8-K
BayFirst Financial Corp. (BAFN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 29, 2026
BAYFIRST FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
| Florida | 001-41068 | 59-3665079 |
|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>file number) | (IRS employer<br><br>identification no.) |
| 700 Central Avenue | 33701 | |
| St. Petersburg, Florida | (Zip Code) | |
| (Address of principal executive offices) | ||
| (727) 440-6848 | ||
| (Registrant’s telephone number, including area code) |
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
|---|---|---|
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
| Securities Registered pursuant to Section 12(b) of the Act: | ||
| --- | --- | --- |
| Title of each class registered | Trading Symbol(s) | Name of exchange on which registered |
| Common Stock | BAFN | The Nasdaq Stock Market LLC |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1933 (§240.12b-2 of this chapter) | ||
| --- | ||
| Emerging growth company ☑ | ||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Item 2.02. Results of Operations and Financial Condition
On January 29 2026, BayFirst Financial Corp. (“Company”) issued a press release announcing its financial results for the fourth quarter of 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure
The Company has prepared presentation materials (the “Conference Call & Webcast Presentation”) that management intends to use during its previously announced fourth quarter 2025 conference call on Friday, January 30, 2026 at 9:00 am Eastern Time, and from time to time thereafter in presentations about the Company’s operations and performance. The Company may use the Conference Call & Webcast Presentation, possibly with modifications, in presentations to current and potential investors, analysts, lenders, business partners, acquisition candidates, customers, employees and others with an interest in the Company and its business.
A copy of the Conference Call & Webcast Presentation is furnished as Exhibit 99.2 to this report and incorporated herein by reference. The Conference Call & Webcast Presentation is also available on the Company's website at www.bayfirstfinancial.com. Materials on the Company’s website are not part of, or incorporated by reference into, this report.
Item 9.01. Financial Statements and Exhibits.
| (d) Exhibits | ||
|---|---|---|
| Exhibit Number | Exhibit Name | Filed Herewith |
| 99.1 | BayFirst Financial Corp. Press Release datedJanuary 29, 2026 | * |
| 99.2 | BayFirst Financial Corp. Fourth Quarter 2025 Investor Presentation | * |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | * |
The information in this report (including the exhibits) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BAYFIRST FINANCIAL CORP. | |
|---|---|
| Date: | 1/29/2026 |
| By: | /s/ Scott J. McKim |
| Scott J. McKim | |
| Chief Financial Officer |
Document
| Contacts: | |
|---|---|
| Thomas G. Zernick | Scott J. McKim |
| Chief Executive Officer | Chief Financial Officer |
| 727.399.5680 | 727.521.7085 |
BayFirst Financial Corp. Reports Fourth Quarter 2025 Results;
Capital Ratios Show Notable Improvement
ST. PETERSBURG, FL. — January 29, 2026 — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or “Company”), parent company of BayFirst National Bank (“Bank”) today reported a net loss of $2.5 million, or $0.69 per common share and diluted common share, for the fourth quarter of 2025, compared to a net loss of $18.9 million, or $4.66 per common share and diluted common share, in the third quarter of 2025.
“We made continued progress on our restructuring efforts in the fourth quarter, resulting in notably higher capital ratios compared to the prior quarter end,” stated Thomas G. Zernick, Chief Executive Officer. “We closed on the sale of $96.6 million in loans to Banesco USA as of year-end, marking a critical milestone in our strategic plan to derisk our loan portfolio. As we previously announced, we exited the SBA 7(a) lending business in the fourth quarter, and Banesco USA has assumed servicing of loans included in the sale and has been engaged as subservicer on the remaining SBA 7(a) loans owned by BayFirst.
“As we expected, our core community bank function is performing well. The net interest margin was stable at 3.58% and organic deposit growth was $12.5 million in the fourth quarter. Eighty-five percent of the bank’s deposits were insured at the end of the quarter and the bank finished the year well-capitalized. While the previously announced strategic restructuring resulted in a reduction of headcount from 299 at the end of 2024, to 144 on December 31, 2025, we continue our focus on expense management. Our treasury management revenue continues to grow with the fourth quarter showing a 69% improvement as compared to the same quarter a year ago.”
“At this stage in our strategic plan, we have passed significant milestones, and each major inflection point has generally aligned with our predictions. In this quarter, there were some minor outliers, but the bank was able to address the challenges and stay on track toward our end-state goal.
“Management has taken significant steps to address credit quality issues by dedicating substantial resources to strengthen credit administration and work through legacy loans. Given the compelling market opportunities and our attractive branch footprint, our priority remains implementing our strategic plan to build the premier community bank in Tampa Bay and create lasting value for shareholders,” Zernick concluded.
Fourth Quarter 2025 Performance Review
•Net interest margin was 3.58% in the fourth quarter of 2025, a decrease of 3 basis points from 3.61% in the third quarter of 2025 and a decrease of 2 basis points from 3.60% in the fourth quarter of 2024.
•In September 2025, the Company announced its plan to exit the SBA 7(a) lending business and its intent to sell a portion of the SBA 7(a) loan portfolio. The Company completed the transaction in December 2025 and the transaction was recognized entirely in the third quarter.
•Loans held for investment decreased by $34.8 million, or 3.5%, during the fourth quarter of 2025 to $963.9 million and decreased $102.7 million, or 9.6%, over the past year. During the quarter, the Company originated $26.3 million of loans and sold $7.8 million of government guaranteed loan balances.
•Deposits increased $12.5 million, or 1.1%, during the fourth quarter of 2025 and increased $40.7 million, or 3.6%, over the past year to $1.18 billion. The increase in deposits during the quarter was primarily due to
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January 29, 2026
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increases in interest-bearing transaction account balances and time deposit balances, partially offset by decreases in noninterest-bearing account balances and savings and money market account balances.
•Book value and tangible book value at December 31, 2025 were $17.22 per common share, a decrease from $17.90 at September 30, 2025.
Results of Operations
Net Income (Loss)
The Company had a net loss of $2.5 million for the fourth quarter of 2025, compared to a net loss of $18.9 million in the third quarter of 2025 and net income of $9.8 million in the fourth quarter of 2024. The change in the fourth quarter of 2025 from the preceding quarter was primarily the result of a decrease in provision for credit losses of $8.9 million, an increase in noninterest income of $0.9 million, and a decrease in noninterest expense of $13.3 million. This was partially offset by a decrease in income tax benefit of $6.6 million. The change from the fourth quarter of 2024 was due to a decrease in noninterest income of $22.4 million, partially offset by a decrease in provision for credit losses of $2.5 million, an increase in net interest income of $0.5 million, a decrease in noninterest expense of $3.5 million, and a decrease in income tax expenses of $3.6 million.
