Bayfirst Financial Corp. · NASDAQ:BAFN
Bayfirst Financial — Q1 2025 Earnings Presentation
26 slides from Bayfirst Financial's earnings presentation, Apr 24, 2025
Slide 1: BayFirst Financial Corp. 2025 First Quarter Results
BayFirst Financial Corp. (NASDAQ:BAFN) 2025 – First Quarter Results (Unaudited)
Slide 2: Cautionary Statement Concerning Forward-Looking Information
22 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,
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 2 ASSET SIZE BILLION TOTAL ASSETS (2)$1.29 SBA ORIGINATION SBA 7(a) ORIGINATOR IN THE NATION BY UNITS (3) #10 ASSET GROWTH ASSET GROWTH SINCE DEC 31, 2020(2)41% (1) Depos
Slide 4: Key Investment Points
No content below the lineNo content below the line Data color order: Used with accent colors: Complimentary colors: 4 KEY INVESTMENT POINTS Second largest community bank (deposits) based in attractive Tampa Bay-Sarasota region(1) Total asset growth of 41% since YE2020 Innovative technology driven ba
Slide 5: Current Banking Center Location
55 ABOUT BAYFIRST FINANCIAL CORP. CURRENT BANKING CENTER LOCATION CONVENIENT AND ATTRACTIVE BANKING CENTER FRANCHISE IN TAMPA BAY-SARASOTA REGION
Slide 6: Technology platform and SBA lending products
6 • Advanced technology platform to support innovative products and services while improving efficiencies • PowerLOS is an automated, highly scalable SBA and commercial loan origination system • Working with FinTechs to offer new and innovative services through Mulesoft API platform • 12 banking cen
Slide 7: Attractive Loan Composition
7 ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of March 31, 2025 25.9% 16.6% 15.1% 19.6% 9.4% 4.3% 0.5% 8.6% C&I Residential HELOC Owner-occupied nonfarm/nonresidential Other nonfarm/nonresidential C&D Multifamily residential and farmland Consumer & Other Loan Highlights •
Slide 8: Solid Deposit Composition
8 SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of March 31, 2025 • Total Deposits decreased $15 million for the quarter and grew $121 million over the last twelve months • Approximately 81% of deposits are insured as of March 31, 2025 • Minimal use of short-term brokered deposi
Slide 9: Investment Securities AFS
9 INVESTMENT SECURITIES AFS Investment Securities Portfolio as of March 31, 2025 (fair market value, in thousands) Investment Securities Portfolio Details • Minimal exposure to market value losses due to modest investment securities portfolio (0.3% of total assets) • Other Comprehensive Loss of $2.4
Slide 10: 2025 Initiatives
10 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
Slide 11: Q1 2025 Income Statement
11 Q1 2025 For the Three Months Ended ($000s) 3/31/2025 12/31/2024 Increase/ (Decrease) 3/31/2024 Increase/ (Decrease) Interest income $ 20,685 $ 21,754 $ (1,069) $ 19,187 $ 1,498 Interest expense 9,686 11,101 (1,415) 10,445 (759) Net interest income 10,999 10,653 346 8,742 2,257 Provision for credi
Slide 12: Q1 2025 Key Metrics and Capital Ratios
12 Q1 2025 As of and For the Three Months Ended 3/31/2025 12/31/2024 3/31/2024 Return on average assets(1) (0.10) % 3.07 % 0.29 % Return on average common equity(1) (3.00) % 42.71 % 2.06 % Tangible book value per common share $ 22.77 $ 22.95 $ 20.45 Diluted earnings per common share $ (0.17) $ 2.11
Slide 13: Strategic Growth: Assets, Loans, Deposits, Equity
13 $85 $85 $86 $95 $94 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $20 $40 $60 $80 $100 $120 Strong balance sheet on track for continued sustainable growth STRATEGIC GROWTH Total Assets ($M) Total Loans HFI ($M) Total Deposits ($M) Tangible Common Equity ($M) $1,144 $1,218 $1,245 $1,288 $1,292 Q1 2024 Q
