BayFirst Financial Corp. (NASDAQ:BAFN), 2022 – First Quarter Results (Unaudited)
Summary
BayFirst Financial Corp.'s investor presentation of first-quarter 2022 results (unaudited), ticker BAFN, the holding company for BayFirst National Bank, which changed its name and converted to a national banking charter on May 16, 2022. The deck opens with a cautionary statement on forward-looking statements and describes BayFirst, founded in 1999 (the Bank) and 2000 (the Company), as a growth-oriented bank holding company. Its charts track PPP loan forgiveness and loan sale activity, which was match-funded through the PPPLF, as the balance sheet shrank. The consolidated balance sheet at the end shows total liabilities and shareholders' equity (dollars in thousands) of $ 888,541 at March 31, 2022 against $ 1,716,831 at March 31, 2021, total shareholders' equity of 94,879 against 79,421 a year earlier, and 4,013,173 common shares outstanding against 3,678,566.
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BayFirst Financial Corp.
(NASDAQ:BAFN)
2022 – First Quarter Results (Unaudited)
Cautionary Statement Concerning
Forward-Looking Information
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 the COVID-19 pandemic, global military hostilities, or climate changes, 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 we do not undertake any obligation to update or revise any forward-looking
statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
BAFN Q1 2022 2
About BayFirst Financial Corp.
BayFirst Financial Corp. (“BayFirst” or the “Company”) is the holding company for
BayFirst National Bank (f/k/a “First Home Bank” ). Founded in 1999 (the Bank) and
2000 (the Company).
BayFirst is a high-performing, growth-oriented bank holding company
operating in one of the most attractive banking markets in the U.S. through
its wholly-owned subsidiary, BayFirst National Bank, which changed its
name and converted to a national banking charter on May 16, 2022.
BayFirst offers services through its Community Banking Division and its
Residential Mortgage Division.
BayFirst has seven full-service locations: five in Pinellas County, one in
Sarasota County, and one in Hillsborough County (Tampa).
BayFirst originates residential mortgages through a network of nationwide
loan production offices.
CreditBench is BayFirst’s government guaranteed loan origination platform
and is one of the nation’s top SBA 7(a) originators; in the top 25 by
approved dollar volume and by number of units*.
BayFirst adheres to the principles of its Environmental, Social and
Governance (ESG) Policy Statement. Current Banking Center Pending Banking Center
* Through SBA fiscal Q2 ended 3/31/22
BAFN Q1 2022 3
Investor Snapshot
Ticker Symbol: BAFN
Recent Price*: $16.38
Shares Outstanding*: 4,013,173
Market Cap*: $65.7 million
P/LTM EPS (x): 4.31
Price/Tangible Book (x): 0.77
Total Assets (3/31/22): $888.5 million
Dividend: $0.08/share, quarterly
BAFN Q1 2022 4
*Source: S&P Global as of 5/17/2022
SELECTED FINANCIAL DATA
• Dollars in Thousands,
Dollars in thousands, Except
except per Per Share
share data
Data
BAFN Q1 2022 5
An Innovative Community Bank
Innovative, Dynamic and
Highly Profitable Community
Bank Attractive Market with
Scarcity of Community
Strategically Driven, Banks
Progressive Organization
Scalable Advanced
Technology Platform,
Management Depth, Diversified Revenue
Diverse Board Model
BAFN Q1 2022 6
