BayFirst Financial Earnings Call Transcripts
Fiscal Year 2026
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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, reduced expenses, and refocused on community banking, resulting in a Q4 net loss of $2.5M but improved deposit growth and asset quality. Allowance for credit losses remains elevated due to legacy SBA loans, but further improvement is expected.
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Q3 saw a net loss of $18.9M, driven by a $7.3M restructuring charge and the exit from SBA 7(a) lending. The company is refocusing on core community banking, improving asset quality, and expects a return to profitability in 2026.
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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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Q2 2024 net income rose 5.1% sequentially to $0.9M, driven by lower credit loss provisions and expenses, but offset by weaker SBA 7(a) loan production. Deposit and loan growth remained strong, while cost-saving and efficiency initiatives are expected to improve profitability in H2 2024.