secwatch.observer — SEC 8-K summary
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Issuer:     BayFirst Financial Corp. (BAFN)
CIK:        0001649739
Form:       8-K
Filed at:   2023-10-31T23:59:59+00:00
Accession:  0001649739-23-000290
Event type: earnings
Sentiment:  neutral
Materiality: 0.72
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649739/000164973923000290/0001649739-23-000290-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649739/000164973923000290/bafn-20231027.htm
  HTML page:      https://secwatch.observer/filing/0001649739-23-000290

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer