the company faced lower SBA loan sale gains and higher deposit interest expenses. Total assets grew slightly to $938.9 million, with loans held for investment increasing 7.7%. A cash dividend of $0.08 per share was declared, marking the 27th consecutive quarterly dividend.

BayFirst Financial Corp. (NASDAQ: BAFN) will disclose its fourth-quarter results on January 27, 2023, prior to the market opening. A conference call will take place at 9:00 a.m. EST on the same day to discuss these results, accessible via the Investor Relations section of their website. The company operates BayFirst National Bank, offering a wide range of banking services and holding $930.3 million in total assets as of September 30, 2022. The bank has ranked highly in the SBA loan origination metrics, with notable achievements in the Tampa Bay market.

BayFirst Financial Corp. has appointed Michael Yang as the new director of digital bank strategy, enhancing its fintech collaboration. Yang will work with the bank's technology team to streamline operations and expand fintech products, focusing on digital lending and payment services for small businesses. With previous leadership roles in fintech strategies and partnerships, Yang aims to improve BayFirst’s banking experience. The bank ranks as a top SBA lender and operates eight banking centers in the Tampa Bay area, with total assets of $930.3 million as of September 30, 2022.