Business
BayFirst Financial Corp. Reports Earnings of $2.81 Million, or $0.61 Per Diluted Common Share, in 4Q21 and $24.62 Million, or $5.74 Per Diluted Common Share, for Year 2021; Highlighted by Strong Loan Production and Tangible Book Value per Common Share...
BayFirst Financial Corp. Reports Earnings of $2.81 Million, or $0.61 Per Diluted Common Share, in 4Q21 and $24.62 Million, or $5.74 Per Diluted Common Share,
About this update from Bayfirst Financial Corp.
[{"type":"text","content":"BayFirst Financial Corp. Reports Earnings of $2.81 Million, or $0.61 Per Diluted Common Share, in 4Q21 and $24.62 Million, or $5.74 Per Diluted Common Share, for Year 2021; Highlighted by Strong Loan Production and Tangible Book Value per Common Share Increasing 36% Year over Year to $21.75 \n ST. PETERSBURG, Fla., Jan. 26, 2022 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of First Home Bank (“First Home” or the “Bank”) reported earnings for the fourth quarter of 2021 of $2.81 million, or $0.61 per diluted common share, driven by higher gain on sale of SBA guaranteed loans, which were partially offset by a reduction in interest and origination fee income from the SBA’s Paycheck Protection Program (“PPP”) and lower residential loan fee income, compared to the previous quarter. In the third quarter of 2021, the Company reported net income of $1.28 million, or $0.26 per diluted common share, and in the fourth quarter of 2020 the Company earned $5.61 million, or $1.35 per diluted common share. The variability in financial metrics for the fourth quarter of 2021 compared to the year ago period is a direct reflection of the Bank’s participation in PPP over the course of the last two years. Fourth quarter earnings increased tangible book value to $21.75 per common share, a 35.80% increase from $16.02 a year ago. All per share data has been adjusted to reflect the 3-for-2 common stock split effective May 10, 2021. Net income for the year 2021 increased 93.80% to a record $24.62 million, compared to $12.70 million in 2020. Earnings per common share increased to $5.74 per diluted common share in 2021, compared to $3.01 per diluted common share in 2020. Increases in PPP origination fees earned and lower provision for loan losses contributed to the increase in net income during 2021 compared to 2020. “We delivered strong earnings for the fourth quarter and record earnings for the full year in 2021, as we continue pivoting away from extraordinary pandemic-related activities, and refocus our efforts towards our strategic growth plan,” stated Anthony N. Leo, Chief Executive Officer. “As a rapidly growing financial institution, we are driven by our commitment to increase strategic opportunities and establish our reputation as one of the preeminent commu...