8-K
filed April 30, 2026, 7:59 PM ET
ticker BAFN
CIK 0001649739
other material
confidence high
sentiment neutral
materiality 0.85
BayFirst raises $80M in PIPE, reports Q1 loss of $5.7M, names new bank CEO
BayFirst Financial Corp.
- Raised $80M via convertible preferred stock PIPE; initial conversion price of $3.50 per common share.
- Q1 2026 net loss of $5.7M ($1.48 per diluted share) vs. Q4 2025 loss of $2.5M ($0.69).
- Alfred T. Rogers appointed President and CEO of BayFirst National Bank; Thomas Zernick retired.
- Filed S-1 for public offering of up to 4.1M common shares at $3.50 to existing shareholders as of May 12, 2026.
- Net interest margin fell 35 bps YoY to 3.42%; loans held for investment down 14.2% YoY.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 1.0
BayFirst Financial Corp. reported first quarter of 2026 results: net income $5.7 million, EPS $1.48 per common share and diluted common share.
- Period
- first quarter of 2026
- Net income
- $5.7 million
- EPS
- $1.48 per common share and diluted common share
- Result
- reported results
Exact text from the filing
the Company reported a net loss of $5.7 million, or $1.48 per common share and diluted common share, for the first quarter of 2026
View on SEC.gov
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.98
BayFirst Financial Corp. issued 4,000 shares (the "Series D Shares") of the Company's Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series D, no par value (the "Series D Prefer of preferred stock to Kenneth R. Lehman and other investors for gross proceeds of $80,000,000.
- Security
- preferred stock
- Shares
- 4,000 shares (the "Series D Shares") of the Company's Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series D, no par value (the "Series D Prefer
- Purchaser
- Kenneth R. Lehman and other investors
- Consideration
- gross proceeds of $80,000,000
Exact text from the filing
On April 28, 2026, BayFirst Financial Corp. (the “Company”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Kenneth R. Lehman and other investors (each, a “Purchaser” and collectively, the “Purchasers”). Pursuant to the Securities Purchase Agreement, on that same date, the Company issued and sold to the Purchasers, in the aggregate: (i) 4,000 shares (the “Series D Shares”) of the Company’s Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series D, no par value (the “Series D Preferred Stock”), at a purchase price of $10,000 per Series D Share; and (ii) 4,000 shares (the “Series E Shares” and together with the Series D Shares, the “Preferred Shares”) of the Company’s Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series E, no par value, at a purchase price of $10,000 per Series E Share, in a private placement (the “Private Placement”), for gross proceeds of $80,000,000.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Alfred T. Rogers, Jr. was appointed as President, Chief Executive Officer, and Principal Executive Officer at BayFirst Financial Corp..
- Action
- appointed
- Role
- President, Chief Executive Officer, and Principal Executive Officer
Exact text from the filing
On April 28, 2026, the Bank appointed Alfred T. (“Al”) Rogers, Jr. to serve as its President, Chief Executive Officer, and Principal Executive Officer, and as a member of its board of directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robin L. Oliver was appointed as principal executive officer (interim) at BayFirst Financial Corp..
- Action
- appointed
- Role
- principal executive officer (interim)
Exact text from the filing
The Company has appointed its President, Robin L. Oliver, to serve as principal executive officer on an interim basis.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas G. Zernick retired as Chief Executive Officer and director at BayFirst Financial Corp..
- Action
- retired
- Role
- Chief Executive Officer and director
Exact text from the filing
On April 30, 2026, Thomas G. Zernick retired as Chief Executive Officer, principal executive officer, and a director of the Company.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
BayFirst Financial Corp.: Created and authorized 4,000 shares of Series D Preferred Stock and 4,000 shares of Series E Preferred Stock via Articles of Amendment (effective 2026-04-28).
- Change
- charter amendment
- Effective
- 2026-04-28
Exact text from the filing
On April 28, 2026, the Company filed Articles of Amendment to its Articles of Incorporation with the Florida Division of Corporations creating and authorizing 4,000 shares of Series D Preferred Stock and 4,000 shares of Series E Preferred Stock.
View on SEC.gov
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