Earnings ·
BayFirst Financial Corp. reported a net loss of $32.7 million, or $8.05 per diluted share, for the second quarter of…
BAFNBayFirst Financial Corp.
BayFirst Financial Corp. reported a net loss of $32.7 million, or $8.05 per diluted share, for the second quarter of 2026, compared to a restated net loss of $5.9 million in the first quarter. The deterioration was primarily driven by $41.5 million in expenses related to an asset resolution plan, including a $30.5 million provision for credit losses and noninterest expense write-offs. Net interest margin increased 4 basis points to 3.48%, while total loans held for investment decreased 4.5% to $882.8 million following the discontinuation of SBA 7(a) lending. Deposits fell 8.9% to $988.9 million, and tangible book value per share dropped significantly to $4.82 from $14.22 in the prior quarter due to the accumulated losses. The company also announced a rights offering launch for mid-August and completed the redemption of Series A and B preferred shares. BayFirst Financial Corp. operates as a community bank holding company providing commercial and consumer banking services in the Tampa Bay-Sarasota region.