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  4. [8-K] BayFirst Financial Corp. Reports Material Event

BayFirst Financial Q3 loss narrows to $677K

The October rights offering added 4,107,908 common shares at $3.50 each and produced $14.4 million in gross proceeds for capital and bank growth.

Filing Impact
(High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

BayFirst Financial Corp. (BAFN) reported a third-quarter 2026 net loss of $677,000, or $0.04 per diluted common share, compared with a $32.665 million loss in the second quarter and a $19.077 million loss a year earlier. Net interest margin was 4.07%, up 59 basis points quarter over quarter and 43 basis points year over year; net interest income was $10.627 million, down from $11.318 million a year earlier. For the nine months ended September 30, 2026, net loss was $39.272 million versus $21.869 million in the comparable 2025 period.

Total loans held for investment were $902.966 million at September 30, 2026, while deposits were $1.014154 billion; nonperforming assets were 1.29% of total assets, compared with 1.98% a year earlier. The Bank met all regulatory capital requirements to be well-capitalized. On October 8, 2026, the company sold and issued 4,107,908 common shares at $3.50 each in a rights offering, with $14.4 million in gross proceeds designated to improve company and Bank capital and support Bank growth. On July 14, 2026, Series D and E preferred shares were exchanged for 22,856,000 common shares; shareholders approved increasing authorized common shares from 15,000,000 to 100,000,000.

1 point · 0 major

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0 major · 1 point

How the balance works

Positive

  • Moderate pointQuarterly net loss narrowed to $677,000 from $32.665 million in Q2.

Negative

  • Moderate pointNine-month net loss increased to $39.272 million from $21.869 million.

Filing Explained

The presentation reports 31,070,633 common shares outstanding on October 21, 2026, versus 4,106,905 on June 30, 2026; the completed share issuances reduced existing holders’ percentage ownership absent offsetting changes.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net loss $677,000 loss Third quarter of 2026
Diluted loss per common share ($0.04) Third quarter of 2026
Net interest margin 4.07% Third quarter of 2026
Net interest income $10.627 million Third quarter of 2026
Total assets $1,147.929 million September 30, 2026
Common shares issued in rights offering 4,107,908 shares October 8, 2026
Rights offering price $3.50 per common share October 8, 2026
Rights offering gross proceeds $14.4 million October 8, 2026
Net interest margin financial
"Net interest margin was 4.07%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Asset resolution plan financial
"expense related to the asset resolution plan"
Allowance for credit losses financial
"Allowance for credit losses on loans"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Common Equity Tier 1 Capital financial
"Common Equity Tier 1 Capital (to risk-weighted assets)"
Core capital a bank holds consisting mainly of common shares and retained profits that can absorb losses without forcing the bank to sell assets or seek emergency help; items that can’t reliably cover losses are excluded. Think of it as the bank’s shock-absorbing cushion: a higher common equity tier 1 (CET1) level and ratio means regulators and investors view the bank as better able to survive bad loans or market shocks, so it signals lower risk to shareholders and creditors.
Rights offering financial
"as part of the Company's rights offering"
A rights offering is a way for a company to raise additional money by giving existing shareholders the opportunity to buy more shares at a discounted price before they are offered to the public. It’s similar to a special sale where current owners get the first chance to buy extra items at a lower cost, allowing them to increase their investment if they choose. This process matters to investors because it can affect the value of their holdings and their ability to buy new shares at favorable terms.
Net loss $677,000 loss Compared with a $32.665 million loss in the second quarter of 2026 and a $19.077 million loss in the third quarter of 2025
Net interest margin 4.07% Up 59 basis points quarter over quarter and 43 basis points year over year
Net interest income $10.627 million Down $691,000 year over year
Net loss for the nine months ended September 30 $39.272 million loss Compared with a $21.869 million loss for the nine months ended September 30, 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was BAFN's third-quarter 2026 loss?
BayFirst reported a third-quarter 2026 net loss of $677,000, or $0.04 per diluted common share. The loss was $32.665 million in the second quarter of 2026 and $19.077 million in the third quarter of 2025.

How much did BAFN raise in its October 2026 rights offering?
The company sold and issued 4,107,908 common shares at $3.50 per share on October 8, 2026, resulting in $14.4 million in gross proceeds. The proceeds are designated to improve capital levels at the company and the Bank and support the Bank's continued growth.

Did BayFirst's bank meet regulatory capital requirements at September 30, 2026?
Yes. The Bank met all regulatory capital requirements to be well-capitalized. Its Common Equity Tier 1 and Tier 1 capital ratios to risk-weighted assets were 11.15%, and its total capital ratio to risk-weighted assets was 12.44%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR Accepted by SEC EDGAR
0001649739FALSE00016497392026-10-292026-10-29


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 29, 2026 
BAYFIRST FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
 
 
Florida001-4106859-3665079
(State or other jurisdiction
of incorporation)
(Commission
file number)
(IRS employer
identification no.)
700 Central Avenue33701
St. Petersburg, Florida
(Zip Code)
(Address of principal executive offices)
(727) 440-6848
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered pursuant to Section 12(b) of the Act:
Title of each class registeredTrading Symbol(s)Name of exchange on which registered
Common StockBAFNThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1933 (§240.12b-2 of this chapter)
Emerging growth company ☑
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition
On October 29, 2026, BayFirst Financial Corp. (“Company”) issued a press release announcing its financial results for the third quarter of 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure
The Company has prepared presentation materials (the “Conference Call & Webcast Presentation”) that management intends to use during its previously announced third quarter 2026 conference call on Friday, October 30, 2026 at 9:00 am Eastern Time, and from time to time thereafter in presentations about the Company’s operations and performance. The Company may use the Conference Call & Webcast Presentation, possibly with modifications, in presentations to current and potential investors, analysts, lenders, business partners, acquisition candidates, customers, employees and others with an interest in the Company and its business.
A copy of the Conference Call & Webcast Presentation is furnished as Exhibit 99.2 to this report and incorporated herein by reference. The Conference Call & Webcast Presentation is also available on the Company's website at www.bayfirstfinancial.com. Materials on the Company’s website are not part of, or incorporated by reference into, this report.
2