For the year ended December 31, 2025, the Company had a net loss of $22.9 million, a decrease from net income of $12.6 million for the year ended December 31, 2024. The decrease was primarily due to an increase in provision for credit losses of $9.9 million, a decrease in noninterest income of $42.1 million, and an increase in noninterest expense of $3.6 million. This was partially offset by an increase in net interest income of $7.8 million and a decrease in income tax expense of $12.2 million.
Net Interest Income and Net Interest Margin
Net interest income from continuing operations was $11.2 million in the fourth quarter of 2025, a decrease from $11.3 million during the third quarter of 2025, and an increase from $10.7 million during the fourth quarter of 2024. The net interest margin was 3.58% in the fourth quarter of 2025, a decrease of 3 basis points from 3.61% in the third quarter of 2025 and a decrease of 2 basis points from 3.60% in the fourth quarter of 2024.
The decrease in net interest income from continuing operations during the fourth quarter of 2025, as compared to the third quarter of 2025, was mainly due to a decrease in loan interest income, including fees, of $1.4 million, partially offset by an increase in interest income on interest bearing deposits in banks and other of $0.7 million and a decrease in interest expense of $0.6 million.
The increase in net interest income from continuing operations during the fourth quarter of 2025, as compared to the year ago quarter, was mainly due to an increase in interest income on interest bearing deposits in banks and other of $0.6 million and a decrease in interest expense on deposits of $1.1 million, partially offset by a decrease in loan interest income, including fees, of $1.4 million.
Net interest income from continuing operations was $45.8 million for the year ended December 31, 2025, an increase from $38.0 million for the year ended December 31, 2024. The increase was mainly due to an increase in loan interest income, including fees, of $2.4 million and a decrease in interest expense of $4.8 million.
Noninterest Income
Noninterest income from continuing operations was a negative $0.1 million for the fourth quarter of 2025, compared to a negative $1.0 million in the third quarter of 2025 and a decrease from $22.3 million in the fourth quarter of 2024. The change from the fourth quarter of 2025, as compared to the third quarter of 2025, was primarily the result an increase in gain on sale of government guaranteed loans of $2.3 million, partially offset by a decrease in government guaranteed loan fair value gains of $1.0 million. The decrease in the fourth quarter of 2025, as compared to the fourth quarter of 2024, was the result of the gain on sale of two branch office properties of $11.6 million in the fourth quarter of 2024, a decrease in gain on sale of government guaranteed loans of $8.1 million, a decrease in fair value gains on
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government guaranteed loans of $1.8 million, and a decrease in government guaranteed loan packaging fees of $0.7 million.
Noninterest income from continuing operations was $18.4 million for the year ended December 31, 2025, which was a decrease from $60.5 million for the year ended December 31, 2024. The decrease was primarily the result of the gain on sale of two branch office properties of $11.6 million in the fourth quarter of 2024, a decrease in gain on sale of government guaranteed loans of $16.5 million, a decrease in government guaranteed loan fair value gains of $10.9 million, and a decrease in government guaranteed loan packaging fees of $2.3 million.
Noninterest Expense
Noninterest expense from continuing operations was $11.9 million in the fourth quarter of 2025 compared to $25.2 million in the third quarter of 2025 and $15.3 million in the fourth quarter of 2024. The decrease in the fourth quarter of 2025, as compared to the prior quarter, was primarily due to the third quarter restructure charges of $7.2 million related to the comprehensive strategic review aimed at reducing expenses and derisking the bank's balance sheet which included the exit of the SBA 7(a) lending business. In addition, there were decreases in compensation expense of $3.5 million and loan servicing and origination expense of $2.1 million. The decrease in the fourth quarter of 2025, as compared to the fourth quarter of 2024, was primarily due to a decrease in compensation expense of $3.8 million.
Noninterest expense from continuing operations was $70.4 million for the year ended December 31, 2025 compared to $66.8 million for the year ended December 31, 2024. The increase was primarily the result of the restructure charges of $7.3 million, an increase in data processing expense of $1.1 million, and an increase in loan servicing and origination expense of $1.6 million, partially offset by a decrease in compensation expense of $6.2 million.
Balance Sheet
Assets
Total assets decreased $45.7 million, or 3.4%, during the fourth quarter of 2025 to $1.30 billion, mainly due to the sale of $96.6 million of SBA 7(a) loans to Banesco USA and a decrease in loans held for investment of $34.8 million, partially offset by an increase in cash and cash equivalents of $88.4 million. Compared to the end of the fourth quarter last year, total assets increased $12.0 million, or 0.9%, driven primarily by an increase in cash and cash equivalents of $129.2 million, partially offset by a decrease in loans held for investment of $102.7 million.
Loans
Loans held for investment decreased $34.8 million, or 3.5%, during the fourth quarter of 2025 and $102.7 million, or 9.6%, over the past year to $963.9 million. The decrease during the quarter was primarily due to government guaranteed loan sales and loan payoffs, partially offset by originations in both conventional community bank loans and government guaranteed loans.
Loans held for sale on December 31, 2025, decreased $94.1 million from the end of the third quarter of 2025 as a result of the sale of SBA 7(a) loans to Banesco USA; and were unchanged from December 31, 2024.
Deposits
Deposits increased $12.5 million, or 1.1%, during the fourth quarter of 2025 and increased $40.7 million, or 3.6%, from the fourth quarter of 2024, ending December 31, 2025, at $1.18 billion. During the fourth quarter, there were increases in interest-bearing transaction account balances of $20.9 million and time deposit balances of $26.4 million, partially offset by decreases in noninterest-bearing account balances of $10.2 million and savings and money market account balances of $24.6 million. At December 31, 2025, approximately 85% of total deposits were insured by the FDIC. At times, the Bank has brokered time deposit and non-maturity deposit relationships available to diversify its
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funding sources. At December 31, 2025, September 30, 2025, and December 31, 2024, the Company had $195.5 million, $235.9 million, and $76.9 million, respectively, of brokered deposits.
Asset Quality
The Company recorded a provision for credit losses in the fourth quarter of $2.0 million, compared to provisions of $10.9 million for the third quarter of 2025 and $4.5 million during the fourth quarter of 2024.
