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. It was named the best bank in Florida in 2024, according to Forbes and was the 9th largest SBA 7(a) lender by number of units originated and 16th largest by dollar volume nationwide through the SBA's quarter ended December 31, 2024. As of December 31, 2024, BayFirst Financial Corp. had $1.29 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 and other general economic, business and political conditions, including changes in the financial markets; 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; 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.

 
Contacts: 
Thomas G. Zernick                 Scott J. McKim 
Chief Executive Officer  Chief Financial Officer 
727.399.5680                        727.521.7085 
 
 

BAYFIRST FINANCIAL CORP.

SELECTED FINANCIAL DATA (Unaudited)

 
                                                At or for the three months ended 
                         ------------------------------------------------------------------------------ 
(Dollars in thousands, 
except for share data)     12/31/2024      9/30/2024       6/30/2024       3/31/2024       12/31/2023 
                         --------------  --------------  --------------  --------------  -------------- 
Balance sheet data: 
Average loans held for 
 investment at 
 amortized cost          $1,003,867      $  948,528      $  902,417      $  855,040      $  825,196 
Average total assets      1,273,296       1,228,040       1,178,501       1,126,315       1,108,550 
Average common 
 shareholders' equity        87,961          86,381          84,948          85,385          82,574 
Total loans held for 
 investment               1,066,559       1,042,445       1,008,314         934,868         915,726 
Total loans held for 
 investment, excl gov't 
 gtd loan balances          917,075         885,444         844,659         776,302         698,106 
Allowance for credit 
 losses                      15,512          14,186          13,843          13,906          13,497 
Total assets              1,288,297       1,245,099       1,217,869       1,144,194       1,117,766 
Common shareholders' 
 equity                      94,869          86,242          84,911          84,578          84,656 
Share data: 
Basic earnings per 
 common share            $     2.27      $     0.18      $     0.12      $     0.11      $     0.32 
Diluted earnings per 
 common share                  2.11            0.18            0.12            0.11            0.32 
Dividends per common 
 share                         0.08            0.08            0.08            0.08            0.08 
Book value per common 
 share                        22.95           20.86           20.54           20.45           20.60 
Tangible book value per 
 common share (1)             22.95           20.86           20.54           20.45           20.60 
Performance and capital 
ratios: 
Return on average 
 assets(2)                     3.07%           0.37%           0.29%           0.29%           0.60% 
Return on average 
 common equity(2)             42.71%           3.48%           2.26%           2.06%           6.37% 
Net interest margin(2)         3.60%           3.34%           3.43%           3.42%           3.48% 
Dividend payout ratio          3.52%          43.98%          68.91%          75.27%          25.03% 
Asset quality ratios: 
Net charge-offs          $    3,369      $    2,757      $    3,261      $    3,652      $    2,612 
Net charge-offs/avg 
 loans held for 
 investment at 
 amortized cost(2)             1.34%           1.16%           1.45%           1.71%           1.27% 
Nonperforming loans(3)   $   17,607      $   15,489      $   12,312      $    9,877      $    9,688 
Nonperforming loans 
 (excluding gov't gtd 
 balance)(3)             $   13,570      $   10,992      $    8,054      $    7,568      $    8,264 
Nonperforming 
 loans/total loans held 
 for investment(3)             1.75%           1.62%           1.34%           1.15%           1.18% 
Nonperforming loans 
 (excl gov't gtd 
 balance)/total loans 
 held for 
 investment(3)                 1.35%           1.15%           0.87%           0.88%           1.00% 
ACL/Total loans held 
 for investment at 
 amortized cost                1.54%           1.48%           1.50%           1.62%           1.64% 
ACL/Total loans held 
 for investment at 
 amortized cost, excl 
 government guaranteed 
 loans                         1.79%           1.70%           1.73%           1.88%           2.03% 
Other Data: 
Full-time equivalent 
 employees                      299             295             302             313             305 
Banking center offices           12              12              12              12              11 
(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 
 
 

GAAP 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 these non-GAAP financial measures along with their most directly comparable financial measures calculated in accordance with GAAP:

 
                     Tangible Common Shareholders' Equity and Tangible 
                          Book Value Per Common Share (Unaudited) 
------------------------------------------------------------------------------------------- 
                                                        As of 
(Dollars in thousands,     December     September      June         March       December 
except for share data)      31, 2024     30, 2024     30, 2024     31, 2024      31, 2023 
                          -----------  -----------  -----------  -----------  ------------- 
Total shareholders' 
 equity                   $  110,920   $  102,293   $  100,962   $  100,629   $  100,707 
Less: Preferred stock 
 liquidation preference      (16,051)     (16,051)     (16,051)     (16,051)     (16,051) 
                           ---------    ---------    ---------    ---------    --------- 
Total equity available 
 to common shareholders       94,869       86,242       84,911       84,578       84,656 
Less: Goodwill                    --           --           --           --           -- 
                           ---------    ---------    ---------    ---------    --------- 
Tangible common 
 shareholders' equity     $   94,869   $   86,242   $   84,911   $   84,578   $   84,656 
                           =========    =========    =========    =========    ========= 
 
Common shares 
 outstanding               4,132,986    4,134,059    4,134,219    4,134,914    4,110,470 
Tangible book value per 
 common share             $    22.95   $    20.86   $    20.54   $    20.45   $    20.60 
 
 
 
                      BAYFIRST FINANCIAL CORP. 
                    CONSOLIDATED BALANCE SHEETS 
(Dollars in thousands)       12/31/2024    9/30/2024    12/31/2023 
                             -----------  -----------  ------------- 
Assets                       (Unaudited)  (Unaudited) 
    Cash and due from banks  $    4,499   $    4,708   $    4,099 
    Interest-bearing 
     deposits in banks           73,289       59,675       54,286 
                              ---------    ---------    --------- 
      Cash and cash 
       equivalents               77,788       64,383       58,385 
    Time deposits in banks        2,270        2,264        4,646 
    Investment securities 
     available for sale, at 
     fair value (amortized 
     cost $40,279, $41,104, 
     and $43,597 at 
     December 31, 2024, 
     September 30, 2024, 
     and December 31, 2023, 
     respectively)               36,291       37,984       39,575 
    Investment securities 
     held to maturity, at 
     amortized cost, net of 
     allowance for credit 
     losses of $12, $13, 
     and $17 (fair value: 

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