Bayfirst Financial Corp. · NASDAQ:BAFN
Bayfirst Financial — Q2 2025 Earnings Presentation
30 slides from Bayfirst Financial's earnings presentation, Jul 30, 2025
Slide 1: BayFirst Financial Corp. 2025 Second Quarter Results
BayFirst Financial Corp. (NASDAQ:BAFN) 2025 – Second Quarter Results (Unaudited)
Slide 2: Cautionary Statement Concerning Forward-Looking Information
In addition to the historical information contained herein, this presentation includes "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, th
Slide 3: About BayFirst Financial Corp.
ABOUT BAYFIRST FINANCIAL CORP. TAMPA BAY’S PREMIER COMMUNITY BANKING FRANCHISE HOW WE RANK ASSET SIZE 2 $1.34 IN THE TAMPA BAY- BILLION TOTAL (1) (2) SARASOTA REGION ASSETS ASSET GROWTH SBA ORIGINATION NET INTEREST MARGIN 47% 29 BASIS POINT #8 ASSET GROWTH SBA 7(a) ORIGINATOR SINCE DEC 31, IN THE NA
Slide 4: Current Banking Center Location
ABOUT BAYFIRST FINANCIAL CORP. CURRENT BANKING CENTER LOCATION CONVENIENT AND ATTRACTIVE BANKING CENTER FRANCHISE IN TAMPA BAY-SARASOTA REGION 4
Slide 5: Technology focused community bank with diversified revenue streams
Technology focused community bank with diversified revenue streams COMMUNITY BANKING GOVERNMENT GUARANTEED BANKING • 12 banking centers in Tampa Bay- Sarasota region • BayFirst’s in-house government • Full suite of commercial and consumer guaranteed banking platform loan and deposit products to meet
Slide 6: Attractive Loan Composition
ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of June 30, 2025 Loan Highlights 0.6% 8.4% 4.7% 27.0% • Loan portfolio is well-diversified across 9.6% major loan types with a low concentration of non owner-occupied commercial real estate loans 17.7% 15.8% • Total loan product
Slide 7: Solid Deposit Composition
SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of June 30, 2025 Deposit Highlights Noninterest • Total Deposits increased $36 million Bearing Transaction, for the quarter and $121 million over 9.4% the last twelve months Time Deposits, Interest 27.7% Bearing • Approximately 80% o
Slide 8: Investment Securities
INVESTMENT SECURITIES Investment Securities Portfolio Details AFS Investment Securities Portfolio as of June 30, 2025 (fair market value, in thousands) Asset-backed Corporate bonds, $3,869 securities, $3,022 • Minimal exposure to market value losses due to modest investment securities portfolio (0.2
Slide 9: 2025 Initiatives
2025 INITIATIVES Get ready to SOAR: • Strive for operational excellence • Optimize our technology platform to be more data driven • Accelerate our focus on business banking • Realign and diversify our sources of revenue 9
Slide 10: Quarterly Earnings
QUARTERLY EARNINGS For the Three Months Ended Increase/ Increase/ ($000s) 6/30/2025 3/31/2025 (Decrease) 6/30/2024 (Decrease) Interest income $ 22,505 $ 20,685 $ 1,820 $ 20,427 $ 2,078 Interest expense 10,157 9,686 471 11,245 (1,088) Net interest income 12,348 10,999 1,349 9,182 3,166 Provision for
Slide 11: Year to Date Earnings
YEAR TO DATE EARNINGS Six Months Ended June 30, Increase/ ($000s) 2025 2024 (Decrease) Interest income $ 43,190 $ 39,614 $ 3,576 Interest expense 19,843 21,690 (1,847) Net interest income 23,347 17,924 5,423 Provision for credit losses 11,664 7,058 4,606 Noninterest income 19,546 25,921 (6,375) Noni
Slide 12: Key Metrics
KEY METRICS As of and For the Six Months As of and For the Three Months Ended Ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 (1) Return on average assets (0.37)% (0.10)% 0.29 % (0.24)% 0.29 % (1) Return on average common equity (6.83)% (3.00)% 2.26 % (4.90)% 2.16 % Tangible book value per c
Slide 13: QTD Interest Margin
QTD INTEREST MARGIN Net Interest Margin Loan Yield 6.0% 10.0% 7.93% 7.84% 7.64% 7.67% 7.37% 4.06% 7.5% 4.0% 3.60% 3.77% 3.43% 3.34% 5.0% 2.0% 2.5% 0.0% 0.0% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Cost of Funds Net Interest Margin ($ in millions) $15.0 6.0% $1
Slide 14: Strategic Growth
STRATEGIC GROWTH Strong balance sheet on track for continued sustainable growth Total Assets ($M) Total Loans HFI ($M) $1,344 $1,200 $1,085 $1,126 $1,400 $1,245 $1,288 $1,292 $1,042 $1,067 $1,218 $1,008 $1,200 $1,000 $1,000 $800 $800 $600 $600 $400 $400 $200 $200 $0 $0 Q2 2024 Q3 2024 Q4 2024 Q1 202
Slide 15: Summary of Key Ratios
SUMMARY OF KEY RATIOS (1) (1) ROAA (%) ROATCE (%) 0.50% (2) 10.00% 0.37% 0.34% (2) 0.29% 4.93% 0.25% 5.00% 3.48% 2.26% 0.00% 0.00% (0.10)% (3.00)% (0.25)% (5.00)% (0.37)% (6.83)% (0.50)% (10.00)% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 (1) Net Interest Margin
Slide 16: Tangible Book Value Per Common Share
