Bayfirst Financial Corp. · NASDAQ:BAFN
Bayfirst Financial — Q3 2026 Earnings Presentation
24 slides from Bayfirst Financial's earnings presentation, Oct 29, 2026
Slide 1: BayFirst Financial Corp. 2026 Third Quarter Results
BayFirst Financial Corp. (NASDAQ:BAFN) 2026 – 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.
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)$1.15 ASSET GROWTH ASSET GROWTH SINCE DEC 31, 2020(2)25% (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 New banking center to opened in South Tampa September 2026
Slide 5: Attractive Loan Composition
5 ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of September 30, 2026 23.6% 18.0% 20.9% 12.7% 12.7% 4.0% 0.6% 7.5% C&I Residential HELOC Owner-occupied nonfarm/nonresidential Other nonfarm/nonresidential C&D Multifamily residential and farmland Consumer & Other Loan Highlig
Slide 6: Solid Deposit Composition
6 SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of September 30, 2026 • Total Deposits increased $25 million for the quarter and decreased $157 million over the last twelve months primarily in high-rate promotional deposits • Approximately 79% of deposits were insured as of Sept
Slide 7: Investment Securities AFS
7 INVESTMENT SECURITIES AFS Investment Securities Portfolio as of September 30, 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
Slide 8: Quarterly Earnings
8 QUARTERLY EARNINGS For the Three Months Ended ($000s) 9/30/2026 6/30/2026 Increase/ (Decrease) 9/30/2025 Increase/ (Decrease) As restated Interest income $ 17,247 $ 16,365 $ 882 $ 21,692 $ (4,445) Interest expense 6,620 6,943 (323) 10,374 (3,754) Net interest income 10,627 9,422 1,205 11,318 (691)
Slide 9: Year to Date Earnings
9 Nine Months Ended September 30, ($000s) 2026 2025 Increase/ (Decrease) As restated Interest income $ 51,042 $ 64,272 $ (13,230) Interest expense 21,553 30,217 (8,664) Net interest income 29,489 34,055 (4,566) Provision for credit losses 32,312 23,332 8,980 Noninterest income (4,824) 17,949 (22,773
Slide 10: Key Metrics
10 KEY METRICS As of and For the Three Months Ended As of and For the Nine Months Ended 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025 As restated As restated Return on average assets(1) (0.24) % (11.02) % (5.70) % (4.46) % (2.22) % Return on average common equity(1) (6.39) % (195.50) % (89.51) %
Slide 11: Net Interest Margin, Loan Yield and Cost of Funds
11 QTD INTEREST MARGIN 3.64% 3.60% 3.44% 3.48% 4.07% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 2.0% 4.0% 6.0% Net Interest Margin (1) Loan Yield (1) 7.25% 7.27% 6.87% 6.53% 7.10% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 2.5% 5.0% 7.5% 10.0% Cost of Funds Net Interest Margin (1)($ in millions)
Slide 12: Balance Sheet Composition
12 $74 $71 $65 $20 $98 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $20 $40 $60 $80 $100 $120 BALANCE SHEET COMPOSITION Total Assets(1) ($M) Total Loans HFI(1) ($M) Total Deposits ($M) Tangible Common Equity(1) ($M) $1,346 $1,300 $1,196 $1,135 $1,148 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $200 $400 $
Slide 13: Tangible Book Value Per Common Share
13 TANGIBLE BOOK VALUE PER COMMON SHARE(1) $17.90 $15.76 $14.22 $4.82 $3.64 Tangible Book Value Per Common Share Number of shares outstanding Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $3 $5 $8 $10 $13 $15 $18 $20 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 (1) Q3 2025, Q4 202
Slide 14: Community Banking Performance
14 COMMUNITY BANKING PERFORMANCE Q3 2026 Loan Production Summary: ▪ Loan production during the quarter was $89.6 million(1) ▪ Total Loans increased by a net $20.1 million during the quarter Q3 2026 Deposit Summary: ▪ Deposit balances increased $25.3 million during the quarter ▪ Deposit portfolio inc
Slide 15: Community Banking New Loan Production
15 $15.8 $1.2 $0.6 $1.5 $1.2$1.4 $5.6 $1.6 $2.2 $43.9 $8.2 $0.3 $0.1 $0.8 $44.4 $2.6 $0.7 $0.1 $0.5 $— Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $10 $20 $30 $40 $50 Community Banking New Loan Product
Slide 16: Community Banking Loan Balances
16 $698.0 $700.7 $661.8 $637.3 $679.3 $378.2 $380.9 $372.3 $362.5 $358.9 $202.9 $200.0 $179.8 $179.0 $193.1 $28.5 $32.3 $29.8 $23.9 $59.3 $88.5 $87.4 $80.0 $72.0 $68.0 Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other 9/30/2025 12/31/2025 3/31/2026 6
Slide 17: Treasury Management Services
17 $44 $58 $98 $100 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 18: Asset Quality
18 ASSET QUALITY 1.34% 2.08% 2.14% 2.08% 1.52% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 1.0% 2.0% 3.0% Net charge-offs/Total average loans HFI at amortized cost(1) ACL/Total loans held for investment at amortized cost(1) 2.63% 2.43% 2.36% 5.37% 4.85% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30
Slide 19: Appendix
19 APPENDIX
Slide 20: Ownership Overview
20 OWNERSHIP OVERVIEW Total Common Stock Ownership Mix Note: Ownership information based on most recently disclosed common shares outstanding of 31,070,633 as of 10/21/26 Source: S&P Capital IQ Pro Kenneth Lehman, 39.19% Alfred Rogers, Jr., 3.68% William Sultenfuss, 4.23% Andrew Wright, 1.38% Mark S
Slide 21: Deposits in Tampa Bay-Sarasota Region
21 DEPOSITS IN TAMPA BAY-SARASOTA REGION Total Deposits (Total Assets <$10BN and HQ in Tampa Bay-Sarasota Region) Note: Deposit data as of March 31, 2026 Source: Uniform Bank Performance Reports Average Deposits Branches Deposits per Branch Rank Institution ($ millions) (No.) ($ millions) 1 Bank of
Slide 22: Liquidity Sources
22 LIQUIDITY SOURCES • Available Liquidity ◦ $128 million in cash and due from other banks ◦ $24 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $175 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $32 million available at the Fede
Slide 23: Experienced Leadership Team
23 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 24: Experienced Leadership Team
24 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