Bayfirst Financial Corp. · NASDAQ:BAFN
Bayfirst Financial — Q4 2025 Earnings Presentation
24 slides from Bayfirst Financial's earnings presentation, 2026
Slide 1: BayFirst Financial Corp. 2025 Fourth Quarter Results
BayFirst Financial Corp. (NASDAQ:BAFN) 2025 – 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 3 $1.30 IN THE TAMPA BAY- BILLION TOTAL SARASOTA REGION(1) ASSETS (2) ASSET GROWTH NET INTEREST MARGIN 42% ASSET GROWTH STABLE NET INTEREST MARGIN SINCE DEC 31, FOR THE QUARTER 2020(2) DEPOSITS COMM
Slide 4: 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 4
Slide 5: Attractive Loan Composition
ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of December 31, 2025 Loan Highlights 8.9% 0.7% 4.9% 24.4% • Loan portfolio is well-diversified across major loan types with a low 9.3% concentration of non owner-occupied commercial real estate loans 13.5% 18.3% • Total loan pro
Slide 6: Solid Deposit Composition
SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of December 31, 2025 Deposit Highlights Noninterest • Total Deposits increased $12 million Bearing Transaction, for the quarter and $41 million over 8.1% the last twelve months Time Interest Deposits, 34.0% Bearing • Approximately 85
Slide 7: Investment Securities
INVESTMENT SECURITIES Investment Securities Portfolio Details AFS Investment Securities Portfolio as of December 31, 2025 (fair market value, in thousands) • Minimal exposure to market value losses due to Corporate bonds, $3,874 Asset-backed securities, $2,822 modest investment securities portfolio
Slide 8: Quarterly Earnings
QUARTERLY EARNINGS For the Three Months Ended Increase/ Increase/ ($000s) 12/31/2025 9/30/2025 (Decrease) 12/31/2024 (Decrease) Interest income $ 20,950 $ 21,654 $ (704) $ 21,754 $ (804) Interest expense 9,792 10,374 (582) 11,101 (1,309) Net interest income 11,158 11,280 (122) 10,653 505 Provision f
Slide 9: Year to Date Earnings
YEAR TO DATE EARNINGS Year Ended December 31, Increase/ ($000s) 2025 2024 (Decrease) Interest income $ 85,794 $ 82,810 $ 2,984 Interest expense 40,009 44,784 (4,775) Net interest income 45,785 38,026 7,759 Provision for credit losses 24,586 14,726 9,860 Noninterest income 18,396 60,469 (42,073) Noni
Slide 10: Key Metrics
KEY METRICS As of and For the Three Months Ended As of and For the Year Ended 12/31/2025 9/30/2025 12/31/2024 12/31/2025 12/31/2024 Return on average assets(1) (0.74)% (5.62)% 3.07 % (1.73)% 1.05 % Return on average common equity(1) (15.51)% (83.19)% 42.71 % (27.45)% 12.84 % Tangible book value per
Slide 11: QTD Interest Margin
QTD INTEREST MARGIN Net Interest Margin Loan Yield 6.0% 10.0% 7.64% 7.37% 7.67% 7.20% 7.24% 4.06% 7.5% 4.0% 3.60% 3.77% 3.61% 3.58% 5.0% 2.0% 2.5% 0.0% 0.0% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cost of Funds Net Interest Margin ($ in millions) $15.0 6.0% $1
Slide 12: Strategic Growth
STRATEGIC GROWTH Total Assets ($M) Total Loans HFI ($M) $1,344 $1,346 $1,200 $1,085 $1,126 $1,400 $1,288 $1,292 $1,300 $1,067 $999 $964 $1,200 $1,000 $1,000 $800 $800 $600 $600 $400 $400 $200 $200 $0 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total Deposits ($
Slide 13: Tangible Book Value per Common Share
TANGIBLE BOOK VALUE PER COMMON SHARE $25 $22.95 $22.77 $23 $22.30 $20 $17.90 $18 $17.22 $15 $13 $10 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Tangible Book Value Per Common Share 13
Slide 14: Community Banking Performance
COMMUNITY BANKING PERFORMANCE Q4 2025 Highlights Banking Center & Deposits ($ in 000s) Total Deposits Q4 2025 Loan Production Summary: Year # Branch Opened 12/31/2025 12/31/2024 12/31/2023 ▪ Loan production during the quarter was $7.7 million(1) 1 St. Petersburg(2) 2017 $ 441,250 $ 323,294 $ 265,715
Slide 15: Community Banking New Loan Production
Community Banking New Loan Production Community Banking New Loan Production ($M) $40 $36.2 $35 $30 $29.0 $26.8 $25 $20 $15.5 $15.8 $15 $13.3 $10 $8.2 $6.1 $6.4 $5.6 $5.3 $5.0 $5.6 $5 $3.1 $2.6 $1.4 $1.2 $0.5 $0.3 $0.7 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Real estate - residential (1) Real esta
Slide 16: Community Banking Loan Balances
Community Banking Loan Balances Community Banking Loan Balances ($M) $698.0 $700.7 $700 $675.1 $678.5 $88.5 $87.4 $645.3 $87.2 $82.8 $85.4 $600 $28.5 $32.3 $31.1 $32.4 $202.9 $200.0 $30.7 $200.8 $182.6 $500 $189.0 $400 $378.2 $380.9 $380.7 $355.9 $340.2 $300 $200 12/31/2024 3/31/2025 6/30/2025 9/30/
Slide 17: Treasury Management Services
TREASURY MANAGEMENT SERVICES Treasury Management Services Treasury Management Fee Income ($000s) $120 • With our new treasury management platform $98 operational, we are now servicing small and $100 medium sized businesses as well as large businesses through our two online platforms $80 • Lockbox se
Slide 18: 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% 2.43% 1.95% 2.0% 2.0% 1.61% 1.65% 1.54% 1.34% 1.28% 1.24% 1.0% 1.0% 0.0% 0.0% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 12/31/2024 3/31/2025 6/30/2025 9/3
Slide 19: Appendix
BAYFIRST " i : “i
Slide 20: Ownership Overview
OWNERSHIP OVERVIEW Total Common Stock Ownership Mix Mark S. Berset, 6.97% All Other Directors/ Executive Officers, 7.91% All Other Institutions, 6.97% Banc Funds Company LLC, 4.13% First Manhattan Co., 3.11% Vanguard Group Inc., 2.60% Public/Other, 68.31% Note: Ownership information based on most re
Slide 21: 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 $2,767 13 $213 2 Climate First 1,198 3 399 3 BayFirst National Bank 1,171 12 9
Slide 22: Liquidity Sources
LIQUIDITY SOURCES • Available Liquidity ◦ $207 million in cash and due from other banks ◦ $29 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $187 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $32 million available at the Federal
Slide 23: 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 24: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM Brandi Jaber • Joined BayFirst in Q4 2017; Prior to joining BayFirst, over fifteen years of Mortgage Banking administration EVP, Chief Administrative experience as well as Human Resources experience supporting mid-size financial institutions Officer • B.B.S from The Unive