Item 9.01. Financial Statements and Exhibits.
  (d) Exhibits
Exhibit Number

Exhibit Name
Filed Herewith
99.1
BayFirst Financial Corp. Press Release dated October 29, 2026
*
99.2
BayFirst Financial Corp. Third Quarter 2026 Investor Presentation
*
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
*
The information in this report (including the exhibits) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
3

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BAYFIRST FINANCIAL CORP.
Date:10/29/2026
By:/s/ Scott J. McKim
Scott J. McKim
Chief Financial Officer

4

picture1.jpg
Contacts:Contact:
Alfred T. Rogers, Jr.Scott J. McKim
Chief Executive Officer and PresidentChief Financial Officer
727.685.2097727.521.7085
BayFirst Financial Corp. Reports Third Quarter 2026 Results
Net Interest Margin Expansion, 25% Growth in Community Bank Lending, and Significant Credit Improvement
ST. PETERSBURG, FL. — October 29, 2026 — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or “Company”), parent company of BayFirst National Bank (“Bank”) reported a net loss of $0.7 million, or $0.04 per common share and diluted common share, for the third quarter of 2026, compared to a net loss of $32.7 million, or $8.05 per common share and diluted common share, in the second quarter of 2026.
“In the second quarter we took deliberate steps under our asset resolution plan to strengthen our balance sheet, and this quarter’s results show those actions are beginning to pay off,” stated Al Rogers, Chief Executive Officer. “Total community bank loans, excluding the government guaranteed portfolio, grew $41.9 million over the prior quarter, or 25% annualized, a key highlight that reflects strong demand and the trust our customers place in us. Net interest margin improved 59 basis points from the prior quarter, and for the first time in nearly three years, deposit growth outpaced loan growth, a clear sign that our relationship-focused approach is strengthening our funding base. While we did report a loss for the third quarter, it was a significant improvement over prior periods. Our strengthened foundation positions us for continued improvement in the coming quarters as we remain focused on achieving sustained profitability.
“We are also encouraged by the continued improvement in asset quality,” Rogers continued. “Nonperforming assets declined as percentage of total assets, and net charge-offs were lower than in the prior quarter, further evidence that our asset resolution efforts are working. Through it all, our focus on the communities we serve remains unwavering, and I am confident we will continue to build on our standing as the community bank of choice in our Tampa Bay and Sarasota markets.”
Third Quarter 2026 Performance Review
•Net interest margin was 4.07% in the third quarter of 2026, an increase of 59 basis points from 3.48% in the second quarter of 2026 and an increase of 43 basis points from 3.64% in the third quarter of 2025.
•Total loans held for investment increased by $20.1 million, or 2.3%, during the third quarter of 2026 to $903.0 million and decreased $90.1 million, or 9.1%, over the past year. The decrease from the prior year was partially the result of no new SBA 7(a) loan originations and the sale of $97.4 million of government guaranteed loans to a third party as part of the Bank’s discontinuance of SBA 7(a) lending.
•Deposits increased $25.3 million, or 2.6%, during the third quarter of 2026 and decreased $157.3 million, or 13.4%, over the past year to $1.01 billion. The increase in deposits during the quarter was primarily due to increases in noninterest-bearing account balances, interest-bearing transaction account balances, savings and money market account balances, partially offset by a decrease in time deposit balances. The decrease in deposits over the past year was primarily due to decreases in high-rate promotional deposits held with non-relationship customers and brokered deposits.
•On July 14, 2026, the Company obtained shareholder approval to amend the BayFirst Financial Corp. Articles of Incorporation to increase the number of authorized shares of the common stock from 15,000,000 to 100,000,000 and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual

BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 2

Preferred Stock, Series D, and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series E for a total of 22,856,000 shares of common stock. Upon conversion, all shares of Series D and Series E Preferred Stock were retired.
•On August 13, 2026, the Company redeemed all outstanding Series A and Series B Preferred Shares in the amount of $6,464 for Preferred Series A, including accrued dividends of $303, and $3,241 for Preferred Series B, including accrued dividends of $118.
•At September 30, 2026, book value and tangible book value was $3.64 per common share, a decrease from $4.82 at June 30, 2026.
Results of Operations
Net Loss
The Company had a net loss of $0.7 million for the third quarter of 2026, compared to a net loss of $32.7 million in the second quarter of 2026 and a net loss of $19.1 million in the third quarter of 2025. The change in the third quarter of 2026 from the preceding quarter was primarily the result of $41.5 million of expense in the second quarter of 2026 related to the asset resolution plan. The change from the third quarter of 2025 was the due to decreases in provision for credit losses of $11.2 million and noninterest expense of $12.4 million, and an increase in noninterest income of $2.2 million, partially offset with a decrease in income tax benefit of $6.7 million.
For the nine months ended September 30, 2026, the Company had a net loss of $39.3 million, compared to a net loss of $21.9 million for the nine months ended September 30, 2025. The change was primarily due to decreases in net interest income of $4.6 million and noninterest income of $22.8 million and increases in provision for credit losses of $13.5 million and noninterest expense of $13.2 million, partially offset by income tax benefit of $5.7 million.
Net Interest Income and Net Interest Margin
Net interest income was $10.6 million in the third quarter of 2026, which was an increase of $1.2 million from $9.4 million for the second quarter of 2026, and a decrease of $0.7 million from $11.3 million during the third quarter of 2025. The net interest margin was 4.07% in the third quarter of 2026, an increase of 59 basis points from 3.48% in the second quarter of 2026 and an increase of 43 basis points from 3.64% in the third quarter of 2025.
The increase in net interest income during the third quarter of 2026, as compared to the second quarter of 2026, was mainly due to an increase in loan interest income, including fees, of $1.1 million.

