BayFirst Financial Earnings Call Transcripts
Fiscal Year 2026
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Q3 net loss narrowed sharply, while NIM rose and loan and deposit growth supported the community-bank transition. Credit metrics improved, but unguaranteed SBA 7(a) exposure and profitability remain key priorities.
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Q2 2026 saw a $32.7M net loss, driven by $43.8M in one-time charges from an asset resolution plan and restatements. Core earnings were near breakeven, with improved capital ratios and a focus on local relationship banking and growth initiatives.
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Raised $80 million in new capital, improving pro forma capital ratios and supporting growth. Q1 2026 saw a net loss of $5.7 million, with elevated charge-offs in the legacy SBA 7(a) portfolio and a focus on returning to profitability and managing credit risk.
Fiscal Year 2025
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Exited SBA 7(a) lending, improved Q4 net loss to $2.5M from $18.9M in Q3, and grew deposits by $12.5M. Asset quality remains a focus as legacy SBA risks wind down, with 85% of deposits insured and a stable net interest margin of 3.58%.
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Q3 2025 saw a net loss of $18.9 million, driven by a $7.3 million restructuring charge and the exit from SBA 7(a) lending. The company is refocusing on core community banking, expects improved profitability in 2026, and continues to resolve non-performing loans.
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Q2 2025 saw a $1.2M net loss due to higher provisions and SBA 7(a) loan write-downs, prompting a suspension of dividends and board fees. Net interest margin improved to 4.06%, while credit losses remain concentrated in small SBA loans. Strategic review and risk mitigation efforts are ongoing.
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Net loss of $335,000 in Q1 2025 driven by higher provisions and loan write-downs, despite improved net interest margin and growth in core deposits and conventional loans. Strategic review underway to de-risk and position for long-term growth.
Fiscal Year 2024
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Q4 net income reached $9.8M, with core earnings flat sequentially. Deposit and loan growth remained strong, while a sale-leaseback boosted capital and enabled a $2M buyback. Credit quality saw higher charge-offs, but risk from hurricanes was minimal.
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Q3 2024 net income rose 31% sequentially to $1.1 million, with strong deposit and asset growth despite hurricane disruptions. Loan originations and non-interest income declined year-over-year, but operational resilience and credit quality initiatives supported results.
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Net income rose 5.1% sequentially to $0.9 million, driven by lower credit loss provisions and expenses, but SBA 7(a) loan production and gains on loan sales declined. Deposit and loan growth remained strong, while management expects profitability improvements in the second half of 2024.