News & Events zu Bayfirst Financial Corp (BAFN)BAFNBayfirst Financial Corp

Selling Stockholders Plan to Sell 22.86M Shares of Common Stock

This filing relates to the offer and sale from time to time by the selling stockholders of up to 22.86M shares of common stock. The company is not selling any shares under this prospectus and will not receive any of the proceeds from the sale of shares by the selling stockholders.

BayFirst Financial Completes Asset Resolution Plan Impacting $37M

BayFirst Financial announced that it has completed and quantified the impact of the asset resolution plan adopted in accordance with the transactions contemplated by the stock purchase agreement dated April 28. The asset resolution plan includes the identification of specific loans within the company's government guaranteed loan portfolio, as well as adjustments to the net amount expected to be collected on over 7,000 unguaranteed SBA 7 small balance loans. These adjustments impact loans measured at amortized cost and loans measured at fair value, and amount to $37M. Furthermore, the company will book an impairment of $1.5M on a non-marketable equity investment in a firm who was a partner with the company's former SBA 7 lending business and will also write down by $1.6M the unamortized premiums on the company's portfolio of purchased fully guaranteed USDA loans which are at risk of default or early prepayment. These items will be included in the company's second quarter earnings and financial reports that are scheduled to be released after the close of markets on July 30. As a result of such review, the company will restate its previously issued audited financial statements for the years ended December 31, 2024 and 2025, and for the first quarter ended March 31. The company's management, in consultation with its audit committee and its board of directors, identified $2.8M of deferred origination costs and $2.1M of accrued interest related to loans which had defaulted or were placed into non-accrual status in prior periods, which resulted in a material understatement of provision expense and overstatement of net interest income during the effected periods 2024, 2025 and the first quarter of 2026. These misstatements have resulted in corrections to the company's results of operations for the periods of 2024, 2025, and the first quarter of 2026. As a result, the company's previously filed financial statements and other communication relating to those periods should no longer be relied upon. The company anticipates it will file amendments to its 2025 Form 10-K and first quarter 2026 Form 10-Q by August 12. "We take our obligation to provide accurate and transparent financial reporting seriously," stated Alfred Rogers, CEO. "Once this understatement of provision expense was identified through our internal review process, we moved quickly to investigate, correct the error, and notify our shareholders and regulators. Despite the correction, the Bank remains well capitalized and well positioned to continue serving our customers and communities."

BayFirst Financial Raises $80M in Capital

BayFirst Financial announced the company has raised $80M of capital from investors in a private investment in public equity offering. "This successful capital raise reflects the trust our investors place in our institution and our long-term strategic direction," said Anthony Saravanos, chairman of the board of directors. "The Board of Directors believe that Al's experience and leadership, combined with this capital raise, will lead BayFirst back to profitability and growth as the premier financial institution of Tampa Bay." Additionally, the company announced that the Board has elected Alfred Rogers as CEO and president of BayFirst National Bank, in place of Tom Zernick who is retiring.