BayFirst Financial Corp ( (BAFN) ) has released its Q1 earnings. Here is a breakdown of the information BayFirst Financial Corp presented to its investors.
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BayFirst Financial Corp., a bank holding company based in St. Petersburg, Florida, operates through its subsidiary BayFirst National Bank, offering a wide range of commercial and consumer banking services in the Tampa Bay-Sarasota region.
In the first quarter of 2025, BayFirst Financial Corp. reported a net loss of $0.3 million, a significant decline from the previous quarter’s net income of $9.8 million. The company’s performance was affected by challenging economic conditions, including inflationary pressures and high interest rates, which impacted its loan portfolio valuations and led to elevated net charge-offs and provision expenses.
Key financial metrics for the quarter included a net interest margin of 3.77%, an improvement from 3.60% in the previous quarter, and a 1.7% increase in loans held for investment. However, noninterest income decreased significantly due to lower gains on the sale of government-guaranteed loans and the absence of a one-time gain from a previous branch property sale. Despite these challenges, the company focused on growing its core deposit accounts and expanding its conventional loan portfolios.
Looking ahead, BayFirst Financial Corp. remains committed to enhancing shareholder value and supporting local communities through personalized banking solutions. The management is optimistic about returning to profitability by continuing to focus on loan oversight and exploring strategies to mitigate risks associated with unguaranteed SBA loans.