BayFirst Financial (BAFN) Q4 2024 earnings summary

Executive summary

• Q4 2024 net income was $9.8 million ($2.27 per share), up 759.8% from Q3; full-year net income was $12.6 million ($2.68 per share), up from $5.7 million in 2023.

• Total assets reached $1.29 billion at year-end, a 143% increase since December 2019.

• Ranked #2 in deposits among Tampa Bay-Sarasota community banks and #9 nationally in SBA 7(a) loan origination units.

• Named Forbes Best-in-State Bank in Florida for 2024.

• Sale-leaseback of two branches generated an $11.6 million pre-tax gain, strengthening capital for growth and share repurchases.

Financial highlights

• Net interest income for Q4 2024 was $10.7 million, up 13% sequentially and 13.1% year-over-year.

• Net interest margin improved by 26 basis points to 3.60% in Q4 2024.

• Full-year net income available to common shareholders was $12.6 million; $4.0 million excluding the sale-leaseback gain.

• Deposit balances grew 16.5% year-to-date, ending at $1.14 billion, with 74% insured.

• Loans held for investment increased by $24.8 million in Q4, reaching $1.07 billion.

Outlook and guidance

• 2025 initiatives focus on operational excellence, technology optimization, business banking acceleration, and revenue diversification.

• Plans to expand USDA lending and leverage automation for loan origination.

• Loan modification activity expected to decrease in 2025 as rates stabilize.