Bayfirst Financial Corp Stock Price, News & Analysis

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.

BayFirst National Bank has appointed Adam Curtis as senior vice president and market executive for Pinellas County. With over 20 years of experience in community banking, Curtis previously served at Freedom Bank, managing a commercial loan portfolio exceeding $120 million. His focus will be on enhancing loan production and profitability at BayFirst, which operates five banking centers in the area. The bank aims to leverage Curtis's extensive local knowledge for further expansion and community impact.

BayFirst Financial Corp. (BAFN) reported a net income of $3.1 million for Q3 2022, a significant increase from $391 thousand in Q2 2022. However, after discontinuing its national mortgage operations, the company faced a net loss of $1.4 million, or $0.35 per diluted share, compared to a net loss of $282 thousand in Q2 2022. Loan production in community banking surged 172% year-over-year, with SBA loan origination reaching a record $139.2 million. The company remains positioned for future growth with plans to enhance its Tampa Bay presence.

BayFirst Financial Corp. (NASDAQ: BAFN) has announced the discontinuation of its nationwide residential mortgage loan production offices due to a significant decline in mortgage volumes. This decision, which requires regulatory approval, aims to refocus resources on building a local community banking franchise and enhancing SBA lending, where growth has reached record levels. The estimated after-tax cost of this transition is $3.0 to $4.0 million. BayFirst continues to expand its banking centers, including a recent opening in West Bradenton, Florida.

BayFirst Financial Corp. (NASDAQ: BAFN) has revised its second quarter 2022 earnings, reporting a net loss of $282,000, or $(0.12) per diluted share, a significant change from the previously reported income of $328,000. This loss is attributed to a restructuring charge related to the discontinuation of its mortgage business and a $3 million drop in residential loan fee income. Despite these setbacks, SBA loan production surged to $90 million, marking a 90.2% increase from the previous quarter. The bank's net interest margin improved to 3.73% due to interest rate hikes, reflecting a strategic pivot towards community banking.

BayFirst Financial Corp. (NASDAQ: BAFN) declared a quarterly cash dividend of $0.08 per common share, payable on September 15, 2022 to shareholders of record as of September 1, 2022. This dividend marks the 25th consecutive payment since dividends were initiated in 2016. As of June 30, 2022, BayFirst Financial reported total assets of $921.9 million and operates through its subsidiary, BayFirst National Bank, which is among the top 15 lenders in SBA loans by volume.