The ratio of allowance for credit losses (ACL) on loans to total loans held for investment at amortized cost was 2.43% at December 31, 2025, 2.61% as of September 30, 2025, and 1.54% as of December 31, 2024. The ratio of ACL to total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 2.59% at December 31, 2025, 2.78% as of September 30, 2025, and 1.79% as of December 31, 2024. The increase in the ACL from the prior year was the result of increases in nonperforming loans and continued economic uncertainty.
Net charge-offs for the fourth quarter of 2025 were $4.6 million, which was an increase from $3.3 million for the third quarter of 2025 and an increase from $3.4 million for the fourth quarter of 2024. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.95% for the fourth quarter of 2025, compared to 1.24% in the third quarter of 2025 and 1.34% in the fourth quarter of 2024. Nonperforming assets were 2.04% of total assets as of December 31, 2025, compared to 1.97% as of September 30, 2025, and 1.50% as of December 31, 2024. Nonperforming assets, excluding government guaranteed loan balances, were 1.29% of total assets as of December 31, 2025, compared to 1.21% as of September 30, 2025, and 1.06% as of December 31, 2024.
Capital
The Bank’s Tier 1 leverage ratio was 6.63% as of December 31, 2025, compared to 6.64% as of September 30, 2025, and 8.82% as of December 31, 2024. The CET 1 and Tier 1 capital ratios to risk-weighted assets were 9.05% as of December 31, 2025, compared to 8.44% as of September 30, 2025, and 10.89% as of December 31, 2024. The total capital to risk-weighted assets ratio was 10.31% as of December 31, 2025, compared to 9.71% as of September 30, 2025, and 12.14% as of December 31, 2024. The Bank finished the year well-capitalized.
Liquidity
The Bank's overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at December 31, 2025 was 18.35%, as compared to 9.17% at December 31, 2024. The Bank has liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of December 31, 2025, the Bank had no borrowings from the FHLB, the FRB or other financial institutions. This compared to $50.0 million of borrowings from the FHLB and no borrowings from the FRB or other financial institutions at September 30, 2025.
Conference Call
BayFirst will host a conference call on Friday, January 30, 2026, at 9:00 a.m. ET to discuss its fourth quarter results. Interested parties may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com or are invited to dial (800) 549-8228 to participate in the call using Conference ID 15602. A replay of the call will be available for one year at www.bayfirstfinancial.com.
About BayFirst Financial Corp.
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. As of December 31, 2025, BayFirst Financial Corp. had $1.30 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
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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 and credit quality; 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; enforcement actions initiated by our regulators and their impact on our operations; 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.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
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BAYFIRST FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)
| At or for the three months ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands, except for share data) | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | ||||||||||
| Net income (loss) | $ | (2,463) | $ | (18,902) | $ | (1,237) | $ | (335) | $ | 9,776 | |||||
| Balance sheet data: | |||||||||||||||
| Average loans held for investment at amortized cost | 937,023 | 1,060,520 | 1,047,568 | 1,027,648 | 1,003,867 | ||||||||||
| Average total assets | 1,334,912 | 1,345,553 | 1,324,455 | 1,287,618 | 1,273,296 | ||||||||||
| Average common shareholders’ equity | 73,470 | 92,734 | 95,049 | 96,053 | 87,961 | ||||||||||
| Government guaranteed loans held for sale | — | 94,052 | — | — | — | ||||||||||
| Total loans held for investment | 963,894 | 998,683 | 1,125,799 | 1,084,817 | 1,066,559 | ||||||||||
| Total loans held for investment, excl gov’t gtd loan balances | 893,765 | 923,390 | 972,942 | 943,979 | 917,075 | ||||||||||
| Allowance for credit losses | 21,996 | 24,485 | 17,041 | 16,513 | 15,512 | ||||||||||
| Total assets | 1,300,258 | 1,345,978 | 1,343,867 | 1,291,957 | 1,288,297 | ||||||||||
| Total deposits | 1,183,938 | 1,171,457 | 1,163,796 | 1,128,267 | 1,143,229 | ||||||||||
| Common shareholders’ equity | 70,747 | 73,677 | 92,172 | 94,034 | 94,869 | ||||||||||
| Share data: | |||||||||||||||
| Basic earnings (loss) per common share | $ | (0.69) | $ | (4.66) | $ | (0.39) | $ | (0.17) | $ | 2.27 | |||||
| Diluted earnings (loss) per common share | (0.69) | (4.66) | (0.39) | (0.17) | 2.11 | ||||||||||
| Dividends per common share | — | — | 0.08 | 0.08 | 0.08 | ||||||||||
| Book value per common share | 17.22 | 17.90 | 22.30 | 22.77 | 22.95 | ||||||||||
| Tangible book value per common share (1) | 17.22 | 17.90 | 22.30 | 22.77 | 22.95 | ||||||||||
| Performance ratios: | |||||||||||||||
| Return on average assets(2) | (0.74) | % | (5.62) | % | (0.37) | % | (0.10) | % | 3.07 | % | |||||
| Return on average common equity(2) | (15.51) | % | (83.19) | % | (6.83) | % | (3.00) | % | 42.71 | % | |||||
| Net interest margin(2) | 3.58 | % | 3.61 | % | 4.06 | % | 3.77 | % | 3.60 | % | |||||
| Asset quality ratios: | |||||||||||||||
| Net charge-offs | $ | 4,558 | $ | 3,294 | $ | 6,799 | $ | 3,301 | $ | 3,369 | |||||
| Net charge-offs/avg loans held for investment at amortized cost(2) | 1.95 | % | 1.24 | % | 2.60 | % | 1.28 | % | 1.34 | % | |||||
| Nonperforming loans(3) | $ | 24,343 | $ | 24,687 | $ | 21,665 | $ | 24,806 | $ | 17,607 | |||||
| Nonperforming loans (excluding gov't gtd balance)(3) | $ | 16,271 | $ | 15,822 | $ | 14,187 | $ | 15,078 | $ | 13,570 | |||||
| Nonperforming loans/total loans held for investment(3) | 2.69 | % | 2.63 | % | 2.09 | % | 2.42 | % | 1.75 | % | |||||
| Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3) | 1.80 | % | 1.69 | % | 1.37 | % | 1.47 | % | 1.35 | % | |||||
| ACL/Total loans held for investment at amortized cost | 2.43 | % | 2.61 | % | 1.65 | % | 1.61 | % | 1.54 | % | |||||
| ACL/Total loans held for investment at amortized cost, excl government guaranteed loans | 2.59 | % | 2.78 | % | 1.85 | % | 1.84 | % | 1.79 | % | |||||
| Other Data: | |||||||||||||||
| Full-time equivalent employees | 144 | 237 | 300 | 305 | 299 | ||||||||||
| Banking center offices | 12 | 12 | 12 | 12 | 12 | ||||||||||
| (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 |
BayFirst Financial Corp. Reports Fourth Quarter 2025 Results
January 29, 2026
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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 the calculation of the non-GAAP financial measures.
| Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share (Unaudited) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of | ||||||||||
| (Dollars in thousands, except for share data) | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||
| Total shareholders’ equity | $ | 87,569 | $ | 89,728 | $ | 108,223 | $ | 110,085 | $ | 110,920 |
| Less: Preferred stock liquidation preference | (16,822) | (16,051) | (16,051) | (16,051) | (16,051) | |||||
| Total equity available to common shareholders | 70,747 | 73,677 | 92,172 | 94,034 | 94,869 | |||||
| Less: Goodwill | — | — | — | — | — | |||||
| Tangible common shareholders' equity | $ | 70,747 | $ | 73,677 | $ | 92,172 | $ | 94,034 | $ | 94,869 |
| Common shares outstanding | 4,108,069 | 4,116,913 | 4,134,127 | 4,129,027 | 4,132,986 | |||||
| Tangible book value per common share | $ | 17.22 | $ | 17.90 | $ | 22.30 | $ | 22.77 | $ | 22.95 |
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| BAYFIRST FINANCIAL CORP. | ||||||
|---|---|---|---|---|---|---|
| CONSOLIDATED BALANCE SHEETS | ||||||
| (Dollars in thousands) | 12/31/2025 | 9/30/2025 | 12/31/2024 | |||
| Assets | Unaudited | Unaudited | ||||
| Cash and due from banks | $ | 5,123 | $ | 5,193 | $ | 4,499 |
| Interest-bearing deposits in banks | 201,859 | 113,357 | 73,289 | |||
| Cash and cash equivalents | 206,982 | 118,550 | 77,788 | |||
| Time deposits in banks | — | 1,284 | 2,270 | |||
| Investment securities available for sale, at fair value (amortized cost $31,974, $32,614, and $40,279 at December 31, 2025, September 30, 2025, and December 31, 2024, respectively) | 29,363 | 29,857 | 36,291 | |||
| Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $7, $9, and $12 (fair value: $2,384, $2,375, and $2,346 at December 31, 2025, September 30, 2025, and December 31, 2024, respectively) | 2,493 | 2,491 | 2,488 | |||
| Nonmarketable equity securities | 4,656 | 7,028 | 4,526 | |||
| Government guaranteed loans held for sale | — | 94,052 | — | |||
| Government guaranteed loans held for investment, at fair value | 58,592 | 61,780 | 60,833 | |||
| Loans held for investment, at amortized cost | 905,302 | 936,903 | 1,005,726 | |||
| Allowance for credit losses on loans | (21,996) | (24,485) | (15,512) | |||
| Net Loans held for investment, at amortized cost | 883,306 | 912,418 | 990,214 | |||
| Accrued interest receivable | 8,421 | 8,898 | 9,155 | |||
| Premises and equipment, net | 31,188 | 31,695 | 33,249 | |||
| Loan servicing rights | 12,580 | 15,663 | 16,534 | |||
| Deferred income tax assets | 6,538 | 5,839 | — | |||
| Right-of-use operating lease assets | 14,504 | 14,833 | 15,814 | |||
| Bank owned life insurance | 27,264 | 27,071 | 26,513 | |||
| Other real estate owned | 400 | 400 | 132 | |||
| Other assets | 13,971 | 14,119 | 12,490 | |||
| Total assets | $ | 1,300,258 | $ | 1,345,978 | $ | 1,288,297 |
| Liabilities: | ||||||
| Noninterest-bearing deposit accounts | $ | 95,731 | $ | 105,937 | $ | 101,743 |
| Interest-bearing transaction accounts | 231,227 | 210,336 | 256,793 | |||
| Savings and money market deposit accounts | 454,639 | 479,262 | 474,425 | |||
| Time deposits | 402,341 | 375,922 | 310,268 | |||
| Total deposits | 1,183,938 | 1,171,457 | 1,143,229 | |||
| FHLB borrowings | — | 50,000 | — | |||
| Subordinated debentures | 5,962 | 5,961 | 5,956 | |||
| Notes payable | 1,593 | 1,593 | 1,934 | |||
| Accrued interest payable | 1,133 | 1,082 | 1,036 | |||
| Operating lease liabilities | 13,264 | 13,554 | 14,510 | |||
| Deferred income tax liabilities | — | — | 301 | |||
| Accrued expenses and other liabilities | 6,799 | 12,603 | 10,411 | |||
| Total liabilities | 1,212,689 | 1,256,250 | 1,177,377 |
BayFirst Financial Corp. Reports Fourth Quarter 2025 Results
January 29, 2026
Page 9
| BAYFIRST FINANCIAL CORP. | ||||||
|---|---|---|---|---|---|---|
| CONSOLIDATED BALANCE SHEETS | ||||||
| (Dollars in thousands) | 12/31/2025 | 9/30/2025 | 12/31/2024 | |||
| Shareholders’ equity: | Unaudited | Unaudited | ||||
| Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at December 31, 2025, September 30, 2025, and December 31, 2024; aggregate liquidation preference of $6,395 at September 30, 2025 and December 31, 2024, and $6,683 at December 31, 2025 | 6,161 | 6,161 | 6,161 | |||
| Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at December 31, 2025, September 30, 2025, and December 31, 2024; aggregate liquidation preference of $3,210 at September 30, 2025 and December 31, 2024 and $3,338 at December 31, 2025 | 3,123 | 3,123 | 3,123 | |||
| Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at December 31, 2025, September 30, 2025, and December 31, 2024; aggregate liquidation preference of $6,446 at September 30, 2025 and December 31, 2024 and $6,801 at December 31, 2025 | 6,446 | 6,446 | 6,446 | |||
| Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,108,609, 4,116,913, and 4,132,986 shares issued and outstanding at December 31, 2025, September 30, 2025, and December 31, 2024, respectively | 54,371 | 54,764 | 54,764 | |||
| Accumulated other comprehensive loss, net | (1,960) | (2,069) | (2,956) | |||
| Unearned compensation | (335) | (538) | (752) | |||
| Retained earnings | 19,763 | 21,841 | 44,134 | |||
| Total shareholders’ equity | 87,569 | 89,728 | 110,920 | |||
| Total liabilities and shareholders’ equity | $ | 1,300,258 | $ | 1,345,978 | $ | 1,288,297 |
BayFirst Financial Corp. Reports Fourth Quarter 2025 Results
January 29, 2026
Page 10
| BAYFIRST FINANCIAL CORP. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
| For the Quarter Ended | Year-to-Date | |||||||||
