---
schema_version: "secwatch.filing_event.v1"
accession: "0001649739-23-000290"
form_type: "8-K"
ticker: "BAFN"
cik: "0001649739"
company_name: "BayFirst Financial Corp."
filed_at: "2023-10-31T23:59:59+00:00"
generated_at: "2026-06-09T04:46:04.463840+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.72
calibrated_materiality_score: 0.72
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001649739-23-000290
- form_type: 8-K
- ticker: BAFN
- cik: 0001649739
- company_name: BayFirst Financial Corp.
- filed_at: 2023-10-31T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.72
- calibrated_materiality_score: 0.72
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1649739/000164973923000290/0001649739-23-000290-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1649739/000164973923000290/bafn-20231027.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001649739-23-000290
- JSON: https://secwatch.observer/filing/0001649739-23-000290.json
- Plain text: https://secwatch.observer/filing/0001649739-23-000290.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.