Bayfirst Financial Corp. · NASDAQ:BAFN
Bayfirst Financial — Q4 2024 Earnings Presentation
28 slides from Bayfirst Financial's earnings presentation, Apr 22, 2025
Slide 1: BayFirst Financial Corp. 2024 Fourth Quarter Results
BayFirst Financial Corp. (NASDAQ:BAFN) 2024 – Fourth 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 $1.29 IN THE TAMPA BAY- BILLION TOTAL (1) (2) SARASOTA REGION ASSETS ASSET GROWTH SBA ORIGINATION NET INTEREST MARGIN 143% #9 26 ASSET GROWTH SBA 7(a) ORIGINATOR BASIS POINT SINCE DEC 31, IN THE N
Slide 4: Key Investment Points
KEY INVESTMENT POINTS (1) ✔ Second largest community bank (deposits) based in attractive Tampa Bay-Sarasota region ✔ Total asset growth of 143% since YE2019 ✔ Deposit growth of 16% over last twelve months ✔ Among the nation’s top SBA loan originators ✔ Innovative technology driven bank planning for
Slide 5: About BayFirst Financial Corp. Banking Center Locations
ABOUT BAYFIRST FINANCIAL CORP. CURRENT BANKING CENTER LOCATION CONVENIENT AND ATTRACTIVE BANKING CENTER FRANCHISE IN TAMPA BAY-SARASOTA REGION 55
Slide 6: Innovative Community Bank
INNOVATIVE COMMUNITY BANK Technology focused community bank with diversified revenue streams GOVERNMENT COMMUNITY BANKING 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 an
Slide 7: Attractive Loan Composition
ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of December 31, 2024 Loan Highlights 0.5% 8.8% 3.1% 26.2% 6.0% • Loan portfolio is well-diversified across major loan types with a low concentration of non owner-occupied 24.1% commercial real estate loans 17.3% • Total loan pro
Slide 8: Solid Deposit Composition
SOLID DEPOSIT COMPOSITION Deposit Portfolio Composition as of December 31, 2024 Deposit Highlights • Total Deposits grew $31 million for the Noninterest Bearing quarter and $158 million during the Transaction, year 8.9% Time Deposits, Interest • Approximately 74% of deposits are 27.1% Bearing Transa
Slide 9: Investment Securities
INVESTMENT SECURITIES Investment Securities Portfolio Details AFS Investment Securities Portfolio as of December 31, 2024 (fair market value, in thousands) • Minimal exposure to market value losses due to modest investment securities portfolio (0.3% of total Asset-backed securities, $4,990 assets) C
Slide 10: 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 10
Slide 11: Q4 2024 Three Months Ended Results
Q4 2024 For the Three Months Ended Increase/ Increase/ ($000s) 12/31/2024 9/30/2024 (Decrease) 12/31/2023 (Decrease) Interest income $ 21,754 $ 21,442 $ 312 $ 18,854 $ 2,900 Interest expense 11,101 11,993 (892) 9,977 1,124 Net interest income 10,653 9,449 1,204 8,877 1,776 Provision for credit losse
Slide 12: Q4 2024 Year Ended December 31
Q4 2024 Year Ended December 31, Increase/ ($000s) 2024 2023 (Decrease) Interest income $ 82,810 $ 68,517 $ 14,293 Interest expense 44,784 32,086 12,698 Net interest income 38,026 36,431 1,595 Provision for credit losses 14,726 10,445 4,281 Noninterest income 60,469 49,755 10,714 Noninterest expense
Slide 13: Q4 2024 Key Ratios and Metrics
Q4 2024 As of and For the Three Months Ended As of and For the Year Ended 12/31/2024 9/30/2024 12/31/2023 12/31/2024 12/31/2023 (1) Return on average assets 3.07 % 0.37 % 0.60 % 1.05 % 0.54 % (1) Return on average common equity 42.71 % 3.48 % 6.37 % 12.84 % 5.87 % Tangible book value per common shar
Slide 14: Strategic Growth
STRATEGIC GROWTH Strong balance sheet on track for continued sustainable growth Total Assets ($M) Total Loans HFI ($M) $1,400 $1,245 $1,288 $1,200 $1,067 $1,218 $1,008 $1,042 $1,200 $1,118 $1,144 $935 $1,000 $916 $1,000 $800 $800 $600 $600 $400 $400 $200 $200 $0 $0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4
