BayFirst Q3 net loss $1.4M on mortgage exit; continuing ops income $3.1M, record SBA production

BayFirst Financial Corp.

2022-Q3 EPS reported -$0.48

Net loss of $1.4M ($0.35 diluted loss) includes $3.7M charge to discontinue residential mortgage division.
Net income from continuing operations was $3.1M, up significantly from $391K in Q2 2022.
SBA 7(a) loan production record $139.2M, up 194.6% YoY; community banking loan production up 172% YoY.
Net interest margin expanded 90 bps QoQ to 4.63%.
Quarterly dividend of $0.08/share declared, payable Dec 15, 2022 (26th consecutive quarterly dividend).

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BayFirst Financial Corp. reported third quarter of 2022 results: net income $1.4 million, EPS $0.35 per diluted share.

Period: third quarter of 2022
Net income: $1.4 million
EPS: $0.35 per diluted share
Result: reported results

Exact text from the filing

BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported net income from continuing operations of $3.1 million for the third quarter of 2022 compared to $391 thousand in the second quarter of 2022. Following the strategic decision to discontinue the Bank’s nationwide residential mortgage operations, BayFirst recognized a one-time charge of $3.7 million in the third quarter of 2022. Net loss inclusive of discontinued operations was $1.4 million, or $0.35 per diluted share, for the third quarter of 2022, compared to a net loss of $282 thousand, or $0.10 per diluted share, in the second quarter of 2022.

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Source: SEC EDGAR

accession 0001649739-22-000323

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