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BayFirst Financial Corp. (OTCQX: FHBI) reported record earnings of $13.02 million for Q2 2021, significantly up from $7.51 million in Q1 2021. This increase was driven by $14.73 million in Paycheck Protection Program (PPP) origination fees and growth in non-PPP interest income. The company's tangible book value rose to $21.14 per share, while net interest income surged 111.41% to $26.70 million. Deposits climbed 4.13% to $632.32 million, reflecting strong market performance. BayFirst's return on average equity reached a robust 74.61% for the quarter.
The board of BayFirst Financial Corp. (OTCQX: FHBI) has declared a 3:2 common stock split effective May 10, 2021, allowing shareholders to receive three common shares for every two shares owned. Additionally, a second quarter cash dividend of 7 cents per share has been approved, payable on June 15, 2021, to shareholders of record by May 15, 2021. This dividend marks a 5% increase from the previous quarter and represents the 20th consecutive quarter of cash dividends paid to shareholders. As of March 31, 2021, BayFirst reported total assets of $1.7 billion.
The shareholders of First Home Bancorp approved a name change to BayFirst Financial Corp., effective immediately. The banking subsidiary will retain the name First Home Bank. BayFirst Financial Corp. trades on the OTCQX under the symbol 'FHBI.' The company, established on September 1, 2000, has $1.7 billion in total assets, with $967 million in Payroll Protection Program loans as of March 31, 2021. The bank operates six full-service offices and 29 mortgage loan production offices, offering a variety of banking services.
First Home Bancorp, Inc. (OTCQX: FHBI) reported record net income of $7.51 million for Q1 2021, equating to $3.07 per basic share, a sharp rise from a net loss of $501 thousand a year prior. Driven by robust mortgage banking income and $287 million in PPP loans originated, tangible book value increased to $26.89 per share. Total assets grew by 11.14% to $1.72 billion, with core deposits rising 27%. The return on average common equity also climbed to 49.56%. However, noninterest expenses surged, reflecting increased payroll and production-related costs.
First Home Bancorp, Inc. (OTCQX: FHBI) achieved record earnings in Q4 and for the full year 2020, reporting a net income of $5.61 million ($2.29 per share) for Q4, up from $5.25 million in Q3 2020. Full-year net income was $12.70 million ($5.18 per share), reflecting a 183.28% increase from 2019. Driven by strong mortgage banking income, the company also reported a return on average common equity of 39.97% for Q4. Increases in loan origination fees, particularly from the Paycheck Protection Program, contributed to this growth, despite rising noninterest expenses.