A Differentiated Business Model
Increasingly diversified balance sheet funded by growing local core deposit base
COMMUNITY BANKING
• 7 banking centers in Tampa Bay, growing CREDITBENCH
to 10 to 12 banking centers over the next • BayFirst’s SBA lending platform
two years • Top 25* nationwide Preferred
• Full suite of commercial and consumer Lender
loan and deposit products to meet the • #1 SBA lender in the five county
needs of Tampa Bay individuals, families Tampa Bay area at SBA’s FY ended
and small businesses 9/30/21
• FlashCap 7(a) small loan program
COMMUNITY
BANKING DIVISION and traditional Core program
• FlashCap loan generation from
organic sales and FinTech partners
RESIDENTIAL MORTGAGE RESIDENTIAL
• 11 experienced Core lenders with
• Nationwide full-scale mortgage banking MORTGAGE
DIVISION local and national referral sources
platform
• Building national sales team,
• 20 loan production offices
throughout the United States currently five lenders
• $335.5 million origination volume in
Q1’22
* Through SBA fiscal Q2 ended 3/31/22 BAFN Q1 2022 7
Q1’22 Significant Initiatives and
Recent Events
Converted Bank subsidiary to national banking charter and changed name to BayFirst National Bank providing
better alignment with national lending platforms
Continued investments in technology infrastructure advancing BayFirst as a tech-focused bank:
POWER, BayFirst’s proprietary loan origination system, goes live June 1st, which will create greater efficiencies in
commercial/SBA loan origination process
BayFirst Payments will launch in H2’22
The return on technology investments made over the past two years have yet to be materially realized
Continued expense rationalization
Exited residential mortgage consumer direct business in May ’22 and realigned staff
Continued growth in conventional commercial and consumer lending, with $46mm and $44mm closed, respectively
through April ’22
Continued advancement of ESG principles and DEI initiatives
Carbon neutral banking centers, LEED certification on-going, free EV stations, PEACE Team, Minority-Owned Business Lending
Program
DEI Council formed
Recognized in top 15 large-employer for “Best Places to Work” by Tampa Bay Business Journal
BAFN Q1 2022 8
Experienced Leadership Team
Executive & Title Experience
Joined BayFirst in Q4 2013; Prior to joining BayFirst, provided management consulting and regulatory advisory services
Anthony N. Leo
to community banks throughout the state of Florida and served as the interim CEO of three troubled banks between
Chief Executive Officer &
2009 and 2013
Director of BayFirst and the
Bank Managing Director and Executive Vice President of Community Banks, Inc. (Nasdaq: CMTY) in Harrisburg, PA from 1993
until its sale to Susquehanna Bancshares, Inc. (NasdaqGS: SUSQ) 2007
B.A. in Political Science from George Washington University and a J.D. from George Washington University Law School.
He is a member of the Bar in the District of Columbia and state of Maryland
Joined BayFirst in Q2 2018; Prior to joining BayFirst, Controller of Central Bank & Trust Co., a $2.5 billion privately held
Robin Oliver financial institution in Lexington, Kentucky, from May 2014 to June 2018
EVP, Chief Financial Officer and
Chief Operating Officer of Approximately 16 years with Crowe Horwath LLP as an auditor in the financial institution practice; served over 80