TANGIBLE BOOK VALUE PER COMMON SHARE $25 $22.95 $22.77 $23 $22.30 $20.86 $20.54 $20 $18 $15 $13 $10 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Tangible Book Value Per Common Share 16
Slide 17: Community Banking Performance
COMMUNITY BANKING PERFORMANCE Q2 2025 Highlights Banking Center & Deposits ($ in 000s) Total Deposits Q2 2025 Loan Production Summary: Year (1) # Branch Opened 6/30/2025 6/30/2024 6/30/2023 ▪ Loan production during the quarter was $50.7 million (2) 1 St. Petersburg 2017 $ 399,221 $ 281,713 $ 277,276
Slide 18: Community Banking New Loan Production
Community Banking New Loan Production Community Banking New Loan Production ($M) $50 $44.0 $40 $36.2 $33.7 $30 $29.0 $27.0 $26.8 $20 $15.5 $13.3 $13.3 $10.7 $11.3 $10 $8.6 $5.6 $5.3 $6.1 $6.4 $5.0 $3.7 $3.1 $0.5 $0 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Real estate - residential (1) Real
Slide 19: Community Banking Loan Balances
Community Banking Loan Balances Community Banking Loan Balances ($M) $698.0 $700 $675.1 $88.5 $645.3 $87.2 $621.5 $85.4 $600 $587.3 $82.4 $28.5 $73.8 $31.1 $202.9 $30.7 $200.8 $29.1 $189.0 $500 $27.1 $178.4 $172.4 $400 $378.2 $355.9 $331.5 $340.2 $300 $314.0 $200 6/30/2024 9/30/2024 12/31/2024 3/31/
Slide 20: Treasury Management Services
TREASURY MANAGEMENT SERVICES Treasury Management Services Treasury Management Fee Income Growth ($000s) $70 • With our new treasury management platform $58 $60 operational, we can now service small and medium sized businesses as well as large $50 businesses through our two online platforms $44 $43 •
Slide 21: Government Guaranteed Banking
GOVERNMENT GUARANTEED BANKING Q2 2025 Highlights Government Guaranteed Loan Amount ($M) and Unit Volume $120 660 $108 $106 $106 • Nationally ranked #8 in total SBA units and #18 in dollars for the $99 SBA’s quarter ended June 30, 2025 $100 $94 630 • Strategic initiative to expand USDA business and i
Slide 22: Government Guaranteed Loans
Government Guaranteed Loans Guaranteed Loans HFI and Loans Serviced for Others ($M) $1,750 $1,483 $1,488 $1,505 $1,500 $1,405 $1,358 $1,250 $1,000 $1,065 $1,057 $1,066 $966 $1,010 $750 $500 $250 $392 $395 $426 $422 $440 $0 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 HFI Government Guaranteed
Slide 23: Government Guaranteed Loan Originations
GOVERNMENT GUARANTEED LOAN ORIGINATIONS Quarter Ended ($000s) 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 SBA 7(a) $ 24,624 $ 26,982 $ 23,447 $ 22,912 $ 38,441 SBA 504 2,593 1,359 1,982 1,388 — USDA — 800 17,450 21,550 — Bolt 71,459 65,218 64,905 60,473 67,922 Total $ 98,676 $ 94,359 $ 107,78
Slide 24: Asset Quality
ASSET QUALITY Net charge-offs/Total average loans HFI at amortized cost ACL/Total loans held for investment at amortized cost 3.0% 2.0% 2.60% 1.61% 1.65% 1.50% 1.48% 1.54% 1.5% 2.0% 1.45% 1.34% 1.28% 1.0% 1.16% 1.0% 0.5% 0.0% 0.0% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 6/30/2024 9/30/2024 12/31/202
Slide 25: Appendix
BAYFIRST " i : “i
Slide 26: Ownership Overview
OWNERSHIP OVERVIEW Total Common Stock Ownership Mix All Other Directors/ Mark S. Berset, 6.94% Executive Officers, 7.88% All Other Institutions, 5.62% 1st & Main Growth Partners, 3.64% First Manhattan Co., 3.04% Vanguard Group Inc., 2.14% Public/Other, 70.74% Note: Ownership information based on mos
Slide 27: Deposits in Tampa Bay-Sarasota Region
DEPOSITS IN TAMPA BAY-SARASOTA REGION Total Deposits (Total Assets <$10BN and HQ in Tampa Bay-Sarasota Region) Average Deposits Branches Deposits per Branch Rank Institution ($ millions) (No.) ($ millions) 1 Bank of Tampa $2,748 13 $211 2 BayFirst National Bank 1,128 12 94 3 Flagship Bank 602 6 100
Slide 28: Liquidity Sources
LIQUIDITY SOURCES • Available Liquidity ◦ $79 million in cash and due from other banks ◦ $30 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $156 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $56 million available at the Federal
Slide 29: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM Thomas G. • Joined BayFirst in Q1 2016 Zernick • Previous experience includes Florida Market President of Stearns Bank, SBA Product Manager of HomeBanc, and Chief Executive Officer & Community Bank President and SBA President of Republic Bank (MI) Director of BayFirst and
Slide 30: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM Brandi Jaber • Joined BayFirst in Q4 2017; Prior to joining BayFirst, over fifteen years of Mortgage Banking administration experience as well as Human Resources experience supporting mid-size financial institutions EVP, Chief Production Officer • B.B.S from The Universit