| (Dollars in thousands, except per share data) | 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |||||
| Interest income: | Unaudited | Unaudited | Unaudited | Unaudited | ||||||
| Loans, including fees | $ | 19,326 | $ | 20,708 | $ | 20,747 | $ | 81,244 | $ | 78,831 |
| Interest-bearing deposits in banks and other | 1,624 | 946 | 1,007 | 4,550 | 3,979 | |||||
| Total interest income | 20,950 | 21,654 | 21,754 | 85,794 | 82,810 | |||||
| Interest expense: | ||||||||||
| Deposits | 9,451 | 9,576 | 10,600 | 37,740 | 42,872 | |||||
| Other | 341 | 798 | 501 | 2,269 | 1,912 | |||||
| Total interest expense | 9,792 | 10,374 | 11,101 | 40,009 | 44,784 | |||||
| Net interest income | 11,158 | 11,280 | 10,653 | 45,785 | 38,026 | |||||
| Provision for credit losses | 2,007 | 10,915 | 4,546 | 24,586 | 14,726 | |||||
| Net interest income after provision for credit losses | 9,151 | 365 | 6,107 | 21,199 | 23,300 | |||||
| Noninterest income: | ||||||||||
| Loan servicing income, net | 788 | 761 | 582 | 2,769 | 3,100 | |||||
| Gain (loss) on sale of government guaranteed loans, net | 290 | (2,033) | 8,425 | 11,720 | 28,252 | |||||
| Service charges and fees | 471 | 474 | 451 | 1,867 | 1,794 | |||||
| Government guaranteed loans fair value gain (loss), net | (1,880) | (882) | (80) | (1,075) | 9,843 | |||||
| Government guaranteed loan packaging fees | 95 | 380 | 773 | 1,768 | 4,105 | |||||
| Gain on sale of premises and equipment | — | — | 11,649 | — | 11,649 | |||||
| Other noninterest income | 132 | 254 | 476 | 1,347 | 1,726 | |||||
| Total noninterest income | (104) | (1,046) | 22,276 | 18,396 | 60,469 | |||||
| Noninterest Expense: | ||||||||||
| Salaries and benefits | 4,681 | 7,637 | 7,351 | 28,429 | 31,063 | |||||
| Bonus, commissions, and incentives | (8) | 530 | 1,074 | 855 | 4,445 | |||||
| Occupancy and equipment | 1,330 | 1,525 | 1,217 | 6,068 | 4,848 | |||||
| Data processing | 1,687 | 2,049 | 1,749 | 7,859 | 6,745 | |||||
| Marketing and business development | 281 | 262 | 390 | 1,433 | 2,050 | |||||
| Professional services | 1,083 | 859 | 803 | 3,456 | 3,882 | |||||
| Loan servicing and origination expense | 1,135 | 3,273 | 758 | 8,001 | 6,391 | |||||
| Employee recruiting and development | 210 | 364 | 445 | 1,653 | 2,186 | |||||
| Regulatory assessments | 694 | 484 | 379 | 1,869 | 1,249 | |||||
| Restructure charges | 21 | 7,262 | — | 7,283 | — | |||||
| Other noninterest expense | 755 | 970 | 1,169 | 3,519 | 3,923 | |||||
| Total noninterest expense | 11,869 | 25,215 | 15,335 | 70,425 | 66,782 | |||||
| Income (loss) before taxes from continuing operations | (2,822) | (25,896) | 13,048 | (30,830) | 16,987 | |||||
| Income tax expense (benefit) from continuing operations | (359) | (6,994) | 3,272 | (7,893) | 4,315 | |||||
| Net income (loss) from continuing operations | (2,463) | (18,902) | 9,776 | (22,937) | 12,672 | |||||
| Loss from discontinued operations before income taxes | — | — | — | — | (92) | |||||
| Income tax benefit from discontinued operations | — | — | — | — | (23) | |||||
| Net loss from discontinued operations | — | — | — | — | (69) | |||||
| Net income (loss) | (2,463) | (18,902) | 9,776 | (22,937) | 12,603 | |||||
| Preferred dividends | 385 | 385 | 385 | 1,541 | 1,541 | |||||
| Net income available to (loss attributable to) common shareholders | $ | (2,848) | $ | (19,287) | $ | 9,391 | $ | (24,478) | $ | 11,062 |
BayFirst Financial Corp. Reports Fourth Quarter 2025 Results
January 29, 2026
Page 11
| BAYFIRST FINANCIAL CORP. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
| For the Quarter Ended | Year-to-Date | |||||||||
| (Dollars in thousands, except per share data) | 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |||||
| Basic earnings (loss) per common share: | Unaudited | Unaudited | Unaudited | Unaudited | ||||||
| Continuing operations | $ | (0.69) | $ | (4.66) | $ | 2.27 | $ | (5.93) | $ | 2.69 |
| Discontinued operations | — | — | — | — | (0.01) | |||||
| Basic earnings (loss) per common share | $ | (0.69) | $ | (4.66) | $ | 2.27 | $ | (5.93) | $ | 2.68 |
| Diluted earnings (loss) per common share: | ||||||||||
| Continuing operations | $ | (0.69) | $ | (4.66) | $ | 2.11 | $ | (5.93) | $ | 2.64 |
| Discontinued operations | — | — | — | — | (0.02) | |||||
| Diluted earnings (loss) per common share | $ | (0.69) | $ | (4.66) | $ | 2.11 | $ | (5.93) | $ | 2.62 |
BayFirst Financial Corp. Reports Fourth Quarter 2025 Results
January 29, 2026
Page 12
Loan Composition
| (Dollars in thousands) | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
| Real estate: | ||||||||||
| Residential | $ | 365,427 | $ | 364,020 | $ | 356,559 | $ | 339,886 | $ | 330,870 |
| Commercial | 212,579 | 231,039 | 292,923 | 296,351 | 305,721 | |||||
| Construction and land | 48,397 | 43,700 | 53,187 | 46,740 | 32,914 | |||||
| Commercial and industrial | 180,242 | 194,654 | 223,239 | 234,384 | 226,522 | |||||
| Commercial and industrial - PPP | 6 | 13 | 191 | 457 | 941 | |||||
| Consumer and other | 86,441 | 90,946 | 93,333 | 93,889 | 93,826 | |||||
| Loans held for investment, at amortized cost, gross | 893,092 | 924,372 | 1,019,432 | 1,011,707 | 990,794 | |||||
| Deferred loan costs, net | 16,371 | 17,096 | 21,118 | 20,521 | 19,499 | |||||
| Discount on government guaranteed loans | (6,811) | (7,506) | (8,780) | (8,727) | (8,306) | |||||
| Premium on loans purchased, net | 2,650 | 2,941 | 3,342 | 3,415 | 3,739 | |||||
| Loans held for investment, at amortized cost, net | 905,302 | 936,903 | 1,035,112 | 1,026,916 | 1,005,726 | |||||
| Government guaranteed loans held for investment, at fair value | 58,592 | 61,780 | 90,687 | 57,901 | 60,833 | |||||
