BayFirst restates 2024-2026 results; $37M loan adjustments, non-reliance on prior financials

BayFirst Financial Corp.

Asset resolution plan triggers $37.0M in loan adjustments on SBA 7(a) and government-guaranteed portfolios.
Impairment of $1.5M on non-marketable equity investment and $1.6M write-down on USDA loan premiums.
2024 net income restated from $12.6M to $11.4M; 2025 net loss from $22.9M to $24.2M; Q1 2026 net loss from $5.7M to $5.9M.
Identified $2.8M deferred origination costs and $2.1M accrued interest on defaulted loans, understating provision expense.
Amendments to 2025 Form 10-K and Q1 2026 Form 10-Q expected by August 12, 2026; recovery analysis of executive compensation underway.

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