---
schema_version: "secwatch.filing_event.v1"
accession: "0001649739-24-000127"
form_type: "8-K"
ticker: "BAFN"
cik: "0001649739"
company_name: "BayFirst Financial Corp."
filed_at: "2024-04-25T23:59:59+00:00"
generated_at: "2026-06-03T08:03:00.409516+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001649739-24-000127
- form_type: 8-K
- ticker: BAFN
- cik: 0001649739
- company_name: BayFirst Financial Corp.
- filed_at: 2024-04-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1649739/000164973924000127/0001649739-24-000127-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1649739/000164973924000127/bafn-20240425.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001649739-24-000127
- JSON: https://secwatch.observer/filing/0001649739-24-000127.json
- Plain text: https://secwatch.observer/filing/0001649739-24-000127.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649739/000164973924000127/0001649739-24-000127-index.htm

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