| Total loans held for investment, net | $ | 963,894 | $ | 998,683 | $ | 1,125,799 | $ | 1,084,817 | $ | 1,066,559 |
Nonperforming Assets (Unaudited)
| (Dollars in thousands) | 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonperforming loans (government guaranteed balances), at amortized cost, gross | $ | 8,072 | $ | 8,865 | $ | 7,478 | $ | 9,728 | $ | 4,037 | |||||
| Nonperforming loans (unguaranteed balances), at amortized cost, gross | 16,271 | 15,822 | 14,187 | 15,078 | 13,570 | ||||||||||
| Total nonperforming loans, at amortized cost, gross | 24,343 | 24,687 | 21,665 | 24,806 | 17,607 | ||||||||||
| Nonperforming loans (government guaranteed balances), at fair value | 83 | — | 502 | 507 | — | ||||||||||
| Nonperforming loans (unguaranteed balances), at fair value | 1,453 | 1,385 | 1,430 | 1,419 | 1,490 | ||||||||||
| Total nonperforming loans, at fair value | 1,536 | 1,385 | 1,932 | 1,926 | 1,490 | ||||||||||
| OREO | 400 | 400 | 400 | 132 | 132 | ||||||||||
| Repossessed assets | 263 | 32 | — | 36 | 36 | ||||||||||
| Total nonperforming assets, gross | $ | 26,542 | $ | 26,504 | $ | 23,997 | $ | 26,900 | $ | 19,265 | |||||
| Nonperforming loans as a percentage of total loans held for investment(1) | 2.69 | % | 2.63 | % | 2.09 | % | 2.42 | % | 1.75 | % | |||||
| Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1) | 1.80 | % | 1.69 | % | 1.37 | % | 1.47 | % | 1.35 | % | |||||
| Nonperforming assets as a percentage of total assets | 2.04 | % | 1.97 | % | 1.79 | % | 2.08 | % | 1.50 | % | |||||
| Nonperforming assets (excluding government guaranteed balances) to total assets | 1.29 | % | 1.21 | % | 1.12 | % | 1.22 | % | 1.06 | % | |||||
| ACL to nonperforming loans(1) | 90.35 | % | 99.18 | % | 78.66 | % | 66.57 | % | 88.10 | % | |||||
| ACL to nonperforming loans (excluding government guaranteed balances)(1) | 135.18 | % | 154.75 | % | 120.12 | % | 109.52 | % | 114.31 | % |
(1) Excludes loans measured at fair value
Note: Transmitted on Globe Newswire on January 29, 2026, at 4:00 p.m. ET.
bayfirstinvestorpresenta
BayFirst Financial Corp. (NASDAQ:BAFN) 2025 – Fourth Quarter Results (Unaudited)
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 and credit quality; 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; enforcement actions initiated by our regulators and their impact on our operations; 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. Cautionary Statement Concerning Forward-Looking Information Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
3 ABOUT BAYFIRST FINANCIAL CORP. TAMPA BAY’S PREMIER COMMUNITY BANKING FRANCHISE IN THE TAMPA BAY- SARASOTA REGION(1) HOW WE RANK 3 ASSET SIZE BILLION TOTAL ASSETS (2)$1.30 ASSET GROWTH ASSET GROWTH SINCE DEC 31, 2020(2)42% (1) Deposit ranking of banks with assets less than $10B headquartered in the Tampa Bay-Sarasota region as of September 30, 2025 from Uniform Bank Performance Reports (2) Financial data as of December 31, 2025 NET INTEREST MARGIN STABLE NET INTEREST MARGIN FOR THE QUARTER DEPOSITS $40.7 MILLION IN TOTAL DEPOSIT GROWTH OVER THE PAST YEAR(2) COMMUNITY BANKING Expanded treasury management services through new platform and additional treasury management associates
4 ABOUT BAYFIRST FINANCIAL CORP. CURRENT BANKING CENTER LOCATION CONVENIENT AND ATTRACTIVE BANKING CENTER FRANCHISE IN TAMPA BAY-SARASOTA REGION
5 ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of December 31, 2025 24.4% 18.3% 20.0% 13.5% 9.3% 4.9% 0.7% 8.9% C&I Residential HELOC Owner-occupied nonfarm/nonresidential Other nonfarm/nonresidential C&D Multifamily residential and farmland Consumer & Other Loan Highlights • Loan portfolio is well-diversified across major loan types with a low concentration of non owner-occupied commercial real estate loans • Total loan production of $26 million during the quarter • Total loans decreased $103 million over the last twelve months primarily due to the exit of the SBA 7(a) lending business and the sale of $97 million of loan balances
6 SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of December 31, 2025 • Total Deposits increased $12 million for the quarter and $41 million over the last twelve months • Approximately 85% of deposits were insured as of December 31, 2025 • Short-term brokered deposits were $196 million as of December 31, 2025 • Grew number of checking accounts by 6% YTD Noninterest Bearing Transaction, 8.1% Interest Bearing Transaction, 19.5% Savings & Money Market, 38.4% Time Deposits, 34.0% Deposit Highlights
7 INVESTMENT SECURITIES AFS Investment Securities Portfolio as of December 31, 2025 (fair market value, in thousands) Investment Securities Portfolio Details • Minimal exposure to market value losses due to modest investment securities portfolio (2% of total assets) • Other Comprehensive Loss of $2.0 million reduced Tangible Book Value by $0.48 as of December 31, 2025 ◦ We intend and have the ability to hold the available for sale investment securities to maturity; no plan to sell ◦ No impact to regulatory capital ratios • $2.5 million of HTM investment securities, net of ACL of $7 thousand Asset-backed securities, $2,822 MBS: U.S. Government- sponsored enterprises, $4,899 CMO: U.S. Government- sponsored enterprises, $17,768 Corporate bonds, $3,874
8 QUARTERLY EARNINGS For the Three Months Ended ($000s) 12/31/2025 9/30/2025 Increase/ (Decrease) 12/31/2024 Increase/ (Decrease) Interest income $ 20,950 $ 21,654 $ (704) $ 21,754 $ (804) Interest expense 9,792 10,374 (582) 11,101 (1,309) Net interest income 11,158 11,280 (122) 10,653 505 Provision for credit losses 2,007 10,915 (8,908) 4,546 (2,539) Noninterest income (104) (1,046) 942 22,276 (22,380) Noninterest expense 11,869 25,215 (13,346) 15,335 (3,466) Income tax expense (benefit) (359) (6,994) 6,635 3,272 (3,631) Net income (loss) (2,463) (18,902) 16,439 9,776 (12,239) Preferred dividends 385 385 — 385 — Net income available to (loss attributable to) common shareholders $ (2,848) $ (19,287) $ 16,439 $ 9,391 $ (12,239)