Slide 15: Summary of Key Ratios
SUMMARY OF KEY RATIOS (1) (1) ROAA (%) ROATCE (%) 0.75% 7.50% 6.37% 0.60% (2) 4.93% 0.50% 5.00% (2) 0.37% 0.34% 3.48% 0.29% 0.29% 0.25% 2.50% 2.06% 2.26% 0.00% 0.00% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (1) Net Interest Margin (%) Noninterest Income / Total
Slide 16: Tangible Book Value Per Common Share
TANGIBLE BOOK VALUE PER COMMON SHARE $25 $22.95 $23 $20.60 $20.86 $20.45 $20.54 $20 $18 $15 $13 $10 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Tangible Book Value Per Common Share 16
Slide 17: Government Guaranteed Banking
GOVERNMENT GUARANTEED BANKING Q4 2024 Highlights Government Guaranteed Loan Amount ($M) and Unit Volume 900 $150 $145 • Nationally ranked #9 in total SBA units and #16 in dollars for the SBA’s quarter ended December 31, 2024 850 $131 849 $125 • Strategic initiative to expand USDA business and indust
Slide 18: Government Guaranteed Loans
Government Guaranteed Loans Guaranteed Loans HFI and Loans Serviced for Others ($M) $1,750 $1,483 $1,500 $1,405 $1,326 $1,358 $1,252 $1,250 $1,000 $1,057 $966 $1,010 $856 $951 $750 $500 $250 $396 $375 $392 $395 $426 $0 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 HFI Government Guaranteed Loa
Slide 19: Government Guaranteed Loan Originations
GOVERNMENT GUARANTEED LOAN ORIGINATIONS Quarter Ended ($000s) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 SBA 7(a) $ 33,115 $ 29,967 $ 24,624 $ 26,982 $ 23,447 SBA 504 482 2,419 2,593 1,359 1,982 USDA 9,080 — — 800 17,450 Bolt 102,264 98,170 71,459 65,218 64,905 Total $ 144,941 $ 130,556 $ 9
Slide 20: Asset Quality
ASSET QUALITY Strong reserve well-positioned to withstand volatility in economic conditions Net charge-offs/Total average loans HFI at amortized cost ACL/Total loans held for investment at amortized cost 2.0% 2.0% 1.71% 1.64% 1.62% 1.50% 1.48% 1.54% 1.45% 1.5% 1.34% 1.5% 1.27% 1.16% 1.0% 1.0% 0.5% 0
Slide 21: Upgrade Consumer Loans
UPGRADE CONSUMER LOANS Purchased unsecured consumer loans (no purchases after 2022: additional purchases are not planned) Quarter ended ($000s) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Ending balance $ 17,027 $ 14,345 $ 12,012 $ 10,100 $ 8,343 30-89 days past due 1,021 718 572 445 403 90+
Slide 22: Community Banking Performance
COMMUNITY BANKING PERFORMANCE Q4 2024 Highlights Banking Center & Deposits ($ in 000s) Total Deposits Q4 2024 Loan Production Summary: Year # Branch Opened 12/31/2024 12/31/2023 12/31/2022 (1) ▪ Loan production during the quarter was $51.0 million 1 St. Petersburg (2) 2017 $ 323,294 $ 265,715 $ 246,
Slide 23: Appendix
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Slide 24: Ownership Overview
OWNERSHIP OVERVIEW Total Common Stock Ownership Mix All Other Directors/ Mark S. Berset, 6.79% Executive Officers, 7.49% All Other Institutions, 5.78% 1st & Main Growth Partners, 3.64% First Manhattan Co., 3.36% Vanguard Group Inc., 1.39% Public/Other, 71.55% Note: Ownership information based on mos
Slide 25: Deposits in Tampa Bay-Sarasota Region
DEPOSITS IN TAMPA BAY-SARASOTA REGION Total Deposits (Total Assets <$10BN and HQ in Tampa-Sarasota Region) Average Deposits Branches Deposits per Branch Rank Institution ($ millions) (No.) ($ millions) 1 Bank of Tampa $2,727 13 $210 2 BayFirst National Bank 1,112 12 93 3 Flagship Bank 568 6 95 4 Cli
Slide 26: Liquidity Sources
LIQUIDITY SOURCES • Available Liquidity ◦ $80 million in cash and due from other banks ◦ $36 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $185 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $50 million available at the Federal
Slide 27: 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 28: 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