BayFirst and the Bank financial institution clients with assets ranging from $50 million to $4.5 billion throughout career, including several SEC
registrants and FDICIA reporting institutions
B.S. in Accounting from the University of Kentucky
Joined BayFirst in Q1 2016
Thomas G. Zernick Previous experience includes Florida Market President of Stearns Bank, SBA Product Manager of HomeBanc, and
EVP, President of the Bank Community Bank President and SBA President of Republic Bank (MI)
B.A. in Business Administration from University of Notre Dame
Joined BayFirst in Q3 2015
Matthew Luckey
EVP, Chief Banking Officer Previous experience includes commercial banking positions with The Bank of Tampa, Synovus Bank and SunTrust
B.B.A. from The University of Georgia
BAFN Q1 2022 9
Experienced Leadership Team
Executive & Title Experience
Joined BayFirst in Q3 2018; Prior to joining BayFirst, President and CEO of 1st Manatee Bank, EVP and Chief Lending Officer
Lewis Benner of Sabal Palm Bank, Community Bank President of Gold Bank and President of Lancaster Region for Lebanon Valley
EVP, Chief Credit Officer National Bank/Fulton
B.A. in Business Administration from Elizabethtown College
Joined BayFirst in March 2016, initially as SVP in SBA Lending; Prior to joining BayFirst, approximately 17 years in investment
Jeffrey M. Hunt banking serving as president or managing director for boutique firms primarily focused on financial services
EVP, Chief Strategy Officer
B.S. in Chemistry from Georgia Institute of Technology
Brandi Jaber Joined BayFirst in Q4 2017; Prior to joining BayFirst, over fifteen years of Mortgage Banking administration experience as
EVP, President of well as Human Resources supporting mid-size financial institutions
Residential Mortgage B.B.S from The University of Florida and M.B.A from The University of Tampa
Division
Joined BayFirst Fall 2020; Prior to joining BayFirst, over 37 years of information technology experience as SVP, Product and
John Macaluso Market Strategy and Chief Technology Officer for Fiserv Inc., Director of Information Systems for New York Yankees, and
EVP, Chief Technology Vice President, Emerging Technologies for Kforce.com
Officer B.A. in Business Administration from University of South Florida
BAFN Q1 2022 10
Attractive Florida Markets
MEANINGFUL ECONOMIC TAILWINDS
Tier 1 Markets: Tier 2 Markets:
- Citrus - Hillsborough
…Favorable Population Projections… - Hernando - Polk
-
-
Sumter
Lake
-
-
Hardee
DeSoto
6.00% 5.56%
#2 state in the U.S.A. for net -
-
Pasco
Pinellas
-
-
Manatee
Sarasota
-
-
Orange
Osceola
-
-
Highlands
Lee
domestic migration* - Charlotte - Collier
Growth Rate ('22 to '27)
4.58% 4.79%
5.00%
4.00%
3.21% Attractive tax policy
3.00%
2.00% Total Deposits in Pinellas, Hillsborough,
1.00% Manatee and Sarasota Counties of $104bn *
0.00%
USA Florida Tampa Sarasota
MSA MSA
~$1.2T economy, with 3.8% GDP
growth in Q3’21
…and Higher Expected Household Incomes
16.00% 15.08%
14.13%
13.42%
14.00% 2.5 million small businesses, more
Growth Rate ('22 to '27)
12.33%
12.00% than any other Southeastern state
10.00%
8.00%
3rd most populous state
6.00%
4.00%
2.00%
*Source: S&P Global Market Intelligence as of June 30, 2021, U-Haul
0.00%
USA Florida Tampa Sarasota
BAFN Q1 2022 11
MSA MSA
Balance Sheet
($ in millions)
$2,000
$1,800 Significant decreases in assets during 2021
$1,717
resulted primarily from PPP loan forgiveness and
$1,600 $1,545 loan sale activity, which was match-funded
through the PPPLF.