9 Year Ended December 31, ($000s) 2025 2024 Increase/ (Decrease) Interest income $ 85,794 $ 82,810 $ 2,984 Interest expense 40,009 44,784 (4,775) Net interest income 45,785 38,026 7,759 Provision for credit losses 24,586 14,726 9,860 Noninterest income 18,396 60,469 (42,073) Noninterest expense 70,425 66,782 3,643 Income tax expense (7,893) 4,315 (12,208) Net income (loss) from continuing operations (22,937) 12,672 (35,609) Net income (loss) from discontinued operations — (69) 69 Net income (loss) (22,937) 12,603 (35,540) Preferred dividends 1,541 1,541 — Net income available to (loss attributable to) common shareholders $ (24,478) $ 11,062 $ (35,540) YEAR TO DATE EARNINGS
10 KEY METRICS As of and For the Three Months Ended As of and For the Year Ended 12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024 Return on average assets(1) (0.74) % (5.62) % 3.07 % (1.73) % 1.05 % Return on average common equity(1) (15.51) % (83.19) % 42.71 % (27.45) % 12.84 % Tangible book value per common share $ 17.22 $ 17.90 $ 22.95 $ 17.22 $ 22.95 Diluted earnings (loss) per common share $ (0.69) $ (4.66) $ 2.11 $ (5.93) $ 2.62 Total Capital (to risk-weighted assets)(2) 10.31 % 9.71 % 12.14 % 10.31 % 12.14 % Common Equity Tier 1 Capital (to risk- weighted assets)(2) 9.05 % 8.44 % 10.89 % 9.05 % 10.89 % Tier 1 Capital (to total assets)(2) 6.63 % 6.64 % 8.82 % 6.63 % 8.82 % Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3) 1.80 % 1.69 % 1.35 % 1.80 % 1.35 % ACL/Total loans held for investment at amortized cost 2.43 % 2.61 % 1.54 % 2.43 % 1.54 % (1) Annualized (2) Capital Ratios are at the Bank (3) Excludes loans measured at fair value
11 QTD INTEREST MARGIN 3.60% 3.77% 4.06% 3.61% 3.58% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0.0% 2.0% 4.0% 6.0% Net Interest Margin Loan Yield 7.64% 7.37% 7.67% 7.20% 7.24% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0.0% 2.5% 5.0% 7.5% 10.0% Cost of Funds Net Interest Margin ($ in millions) 4.19% 3.76% 3.75% 3.71% 3.48% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0.0% 2.0% 4.0% 6.0% $10.7 $11.0 $12.3 $11.3 $11.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $0.0 $5.0 $10.0 $15.0
12 $95 $94 $92 $74 $71 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $20 $40 $60 $80 $100 $120 STRATEGIC GROWTH Total Assets ($M) Total Loans HFI ($M) Total Deposits ($M) Tangible Common Equity ($M) $1,288 $1,292 $1,344 $1,346 $1,300 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,067 $1,085 $1,126 $999 $964 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $0 $200 $400 $600 $800 $1,000 $1,200 $1,143 $1,128 $1,164 $1,171 $1,184 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400
13 TANGIBLE BOOK VALUE PER COMMON SHARE $22.95 $22.77 $22.30 $17.90 $17.22 Tangible Book Value Per Common Share Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $10 $13 $15 $18 $20 $23 $25
14 COMMUNITY BANKING PERFORMANCE Q4 2025 Loan Production Summary: ▪ Loan production during the quarter was $7.7 million(1) ▪ Total Loans (held for sale and held for investment) decreased by a net $128.8 million QoQ due to the sale of $96.6 million of SBA 7(a) loan balances Q4 2025 Deposit Summary: ▪ Deposit balances increased $12.5 million QoQ ▪ Deposit portfolio increased by 5.8% in number of accounts (to 22,088 accounts totaling $1.18 billion) YTD Treasury Management: • Expanded treasury management services through new platform and additional treasury management associates Q4 2025 Highlights Banking Center & Deposits ($ in 000s) Total Deposits # Branch Year Opened 12/31/2025 12/31/2024 12/31/2023 1 St. Petersburg(2) 2017 $ 441,250 $ 323,294 $ 265,715 2 Seminole 1999 170,224 156,344 143,073 3 Pinellas Park 2005 102,021 101,563 96,019 4 Downtown Sarasota 2018 97,875 179,252 164,594 5 Countryside 2018 56,913 59,228 59,172 6 West Tampa 2020 100,324 108,912 102,958 7 Belleair Bluffs 2021 53,276 52,134 38,531 8 West Bradenton 2022 58,386 60,011 54,307 9 Carrollwood 2023 40,569 51,082 39,341 10 Bee Ridge 2023 32,819 30,325 21,426 11 North Sarasota 2023 2,876 1,305 2 12 South Tamiami Trail 2024 27,405 19,779 — Total Branches (12) $ 1,183,938 $ 1,143,229 $ 985,138 (1) Excludes government guaranteed loan production (2) St. Petersburg branch deposits include other deposits generated by Government Guaranteed Banking, Cash Management, Corporate Treasury, and Virtual
15 $26.8 $29.0 $36.2 $15.8 $1.2 $13.3 $15.5 $6.4 $1.4 $5.6$5.6 $0.5 $3.1 $8.2 $0.3 $5.3 $6.1 $5.0 $2.6 $0.7 Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $0 $5 $10 $15 $20 $25 $30 $35 $40 Community Banking New Loan Production Community Banking New Loan Production ($M) (1) Includes residential first mortgages, home equity lines of credit, and home equity closed loans
16 $645.3 $675.1 $698.0 $700.7 $678.5 $340.2 $355.9 $378.2 $380.9 $380.7 $189.0 $200.8 $202.9 $200.0 $182.6$30.7 $31.1 $28.5 $32.3 $32.4 $85.4 $87.2 $88.5 $87.4 $82.8 Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 $200 $300 $400 $500 $600 $700 Community Banking Loan Balances Community Banking Loan Balances ($M) (1) Includes residential first mortgages, home equity lines of credit, and home equity closed loans
