BayFirst posts Q2 net loss of $32.7M; asset resolution plan charges $41.5M

BayFirst Financial Corp.

Net loss of $32.7M ($8.05/share) vs restated Q1 loss of $5.9M; driven by $41.5M asset resolution plan expenses.
Restating 2024, 2025, Q1 2026: understated provision expense ($2.8M pretax) and overstated gain on sale ($3.4M pretax) on SBA 7(a) loans.
Book value per share fell to $4.83 from $14.22 at March 31, 2026; tangible book value $4.82.
Loans held for investment down 21.2% YoY to $882.8M; deposits down 15% to $988.9M.
Bank well-capitalized (Tier 1 leverage 8.30%); redeemed Series A and B preferred for $6.46M and $3.24M in August 2026.

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