BayFirst Financial Corp. (BAFN) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, Joanna. Good morning and thank you for joining our call today. Once again, with me is Robin Oliver, our president and chief operating officer, and Scott McKim, our chief financial officer. Today's call will include forward-looking statements and non-GAAP financial measures. Please refer to our cautionary clause on forward-looking statements contained on page two of the investor presentation. At the start of the year, management and the board initiated a comprehensive strategic review of the bank's business model to chart a new path forward that holds true to our mission as a community bank. Today, we are reporting on the culmination of our work to de-risk the balance sheet and position our community bank for long-term sustainable growth and enhanced shareholder value. For over a decade, the bank's SBA 7A business has provided revenue to help build our 12-branch network which drives tremendous franchise value. At the same time, this line of business outgrew our community bank model, and as reflected in this year's results, brought material risk that led to operating losses. In September, we reported Bay First would exit SBA 7A lending and that we had signed a definitive agreement to sell a large portion of our SBA 7A portfolio to Benesco USA. Furthermore, the majority of our SBA 7A staff would be offered positions with Vanesco USA's SBA lending team. I should note that we expect to close this transaction later in the quarter. However, the current federal government shutdown has generated some delays. While managing this transition, the Bay First team continues to prioritize our community banking mission by delivering excellent service to our customers across the Tampa Bay and Sarasota markets. Our focus remains firmly on what matters most, being the premier...