17 $20 $44 $58 $98 2022 2023 2024 2025 $— $20 $40 $60 $80 $100 $120 • With our new treasury management platform operational, we are now servicing small and medium sized businesses as well as large businesses through our two online platforms • Lockbox services implementation finalized in February 2025, providing another service for our customers • The Bank expanded its treasury management staff to four with the addition of two new experienced associates • Created products and services specifically for Associations in February 2025 TREASURY MANAGEMENT SERVICES Treasury Management Services Treasury Management Fee Income ($000s)
18 ASSET QUALITY 1.34% 1.28% 2.60% 1.24% 1.95% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0.0% 1.0% 2.0% 3.0% Net charge-offs/Total average loans HFI at amortized cost ACL/Total loans held for investment at amortized cost 1.54% 1.61% 1.65% 2.61% 2.43% 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 0.0% 1.0% 2.0% 3.0% ACL to nonperforming loans(1)(2) Past due and Nonaccrual loans to Total loans HFI at amortized cost(1)(2) 114.31% 109.52% 120.12% 154.75% 135.18% 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 0.0% 50.0% 100.0% 150.0% 200.0% 2.16% 2.51% 2.30% 3.07% 3.48% 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 0.0% 1.0% 2.0% 3.0% 4.0% (1) Excludes government guaranteed balances (2) Excludes loans measured at fair value
19 APPENDIX
20 OWNERSHIP OVERVIEW Total Common Stock Ownership Mix Note: Ownership information based on most recently disclosed common shares outstanding of 4,110,003 as of 1/26/26 Source: S&P Capital IQ Pro Vanguard Group Inc., 2.60% First Manhattan Co., 3.11% Banc Funds Company LLC, 4.13% All Other Institutions, 6.97% Mark S. Berset, 6.97% All Other Directors/ Executive Officers, 7.91% Public/Other, 68.31%
21 DEPOSITS IN TAMPA BAY-SARASOTA REGION Total Deposits (Total Assets <$10BN and HQ in Tampa Bay-Sarasota Region) Note: Deposit data as of September 30, 2025 Source: Uniform Bank Performance Reports Average Deposits Branches Deposits per Branch Rank Institution ($ millions) (No.) ($ millions) 1 Bank of Tampa $2,767 13 $213 2 Climate First 1,198 3 399 3 BayFirst National Bank 1,171 12 98 4 Flagship Bank 600 6 100 5 Waterfall Bank 316 1 316 6 Central Bank 296 4 74 7 Gulfside Bank 294 2 147 8 TCM Bank NA 286 1 286 9 Century Bank of Florida 83 1 83
22 LIQUIDITY SOURCES • Available Liquidity ◦ $207 million in cash and due from other banks ◦ $29 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $187 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $32 million available at the Federal Reserve Bank based on pledged loans • Contingent Sources ◦ Up to $64 million in brokered deposits (1) ◦ Up to $390 million in listing service deposits (1) (1) Based on Bank’s policy limits Data as of December 31, 2025
23 EXPERIENCED LEADERSHIP TEAM • Joined BayFirst as CFO in Q2 2018; Prior to joining BayFirst, Controller of Central Bank & Trust Co., a $2.5 billion privately held financial institution in Lexington, Kentucky, from May 2014 to June 2018 • Approximately 16 years with Crowe LLP as an auditor in the financial institution practice; served over 80 financial institution clients with assets ranging from $50 million to $4.5 billion throughout career, including several SEC registrants and FDICIA reporting institutions • B.S. in Accounting from the University of Kentucky • Joined BayFirst in Q1 2016 • Previous experience includes Florida Market President of Stearns Bank, SBA Product Manager of HomeBanc, and Community Bank President and SBA President of Republic Bank (MI) • B.A. in Business Administration from University of Notre Dame Robin Oliver Thomas G. Zernick Chief Executive Officer & Director of BayFirst and the Bank President, Chief Operating Officer & Director of BayFirst and the Bank Scott J. McKim EVP, Chief Financial Officer of BayFirst and the Bank • Joined BayFirst in July 2023 • Previous experience includes Chief Strategy Officer of 121 Financial Credit Union, Chief Financial Officer and Chief Lending Officer of Publix Employees Federal Credit Union, and Director of Corporate Finance and Divisional CFO for Huntington Bancshares • B.S. in Accounting from Bowling Green State University and a M.B.A from Max M. Fisher College of Business, The Ohio State University
24 EXPERIENCED LEADERSHIP TEAM • Joined BayFirst in Q4 2017; Prior to joining BayFirst, over fifteen years of Mortgage Banking administration experience as well as Human Resources experience supporting mid-size financial institutions • B.B.S from The University of Florida and M.B.A from The University of Tampa Brandi Jaber Susan Khayat EVP, Chief Administrative Officer EVP, Chief Credit Officer Nick Smith EVP, Chief Human Resources Officer • Prior to joining the BayFirst HR team in January 2021, Nick served in leadership roles in the finance, aerospace, and pulp and paper industries. • BA from Murray State University and his MBA from University of Southern Indiana • Prior to joining BayFirst in 2025, Ms. Khayat served as Chief Credit Officer at Fieldpoint Private Bank and assisted Price Waterhouse Coopers with compliance risk reviews while contracted with MBO Partners in Atlanta and has served as Chief Risk Officer and Chief Credit Officer at other community banks and worked many years as a bank regulator with the US Department of the Treasury • Ms. Khayat received her BBA in Finance from Mercer University • Prior to joining BayFirst in 2022, Mr. Curtis served as EVP, Chief Lending Officer at Freedom Bank. He has also held senior leadership positions with Seacoast Bank • Mr. Curtis received his degree from Florida State University and completed executive banking programs at the LSU Graduate School of Banking and University of Florida’s Florida School of Banking Adam Curtis EVP, Chief Lending Officer