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BAFN

BayFirst Financial Corp.

BAFN

BayFirst Financial Corp. • NASDAQ
$7.93 ▲ 0.38% (+0.03)
Market Cap $32.65 M
52w High $19.75
52w Low $6.40
Dividend Yield 0.16%
P/E -2.63
Volume 1.31K
Outstanding Shares 4.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $0 ▼ $0 ▲ 0% ▲ $-4.67 ▼ $0 ▼
Q2-2025 $30.742M ▲ $14.97M ▲ $-1.237M ▼ -4.024% ▼ $-0.39 ▼ $855K ▼
Q1-2025 $28.401M ▼ $14.778M ▲ $-335K ▼ -1.18% ▼ $-0.17 ▼ $1.816M ▼
Q4-2024 $31.623M ▼ $2.928M ▼ $9.776M ▲ 30.914% ▲ $2.27 ▲ $15.534M ▲
Q3-2024 $31.758M $15.108M $1.137M 3.58% $0.18 $3.71M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $1.346B ▲ $1.256B ▲ $89.728M ▼
Q2-2025 $82.448M ▲ $1.344B ▲ $1.236B ▲ $108.223M ▼
Q1-2025 $71.556M ▼ $1.292B ▲ $1.182B ▲ $110.085M ▼
Q4-2024 $88.943M ▼ $1.288B ▲ $1.177B ▲ $110.92M ▲
Q3-2024 $104.631M $1.245B $1.143B $102.293M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.572M ▲ $-137.457M ▼ $-24.005M ▲ $17.949M ▼ $41.251M ▲ $-137.191M ▼
Q2-2025 $-1.237M ▼ $63.293M ▼ $-103.843M ▼ $54.695M ▲ $14.145M ▲ $63.1M ▼
Q1-2025 $-335K ▼ $74.164M ▼ $-92.665M ▲ $3.867M ▼ $-14.634M ▼ $74.091M ▼
Q4-2024 $9.776M ▲ $97.462M ▲ $-104.353M ▲ $20.296M ▼ $13.405M ▲ $97.481M ▲
Q3-2024 $1.137M $90.784M $-111.145M $23.972M $3.611M $90.469M

Five-Year Company Overview

Income Statement

Income Statement BayFirst’s earnings profile over the past several years shows a business that is modest in size but generally profitable, with some bumps along the way. Revenue has trended upward from its post‑pandemic trough and is now a bit above where it was a few years ago. Profitability has been positive in most years, though there was a weaker year with essentially breakeven results. Earnings per share have been volatile, swinging from very strong levels early in the period, to a small loss, and then back to solid profits more recently. Overall, the income statement suggests a bank that can generate earnings, but whose results can shift meaningfully from year to year as strategy and loan mix change.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative. Total assets have grown steadily in recent years after an earlier peak tied to a larger lending footprint. Cash levels are healthy for a community bank and have been fairly stable. Debt is low, suggesting limited reliance on wholesale borrowing, while equity has gradually built up, indicating retained earnings and a thicker capital cushion than in the past. In simple terms, the bank appears better capitalized and less leveraged than a few years ago, which should help as it navigates its strategic pivot.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been a clear strength. Operating cash flow has been solidly positive for several years in a row after a negative year at the start of the period. Because the bank spends relatively little on physical investments, free cash flow closely tracks operating cash flow and has been consistently positive. That means BayFirst has been funding itself largely from the cash its business generates, rather than depending heavily on outside capital—an encouraging sign for financial resilience, especially during a transition period.

Competitive Edge

Competitive Edge BayFirst is moving from a hybrid model—local community bank plus national SBA lending powerhouse—to a more traditional community‑bank focus centered on Tampa Bay. Previously, the national SBA platform gave it a distinctive edge and wider reach than most community banks. Exiting SBA lending removes that key differentiator and narrows its geographic and product scope. The new moat is intended to rest on deep local relationships in a market that has relatively few community banks, along with personalized service and tailored products. This creates a clearer, simpler story but also concentrates the business more heavily in one region and heightens competition with larger banks already active in that area.

Innovation and R&D

Innovation and R&D Historically, BayFirst invested in technology to support fast, scalable SBA lending—automated loan systems, digital underwriting, and fintech integrations. With the SBA platform being wound down, some of these tools may become less central to the strategy. The focus is shifting toward digital banking for local customers: better online and mobile experiences, streamlined consumer and small‑business lending, and selective fintech partnerships that enhance the core community bank. The hiring of a digital strategy leader points to an intent to modernize while staying relatively lean. Execution will matter: the bank needs to repurpose its tech strengths away from national SBA volume and into making local banking noticeably easier and more convenient than larger competitors offer.

Summary

BayFirst is in the middle of a major strategic reset. Financially, it has shown the ability to generate profits and strong cash flow, supported by a conservative balance sheet with modest leverage and rising capital. At the same time, past earnings volatility and the decision to exit national SBA lending add uncertainty to the future earnings profile. The bank is effectively trading a unique national niche for a more focused, but more conventional, community‑bank model in the Tampa Bay area. Success will depend on how well it can grow local deposits and loans, differentiate through service and technology, and convert its strong cash generation and healthier balance sheet into stable, less volatile profitability over time.

NEWS

October 30, 2025 · 4:00 PM UTC

BayFirst Financial Corp. Reports Third Quarter 2025 Results, Announces Restructuring Plan Including Exit From SBA 7(a) Lending

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