Slide 14: Summary of Key Ratios
14 SUMMARY OF KEY RATIOS ROAA (%)(1) ROATCE (%)(1) Net Interest Margin (%)(1) Noninterest Income / Total Revenue from Continuing Operations 0.29% 0.29% 0.37% 0.34% (0.10)% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 (0.20)% 0.00% 0.20% 0.40% 2.06% 2.26% 3.48% 4.93% (3.00)% Q1 2024 Q2 2024 Q3 2024 Q4 202
Slide 15: Tangible Book Value Per Common Share
15 TANGIBLE BOOK VALUE PER COMMON SHARE $20.45 $20.54 $20.86 $22.95 $22.77 Tangible Book Value Per Common Share Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $10 $13 $15 $18 $20 $23 $25
Slide 16: Government Guaranteed Loan Production
16 $131 $99 $94 $108 $106 809 603 553 543 525 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $0 $25 $50 $75 $100 $125 $150 500 550 600 650 700 750 800 850 900 • Nationally ranked #10 in total SBA units and #19 in dollars for the SBA’s quarter ended March 31, 2025 • Strategic initiative to expand USDA busin
Slide 17: Government Guaranteed Loans
17 $1,326 $1,358 $1,405 $1,483 $1,488 $375 $392 $395 $426 $422 $951 $966 $1,010 $1,057 $1,066 HFI Government Guaranteed Loans (1) Government Guaranteed Loans Serviced for Others 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 Government Guaranteed Loa
Slide 18: Government Guaranteed Loan Originations
18 Quarter Ended ($000s) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 SBA 7(a) $ 29,967 $ 24,624 $ 26,982 $ 23,447 $ 22,912 SBA 504 2,419 2,593 1,359 1,982 1,388 USDA — — 800 17,450 21,550 Bolt 98,170 71,459 65,218 64,905 60,473 Total $ 130,556 $ 98,676 $ 94,359 $ 107,784 $ 106,323 GOVERNMENT
Slide 19: Asset Quality
19 ASSET QUALITY 1.71% 1.45% 1.16% 1.34% 1.28% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 0.0% 0.5% 1.0% 1.5% 2.0% Net charge-offs/Total average loans HFI at amortized cost ACL/Total loans held for investment at amortized cost 1.62% 1.50% 1.48% 1.54% 1.61% 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/
Slide 20: Community Banking Performance Q1 2025
20 COMMUNITY BANKING PERFORMANCE Q1 2025 Loan Production Summary: ▪ Loan production during the quarter was $51.1 million(1) ▪ Loans held for investment, including government guaranteed loans, increased by a net $18.7 million QoQ Q1 2025 Deposit Summary: ▪ Deposit balances decreased $15.0 million QoQ
Slide 21: Appendix
APPENDIX
Slide 22: Ownership Overview
22 OWNERSHIP OVERVIEW Total Common Stock Ownership Mix Note: Ownership information based on most recently disclosed common shares outstanding of 4,129,027 as of 4/16/25 Source: S&P Capital IQ Pro Vanguard Group Inc., 1.61% First Manhattan Co., 3.37% 1st & Main Growth Partners, 3.64% All Other Instit
Slide 23: Deposits in Tampa Bay-Sarasota Region
No content below the lineNo content below the line Data color order: Used with accent colors: Complimentary colors: 23 DEPOSITS IN TAMPA BAY-SARASOTA REGION Total Deposits (Total Assets <$10BN and HQ in Tampa Bay-Sarasota Region) Note: Deposit data as of June 30, 2024 Source: Uniform Bank Performanc
Slide 24: Liquidity Sources
No content below the lineNo content below the line Data color order: Used with accent colors: Complimentary colors: 24 LIQUIDITY SOURCES • Available Liquidity ◦ $65 million in cash and due from other banks ◦ $36 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $164 mil
Slide 25: Experienced Leadership Team
25 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 26: Experienced Leadership Team
26 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