Bayfirst Financial Corp. · NASDAQ:BAFN
Bayfirst Financial — Q3 2025 Earnings Presentation
25 slides from Bayfirst Financial's earnings presentation, Oct 31, 2025
Slide 1: BayFirst Financial Corp. 2025 Third Quarter Results
BayFirst Financial Corp. (NASDAQ:BAFN) 2025 – Third 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 $1.35 IN THE TAMPA BAY- BILLION TOTAL SARASOTA REGION(1) ASSETS (2) ASSET GROWTH NET INTEREST MARGIN 47% 27 ASSET GROWTH BASIS POINT IMPROVEMENT SINCE DEC 31, FROM THE PREVIOUS YEAR(2) 2020(2) DEP
Slide 4: About BayFirst: Current Banking Center Locations
ABOUT BAYFIRST FINANCIAL CORP. CURRENT BANKING CENTER LOCATION CONVENIENT AND ATTRACTIVE BANKING CENTER FRANCHISE IN TAMPA BAY-SARASOTA REGION 4
Slide 5: Attractive Loan Composition
ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of September 30, 2025 Loan Highlights 9.2% 0.7% 4.4% 24.9% • Loan portfolio is well-diversified across 8.9% major loan types with a low concentration of non owner-occupied 15.1% commercial real estate loans 17.9% • Total loan pr
Slide 6: Solid Deposit Composition
SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of September 30, 2025 Deposit Highlights Noninterest • Total Deposits increased $8 million for Bearing Transaction, the quarter and $59 million over the 9.0% last twelve months Time Deposits, Interest 32.1% Bearing • Approximately 84
Slide 7: Investment Securities
INVESTMENT SECURITIES Investment Securities Portfolio Details AFS Investment Securities Portfolio as of September 30, 2025 (fair market value, in thousands) • Minimal exposure to market value losses due to Corporate bonds, $3,881 Asset-backed securities, $2,930 modest investment securities portfolio
Slide 8: Quarterly Earnings
QUARTERLY EARNINGS For the Three Months Ended Increase/ Increase/ ($000s) 9/30/2025 6/30/2025 (Decrease) 9/30/2024 (Decrease) Interest income $ 21,654 $ 22,505 $ (851) $ 21,442 $ 212 Interest expense 10,374 10,157 217 11,993 (1,619) Net interest income 11,280 12,348 (1,068) 9,449 1,831 Provision for
Slide 9: Year to Date Earnings
YEAR TO DATE EARNINGS Nine Months Ended September 30, Increase/ ($000s) 2025 2024 (Decrease) Interest income $ 64,844 $ 61,056 $ 3,788 Interest expense 30,217 33,683 (3,466) Net interest income 34,627 27,373 7,254 Provision for credit losses 22,579 10,180 12,399 Noninterest income 18,500 38,193 (19,
Slide 10: Key Metrics
KEY METRICS As of and For the Nine Months As of and For the Three Months Ended Ended 9/30/2025 6/30/2025 9/30/2024 9/30/2025 9/30/2024 Return on average assets(1) (5.62)% (0.37)% 0.37 % (2.07)% 0.32 % Return on average common equity(1) (83.19)% (6.83)% 3.48 % (30.49)% 2.60 % Tangible book value per
Slide 11: QTD Interest Margin
QTD INTEREST MARGIN Net Interest Margin Loan Yield 6.0% 10.0% 7.84% 7.64% 7.67% 7.37% 7.20% 4.06% 7.5% 4.0% 3.60% 3.77% 3.61% 3.34% 5.0% 2.0% 2.5% 0.0% 0.0% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Cost of Funds Net Interest Margin ($ in millions) $15.0 6.0% $1
Slide 12: Strategic Growth
STRATEGIC GROWTH Strong balance sheet on track for continued growth Total Assets ($M) Total Loans HFI ($M) $1,344 $1,346 $1,200 $1,085 $1,126 $1,400 $1,245 $1,288 $1,292 $1,042 $1,067 $999 $1,200 $1,000 $1,000 $800 $800 $600 $600 $400 $400 $200 $200 $0 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2
Slide 13: Summary of Key Ratios
SUMMARY OF KEY RATIOS ROAA (%)(1) ROATCE (%)(1) 2.50% 25.00% (2) (2) 3.48% 4.93% 0.37% 0.34% 0.00% 0.00% (3.00)% (0.10)% (6.83)% (0.37)% (25.00)% (2.50)% (50.00)% (5.00)% (75.00)% (5.62)% (83.19)% (7.50)% (100.00)% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net I
Slide 14: Tangible Book Value Per Common Share
TANGIBLE BOOK VALUE PER COMMON SHARE $25 $22.95 $22.77 $23 $22.30 $20.86 $20 $17.90 $18 $15 $13 $10 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Tangible Book Value Per Common Share 14
Slide 15: Community Banking Performance
COMMUNITY BANKING PERFORMANCE Q3 2025 Highlights Banking Center & Deposits ($ in 000s) Total Deposits Q3 2025 Loan Production Summary: Year # Branch Opened 9/30/2025 9/30/2024 9/30/2023 ▪ Loan production during the quarter was $27.9 million (1) 1 St. Petersburg(2) 2017 $ 462,417 $ 298,588 $ 246,093
Slide 16: Community Banking New Loan Production
Community Banking New Loan Production Community Banking New Loan Production ($M) $50 $44.0 $40 $36.2 $30 $29.0 $26.8 $20 $15.5 $15.8 $13.3 $13.3 $11.3 $10 $8.2 $5.6 $5.3 $6.1 $6.4 $5.0 $3.7 $3.1 $2.6 $1.4 $0.5 $0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Real estate - residential (1) Real estate - com
Slide 17: Community Banking Loan Balances
Community Banking Loan Balances Community Banking Loan Balances ($M) $698.0 $700.7 $700 $675.1 $88.5 $87.4 $645.3 $87.2 $621.5 $85.4 $600 $82.4 $32.3 $28.5 $31.1 $202.9 $200.0 $30.7 $200.8 $29.1 $189.0 $500 $178.4 $400 $378.2 $380.9 $355.9 $331.5 $340.2 $300 $200 9/30/2024 12/31/2024 3/31/2025 6/30/
Slide 18: Treasury Management Services
TREASURY MANAGEMENT SERVICES Treasury Management Services Treasury Management Fee Income Growth ($000s) $80 • With our new treasury management platform $69 $70 operational, we can now service small and medium sized businesses as well as large $58 $60 businesses through our two online platforms $50 •
Slide 19: 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% 3.0% 2.60% 2.61% 2.0% 2.0% 1.61% 1.65% 1.48% 1.54% 1.34% 1.28% 1.24% 1.16% 1.0% 1.0% 0.0% 0.0% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 9/30/2024 12/31/2024 3/31/2025 6/3
Slide 20: Appendix
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Slide 21: Ownership Overview
OWNERSHIP OVERVIEW Total Common Stock Ownership Mix Mark S. Berset, 6.97% All Other Directors/ Executive Officers, 7.91% All Other Institutions, 7.12% Banc Funds Company LLC, 3.05% First Manhattan Co., 3.05% Vanguard Group Inc., 2.17% Public/Other, 69.73% Note: Ownership information based on most re
Slide 22: 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 $2,725 13 $210 2 BayFirst National Bank 1,164 12 97 3 Climate First 1,006 3 33
Slide 23: Liquidity Sources
LIQUIDITY SOURCES • Available Liquidity ◦ $120 million in cash and due from other banks ◦ $30 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $146 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $56 million available at the Federal
Slide 24: 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 25: 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 Administrative Officer • B.B.S from The Unive