BayFirst Financial Corp. reported a net loss of $335,000, or $0.17 per diluted share, for the first quarter of 2025, a significant decline from a net income of $824,000, or $0.11 per diluted share, in the same period last year. The decrease in profitability was attributed to a drop in noninterest income, particularly a $762,000 reduction in gains from the sale of government guaranteed loans and a $4.1 million decrease in fair value gains on these loans. Despite these challenges, net interest income increased to $10.999 million from $8.742 million year-over-year, driven by a decrease in interest costs on deposits.
Total assets for BayFirst Financial Corp. rose slightly to $1.292 billion as of March 31, 2025, compared to $1.288 billion at the end of 2024. The company’s loan portfolio also expanded, with loans held for investment (HFI) at amortized cost increasing to $1.027 billion from $990 million at the end of the previous year. The allowance for credit losses (ACL) on loans increased to $16.5 million, representing 1.61% of total loans HFI, reflecting management's proactive approach to potential credit losses amid changing economic conditions.
In terms of operational developments, BayFirst Financial Corp. has continued to focus on its government guaranteed loan segment, originating $106.3 million in loans during the first quarter of 2025. The company also reported a decrease in total deposits to $1.128 billion from $1.143 billion, primarily due to reductions in savings and money market accounts. The bank's employee headcount increased to 305 from 299, indicating a commitment to enhancing service capacity.
Looking ahead, BayFirst Financial Corp. has initiated a share repurchase program, allowing for the repurchase of up to $2 million of its outstanding shares, which reflects management's confidence in the company's long-term value. Additionally, the board declared a cash dividend of $0.08 per common share, continuing its history of consistent dividend payments. The company remains focused on maintaining adequate capital levels, with all capital ratios exceeding regulatory requirements, positioning itself for future growth and stability in a competitive banking environment.
About BayFirst Financial Corp.
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