The decrease in net interest income during the third quarter of 2026, as compared to the year ago quarter, was mainly due to a decrease in loan interest income, including fees, of $4.8 million, partially offset by a decrease in interest expense on deposits of $3.1 million.
Net interest income was $29.5 million for the nine months ended September 30, 2026, a decrease from $34.1 million for the nine months ended September 30, 2025. The decrease was mainly due to a decrease in loan interest income, including fees, of $14.7 million, partially offset by a decrease in interest expense of $8.7 million.
Noninterest Income
Noninterest income was $1.1 million for the third quarter of 2026, compared to negative income of $6.8 million in the second quarter of 2026 and negative income of $1.1 million in the third quarter of 2025. The change from the third quarter of 2026, as compared to the second quarter of 2026, was primarily the result of a 99.41% decrease in government guaranteed loan fair value losses of $6.4 million and second quarter 2026 loss on nonmarketable equity securities of $1.5 million which was related to the impairment of an investment in a firm who was a partner with the Company’s former SBA 7(a) lending business. The increase in the third quarter of 2026, as compared to the third quarter of 2025, was the result of a third quarter 2025 fair value adjustment on loans held for sale of $5.1 million, partially offset by a decrease in gain on sale of government guaranteed loans of $3.0 million.
Noninterest income was a negative $4.8 million for the nine months ended September 30, 2026, which was a decrease from income of $17.9 million for the nine months ended September 30, 2025. The decrease was primarily the result of a decrease in gain on sale of government guaranteed loans of $16.1 million, a decrease in government guaranteed loan fair value gains of $7.8 million, a decrease in government guaranteed loan packaging fees of $1.7 million and second

BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 3

quarter 2026 loss on nonmarketable equity securities of $1.5 million, partially offset by a 2025 fair value adjustment on loans held for sale of $5.1 million.
Noninterest Expense
Noninterest expense was $12.8 million in the third quarter of 2026 compared to $17.7 million in the second quarter of 2026 and $25.2 million in the third quarter of 2025. The decrease in the third quarter of 2026, as compared to the prior quarter, was primarily due $1.7 million of expenses in the second quarter of 2026 related to the asset resolution plan and $2.3 million of one-time expenses to record a change in control payment and write-off vendor contracts related to national lending and digital account opening businesses which are not part of our community banking focus. The decrease in the third quarter of 2026, as compared to the third quarter of 2025, was primarily due to the third quarter 2025 restructuring expense of $7.3 million, and a decrease in compensation expense of $3.1 million.
Noninterest expense was $45.4 million for the nine months ended September 30, 2026 compared to $58.6 million for the nine months ended September 30, 2025. The decrease was primarily the result of the third quarter 2025 restructuring expense of $7.3 million, a decrease in compensation expense of $8.1 million, partially offset by an increase in loan servicing and origination expense of $3.1 million.
Balance Sheet
Assets
Total assets increased $13.0 million, or 1.1%, during the third quarter of 2026 to $1.15 billion, primarily the result of an increase in loans held for investment of $20.1 million, and a decrease in allowance for credit losses on loans of $3.3 million, partially offset by a decrease in cash and cash equivalents of $10.8 million. Compared to the end of the third quarter last year, total assets decreased $192.3 million, or 14.3%, driven primarily by a decrease in loans held for investment and held for sale of $184.2 million, and an increase in allowance for credit losses on loans of $17.3 million, partially offset by an increase in cash and cash equivalents of $9.8 million and an increase in deferred tax asset of $14.8 million.
Loans
Loans held for investment increased $20.1 million, or 2.3%, during the third quarter of 2026 and decreased $90.1 million, or 9.1%, over the past year to $903.0 million. The decrease from prior year was primarily due to loan payoffs and government guaranteed loan sales, which included the sale of the SBA 7(a) loans to a third party in the fourth quarter as part of the Bank’s discontinuance of SBA 7(a) lending. This was partially offset by originations in both conventional community bank loans and USDA government guaranteed loans.
Deposits
Deposits increased $25.3 million, or 2.6%, during the third quarter of 2026 and decreased $157.3 million, or 13.4%, from the third quarter of 2025, ending September 30, 2026, at $1.01 billion. During the third quarter, there was a decrease in time deposit balances of $8.7 million, partially offset by increases in noninterest-bearing account balances of $4.4 million, interest-bearing transaction account balances of $6.9 million, and savings and money market account balances of $22.6 million. At September 30, 2026, June 30, 2026, and September 30, 2025, the Company had $165.7 million, $163.8 million, and $235.9 million, respectively, of brokered deposits.
Asset Quality
The Company recorded a provision for credit losses in the third quarter of negative $0.1 million, compared to provisions of $29.0 million for the second quarter of 2026 and $11.2 million during the third quarter of 2025. The decrease in the provision expense was primarily the result of $30.5 million of expense related to the asset resolution plan recorded in the second quarter of 2026.
The ratio of allowance for credit losses (ACL) on loans to total loans held for investment at amortized cost was 4.85% at September 30, 2026, 5.37% as of June 30, 2026, and 2.63% as of September 30, 2025. The ratio of ACL on loans to

BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 4

total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 5.20% at September 30, 2026, 5.82% as of June 30, 2026, and 2.80% as of September 30, 2025.
Net charge-offs for the third quarter of 2026 were $3.2 million, which was a decrease from $4.5 million for the second quarter of 2026 and a decrease from $3.5 million for the third quarter of 2025. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.52% for the third quarter of 2026, compared to 2.08% in the second quarter of 2026 and 1.34% in the third quarter of 2025. Nonperforming assets were 1.29% of total assets as of September 30, 2026, compared to 1.75% as of June 30, 2026, and 1.98% as of September 30, 2025. Nonperforming assets, excluding government guaranteed loan balances, were 1.21% of total assets as of September 30, 2026, compared to 1.32% as of June 30, 2026, and 1.21% as of September 30, 2025.
Capital
The Bank’s Tier 1 leverage ratio was 8.79% as of September 30, 2026, compared to 8.30% as of June 30, 2026, and 6.14% as of September 30, 2025. The CET 1 and Tier 1 capital ratios to risk-weighted assets were 11.15% as of September 30, 2026, compared to 11.47% as of June 30, 2026, and 7.82% as of September 30, 2025. The total capital to risk-weighted assets ratio was 12.44% as of September 30, 2026, compared to 12.77% as of June 30, 2026, and 9.08% as of September 30, 2025. At September 30, 2026, the Bank met all of its regulatory capital requirements to be well-capitalized.
Liquidity
The Bank's overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at September 30, 2026 was 13.49%, as compared to 18.44% at December 31, 2025. The Bank has liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of September 30, 2026 and June 30, 2026, the Bank had no borrowings from the FHLB, the FRB or other financial institutions.
Recent Events
On October 8, 2026, the Company sold and issued 4,107,908 common shares at $3.50 per common share in or as part of the Company’s rights offering. The offering resulted in gross proceeds of $14.4 million which will be used to improve capital levels of the Company and the Bank, and support the continued growth of the Bank.
Conference Call
BayFirst will host a conference call on Friday, October 30, 2026, at 9:00 a.m. ET to discuss its third quarter results. Interested parties may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com or are invited to dial (833) 461-5787 to participate in the call using Conference ID 438809173. A replay of the call will be available for one year at www.bayfirstfinancial.com.
About BayFirst Financial Corp.
BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. As of September 30, 2026, BayFirst Financial Corp. had $1.15 billion in total assets.
Forward-Looking Statements
In addition to the historical information contained herein, this presentation includes "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates

BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 5

and other general economic, business and political conditions, including changes in the financial markets and credit quality; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; enforcement actions initiated by our regulators and their impact on our operations; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 6

BAYFIRST FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)

At or for the three months ended
(Dollars in thousands, except for share data)9/30/20266/30/20263/31/202612/31/20259/30/2025
As restatedAs restatedAs restated
Net loss$(677)$(32,665)$(5,930)$(2,696)$(19,077)
Balance sheet data:
Average loans held for investment at amortized cost848,578 858,931 881,938 933,401 1,054,946 
Average total assets1,121,140 1,185,392 1,213,823 1,328,923 1,339,795 
Average common shareholders’ equity59,761 67,624 64,448 67,481 86,976 
Government guaranteed loans held for sale— — — — 94,052 
Total loans held for investment902,966 882,840 924,220 958,014 993,109 
Total loans held for investment, excl gov’t gtd loan balances832,904 805,684 849,157 887,885 917,816 
Allowance for credit losses41,762 45,081 20,632 21,996 24,485 
Total assets1,147,929 1,134,925 1,189,671 1,294,269 1,340,222 
Total deposits1,014,154 988,874 1,085,869 1,183,938 1,171,457 
Common shareholders’ equity98,095 19,850 58,421 64,758 67,921 
Share data:
Basic loss per common share$(0.04)$(8.05)$(1.54)$(0.75)$(4.71)
Diluted loss per common share(0.04)(8.05)(1.54)(0.75)(4.71)
Book value per common share3.64 4.83 14.22 15.76 16.50 
Tangible book value per common share (1)
3.64 4.82 14.22 15.76 16.50 
Performance ratios:
Return on average assets(2)
(0.24)%(11.02)%(1.95)%(0.81)%(5.70)%
Return on average common equity(2)
(6.39)%(195.50)%(39.19)%(18.26)%(89.51)%
Net interest margin(2)
4.07 %3.48 %3.44 %3.60 %3.64 %
Asset quality ratios:
Net charge-offs$3,228 $4,460 $4,719 $4,865 $3,544 
Net charge-offs/avg loans held for investment at amortized cost(2)
1.52 %2.08 %2.14 %2.08 %1.34 %
Nonperforming loans(3)
$14,013 $18,457 $21,453 $24,343 $24,687 
Nonperforming loans (excluding gov't gtd balance)(3)
$13,445 $14,434 $15,873 $16,271 $15,822 
Nonperforming loans/total loans held for investment(3)
1.63 %2.20 %2.46 %2.69 %2.65 %
Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3)
1.56 %1.72 %1.82 %1.80 %1.70 %
ACL/Total loans held for investment at amortized cost4.85 %5.37 %2.36 %2.43 %2.63 %
ACL/Total loans held for investment at amortized cost, excl government guaranteed loans 5.20 %5.82 %2.55 %2.60 %2.80 %
Other Data:
Full-time equivalent employees146148143144237
Banking center offices1211121212
(1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to most comparable GAAP equivalent.
(2) Annualized
(3) Excludes loans measured at fair value


BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 7

Reconciliation and Management Explanation of Non-GAAP Financial Measures
Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders' equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.
The following presents the calculation of the non-GAAP financial measures.
Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share (Unaudited)
As of
(Dollars in thousands, except for share data)September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
As restatedAs restatedAs restated
Total shareholders’ equity$104,541 $115,901 $75,628 $81,580 $83,972 
Less: Preferred stock liquidation preference(6,446)(96,051)(17,207)(16,822)(16,051)
Total equity available to common shareholders98,095 19,850 58,421 64,758 67,921 
Less: Intangible assets(62)(62)— — — 
Tangible common shareholders' equity$98,033 $19,788 $58,421 $64,758 $67,921 
Common shares outstanding26,962,725 4,106,905 4,108,072 4,108,069 4,116,913 
Tangible book value per common share$3.64 $4.82 $14.22 $15.76 $16.50 


BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 8

BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)9/30/20266/30/20269/30/2025
AssetsAs restated
Cash and due from banks$5,230 $5,641 $5,193 
Interest-bearing deposits in banks123,097 133,524 113,357 
Cash and cash equivalents128,327 139,165 118,550 
Time deposits in banks— — 1,284 
Investment securities available for sale, at fair value (amortized cost $27,454, $30,591, and $32,614 at September 30, 2026, June 30, 2026, and September 30, 2025, respectively)
23,856 27,778 29,857 
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $7, $7, and $9 (fair value: $2,347, $2,371, and $2,375 at September 30, 2026, June 30, 2026, and September 30, 2025, respectively)
2,493 2,493 2,491 
Nonmarketable equity securities
4,509 3,164 7,028 
Government guaranteed loans held for sale— — 94,052 
Government guaranteed loans held for investment, at fair value
42,204 43,847 61,780 
Loans held for investment, at amortized cost860,762 838,993 931,329 
Allowance for credit losses on loans(41,762)(45,081)(24,485)
    Net Loans held for investment, at amortized cost819,000 793,912 906,844 
Accrued interest receivable5,429 5,127 6,800 
Premises and equipment, net34,681 30,245 31,695 
Loan servicing rights8,827 9,942 15,663 
Deferred income tax assets21,836 21,253 7,040 
Right-of-use operating lease assets13,402 13,720 14,833 
Bank owned life insurance27,854 27,654 27,071 
Other real estate owned410 532 400 
Other assets15,101 16,093 14,834 
Total assets$1,147,929 $1,134,925 $1,340,222 
Liabilities:
Noninterest-bearing deposit accounts$121,193 $116,788 $105,937 
Interest-bearing transaction accounts142,555 135,628 210,336 
Savings and money market deposit accounts445,578 422,933 479,262 
Time deposits304,828 313,525 375,922 
Total deposits1,014,154 988,874 1,171,457 
FHLB borrowings— — 50,000 
Subordinated debentures5,9685,9665,961
Notes payable1,138 1,252 1,593 
Accrued interest payable735 597 1,082 
Operating lease liabilities12,408 12,694 13,554 
Accrued expenses and other liabilities8,985 9,641 12,603 
Total liabilities1,043,388 1,019,024 1,256,250 

BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 9

BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)9/30/20266/30/20269/30/2025
Shareholders’ equity:As restated
Preferred stock, Series A; no par value, no shares authorized, issued, and outstanding at September 30, 2026, and 10,000 shares authorized, 6,395 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of $6,395 at June 30, 2026 and September 30, 2025
— 6,161 6,161 
Preferred stock, Series B; no par value, no shares authorized, issued, and outstanding at September 30, 2026, 20,000 shares authorized, 3,210 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of $3,210 at June 30, 2026 and September 30, 2025
— 3,123 3,123 
Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025; aggregate liquidation preference of $6,446 at September 30, 2026, June 30, 2026 and September 30, 2025
6,446 6,446 6,446 
Preferred stock, Series D; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025 and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of $40,000 at June 30, 2026
— 37,254 — 
Preferred stock, Series E; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025, and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of $40,000 at June 30, 2026
— 37,254 — 
Common stock and additional paid-in capital; no par value, 100,000,000, 15,000,000, and 15,000,000 shares authorized, 26,962,725, 4,106,905, and 4,116,913 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025, respectively
128,646 54,382 54,764 
Accumulated other comprehensive loss, net(2,701)(2,111)(2,069)
Unearned compensation(213)(245)(538)
Retained earnings(27,637)(26,363)16,085 
Total shareholders’ equity104,541 115,901 83,972 
Total liabilities and shareholders’ equity$1,147,929 $1,134,925 $1,340,222 

BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 10

BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the Quarter EndedYear-to-Date
(Dollars in thousands, except per share data)9/30/20266/30/20269/30/20259/30/20269/30/2025
Interest income:As restatedAs restated
Loans, including fees$15,951 $14,803 $20,746 $46,675 $61,346 
Interest-bearing deposits in banks and other1,296 1,562 946 4,367 2,926 
Total interest income17,247 16,365 21,692 51,042 64,272 
Interest expense:
Deposits6,483 6,850 9,576 21,226 28,289 
Other137 93 798 327 1,928 
Total interest expense6,620 6,943 10,374 21,553 30,217 
Net interest income10,627 9,422 11,318 29,489 34,055 
Provision for credit losses(69)28,977 11,165 32,312 23,332 
Net interest income after provision for credit losses10,696 (19,555)153 (2,823)10,723 
Noninterest income:
Loan servicing income, net655 588 761 2,013 1,981 
Gain (loss) on sale of government guaranteed loans, net— — 3,039 (97)15,975 
Service charges and fees507 497 474 1,494 1,396 
Government guaranteed loans fair value gain (loss), net(38)(6,468)(882)(7,039)805 
Fair value adjustment on loans held for sale
— — (5,096)— (5,096)
Government guaranteed loan packaging fees— — 380 — 1,673 
Loss on nonmarketable securities— (1,500)— (1,500)— 
Loss on sale of premises and equipment— (34)— (21)— 
Other noninterest income (loss)(23)108 254 326 1,215 
Total noninterest income1,101 (6,809)(1,070)(4,824)17,949 
Noninterest Expense:
Salaries and benefits4,466 5,332 7,637 14,867 23,748 
Bonus, commissions, and incentives576 741 530 1,607 863 
Occupancy and equipment1,307 1,352 1,525 4,027 4,738 
Data processing1,406 2,649 2,049 5,544 6,172 
Marketing and business development76 157 262 356 1,152 
Professional services571 1,172 859 2,907 2,373 
Loan servicing and origination expense
3,004 3,122 3,273 9,962 6,866 
Employee recruiting and development213 248 364 663 1,443 
Regulatory assessments515 611 484 1,704 1,175 
Restructure charges— — 7,262 — 7,262 
Other noninterest expense682 2,292 970 3,741 2,764 
Total noninterest expense12,816 17,676 25,215 45,378 58,556 
Loss before taxes(1,019)(44,040)(26,132)(53,025)(29,884)
Income tax benefit(342)(11,375)(7,055)(13,753)(8,015)
Net loss(677)(32,665)(19,077)(39,272)(21,869)
Preferred dividends277 386 385 1,048 1,156 
Net loss attributable to common shareholders
$(954)$(33,051)$(19,462)$(40,320)$(23,025)
Basic loss per common share$(0.04)$(8.05)$(4.71)$(3.76)$(5.57)
Diluted loss per common share$(0.04)$(8.05)$(4.71)$(3.76)$(5.57)
    


BayFirst Financial Corp. Reports Third Quarter 2026 Results
October 29, 2026
Page 11

