BayFirst Financial Corp. (BAFN) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.396 Also note that this call is being recorded on Friday, 2025. 00:00:04.396 -- 00:00:08.781 I would now like to turn the conference over to Tom Zernick, CEO. 00:00:08.781 -- 00:00:11.401 Please go ahead, sir. 00:00:11.504 -- 00:00:16.669 Thank you, Sylvie. Good morning, and thank you for participating on our call today. 00:00:16.669 -- 00:00:22.095 Once again, with me is Robin Oliver, our President and Chief Operating Officer, and Scott 00:00:22.095 -- 00:00:25.459 McKim, our Chief Financial Officer. 00:00:25.459 -- 00:00:30.676 Today's call will include forward-looking statements and non-GAAP financial measures. 00:00:30.676 -- 00:00:35.121 please refer to our cautionary statement on forward looking statements contained on page 00:00:35.121 -- 00:00:38.563 two of the investor presentation. 00:00:38.786 -- 00:00:43.229 We reported a net loss this quarter of $335,000 driven 00:00:43.611 -- 00:00:48.878 by a couple of challenges, most notably higher provision expense 00:00:48.878 -- 00:00:54.705 and higher write downs on our portfolio of loans measured at fair value. 00:00:54.705 -- 00:00:59.471 Businesses are experiencing slowing demand for products and services, along with the 00:00:59.471 -- 00:01:04.916 sustained higher interest rate environment and rising inflation, which has created stressed 00:01:04.916 -- 00:01:08.480 cash flows for many small businesses. 00:01:08.480 -- 00:01:14.126 In addition, past and present macroeconomic conditions are fueling uncertainty 00:01:14.126 -- 00:01:19.711 and concern among business owners across the nation, which resulted in lower loan demand 00:01:19.711 -- 00:01:24.897 than expected during the first quarter. We will elaborate more on this in a few 00:01:24.897 -- 00:01:29.749 minutes, But fir...