BayFirst Q2 net income rises to $0.9M; expenses down, credit costs improve

BayFirst Financial Corp.

2024-Q2 EPS reported $0.22

Net income $0.9M ($0.12 diluted EPS) vs Q1 $0.8M ($0.11); down from Q2 2023 $1.4M.
Government guaranteed loan originations $98.7M, down 24.4% from Q1; gain on sale fell $2.5M.
Noninterest expense decreased $1.2M from Q1 to $16.6M via headcount cuts and vendor savings.
Net charge-offs $3.3M (annualized 1.45%) vs Q1 $3.7M (1.71%); provision $3.0M vs $4.1M.
Declared $0.08 quarterly dividend payable Sept 15, 2024 to holders of record Sept 1.

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