Every 10-Q that BayFirst Financial Corp. (BAFN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BAFN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BAFN filings page.
BayFirst Financial Corp. reports a sharp deterioration in results for the six months ended June 30, 2026, driven by large credit costs and fair value losses. The company recorded a net loss of $38.6 million versus a $2.8 million loss a year earlier, including a provision for credit losses of $32.4 million and a $7.0 million fair value loss on government-guaranteed loans. The allowance for credit losses on loans rose to $45.1 million, and net loans at amortized cost declined alongside lower deposits, with total assets at $1.13 billion.
To bolster capital, BayFirst completed an April 2026 private placement of $80 million of mandatorily convertible Series D and E preferred stock, generating $74.5 million in net proceeds and lifting shareholders’ equity to $115.9 million. Subsequent to quarter-end, these preferred shares were converted into 22.856 million common shares after authorization of up to 100 million common shares, and all Series D and E preferred were retired. The bank remains categorized as well capitalized, with a CET1 and Tier 1 capital ratio of 11.47% and a total capital ratio of 12.77%.
BayFirst Financial Corp. filed an amended quarterly report for the period ended March 31, 2026 to restate financial statements and revise controls and procedures disclosures. Management identified cumulative errors related to SBA 7(a) loans, including $2.8 million of deferred origination costs and $2.1 million of accrued interest on unguaranteed portions of defaulted or nonaccrual loans, which had understated provision for credit losses and overstated net interest income in 2024, 2025 and early 2026. In addition, $3.4 million of deferred origination costs should have reduced gains on sale of guaranteed SBA 7(a) loans, inflating prior noninterest income.
The restatement reduced retained earnings by $5.99 million at January 1, 2026 and by $6.24 million at March 31, 2026, lowering total shareholders’ equity to $75.6 million. For Q1 2026, the company reported a net loss of $5.93 million (loss to common shareholders $6.32 million, or $(1.54) per share) versus a restated net loss of $0.94 million a year earlier. Total assets declined to $1.19 billion, driven by a contraction in loans and deposits, including a $98.1 million deposit outflow.
Regulatory capital ratios at the bank level fell below “well‑capitalized” thresholds, with a Common Equity Tier 1 ratio of 7.74% and total risk‑based capital ratio of 9.00%, though they remained above minimum adequacy levels. The company has suspended common and preferred dividends and indicates that a capital raise is expected to restore well‑capitalized status. BayFirst also modified its $6.0 million subordinated notes so that interest is paid in kind through June 30, 2026, adding to principal if not repaid by that date.
BayFirst Financial Corp. reported a weak quarter as it restructures its business and balance sheet. For the three months ended March 31, 2026, the company posted a net loss of $5.7M, compared with a small loss a year earlier, and a basic and diluted loss per common share of $1.48. Total assets fell to $1.20B from $1.30B at year-end, driven largely by a sharp $98.1M decline in deposits and lower loan balances. Net interest income slipped to $9.4M, while noninterest income dropped to $0.9M as gains on government guaranteed loan sales turned into a small loss. Credit costs remained elevated, with a $3.1M provision and an allowance for credit losses of $20.6M on loans. Regulatory capital ratios at the bank level no longer met the “well capitalized” threshold at quarter-end, prompting a major capital action. After the quarter, BayFirst raised $80M through a PIPE issuance of Series D and E preferred stock, expected to convert into about 22.9 million common shares at $3.50 per share, and filed an S-1 to offer up to 4,108,072 common shares at the same price primarily to existing shareholders.
BayFirst Financial Corp. reported a Q3 2025 net loss of $18.9 million, or $(4.66) per diluted share, driven by a higher credit loss provision, restructuring, and fair value impacts. Net interest income improved to $11.3 million as deposit interest expense fell, but noninterest income turned negative.
The quarter included a $10.9 million provision for credit losses, a $7.3 million restructuring charge, a $5.1 million fair value adjustment on loans held for sale, and a $0.9 million fair value loss on government‑guaranteed loans, while gains on loan sales decreased to $3.1 million. For the nine months, the Company recorded a net loss of $20.5 million.
Balance sheet shifts were notable: the allowance for credit losses rose to $24.5 million and loans held for investment declined to $936.9 million. Deposits were $1.171 billion, and the Company added $50.0 million of FHLB borrowings. Shareholders’ equity decreased to $89.7 million. Cash and equivalents increased to $118.6 million. The Company had 4,110,003 common shares outstanding as of November 5, 2025.
BayFirst Financial Corp. (BAFN) reported a second-quarter 2025 net loss of $1.237 million compared with net income of $0.866 million in the year-ago quarter, and a six-month loss of $1.572 million versus six-month income of $1.690 million. Net interest income rose to $12.348 million in the quarter from $9.182 million a year earlier as loan interest increased, but provisions for credit losses jumped to $7.264 million, driven by elevated charge-offs. Loans held for investment grew to $1.035 billion and total assets increased to $1.344 billion. Government-guaranteed loans measured at fair value expanded to $90.687 million and produced sale gains. Deposits edged up to $1.164 billion and the Company drew $40.0 million of FHLB borrowings. Allowance for credit losses increased to $17.041 million and diluted EPS was $(0.39) for the quarter.