BayFirst Q3 net income $1.9M, up 171% from Q1; CEO Leo to retire Dec 31

BayFirst Financial Corp.

2023-Q3 EPS reported $0.83

Net income $1.9M ($0.81 diluted EPS adjusted), ROA 0.71%, ROE 8.46%; sequential improvement of 39% from Q2.
Net interest margin compressed 82 bps to 3.36% due to 6% CD campaign; maturing CDs not expected to renew.
Total assets $1.13B (+4.3% QoQ); deposits $1.02B; non-wholesale deposits up 28% YTD.
CEO Anthony Leo retiring 12/31/2023; President Tom Zernick to become CEO; Leo remains director.
BOLT loan annualized charge-off rate 2.93% in Q3; Upgrade consumer portfolio down to $19.6M from $29.4M.

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