BayFirst Financial Corp. reported a third-quarter net loss of $0.7 million, or $0.04 per diluted share, a significant improvement from the $32.7 million loss in the second quarter and the $19.1 million loss in the prior-year period. Net interest margin expanded 59 basis points to 4.07%, driven by lower deposit costs and increased loan yields. Total loans held for investment rose $20.1 million to $903.0 million, while deposits grew $25.3 million to $1.01 billion. The company also sold 4.1 million shares in a rights offering for $14.4 million in gross proceeds to bolster capital levels. BayFirst Financial Corp. is a bank holding company operating community banking offices in the Tampa Bay and Sarasota regions of Florida.