Loan Composition
(Dollars in thousands)
9/30/20266/30/20263/31/202612/31/20259/30/2025
(Unaudited)
(Unaudited)
Unaudited/As restatedAs restatedUnaudited/As restated
Real estate:
Residential
$348,865 $353,716 $359,305 $365,427 $364,020 
Commercial
228,589 211,518 216,643 215,771 231,039 
Construction and land
35,976 38,095 36,732 48,397 43,700 
Commercial and industrial
177,062 158,077 171,666 181,566 194,654 
Commercial and industrial - PPP
— — 6 6 13 
Consumer and other
66,903 73,567 82,269 86,441 90,946 
Loans held for investment, at amortized cost, gross
857,395 834,973 866,621 897,608 924,372 
Deferred loan costs, net
7,151 8,338 9,353 10,491 11,522 
Discount on government guaranteed loans
(4,472)(5,107)(6,007)(6,811)(7,506)
Premium on loans purchased, net
688 789 2,446 2,650 2,941 
Loans held for investment, at amortized cost, net
860,762 838,993 872,413 903,938 931,329 
Government guaranteed loans held for investment, at fair value42,204 43,847 51,807 54,076 61,780 
Total loans held for investment, net
$902,966 $882,840 $924,220 $958,014 $993,109 
Nonperforming Assets (Unaudited)
(Dollars in thousands)9/30/20266/30/20263/31/202612/31/20259/30/2025
As RestatedAs RestatedAs Restated
Nonperforming loans (government guaranteed balances), at amortized cost, gross
$568 $4,023 $5,580 $8,072 $8,865 
Nonperforming loans (unguaranteed balances), at amortized cost, gross
13,445 14,434 15,873 16,271 15,822 
Total nonperforming loans, at amortized cost, gross
14,013 18,457 21,453 24,343 24,687 
Nonperforming loans (government guaranteed balances), at fair value
— — 208 83 — 
Nonperforming loans (unguaranteed balances), at fair value
114 443 1,230 1,453 1,385 
Total nonperforming loans, at fair value
114 443 1,438 1,536 1,385 
OREO
410 532 400 400 400 
Repossessed assets253 466 583 263 32 
Total nonperforming assets, gross
$14,790 $19,898 $23,874 $26,542 $26,504 
Nonperforming loans as a percentage of total loans held for investment(1)
1.63 %2.20 %2.46 %2.69 %2.65 %
Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1)
1.56 %1.72 %1.82 %1.80 %1.70 %
Nonperforming assets as a percentage of total assets
1.29 %1.75 %2.01 %2.05 %1.98 %
Nonperforming assets (excluding government guaranteed balances) to total assets
1.21 %1.32 %1.39 %1.29 %1.21 %
ACL to nonperforming loans(1)
298.02 %244.24 %96.17 %90.35 %99.18 %
ACL to nonperforming loans (excluding government guaranteed balances)(1)
310.61 %312.32 %129.98 %135.18 %154.75 %
(1) Excludes loans measured at fair value
Note: Transmitted on Globe Newswire on October 30, 2026, at 4:00 p.m. ET.

BayFirst Financial Corp. (NASDAQ:BAFN) 2026 – Third Quarter Results (Unaudited)

 

In addition to the historical information contained herein, this presentation includes "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets and credit quality; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; enforcement actions initiated by our regulators and their impact on our operations; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Cautionary Statement Concerning Forward-Looking Information Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

 

3 ABOUT BAYFIRST FINANCIAL CORP. TAMPA BAY’S PREMIER COMMUNITY BANKING FRANCHISE IN THE TAMPA BAY- SARASOTA REGION(1) HOW WE RANK 3 ASSET SIZE BILLION TOTAL ASSETS (2)$1.15 ASSET GROWTH ASSET GROWTH SINCE DEC 31, 2020(2)25% (1) Deposit ranking of banks with assets less than $10B headquartered in the Tampa Bay-Sarasota region as of June 30, 2026 from Uniform Bank Performance Reports (2) Financial data as of September 30, 2026 COST OF FUNDS BASIS POINT INCREASE IN NET INTEREST MARGIN FOR THE QUARTER DEPOSITS $25 MILLION IN NONINTEREST-BEARING DEPOSIT GROWTH OVER THE QUARTER(2) COMMUNITY BANKING NEW BANKING CENTER IN SOUTH TAMPA OPENED IN SEPTEMBER 2026 59

 

4 ABOUT BAYFIRST FINANCIAL CORP. CURRENT BANKING CENTER LOCATION CONVENIENT AND ATTRACTIVE BANKING CENTER FRANCHISE IN TAMPA BAY-SARASOTA REGION New banking center to opened in South Tampa September 2026

 

5 ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of September 30, 2026 23.6% 18.0% 20.9% 12.7% 12.7% 4.0% 0.6% 7.5% C&I Residential HELOC Owner-occupied nonfarm/nonresidential Other nonfarm/nonresidential C&D Multifamily residential and farmland Consumer & Other Loan Highlights • Loan portfolio is well-diversified across major loan types with a low concentration of non owner-occupied commercial real estate loans • Total loan production of $90 million during the quarter • Total loans decreased $184 million over the last twelve months primarily due to the exit of the SBA 7(a) lending business and the sale of $97 million of loan balances • There were a total of $170.3 million of SBA 7(a) loans as of 9/30/2026. Of which $130.8 million are unguaranteed and $39.5 million are guaranteed.

 

6 SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of September 30, 2026 • Total Deposits increased $25 million for the quarter and decreased $157 million over the last twelve months primarily in high-rate promotional deposits • Approximately 79% of deposits were insured as of September 30, 2026 • Short-term brokered deposits were $166 million as of September 30, 2026 • Grew number of checking accounts by 6% YTD Noninterest Bearing Transaction, 12.0% Interest Bearing Transaction, 14.1% Savings & Money Market, 43.9% Time Deposits, 30.0% Deposit Highlights

 

7 INVESTMENT SECURITIES AFS Investment Securities Portfolio as of September 30, 2026 (fair market value, in thousands) Investment Securities Portfolio Details • Minimal exposure to market value losses due to modest investment securities portfolio (2% of total assets) • Other Comprehensive Loss of $2.7 million reduced Tangible Book Value by $0.10 as of September 30, 2026 ◦ We intend and have the ability to hold the available for sale investment securities to maturity; no plan to sell ◦ No impact to regulatory capital ratios • $2.5 million of HTM investment securities, net of ACL of $7 thousand Asset-backed securities, $2,550 MBS: U.S. Government- sponsored enterprises, $4,305 CMO: U.S. Government- sponsored enterprises, $15,636 Corporate bonds, $1,365

 

8 QUARTERLY EARNINGS For the Three Months Ended ($000s) 9/30/2026 6/30/2026 Increase/ (Decrease) 9/30/2025 Increase/ (Decrease) As restated Interest income $ 17,247 $ 16,365 $ 882 $ 21,692 $ (4,445) Interest expense 6,620 6,943 (323) 10,374 (3,754) Net interest income 10,627 9,422 1,205 11,318 (691) Provision for credit losses (69) 28,977 (29,046) 11,165 (11,234) Noninterest income 1,101 (6,809) 7,910 (1,070) 2,171 Noninterest expense 12,816 17,676 (4,860) 25,215 (12,399) Income tax benefit (342) (11,375) 11,033 (7,055) 6,713 Net loss (677) (32,665) 31,988 (19,077) 18,400 Preferred dividends 277 386 (109) 385 (108) Net loss attributable to common shareholders $ (954) $ (33,051) $ 32,097 $ (19,462) $ 18,508