$1,400 $1,367
$1,207 $1,198
$1,200
$944
$1,000 $917
$874 $889
$770
$800 $722
$675
$607 $632 $640
$600 $559 $570 $552
$400
$200
$0
12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
Deposits Net Loans Held for Investment Assets
BAFN Q1 2022 12
Balance Sheet Strength
14.00%
12.64%
12.06% 12.22%
12.00% 11.75% 11.75%
10.84%
10.00%
8.00%
6.00%
4.00%
2.00%
0.22% 0.19% 0.30% 0.40% 0.43% 0.30%
0.00%
12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
Tier 1 Leverage (Bank) Non Performing Assets, Excluding Govt. Gtd. Loans, to Total Assets
BAFN Q1 2022 13
Net Interest Margin
3.50%
3.46%
3.40%
3.30%
3.25%
3.21%
3.20%
3.13%
3.10% 3.07%
3.04%
3.00%
2.90%
2.80%
Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Net Interest Margin (annualized)
BAFN Q1 2022 14
Book Value Per Common Share
$22.00 $21.77 $21.75
$21.16 $21.14 $21.32 $21.30 $21.25 $21.22
$21.00
$20.00
$19.00
$17.95 $17.93
$18.00
$17.00
$16.04 $16.02
$16.00
$15.00
$14.00
$13.00
$12.00
12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
Book Value Per Common Share Tangible Book Value Per Common Share
BAFN Q1 2022 15
Loans Held for Investment
Composition of Loans Held for Investment (gross) as of March 31, 2022
$1,600,000
2.5%
$1,400,000 $1,366,516
6.4%
C&I
$1,200,000
Residential
$1,000,000 HELOC
$874,397 41.0% C&D
$800,000 28.1% CRE Owner Occupied
$639,678 CRE- Investor
$570,496
*
$600,000 $551,627 Consumer & Other
$400,000
$200,000
3.3% 6.0%
12.7%
$0
03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
Loans Held for Investment (net)
* Includes $44.36mm in PPP loans, net of origination fees
BAFN Q1 2022 16
Deposits
Total Deposits (in thousands) Deposit Portfolio Composition as of March 31, 2022
$800,000
$770,129
4.1%
$750,000 12.0%
Noninterest-
$721,685 Bearing
Transaction
$700,000
$675,034 Interest-Bearing
Transaction
$650,000 23.5%
$632,322
Savings & Money
$607,265 Market
$600,000
60.4% Certificates
$550,000
$500,000
03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
Total Deposits (in thousands)
BAFN Q1 2022 17
Asset Quality
Nonperforming Assets*/Total Assets Nonperforming Assets/Tier 1 Capital + ALLL (Bank)
0.50% 0.43% 12.00%
0.40% 10.50%
0.40% 9.40% 9.22%
0.30% 0.30% 9.00% 8.51%
8.08%
0.30%
0.19%
0.20% 6.00%
0.10%
3.00%
0.00%
03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
0.00%
* Excludes government guaranteed assets
03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
ALLL/Gross Loans HFI Excl Govt Gtd
ALLL/Gross Loans Held for Investment (HFI)
8.00% 7.35%
3.00%
2.53% 6.61%
2.50% 2.32% 2.30%
6.00% 5.25%
2.00% 1.81%
1.59% 4.08%
4.00%
1.50% 2.71%
1.00% 2.00%
0.50%
0.00%
0.00%
03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
03/31/21 06/30/21 09/30/21 12/31/21 3/31/22
BAFN Q1 2022 18
Earnings
($ in Thousands) Record earnings
augmented by
PPP loan sales in
Q2’21
$14,000
$13,016
Record production in
Residential Mortgage
$12,000 and strong PPP
revenue, offset by
large provisions for
$10,000 loan loss in Q4’20
$8,000 $7,511
$6,000 $5,606
$4,000
$2,811
$2,000 $1,280
$13
$0
Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 1Q 2022
Net Income
BAFN Q1 2022 19
Earnings Performance Ratios
Return on Average Common Equity Return on Average Assets
80% 74.61% 4%
3.38%
60%
49.56% 3%
40%
2% 1.84%
20%
12.54%
1.22%
5.12%
1%
0%
-0.93% 0.47%
0.01%
-20% 0%
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Return on Average Common Equity (annualized) Return on Average Assets (annualized)
BAFN Q1 2022 20
Omnichannel Delivery
Convenient banking centers
State-of-the art contact center
technology
First-in-class mobile banking
Digital loan origination
WE MEET CUSTOMERS ON
THEIR TERMS
BAFN Q1 2022 21
CreditBench
Total Q1’22 SBA loan production of $47.33 million, which represents a $11.95 million, or 20.2%, decrease from
Q4’21 volume of $59.28 million, but an increase of $31.81 million, or 205.0% over $15.52 million produced in
Q1’21.
Continued to build the national lending team, which now comprises five experienced SBA lenders.
Significant investments made in Q1’22 with loan production and related revenue from the new national
team beginning to be realized in Q2’22.
