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BayFirst Financial Corp. (NASDAQ: BAFN) exits SBA 7(a) business after $94.6M loan sale

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

BayFirst Financial Corp. reported that it has closed the sale of $94.6 million of SBA 7(a) loans to Banesco USA, effective December 12, 2025. As part of this transaction, BayFirst exited the SBA 7(a) lending business early in the fourth quarter of 2025.

Banesco USA will assume servicing of BayFirst’s remaining SBA 7(a) loans, meaning Banesco will handle ongoing payments and administration for those loans going forward. BayFirst disclosed this change in a public announcement dated December 15, 2025.

Positive

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Insights

BayFirst sells SBA 7(a) loans for $94.6 million and exits that line.

BayFirst Financial Corp. completed a sale of $94.6 million in SBA 7(a) loans to Banesco USA as of December 12, 2025. At the same time, BayFirst exited the SBA 7(a) lending business early in the fourth quarter of 2025, shifting away from originating new loans under this government-backed program.

Banesco USA will assume servicing of BayFirst’s remaining SBA 7(a) loans, so Banesco takes over collecting payments and managing those portfolios. The filing does not quantify gains, losses, or ongoing fee arrangements tied to the transfer, so the direct financial impact beyond the stated loan balance is not detailed here.

For investors, the key points are the completed loan sale and the strategic move out of SBA 7(a) lending. Subsequent company disclosures may provide more color on how this repositioning affects BayFirst’s earnings mix and long-term focus.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did BayFirst Financial Corp. (BAFN) announce regarding its SBA 7(a) loans?
BayFirst Financial Corp. announced it has closed the sale of $94.6 million of SBA 7(a) loans to Banesco USA as of December 12, 2025.

Is BayFirst Financial Corp. (BAFN) remaining in the SBA 7(a) lending business?
No. BayFirst Financial Corp. stated that it exited the SBA 7(a) lending business early in the fourth quarter of 2025.

Who will service BayFirst Financial Corp.’s remaining SBA 7(a) loans?
Banesco USA will assume servicing of BayFirst Financial Corp.’s remaining SBA 7(a) loans, handling ongoing payments and administration.

When was the BayFirst Financial Corp. (BAFN) loan sale to Banesco USA completed?
The loan sale to Banesco USA was closed as of December 12, 2025, with the announcement made on December 15, 2025.

Where can investors read more details about BayFirst’s SBA 7(a) loan sale?
Additional information is provided in the BayFirst Financial Corp. press release dated December 15, 2025, attached as Exhibit 99.1.

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

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0001649739FALSE00016497392025-12-122025-12-12

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) December 12, 2025 

BAYFIRST FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
 
 
Florida 001-41068 59-3665079
(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 8.01 Other Events.
On December 15, 2025, BayFirst Financial Corp. announced it has closed its loan sale to Banesco USA as of December 12, 2025. The Company sold $94.6 million of SBA 7(a) loans and exited the SBA 7(a) lending business early in the fourth quarter with Banesco USA to assume servicing of the Company’s remaining SBA 7(a) loans. A copy of this press release is included as Exhibit 99.1 to this report and incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
  (d) Exhibits
Exhibit Number

Exhibit Name
Filed Herewith
99.1
BayFirst Financial Corp. Press Release dated December 15, 2025
*
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.


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:December 15, 2025
By:/s/ Scott J. McKim
Scott J. McKim
Chief Financial Officer


Source: View Original Filing on SEC EDGAR