secwatch.observer — SEC 8-K summary
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Issuer:     BayFirst Financial Corp. (BAFN)
CIK:        0001649739
Form:       8-K
Filed at:   2025-10-30T23:59:59+00:00
Accession:  0001649739-25-000246
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.05, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BayFirst reports $18.9M Q3 loss, exits SBA 7(a) lending; customer data exposed in cyber incident
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- Net loss of $18.9M ($4.66 EPS) vs net loss of $1.2M in Q2 2025; includes $12.4M in one-time charges.
- Exiting SBA 7(a) lending; definitive agreement to sell loans to Banesco USA at 97% of balances; close expected Q4 2025.
- Provision for credit losses $10.9M; ACL ratio increased to 2.61% of loans held for investment from 1.65%.
- Book value per share fell to $17.90 from $22.30; Tier 1 leverage ratio declined to 6.64% from 8.11%.
- Third-party marketing provider exposed customer names, DOBs, and SSNs; no evidence of misuse to date.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649739/000164973925000246/0001649739-25-000246-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649739/000164973925000246/bafn-20251028.htm
  HTML page:      https://secwatch.observer/filing/0001649739-25-000246

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