Strong pipeline growth with the total SBA pipeline expanding more than 80% during Q1’22 from $85 million at
12/31/21 to $155 million at 3/31/22.
PPP loan forgiveness activities are generally winding down.
Longer than expected lead time retooling SBA as the Bank emerges from PPP and processes significant volume
generated from the Core lending team and organic FlashCap; current pipeline of $255 million.
Sold both guaranteed and non-guaranteed SBA loan balances in Q1’22.
Sold $4.35 million of nonguaranteed government loan balances during Q1’22, resulting in a total
nonguaranteed government loan balance of $128.37 million at the end of Q1’22, representing a 0.49%
reduction from $128.87 million outstanding as of 12/31/21.
Sold $71.35 million in government guaranteed loans during Q1’22, resulting in total government guaranteed
balance of $143.00 million as of the end of Q1’22, a decrease of 16.59% during the quarter.
Bolt program focused on sub-$150,000 SBA loans.
BAFN Q1 2022 22
RESIDENTIAL MORTGAGE DIVISION
Residential mortgage production of $335.56 million in Q1’22, down 29.7% from $477.48 million
originated in the prior quarter.
Residential mortgage production was impacted by a natural seasonal slowdown and rapid rate increases, which
significantly impacted refinance volume.
1,051 units of production in Q1’22 as compared to 1,520 units in the previous quarter.
Secondary mortgage markets were significantly impacted during Q1’22 due to the war in Ukraine,
which resulted in a significant loss position for the month of February.
Although there was a rebound in March, continued headwinds and volatility in the secondary mortgage
markets will be realized in the near-to-mid term.
Beginning portfolio ARM and Construction to perm product and adding secondary market investors.
Focused on rationalizing expenses and enhancing production.
Recently added loan production offices in FL, CT, NY, SC.
LoanBud platform focused on integrating residential and SBA lending serving self-employed borrowers
across the nation.
BAFN Q1 2022 23
RESIDENTIAL MORTGAGE DIVISION
Total Production ($ in Thousands)
$800,000
$715,856
$700,000
$641,077
$598,385
$600,000
$522,101 $506,673
$500,000 $477,476
$407,726
$400,000
$335,560
$300,000
$200,000
$100,000
$0
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
BAFN Q1 2022 24
Community Banking
Q1’22 Loan Production Summary:
Total Community Bank Division loan production for Q1’22 was 203 units for $63.6 million, an increase of 23.78% and 161.86% over
Q4’21 production of 164 units and $24.25 million, respectively.
Consumer loan growth of $24.65 million was the highlight for the quarter with $20.99 million in HELOC origination.
Overall Community Banking Division loan portfolio consisted of 994 units totaling $219.2 million as of 3/31/22, representing an
increase of 15.72% in units and 11.59% in dollars as compared to 12/31/21.
Loans HFI, excluding PPP loans, increased by a net $12.91 million, or 2.56%, during Q1’22.
Q1’ Deposit Summary:
Q1’22 deposit balance growth of $48.4 million, or 6.71% during the quarter.
Aggregate deposit balance growth was driven by increases in savings and money market deposits, noninterest-bearing demand deposits, and
interest-bearing transaction accounts, partially offset by a decrease in time deposits during the quarter.
Q1’22 deposit balance growth of $163.0 million, or 26.8% year over year.
Aggregate deposit balance growth was driven by increases in savings and money market deposits, noninterest-bearing demand deposits, and
interest-bearing transaction accounts, partially offset by a decrease in time deposits during the quarter.
Overall deposit portfolio consisted of 12,420 accounts totaling $770.6 million as of 3/31/22, up 3.6% and 6.8%, respectively from
12/31/21.
Continued deposit cost alignment.
New Banking Centers under development with W. Bradenton opening this summer, Sarasota (S. Trail) under construction, and
Carrollwood (N. Tampa) undergoing significant remodel.
