BayFirst Financial Corp. reported a net loss of $32.7 million for the quarter ended June 30, 2026, driven by a $41.5 million asset resolution plan charge-off related to its legacy unguaranteed SBA 7(a) loan portfolio and $2.2 million in one-time restructuring costs. The company restated financial results for 2024, 2025, and Q1 2026 due to material misstatements involving deferred origination costs and accrued interest on defaulted loans. Shareholders approved increasing authorized common shares from 15 million to 100 million and converting Series D and E preferred stock into approximately 22.9 million common shares. The bank raised $80 million in capital in April, resulting in tangible book value per share of $4.82 and a Tier 1 leverage ratio of 8.3%. BayFirst Financial Corp. operates as a community bank in the Tampa Bay region.
