BayFirst Financial Corp. (BAFN) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to BayFirst Financial Corp. First Quarter twenty twenty six Conference Call and Webcast. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Friday, 05/01/2026. I would now like to turn the conference over to the Chairman of the Board, Anthony Saravanos. Please go ahead. Thank you, Joanna. Good morning, and thank you for joining our call today. With me is Scott McKim, our CFO Robin Oliver, our COO and I would like to introduce Al Rogers as the new Chief Executive Officer and President of BayFirst National Bank. We are announcing some exciting news regarding the future of BayFirst. First, we have raised $80,000,000 of capital from investors through a private investment in a public equity offering. The company issued shares of convertible preferred stock in this pipe, which subject to shareholder and regulatory approvals will convert to or be exchanged for approximately 22,900,000 shares of common stock at an effective purchase price of $3.50 per share. We are announcing a rights offering for our existing shareholders to participate in this capital raise and are scheduling a special shareholder meeting on July 14. This successful capital raise reflects the trust our investors place in our institution and our long term strategic direction. This has been a lengthy process over the past several quarters following the bank's exit from SBA seven lending. I am extremely pleased to have Al join Robin, Scott and all the BayFirst team members to lead the company back to profitability and growth as a premier financial institution of Tampa Bay. We will hear more from Al in a few minutes. The Board of Directors have made additiona...