BayFirst Financial Corp. announced the commencement of its previously announced rights offering following SEC effectiveness of its Form S-1 registration on August 31, 2026. The company is offering up to 4,108,072 shares of common stock at a price of $3.50 per share to shareholders of record as of May 12, 2026. This transaction represents a key step in the company's recapitalization efforts. BayFirst Financial Corp. is a bank holding company that operates through its subsidiary, BayFirst National Bank, providing commercial and consumer banking services in the Tampa Bay-Sarasota region.

On August 26, 2026, Director Anthony Leo resigned from the Boards of Directors of BayFirst Financial Corp. and its wholly-owned subsidiary, BayFirst National Bank, effective immediately. Mr. Leo previously served as Chief Executive Officer of both entities. The resignation does not involve a contested vote or governance restructuring. BayFirst Financial Corp. operates in the banking industry as a financial holding company.

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.

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.

BayFirst Financial Corp. rescheduled its second quarter 2026 earnings release to after market close on August 13, 2026, with a conference call on August 14, 2026. The delay is due to the company's asset resolution plan and the need to restate consolidated financial statements for the years ended December 31, 2024, and 2025, and the quarter ended March 31, 2026. Previously issued financial statements and audit reports for these periods are no longer reliable, and amendments to the 2025 Form 10-K and 2026 Form 10-Q are expected by August 12, 2026. BayFirst Financial Corp. is a bank holding company operating BayFirst National Bank, providing commercial and consumer banking services in the Tampa Bay-Sarasota region.

On July 14, 2026, shareholders approved a significant change in control as BayFirst Financial Corp. exchanged 4,000 shares of Series E Mandatorily Convertible Cumulative Perpetual Preferred Stock owned by Kenneth R. Lehman for 11,428,000 shares of common stock. This transaction results in Mr. Lehman holding 42.38% of the company's outstanding common shares and grants him the right to designate one director to the company's and the bank's boards. Additionally, shareholders approved an amendment to the Articles of Incorporation to increase authorized common stock from 15,000,000 to 100,000,000 shares. BayFirst Financial Corp. is a financial services company providing banking services.