BayFirst Q3 net income $1.9M ($0.41 EPS); deposits and loans grow, NIM compresses

BayFirst Financial Corp.

2023-Q3 EPS reported $0.83

Net income $1.9M ($0.41 diluted EPS) vs $1.4M ($0.29) in Q2 2023; net income from continuing ops $2.0M.
Net interest margin compressed 82 bps to 3.36% due to higher deposit costs; Q2 included 30 bps one-time benefit.
CreditBench originated $155.9M in government guaranteed loans (+25% QoQ); BOLT loans $84.9M.
Deposits grew $73M to $1.02B (+7.7% QoQ); loans held for investment ex-PPP up $42.2M to $863.2M (+5.1%).
Declared $0.08 per share quarterly dividend (30th consecutive); completed $3.83M preferred stock offering.

item 2.02 item 7.01 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 2023 results: net income $1.9 million, EPS $0.41 per diluted common share.

Period: third quarter of 2023
Net income: $1.9 million
EPS: $0.41 per diluted common 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 of $1.9 million, or $0.41 per diluted common share, for the third quarter of 2023 compared to $1.4 million, or $0.29 per diluted common share, in the second quarter of 2023.

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BayFirst Financial Corp. filing history →

Source: SEC EDGAR

accession 0001649739-23-000287

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