BayFirst Q1 net income falls to $0.8M ($0.11 EPS); provision jumps to $4.1M on higher charge-offs

BayFirst Financial Corp.

2024-Q1 EPS reported $0.11

Net income of $0.8M ($0.11 diluted EPS) vs $1.7M ($0.32 EPS) in Q4 2023; YoY net income up from $0.7M.
Provision for credit losses surged to $4.1M from $2.7M QoQ; net charge-offs $3.7M (annualized 1.71%).
Loans held for investment rose $19.1M QoQ to $934.9M; deposits grew $22.2M QoQ to $1.01B.
Quarterly dividend of $0.08/sh declared, payable June 15 to record June 1.
FlashCap small SBA program discontinued; core SBA 7(a) production missed expectations by 50%.

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 0.98

BayFirst Financial Corp. reported first quarter of 2024 results: net income net income of $0.8 million, or $0.11 per diluted common share, EPS $0.11 per diluted common share.

Period: first quarter of 2024
Net income: net income of $0.8 million, or $0.11 per diluted common share
EPS: $0.11 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 $0.8 million, or $0.11 per diluted common share, for the first quarter of 2024

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Source: SEC EDGAR

accession 0001649739-24-000127

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