 

9 Nine Months Ended September 30, ($000s) 2026 2025 Increase/ (Decrease) As restated Interest income $ 51,042 $ 64,272 $ (13,230) Interest expense 21,553 30,217 (8,664) Net interest income 29,489 34,055 (4,566) Provision for credit losses 32,312 23,332 8,980 Noninterest income (4,824) 17,949 (22,773) Noninterest expense 45,378 58,556 (13,178) Income tax expense (13,753) (8,015) (5,738) Net loss (39,272) (21,869) (17,403) Preferred dividends 1,048 1,156 (108) Net loss attributable to)common shareholders $ (40,320) $ (23,025) $ (17,295) YEAR TO DATE EARNINGS

 

10 KEY METRICS As of and For the Three Months Ended As of and For the Nine Months Ended 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025 As restated As restated Return on average assets(1) (0.24) % (11.02) % (5.70) % (4.46) % (2.22) % Return on average common equity(1) (6.39) % (195.50) % (89.51) % (75.13) % (34.31) % Tangible book value per common share $ 3.64 $ 4.82 $ 16.50 $ 3.64 $ 16.50 Diluted loss per common share $ (0.04) $ (8.05) $ (4.71) $ (3.76) $ (5.57) Total Capital (to risk-weighted assets)(2) 12.44 % 12.77 % 9.08 % 12.44 % 9.08 % Common Equity Tier 1 Capital (to risk- weighted assets)(2) 11.15 % 11.47 % 7.82 % 11.15 % 7.82 % Tier 1 Capital (to total assets)(2) 8.79 % 8.30 % 6.14 % 8.79 % 6.14 % Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3) 1.56 % 1.72 % 1.70 % 1.56 % 1.70 % ACL/Total loans held for investment at amortized cost 4.85 % 5.37 % 2.63 % 4.85 % 2.63 % (1) Annualized (2) Capital Ratios are at the Bank (3) Excludes loans measured at fair value

 

11 QTD INTEREST MARGIN 3.64% 3.60% 3.44% 3.48% 4.07% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 2.0% 4.0% 6.0% Net Interest Margin (1) Loan Yield (1) 7.25% 7.27% 6.87% 6.53% 7.10% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 2.5% 5.0% 7.5% 10.0% Cost of Funds Net Interest Margin (1)($ in millions) 3.71% 3.48% 3.21% 3.01% 3.00% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 1.0% 2.0% 3.0% 4.0% $11.3 $11.2 $9.4 $9.4 $10.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0.0 $5.0 $10.0 $15.0 (1) Q3 2025, Q4 2025, Q1 2026 have been restated

 

12 $74 $71 $65 $20 $98 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $20 $40 $60 $80 $100 $120 BALANCE SHEET COMPOSITION Total Assets(1) ($M) Total Loans HFI(1) ($M) Total Deposits ($M) Tangible Common Equity(1) ($M) $1,346 $1,300 $1,196 $1,135 $1,148 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $993 $958 $924 $883 $903 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $200 $400 $600 $800 $1,000 $1,200 $1,171 $1,184 $1,086 $989 $1,014 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 (1) Q3 2025, Q4 2025, Q1 2026 have been restated

 

13 TANGIBLE BOOK VALUE PER COMMON SHARE(1) $17.90 $15.76 $14.22 $4.82 $3.64 Tangible Book Value Per Common Share Number of shares outstanding Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $3 $5 $8 $10 $13 $15 $18 $20 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 (1) Q3 2025, Q4 2025, Q1 2026 have been restated

 

14 COMMUNITY BANKING PERFORMANCE Q3 2026 Loan Production Summary: ▪ Loan production during the quarter was $89.6 million(1) ▪ Total Loans increased by a net $20.1 million during the quarter Q3 2026 Deposit Summary: ▪ Deposit balances increased $25.3 million during the quarter ▪ Deposit portfolio increased by 5.8% in number of accounts (to 21,186 accounts totaling $1.01 billion) YTD Community Banking: • New branch opened in South Tampa Q3 2026 Highlights Banking Center & Deposits ($ in 000s) Total Deposits # Branch Year Opened 9/30/2026 9/30/2025 9/30/2024 1 St. Petersburg(2) 2017 $ 338,688 $ 462,417 $ 298,588 2 Seminole 1999 150,488 167,711 156,094 3 Pinellas Park 2005 94,928 94,133 96,239 4 Downtown Sarasota(3) 2018 — 100,570 168,508 5 Countryside 2018 45,186 54,795 63,063 6 West Tampa 2020 71,479 97,367 109,545 7 Belleair Bluffs 2021 52,740 52,686 47,962 8 West Bradenton 2022 61,533 54,660 63,143 9 Carrollwood 2023 39,040 34,560 52,181 10 Bee Ridge 2023 53,675 28,559 35,994 11 North Sarasota 2023 9,859 2,426 684 12 South Tamiami Trail 2024 66,457 21,573 20,195 13 South Tampa 2026 30,081 — — Total Branches (12) $ 1,014,154 $ 1,171,457 $ 1,112,196 (1) Excludes government guaranteed loan production (2) St. Petersburg branch deposits include other deposits generated by Government Guaranteed Banking, Cash Management, Corporate Treasury, and Virtual (3) Downtown Sarasota banking center closed in May 2026

 

15 $15.8 $1.2 $0.6 $1.5 $1.2$1.4 $5.6 $1.6 $2.2 $43.9 $8.2 $0.3 $0.1 $0.8 $44.4 $2.6 $0.7 $0.1 $0.5 $— Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $10 $20 $30 $40 $50 Community Banking New Loan Production Community Banking New Loan Production ($M) (1) Includes residential first mortgages, home equity lines of credit, and home equity closed loans

 

16 $698.0 $700.7 $661.8 $637.3 $679.3 $378.2 $380.9 $372.3 $362.5 $358.9 $202.9 $200.0 $179.8 $179.0 $193.1 $28.5 $32.3 $29.8 $23.9 $59.3 $88.5 $87.4 $80.0 $72.0 $68.0 Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 $200 $300 $400 $500 $600 $700 Community Banking Loan Balances Community Banking Loan Balances ($M) (1) Includes residential first mortgages, home equity lines of credit, and home equity closed loans

 

