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Contacts:
Thomas G. ZernickScott J. McKim
Chief Executive OfficerChief Financial Officer
727.399.5680 727.521.7085
BayFirst Financial Corp. Reports Second Quarter 2025 Results
ST. PETERSBURG, FL. — July 29, 2025 — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported a net loss of $1.2 million, or $(0.39) per common share and diluted common share, for the second quarter of 2025, compared to a net loss of $0.3 million, or $(0.17) per common share and diluted common share, in the first quarter of 2025.
“As we announced last quarter, Management and the Board initiated a comprehensive strategic review aimed at derisking unguaranteed SBA 7(a) balances on the balance sheet and positioning the company for long-term growth and enhanced shareholder value,” stated Thomas G. Zernick, Chief Executive Officer. “Much progress is being made, and we expect to have additional information on our plans and the expected results in the coming weeks. In conjunction with the review, BayFirst reported charge offs and fair value write downs on related SBA 7(a) loans with elevated levels of risk. This will provide for a stronger balance sheet to take advantage of community banking opportunities. Furthermore, to offset the impact of these changes, the Board has voted to suspend common and preferred stock dividend payments and board of director fees. We will continue to evaluate strategic alternatives to ensure an optimal path in the best long-term interests of our shareholders, customers, and the communities we serve.
“We expanded our net interest margin and kept controllable operating expenses in check during the second quarter as compared to the first quarter, reflecting the continued strength in our community banking operations. Credit challenges extended into the second quarter, with net charge-offs and fair value write-downs on Bolt SBA 7(a) loans increasing compared to the prior quarter. Notably, we recorded some loan production measured at fair value because of production delays experienced with SBA's Standard Operating Procedures update, which increased application processing time and prevented us from executing some loan sales as planned. Although our core SBA and conventional commercial loan portfolio performance remains strong, many of our SBA small business clients continue to struggle in a difficult environment even though many have shown some resilience in the face of inflation and persistent high interest rates. As we monitor the evolving impact of the economy and recent policy changes, we remain committed to strong loan oversight and maintaining close relationships with our borrowers to support their long-term success.
“We continue to support our community bank first and foremost, serving individuals, families, and small businesses with a strong emphasis on stable, low-cost checking and savings accounts—products that are less sensitive to rate changes and contribute to a more predictable funding base,” said Zernick. “This focus not only supports relationship-driven banking but also broadens our reach across the vibrant Tampa Bay region, enhancing our franchise and creating more opportunities to offer residential mortgages, consumer loans, and small business financing. During the second quarter, we continued to focus on growing core deposits. This is a key component of our broader strategy to increase recurring revenue through net interest income and reduce our reliance on gains from the sale of government-guaranteed loans. As we continue to expand our conventional commercial and consumer loan portfolios, we are also taking proactive steps to manage credit risk. These efforts include strengthening underwriting standards for SBA 7(a) loans and exploring options such as portfolio sales to reduce exposure to unguaranteed SBA balances. We remain focused on aligning our loan growth with strong risk oversight to support long-term performance.
“A key achievement in the second quarter was the continued momentum in loan growth across our community bank operations, fueled by consistent demand across the greater Tampa Bay region,” said Zernick. “Community bank loans rose 3% during the quarter, demonstrating that our balance sheet growth is aligned with our strategic priority of

BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 2

growing the community bank segment. We are seeing the early results of strategic initiatives designed to enhance earnings and reduce our reliance on less predictable income sources. While the broader economic environment remains uncertain, our disciplined focus on local relationship banking and tailored financial solutions positions us well for continued improvement.”
Second Quarter 2025 Performance Review
•Net interest margin was 4.06% in the second quarter of 2025, an increase of 29 basis points from 3.77% in the first quarter of 2025 and an increase of 63 basis points from 3.43% in the second quarter of 2024.
•The Company’s government guaranteed loan team originated $106.4 million in new loans during the second quarter of 2025, a slight increase from $106.3 million of loans produced in the previous quarter, and an increase from $98.7 million of loans produced during the second quarter of 2024. Since the launch in 2022 of the Company's Bolt loan program, an SBA 7(a) loan product designed to expeditiously provide working capital loans of $150 thousand or less, the Company has originated 6,745 Bolt loans totaling $869.9 million, of which 538 Bolt loans totaling $67.9 million were originated during the second quarter.
•Loans held for investment increased by $41.0 million, or 3.8%, during the second quarter of 2025 to $1.13 billion and increased $117.5 million, or 11.7%, over the past year. During the quarter, the Company originated $157.0 million of loans and sold $66.8 million of government guaranteed loan balances.
•Deposits increased $35.5 million, or 3.1%, during the second quarter of 2025 and increased $121.4 million, or 11.6%, over the past year to $1.16 billion. The increase in deposits during the quarter was primarily due to increases in noninterest-bearing account balances, savings and money market account balances, and time deposit balances, partially offset by a decrease in interest-bearing transaction account balances.
•Book value and tangible book value at June 30, 2025 were $22.30 per common share, a decrease from $22.77 at March 31, 2025.
Results of Operations
Net Income (Loss)
The Company had a net loss of $1.2 million for the second quarter of 2025, compared to a net loss of $0.3 million in the first quarter of 2025 and net income of $0.9 million in the second quarter of 2024. The change in the second quarter of 2025 from the preceding quarter was primarily the result of an increase in provision for credit losses of $2.9 million, a decrease in gain on sale of government guaranteed loans of $1.2 million, and an increase in noninterest expense of $1.7 million. This was partially offset by an increase in net interest income of $1.3 million and an increase in government guaranteed loan fair value gains of $3.2 million. The change from the second quarter of 2024 was due to an increase in provision for credit losses of $4.3 million and an increase in noninterest expense of $0.9 million, partially offset by an increase in net interest income of $3.2 million.
In the first six months of 2025, the Company had a net loss of $1.6 million, a decrease from net income of $1.7 million for the first six months of 2024. The decrease was primarily due to an increase in provision for credit losses of $4.6 million, a decrease in government guaranteed loan fair value gains of $4.8 million, and a decrease of government guaranteed loan packaging fees of $1.1 million. This was partially offset by an increase in net interest income of $5.4 million and a decrease in noninterest expense of $1.0 million.
Net Interest Income and Net Interest Margin
Net interest income from continuing operations was $12.3 million in the second quarter of 2025, an increase from $11.0 million during the first quarter of 2025, and an increase from $9.2 million during the second quarter of 2024. The net interest margin was 4.06% in the second quarter of 2025, an increase of 29 basis points from 3.77% in the first quarter of 2025 and an increase of 63 basis points from 3.43% in the second quarter of 2024.
The increase in net interest income from continuing operations during the second quarter of 2025, as compared to the first quarter of 2025, was mainly due to an increase in loan interest income, including fees, of $1.7 million, partially offset by an increase in interest expense from borrowings of $0.6 million.

BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 3

The increase in net interest income from continuing operations during the second quarter of 2025, as compared to the year ago quarter, was mainly due to an increase in loan interest income, including fees, of $2.0 million and a decrease in interest expense on deposits of $1.2 million.
Net interest income from continuing operations was $23.3 million in the first six months of 2025, an increase from $17.9 million in the first six months of 2024. The increase was mainly due to an increase in loan interest income, including fees, of $3.6 million and a decrease in interest expense of $1.8 million.
Noninterest Income
Noninterest income from continuing operations was $10.8 million for the second quarter of 2025, which was an increase from $8.8 million in the first quarter of 2025 and a decrease from $11.7 million in the second quarter of 2024. The increase in the second quarter of 2025, as compared to the first quarter of 2025, was primarily the result of an increase in government guaranteed loan fair value gains of $3.2 million, partially offset by a decrease in gain on sale of government guaranteed loans of $1.2 million. The decrease in the second quarter of 2025, as compared to the second quarter of 2024, was the result of decreases in loan servicing income of $0.3 million, fair value gains on government guaranteed loans of $0.8 million, and government guaranteed loan packaging fees of $0.4 million, partially offset by an increase in gain on sale of government guaranteed loans of $0.5 million.
Noninterest income from continuing operations was $19.5 million for the first six months of 2025, which was a decrease from $25.9 million for the first six months of 2024. The decrease was primarily the result of a decrease in government guaranteed loan fair value gains of $4.8 million and a decrease in government guaranteed loan packaging fees of $1.1 million.
Noninterest Expense
Noninterest expense from continuing operations was $17.5 million in the second quarter of 2025 compared to $15.8 million in the first quarter of 2025 and $16.6 million in the second quarter of 2024. The increase in the second quarter of 2025, as compared to the prior quarter, was primarily due to an increase in loan origination and collection expenses of $1.5 million. The increase in the second quarter of 2025, as compared to the second quarter of 2024, was primarily due to higher loan origination and collection expenses of $0.6 million, occupancy expense of $0.3 million, and data processing expense of $0.4 million, partially offset by lower compensation expense of $0.1 million and marketing and business development expenses of $0.1 million.
Noninterest expense from continuing operations was $33.3 million for the first six months of 2025 compared to $34.4 million for the first six months of 2024. The decrease was the result of lower compensation expense of $1.6 million and professional service expense of $0.7 million, partially offset by higher occupancy and equipment expense of $0.8 million and data processing expense of $0.9 million.
Balance Sheet
Assets
Total assets increased $51.9 million, or 4.0%, during the second quarter of 2025 to $1.34 billion, mainly due to increases in loans held for investment of $41.0 million and cash and cash equivalents of $14.1 million. Compared to the end of the second quarter last year, total assets increased $126.0 million, or 10.3%, driven primarily by growth in loans held for investment of $117.5 million.
Loans
Loans held for investment increased $41.0 million, or 3.8%, during the second quarter of 2025 and $117.5 million, or 11.7%, over the past year to $1.13 billion, due to originations in both conventional community bank loans and government guaranteed loans, partially offset by government guaranteed loan sales.
Deposits
Deposits increased $35.5 million, or 3.1%, during the second quarter of 2025 and increased $121.4 million, or 11.6%, from the second quarter of 2024, ending June 30, 2025 at $1.16 billion. During the second quarter, there were increases in noninterest-bearing account balances of $3.5 million, savings and money market account balances of

BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
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$25.2 million, and time deposit balances of $29.7 million, partially offset by a decrease in interest-bearing transaction account balances of $22.9 million. At June 30, 2025, approximately 80% of total deposits were insured by the FDIC. At times, the Bank has brokered time deposit and non-maturity deposit relationships available to diversify its funding sources. At June 30, 2025, March 31, 2025, and June 30, 2024, the Company had $186.7 million, $112.3 million, and $60.1 million, respectively, of brokered deposits.
Asset Quality
The Company recorded a provision for credit losses in the second quarter of $7.3 million, compared to provisions of $4.4 million for the first quarter of 2025 and $3.0 million during the second quarter of 2024.
The ratio of ACL to total loans held for investment at amortized cost was 1.65% at June 30, 2025, 1.61% as of March 31, 2025, and 1.50% as of June 30, 2024. The ratio of ACL to total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 1.85% at June 30, 2025, 1.84% as of March 31, 2025, and 1.73% as of June 30, 2024.
Net charge-offs for the second quarter of 2025 were $6.8 million, which was an increase from $3.3 million for the first quarter of 2025 and the second quarter of 2024. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 2.60% for the second quarter of 2025, compared to 1.28% in the first quarter of 2025 and 1.45% in the second quarter of 2024. Nonperforming assets were 1.79% of total assets as of June 30, 2025, compared to 2.08% as of March 31, 2025, and 1.28% as of June 30, 2024. Nonperforming assets, excluding government guaranteed loan balances, were 1.12% of total assets as of June 30, 2025, compared to 1.22% as of March 31, 2025, and 0.82% as of June 30, 2024.
Capital
The Bank’s Tier 1 leverage ratio was 8.11% as of June 30, 2025, compared to 8.56% as of March 31, 2025, and 8.73% as of June 30, 2024. The CET 1 and Tier 1 capital ratios to risk-weighted assets were 9.98% as of June 30, 2025, compared to 10.47% as of March 31, 2025, and 10.54% as of June 30, 2024. The total capital to risk-weighted assets ratio was 11.23% as of June 30, 2025, compared to 11.73% as of March 31, 2025, and 11.79% as of June 30, 2024.
Liquidity
The Bank's overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at June 30, 2025 was 8.28%, as compared to 9.17% at December 31, 2024. The Bank has robust liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of June 30, 2025, the Bank had $40.0 million of borrowings from the FHLB and no borrowings from the FRB or other financial institutions. This compared to $20.0 million of borrowings from the FHLB and no borrowings from the FRB or other financial institutions at March 31, 2025.
Conference Call
BayFirst will host a conference call on Wednesday, July 30, 2025, at 9:00 a.m. ET to discuss its second quarter results. Interested parties may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com or are invited to dial (800) 549-8228 to participate in the call using Conference ID 29222. A replay of the call will be available for one year at www.bayfirstfinancial.com.
About BayFirst Financial Corp.
BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. The Bank was the 8th largest SBA 7(a) lender by number of units originated and 18th largest by dollar volume nationwide through the SBA's quarter ended June 30, 2025. As of June 30, 2025, BayFirst Financial Corp. had $1.34 billion in total assets.

BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
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Forward-Looking Statements
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, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 6

BAYFIRST FINANCIAL CORP.
SELECTED FINANCIAL DATA (Unaudited)

At or for the three months ended
(Dollars in thousands, except for share data)6/30/20253/31/202512/31/20249/30/20246/30/2024
Net income (loss)$(1,237)$(335)$9,776 $1,137 $866 
Balance sheet data:
Average loans held for investment at amortized cost1,047,568 1,027,648 1,003,867 948,528 902,417 
Average total assets1,324,455 1,287,618 1,273,296 1,228,040 1,178,501 
Average common shareholders’ equity95,049 96,053 87,961 86,381 84,948 
Total loans held for investment1,125,799 1,084,817 1,066,559 1,042,445 1,008,314 
Total loans held for investment, excl gov’t gtd loan balances972,942 943,979 917,075 885,444 844,659 
Allowance for credit losses17,041 16,513 15,512 14,186 13,843 
Total assets1,343,867 1,291,957 1,288,297 1,245,099 1,217,869 
Total deposits1,163,796 1,128,267 1,143,229 1,112,196 1,042,388 
Common shareholders’ equity92,172 94,034 94,869 86,242 84,911 
Share data:
Basic earnings (loss) per common share$(0.39)$(0.17)$2.27 $0.18 $0.12 
Diluted earnings (loss) per common share(0.39)(0.17)2.11 0.18 0.12 
Dividends per common share0.08 0.08 0.08 0.08 0.08 
Book value per common share22.30 22.77 22.95 20.86 20.54 
Tangible book value per common share (1)
22.30 22.77 22.95 20.86 20.54 
Performance and capital ratios:
Return on average assets(2)
(0.37)%(0.10)%3.07 %0.37 %0.29 %
Return on average common equity(2)
(6.83)%(3.00)%42.71 %3.48 %2.26 %
Net interest margin(2)
4.06 %3.77 %3.60 %3.34 %3.43 %
Asset quality ratios:
Net charge-offs$6,799 $3,301 $3,369 $2,757 $3,261 
Net charge-offs/avg loans held for investment at amortized cost(2)
2.60 %1.28 %1.34 %1.16 %1.45 %
Nonperforming loans(3)
$21,665 $24,806 $17,607 $15,489 $12,312 
Nonperforming loans (excluding gov't gtd balance)(3)
$14,187 $15,078 $13,570 $10,992 $8,054 
Nonperforming loans/total loans held for investment(3)
2.09 %2.42 %1.75 %1.62 %1.34 %
Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3)
1.37 %1.47 %1.35 %1.15 %0.87 %
ACL/Total loans held for investment at amortized cost1.65 %1.61 %1.54 %1.48 %1.50 %
ACL/Total loans held for investment at amortized cost, excl government guaranteed loans 1.85 %1.84 %1.79 %1.70 %1.73 %
Other Data:
Full-time equivalent employees300305299295302
Banking center offices1212121212
(1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to most comparable GAAP equivalent.
(2) Annualized
(3) Excludes loans measured at fair value


BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 7

Reconciliation and Management Explanation of Non-GAAP Financial Measures
Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders' equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.
The following presents the calculation of the non-GAAP financial measures.
Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share (Unaudited)
As of
(Dollars in thousands, except for share data)June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024
Total shareholders’ equity$108,223 $110,085 $110,920 $102,293 $100,962 
Less: Preferred stock liquidation preference(16,051)(16,051)(16,051)(16,051)(16,051)
Total equity available to common shareholders92,172 94,034 94,869 86,242 84,911 
Less: Goodwill— — — — — 
Tangible common shareholders' equity$92,172 $94,034 $94,869 $86,242 $84,911 
Common shares outstanding4,134,127 4,129,027 4,132,986 4,134,059 4,134,219 
Tangible book value per common share$22.30 $22.77 $22.95 $20.86 $20.54 


BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 8

BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)6/30/20253/31/20256/30/2024
Assets
Cash and due from banks$6,142 $6,517 $4,226 
Interest-bearing deposits in banks71,157 56,637 56,546 
Cash and cash equivalents77,299 63,154 60,772 
Time deposits in banks1,280 2,025 2,261 
Investment securities available for sale, at fair value (amortized cost $33,410, $39,507, and $42,885 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively)
30,256 36,318 38,685 
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $9, $12, and $14 (fair value: $2,369, $2,356, and $2,273 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively)
2,491 2,488 2,486 
Nonmarketable equity securities
6,551 5,480 7,132 
Government guaranteed loans held for sale— — — 
Government guaranteed loans held for investment, at fair value
90,687 57,901 86,142 
Loans held for investment, at amortized cost1,035,112 1,026,916 922,172 
Allowance for credit losses on loans(17,041)(16,513)(13,843)
    Net Loans held for investment, at amortized cost1,018,071 1,010,403 908,329 
Accrued interest receivable9,495 9,153 8,000 
Premises and equipment, net32,407 32,769 39,088 
Loan servicing rights16,074 16,460 15,770 
Right-of-use operating lease assets15,160 15,484 2,305 
Bank owned life insurance26,881 26,696 26,150 
Other real estate owned400 132 1,633 
Other assets16,815 13,494 19,080 
Assets from discontinued operations— — 36 
Total assets$1,343,867 $1,291,957 $1,217,869 
Liabilities:
Noninterest-bearing deposit accounts$109,698 $106,236 $94,040 
Interest-bearing transaction accounts238,215 261,074 236,447 
Savings and money market deposit accounts493,005 467,766 420,271 
Time deposits322,878 293,191 291,630 
Total deposits1,163,796 1,128,267 1,042,388 
FHLB borrowings40,000 20,000 55,000 
Subordinated debentures5,9595,9575,952
Notes payable1,707 1,820 2,162 
Accrued interest payable1,148 1,053 1,172 
Operating lease liabilities13,819 14,102 2,497 
Deferred income tax liabilities895 648 1,000 
Accrued expenses and other liabilities8,320 10,025 6,565 
Liabilities from discontinued operations— — 171 
Total liabilities1,235,644 1,181,872 1,116,907 

BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 9

BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)6/30/20253/31/20256/30/2024
Shareholders’ equity:
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at June 30, 2025, March 31, 2025, and June 30, 2024; aggregate liquidation preference of $6,395 each period
6,161 6,161 6,161 
Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at June 30, 2025, March 31, 2025, and June 30, 2024; aggregate liquidation preference of $3,210 each period
3,123 3,123 3,123 
Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at June 30, 2025, March 31, 2025, and June 30, 2024; aggregate liquidation preference of $6,446 at June 30, 2025, March 31, 2025, and June 30, 2024
6,446 6,446 6,446 
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,134,127, 4,129,027, and 4,134,219 shares issued and outstanding at June 30, 2025, March 31, 2025, and June 30, 2024, respectively
54,739 54,657 54,773 
Accumulated other comprehensive loss, net(2,368)(2,378)(3,113)
Unearned compensation(1,006)(1,006)(1,081)
Retained earnings41,128 43,082 34,653 
Total shareholders’ equity108,223 110,085 100,962 
Total liabilities and shareholders’ equity$1,343,867 $1,291,957 $1,217,869 

BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 10

BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the Quarter EndedYear-to-Date
(Dollars in thousands, except per share data)6/30/20253/31/20256/30/20246/30/20256/30/2024
Interest income:
Loans, including fees$21,459 $19,751 $19,414 $41,210 $37,642 
Interest-bearing deposits in banks and other1,046 934 1,013 1,980 1,972 
Total interest income22,505 20,685 20,427 43,190 39,614 
Interest expense:
Deposits9,282 9,431 10,448 18,713 20,663 
Other875 255 797 1,130 1,027 
Total interest expense10,157 9,686 11,245 19,843 21,690 
Net interest income12,348 10,999 9,182 23,347 17,924 
Provision for credit losses7,264 4,400 3,000 11,664 7,058 
Net interest income after provision for credit losses5,084 6,599 6,182 11,683 10,866 
Noninterest income:
Loan servicing income, net484 736 805 1,220 1,600 
Gain on sale of government guaranteed loans, net6,136 7,327 5,595 13,463 13,684 
Service charges and fees473 449 452 922 896 
Government guaranteed loans fair value gain (loss), net2,442 (755)3,202 1,687 6,507 
Government guaranteed loan packaging fees577 716 1,022 1,293 2,429 
Other noninterest income683 278 577 961 805 
Total noninterest income10,795 8,751 11,653 19,546 25,921 
Noninterest Expense:
Salaries and benefits8,113 7,998 7,829 16,111 15,834 
Bonus, commissions, and incentives262 71 659 333 2,230 
Occupancy and equipment1,579 1,634 1,273 3,213 2,383 
Data processing2,078 2,045 1,647 4,123 3,207 
Marketing and business development403 487 540 890 1,128 
Professional services782 732 877 1,514 2,226 
Loan origination and collection2,558 1,035 1,958 3,593 3,677 
Employee recruiting and development462 617 549 1,079 1,146 
Regulatory assessments352 339 279 691 561 
Other noninterest expense939 855 999 1,794 1,991 
Total noninterest expense17,528 15,813 16,610 33,341 34,383 
Income (loss) before taxes from continuing operations(1,649)(463)1,225 (2,112)2,404 
Income tax expense (benefit) from continuing operations(412)(128)349 (540)645 
Net income (loss) from continuing operations(1,237)(335)876 (1,572)1,759 
Loss from discontinued operations before income taxes— — (14)— (92)
Income tax benefit from discontinued operations— — (4)— (23)
Net loss from discontinued operations— — (10)— (69)
Net income (loss)(1,237)(335)866 (1,572)1,690 
Preferred dividends386 385 386 771 771 
Net income available to (loss attributable to) common shareholders
$(1,623)$(720)$480 $(2,343)$919 

BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 11

BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the Quarter EndedYear-to-Date
(Dollars in thousands, except per share data)6/30/20253/31/20256/30/20246/30/20256/30/2024
Basic earnings (loss) per common share:
Continuing operations$(0.39)$(0.17)$0.12 $(0.57)$0.24 
Discontinued operations— — — — (0.02)
Basic earnings (loss) per common share$(0.39)$(0.17)$0.12 $(0.57)$0.22 
Diluted earnings (loss) per common share:
Continuing operations$(0.39)$(0.17)$0.12 $(0.57)$0.24 
Discontinued operations— — — — (0.02)
Diluted earnings (loss) per common share$(0.39)$(0.17)$0.12 $(0.57)$0.22 
    


BayFirst Financial Corp. Reports Second Quarter 2025 Results
July 29, 2025
Page 12

Loan Composition
(Dollars in thousands)
6/30/20253/31/202512/31/20249/30/20246/30/2024
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Real estate:
Residential
$356,559 $339,886 $330,870 $321,740 $304,234 
Commercial
292,923 296,351 305,721 292,026 288,185 
Construction and land
53,187 46,740 32,914 33,784 35,759 
Commercial and industrial
223,239 234,384 226,522 200,212 192,140 
Commercial and industrial - PPP
191 457 941 1,656 2,324 
Consumer and other
93,333 93,889 93,826 92,546 85,789 
Loans held for investment, at amortized cost, gross
1,019,432 1,011,707 990,794 941,964 908,431 
Deferred loan costs, net
21,118 20,521 19,499 18,060 17,299 
Discount on government guaranteed loans
(8,780)(8,727)(8,306)(7,880)(7,731)
Premium on loans purchased, net
3,342 3,415 3,739 3,860 4,173 
Loans held for investment, at amortized cost, net
1,035,112 1,026,916 1,005,726 956,004 922,172 
Government guaranteed loans held for investment, at fair value90,687 57,901 60,833 86,441 86,142 
Total loans held for investment, net
$1,125,799 $1,084,817 $1,066,559 $1,042,445 $1,008,314 
Nonperforming Assets (Unaudited)
(Dollars in thousands)6/30/20253/31/202512/31/20249/30/20246/30/2024
Nonperforming loans (government guaranteed balances), at amortized cost, gross
$7,478 $9,728 $4,037 $4,497 $4,258 
Nonperforming loans (unguaranteed balances), at amortized cost, gross
14,187 15,078 13,570 10,992 8,054 
Total nonperforming loans, at amortized cost, gross
21,665 24,806 17,607 15,489 12,312 
Nonperforming loans (government guaranteed balances), at fair value
502 507 — 24 341 
Nonperforming loans (unguaranteed balances), at fair value
1,430 1,419 1,490 1,535 1,284 
Total nonperforming loans, at fair value
1,932 1,926 1,490 1,559 1,625 
OREO
400 132 132 — 1,633 
Repossessed assets— 36 36 94 — 
Total nonperforming assets, gross
$23,997 $26,900 $19,265 $17,142 $15,570 
Nonperforming loans as a percentage of total loans held for investment(1)
2.09 %2.42 %1.75 %1.62 %1.34 %
Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1)
1.37 %1.47 %1.35 %1.15 %0.87 %
Nonperforming assets as a percentage of total assets
1.79 %2.08 %1.50 %1.38 %1.28 %
Nonperforming assets (excluding government guaranteed balances) to total assets
1.12 %1.22 %1.06 %0.88 %0.82 %
ACL to nonperforming loans(1)
78.66 %66.57 %88.10 %91.59 %112.44 %
ACL to nonperforming loans (excluding government guaranteed balances)(1)
120.12 %109.52 %114.31 %129.06 %171.88 %
(1) Excludes loans measured at fair value
Note: Transmitted on Globe Newswire on July 29, 2025, at 4:00 p.m. ET.