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
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(Dollars in thousands,
except for share data) 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023
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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)
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As of
(Dollars in thousands, December September June March December
except for share data) 31, 2024 30, 2024 30, 2024 31, 2024 31, 2023
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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
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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
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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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