17 $44 $58 $98 $100 2023 2024 2025 YTD 2026 $— $20 $40 $60 $80 $100 $120 • With our treasury management platform operational, we are servicing small and medium sized businesses as well as large businesses through our two online platforms • The Bank expanded its treasury management staff to four with the addition of two new experienced associates in 2025 • The Bank has created products and services specifically for Associations TREASURY MANAGEMENT SERVICES Treasury Management Services Treasury Management Fee Income ($000s)

 

18 ASSET QUALITY 1.34% 2.08% 2.14% 2.08% 1.52% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 1.0% 2.0% 3.0% Net charge-offs/Total average loans HFI at amortized cost(1) ACL/Total loans held for investment at amortized cost(1) 2.63% 2.43% 2.36% 5.37% 4.85% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 0.0% 2.0% 4.0% 6.0% ACL to nonperforming loans(2)(3) Past due and Nonaccrual loans to Total loans HFI at amortized cost(1)(2)(3) 154.75% 135.18% 129.98% 312.32% 310.61% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 0.0% 100.0% 200.0% 300.0% 400.0% 3.07% 3.48% 3.62% 2.92% 3.33% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 0.0% 2.0% 4.0% (2) Excludes government guaranteed balances (3) Excludes loans measured at fair value (1) Q3 2025, Q4 2025, Q1 2026 have been restated

 

19 APPENDIX

 

20 OWNERSHIP OVERVIEW Total Common Stock Ownership Mix Note: Ownership information based on most recently disclosed common shares outstanding of 31,070,633 as of 10/21/26 Source: S&P Capital IQ Pro Kenneth Lehman, 39.19% Alfred Rogers, Jr., 3.68% William Sultenfuss, 4.23% Andrew Wright, 1.38% Mark S. Berset, 1.84% All Other Directors/ Executive Officers, 1.87%Public/Other, 47.81%

 

21 DEPOSITS IN TAMPA BAY-SARASOTA REGION Total Deposits (Total Assets <$10BN and HQ in Tampa Bay-Sarasota Region) Note: Deposit data as of March 31, 2026 Source: Uniform Bank Performance Reports Average Deposits Branches Deposits per Branch Rank Institution ($ millions) (No.) ($ millions) 1 Bank of Tampa $2,709 13 $208 2 Climate First 1,548 3 516 3 BayFirst National Bank 989 11 90 4 Flagship Bank 670 6 112 5 Waterfall Bank 330 1 330 6 Central Bank 325 4 81 7 Gulfside Bank 294 2 147 8 TCM Bank NA 280 1 280 9 Century Bank of Florida 87 1 87 10 Echelon Bank 23 3 8

 

22 LIQUIDITY SOURCES • Available Liquidity ◦ $128 million in cash and due from other banks ◦ $24 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $175 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $32 million available at the Federal Reserve Bank based on pledged loans • Contingent Sources ◦ Up to $64 million in brokered deposits (1) ◦ Up to $344 million in listing service deposits (1) (1) Based on Bank’s policy limits Data as of September 30, 2026

 

23 EXPERIENCED LEADERSHIP TEAM • Joined BayFirst as CFO in Q2 2018; Prior to joining BayFirst, Controller of Central Bank & Trust Co., a $2.5 billion privately held financial institution in Lexington, Kentucky, from May 2014 to June 2018 • Approximately 16 years with Crowe LLP as an auditor in the financial institution practice; served over 80 financial institution clients with assets ranging from $50 million to $4.5 billion throughout career, including several SEC registrants and FDICIA reporting institutions • B.S. in Accounting from the University of Kentucky • Joined BayFirst in Q2 2026. • Previous experience includes CEO of Manufacturers Bank of Florida, President and Senior Lender at Colonial Bank, Executive Lending Officer at USAmeriBank, and EVP and Chief Lending Officer of Valley National Bank • B.A. in Economics from Vanderbilt University Robin Oliver Alfred T, (“Al”) Rogers President, Chief Executive Officer & Director of BayFirst and the Bank Chief Operating Officer Scott McKim EVP, Chief Financial Officer of BayFirst and the Bank • Joined BayFirst in July 2023 • Previous experience includes Chief Strategy Officer of 121 Financial Credit Union, Chief Financial Officer and Chief Lending Officer of Publix Employees Federal Credit Union, and Director of Corporate Finance and Divisional CFO for Huntington Bancshares • B.S. in Accounting from Bowling Green State University and M.B.A from Max M. Fisher College of Business, The Ohio State University • Joined BayFirst in 2026. He previously served as Market President and Director of Commercial Real Estate Banking for Valley Bank's Florida West Region following Valley's acquisition of USAmeriBank in 2018. A lifelong Tampa resident with more than 22 years of banking experience. • B.S. in Finance and Marketing from Florida State University and both an MBA and M.S. from the University of South Florida Muma College of Business. Trey Korhn EVP, Chief Banking Officer

 

24 EXPERIENCED LEADERSHIP TEAM • Joined BayFirst in Q4 2017; Prior to joining BayFirst, over fifteen years of Mortgage Banking administration experience as well as Human Resources experience supporting mid-size financial institutions • B.B.S from The University of Florida and M.B.A from The University of Tampa Brandi Jaber Susan Khayat EVP, Chief Administrative Officer EVP, Chief Credit Officer Nick Smith EVP, Chief Human Resources Officer • Prior to joining the BayFirst HR team in January 2021, Nick served in leadership roles in the finance, aerospace, and pulp and paper industries. • BA from Murray State University and his MBA from University of Southern Indiana • Prior to joining BayFirst in 2025, Ms. Khayat served as Chief Credit Officer at Fieldpoint Private Bank and assisted Price Waterhouse Coopers with compliance risk reviews while contracted with MBO Partners in Atlanta and has served as Chief Risk Officer and Chief Credit Officer at other community banks and worked many years as a bank regulator with the US Department of the Treasury • Ms. Khayat received her BBA in Finance from Mercer University • Prior to joining BayFirst in 2022, Mr. Curtis served as EVP, Chief Lending Officer at Freedom Bank. He has also held senior leadership positions with Seacoast Bank • Mr. Curtis received his degree from Florida State University and completed executive banking programs at the LSU Graduate School of Banking and University of Florida’s Florida School of Banking Adam Curtis EVP, Chief Lending Officer

 

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