secwatch.observer — SEC 8-K summary
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Issuer:     BayFirst Financial Corp. (BAFN)
CIK:        0001649739
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001649739-24-000127
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649739/000164973924000127/0001649739-24-000127-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649739/000164973924000127/bafn-20240425.htm
  HTML page:      https://secwatch.observer/filing/0001649739-24-000127

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