BayFirst Financial (BAFN) Q1 2026 earnings summary

Executive summary

• Raised $80 million in capital via a PIPE offering, convertible to 22.9 million shares at $3.50/share, with a rights offering for existing shareholders and a special meeting scheduled for July 14, 2026.

• Appointed Alfred Rogers as CEO and President, with new board appointments pending or receiving regulatory approvals.

• Reported a net loss of $5.7 million ($1.48 per share) for Q1 2026, compared to $2.5 million loss in Q4 2025 and $0.3 million loss in Q1 2025.

• Resumed preferred dividends and will redeem Series A preferred shares.

• Tangible book value per common share declined to $15.74 at March 31, 2026.

Financial highlights

• Net interest income was $9.4 million, down from $11.0 million in Q1 2025 and $11.2 million in Q4 2025; net interest margin declined to 3.42% from 3.77% year-over-year.

• Noninterest income was $0.9 million, up from negative $0.1 million in Q4 2025 but down from $8.8 million in Q1 2025, mainly due to lower gains on loan sales.

• Noninterest expense was $14.9 million, up from $11.9 million in Q4 2025 but down from $15.8 million in Q1 2025.

• Provision for credit losses was $3.1 million, up from $2 million in Q4 2025, but down from $4.4 million a year ago; net charge-offs increased to $4.4 million (1.98% of average loans).

• Total assets declined to $1.20 billion from $1.30 billion at year-end 2025; total deposits fell 8.3% in Q1 to $1.09 billion.

Outlook and guidance

• The capital raise is intended to restore regulatory capital ratios, support a return to profitability, and enable growth.

• Focus on managing credit risk, expanding local relationships, and developing an Asset Resolution Plan post-PIPE closing.

• No plans to expand lending outside Tampa Bay and Sarasota markets; downtown Sarasota branch scheduled to close in May 2026.