BayFirst Financial Corp. reports developments for a Florida bank holding company whose wholly owned subsidiary, BayFirst National Bank, provides community banking services to individuals, families and small businesses. Recurring updates cover operating results, deposit trends, credit quality, capital ratios, loan portfolio actions and treasury management revenue within its Tampa Bay banking franchise.
The company's news also includes capital actions, leadership and governance changes, restructuring steps and completed loan sales tied to its exit from SBA 7(a) lending. Updates describe the shift toward core community bank funding, relationship deposits and fee income sources.
BayFirst Financial Corp (NASDAQ: BAFN) reported a fourth-quarter 2021 net income of $2.81 million, equating to $0.61 per diluted share. This reflects a significant increase from $1.28 million in Q3 2021 but a decline from $5.61 million in Q4 2020. Annual net income surged 93.8% to $24.62 million, aided by higher SBA loan sales and PPP origination fees. The tangible book value rose 35.8% to $21.75 per share. Despite a 16.5% drop in net interest income from the previous quarter due to reduced PPP fees, total deposits climbed 29.15% year-over-year, indicating strong growth momentum.
BayFirst Financial Corp. (Nasdaq: BAFN) has amended its stock repurchase program, allowing up to $450,000 of its common stock to be repurchased each quarter. This change, effective immediately, follows earlier increases in the program's limits, initially set at $100,000 per quarter and raised to $400,000. The program will continue until a total of $1,000,000 is repurchased or until October 1, 2022. BayFirst's total assets stood at $943.74 million as of September 30, 2021.
BayFirst Financial Corp. (OTCQX: FHBI) announced that its common stock will begin trading on the Nasdaq Capital Market under the symbol "BAFN" starting November 30, 2021. This milestone positions BayFirst as the only Nasdaq-listed bank holding company on Florida's west coast and one of only seven in the state. The company reported significant growth in its SBA lending division, becoming the No. 1 SBA lender in the Tampa Bay area. Additionally, BayFirst's mortgage division surpassed $2 billion in mortgage loans in 2021, furthering its expansion with new banking centers.