Bayfirst Financial Corp. · NASDAQ:BAFN
Bayfirst Financial — Q1 2026 Earnings Presentation
23 slides from Bayfirst Financial's earnings presentation, Apr 30, 2026
Slide 1: BayFirst Financial Corp. 2026 First Quarter Results (Unaudited)
BayFirst Financial Corp. (NASDAQ:BAFN) 2026 – First 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.
3 ABOUT BAYFIRST FINANCIAL CORP. TAMPA BAY’S PREMIER COMMUNITY BANKING FRANCHISE IN THE TAMPA BAY- SARASOTA REGION(1) HOW WE RANK 3 ASSET SIZE BILLION TOTAL ASSETS (2)$1.20 ASSET GROWTH ASSET GROWTH SINCE DEC 31, 2020(2)30% (1) Deposit ranking of banks with assets less than $10B headquartered in the
Slide 4: Current Banking Center Location
4 ABOUT BAYFIRST FINANCIAL CORP. CURRENT BANKING CENTER LOCATION CONVENIENT AND ATTRACTIVE BANKING CENTER FRANCHISE IN TAMPA BAY-SARASOTA REGION Banking Center in Downtown Sarasota will be closing in May 2026
Slide 5: Attractive Loan Composition
5 ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of March 31, 2026 23.8% 18.3% 20.7% 14.0% 9.6% 3.9% 0.8% 8.9% C&I Residential HELOC Owner-occupied nonfarm/nonresidential Other nonfarm/nonresidential C&D Multifamily residential and farmland Consumer & Other Loan Highlights •
Slide 6: Solid Deposit Composition
6 SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of March 31, 2026 • Total Deposits decreased $98 million for the quarter and $42 million over the last twelve months • Approximately 83% of deposits were insured as of March 31, 2026 • Short-term brokered deposits were $184 million
Slide 7: Investment Securities AFS
7 INVESTMENT SECURITIES AFS Investment Securities Portfolio as of March 31, 2026 (fair market value, in thousands) Investment Securities Portfolio Details • Minimal exposure to market value losses due to modest investment securities portfolio (2% of total assets) • Other Comprehensive Loss of $2.1 m
Slide 8: Quarterly Earnings
8 QUARTERLY EARNINGS For the Three Months Ended ($000s) 3/31/2026 12/31/2025 Increase/ (Decrease) 3/31/2025 Increase/ (Decrease) Interest income $ 17,439 $ 20,950 $ (3,511) $ 20,685 $ (3,246) Interest expense 7,990 9,792 (1,802) 9,686 (1,696) Net interest income 9,449 11,158 (1,709) 10,999 (1,550) P
Slide 9: Key Metrics
9 KEY METRICS As of and For the Three Months Ended 3/31/2026 12/31/2025 3/31/2025 Return on average assets(1) (1.86) % (0.74) % (0.10) % Return on average common equity(1) (34.47) % (15.51) % (3.00) % Tangible book value per common share $ 15.74 $ 17.22 $ 22.77 Diluted loss per common share $ (1.48)
Slide 10: Net Interest Margin
10 QTD INTEREST MARGIN 3.77% 4.06% 3.61% 3.58% 3.42% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0% 2.0% 4.0% 6.0% Net Interest Margin Loan Yield 7.37% 7.67% 7.20% 7.24% 6.83% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0% 2.5% 5.0% 7.5% 10.0% Cost of Funds Net Interest Margin ($ in millions) 3.76% 3.75
Slide 11: Balance Sheet Composition
11 $94 $92 $74 $71 $65 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $20 $40 $60 $80 $100 $120 BALANCE SHEET COMPOSITION Total Assets ($M) Total Loans HFI ($M) Total Deposits ($M) Tangible Common Equity ($M) $1,292 $1,344 $1,346 $1,300 $1,196 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $0 $200 $400 $600 $800
Slide 12: Tangible Book Value per Common Share
12 TANGIBLE BOOK VALUE PER COMMON SHARE $22.77 $22.30 $17.90 $17.22 $15.74 $15.74 Tangible Book Value Per Common Share Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2026 Proforma $10 $13 $15 $18 $20 $23 $25
Slide 13: Community Banking Performance
13 COMMUNITY BANKING PERFORMANCE Q1 2026 Loan Production Summary: ▪ Loan production during the quarter was $2.4 million(1) ▪ Total Loans decreased by a net $33.5 million during the quarter Q1 2026 Deposit Summary: ▪ Deposit balances decreased $98.1 million during the quarter ▪ Deposit portfolio incr
Slide 14: Community Banking New Loan Production
14 $29.0 $36.2 $15.8 $1.2 $0.6 $15.5 $6.4 $1.4 $5.6 $1.6 $0.5 $3.1 $8.2 $0.3 $0.1 $6.1 $5.0 $2.6 $0.7 $0.1 Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 $0 $5 $10 $15 $20 $25 $30 $35 $40 Community Banking N
Slide 15: Community Banking Loan Balances
15 $645.3 $675.1 $698.0 $700.7 $661.8 $340.2 $355.9 $378.2 $380.9 $372.3 $189.0 $200.8 $202.9 $200.0 $179.8$30.7 $31.1 $28.5 $32.3 $29.8 $85.4 $87.2 $88.5 $87.4 $80.0 Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other 3/31/2025 6/30/2025 9/30/2025 12/
Slide 16: Treasury Management Services
16 $44 $58 $98 $31 2023 2024 2025 YTD 2026 $— $20 $40 $60 $80 $100 $120 • With our treasury management platform operational, we are servicing small and medium sized businesses as well as large businesses through our two online platforms • The Bank expanded its treasury management staff to four with
Slide 17: Asset Quality
17 ASSET QUALITY 1.28% 2.60% 1.24% 1.94% 1.98% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 0.0% 1.0% 2.0% 3.0% Net charge-offs/Total average loans HFI at amortized cost ACL/Total loans held for investment at amortized cost 1.61% 1.65% 2.61% 2.42% 2.35% 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Slide 18: Appendix
18 APPENDIX
Slide 19: Ownership Overview
19 OWNERSHIP OVERVIEW Total Common Stock Ownership Mix Note: Ownership information based on most recently disclosed common shares outstanding of 4,108,072 as of 3/31/26 Source: S&P Capital IQ Pro Vanguard Group Inc., 4.17% First Manhattan Co., 3.11% Banc Funds Company LLC, 4.13% All Other Institutio
Slide 20: Deposits in Tampa Bay-Sarasota Region
20 DEPOSITS IN TAMPA BAY-SARASOTA REGION Total Deposits (Total Assets <$10BN and HQ in Tampa Bay-Sarasota Region) Note: Deposit data as of September 30, 2025 Source: Uniform Bank Performance Reports Average Deposits Branches Deposits per Branch Rank Institution ($ millions) (No.) ($ millions) 1 Bank
Slide 21: Liquidity Sources
21 LIQUIDITY SOURCES • Available Liquidity ◦ $134 million in cash and due from other banks ◦ $29 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $188 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $29 million available at the Fede
Slide 22: Experienced Leadership Team
22 EXPERIENCED LEADERSHIP TEAM • Joined BayFirst as CFO in Q2 2018; Prior to joining BayFirst, Controller of Central Bank & Trust Co., a $2.5 billion privately held financial institution in Lexington, Kentucky, from May 2014 to June 2018 • Approximately 16 years with Crowe LLP as an auditor in the f
Slide 23: Experienced Leadership Team
23 EXPERIENCED LEADERSHIP TEAM • 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 • B.B.S from The University of Florida and M.B.A from The Universi