BAFN Q1 2022 25
Key Company Highlights
Progressive institution in its products & services, technology, design and social responsibility located in
✔
an attractive market with historically strong economic and demographic trends
Experienced management team and dedicated local board with clear and actionable growth
✔ strategy
Scalable platform focused on serving the banking needs of consumers and businesses in the
✔ Tampa Bay region, supported by national business lines in residential and SBA lending and
an advanced technology platform
Few in-market peer institutions provides opportunity for organic growth as well as drives
✔
scarcity value
✔ Formalized ESG principles through its ESG Policy, ESG Policy Statement, and dedicated
management and board committees differentiates the Company from its peers
✔ Strong insider ownership. The majority of employees are shareholders through participation in
ESOP and/or the Stock Purchase Program
✔ Dividend declared Q2'22 marks the 24th consecutive quarterly cash dividend paid since BayFirst
initiated cash dividends in 2016
BAFN Q1 2022 26
2022 Strategic Initiatives
Fundamental Goals:
Expand the Community Banking Division and core deposit base, while utilizing SBA and residential mortgage as lead products
Maintain capital levels commensurate with risk profile and projected growth
Promote BayFirst as a premier workplace
Leverage investments in ESG program, minority lending program, and community engagement to differentiate BayFirst from
its peers
Ensure the Bank’s risk management and compliance management systems evolve with the Bank’s growth and expansion
Increase the float of the Company’s share and expand its retail shareholder base
Transformational Initiatives:
Establish BayFirst as a technology-driven organization by leveraging the advanced technology platform developed over the
past year to create operational efficiencies and additional revenue opportunities while enabling a comprehensive and high-
value digital experience
Enhance customer experience through technological evolution and development of the Contact Center
Expand recurring revenue while leveraging recent investments in infrastructure and technology and rationalizing costs
Selective migration to national portfolio lending
Convert to national bank charter and rebrand the Bank from “First Home” to “BayFirst”
Position the Bank to achieve an “Outstanding” CRA rating
BAFN Q1 2022 27
Financial Statements
BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
BayFirst Financial Corp. and Subsidiary (Dollars in thousands, except per share data)
For the Quarter Ended
3/31/2022 12/31/2021 3/31/2021
Consolidated Statements of Income Interest income:
Loans, other than PPP $ 7,115 $ 7,320 $ 6,599
Unaudited (Dollars in Thousands, PPP loan interest income
PPP origination fee income
140
300
258
381
2,199
6,013
Except Per Share Data) Interest-bearing deposits in banks and other 185 150 81
Total interest income 7,740 8,109 14,892
Interest expense:
Deposits 1,217 1,219 1,320
PPPLF borrowings 20 92 766
Other 97 105 176
Total interest expense 1,334 1,416 2,262
Net interest income 6,406 6,693 12,630
Provision for loan losses (2,400) (2,500) 2,000
Net interest income after provision for loan losses 8,806 9,193 10,630
Noninterest income:
Residential loan fee income 13,191 18,601 32,029
Loan servicing income, net 461 429 704
Gain (loss) on sale of SBA loans, net 4,621 4,564 —
Service charges and fees 282 298 222
SBA loan fair value (loss) gain (197) 33 72
Other noninterest income 510 289 132
Total noninterest income 18,868 24,214 33,159
Noninterest Expense:
Salaries and benefits 13,697 12,603 13,167
Bonus, commissions, and incentives 4,606 8,319 11,873
Mortgage banking 1,002 1,024 1,695
Occupancy and equipment 1,421 1,329 1,332
Data processing 1,467 1,323 1,269
Marketing and business development 1,742 2,176 1,642
Professional services 1,307 1,493 924
Loan origination and collection 670 168 496
Employee recruiting and development 871 914 614
Regulatory assessments 69 102 102
Other noninterest expense 795 773 607
Total noninterest expense 27,647 30,224 33,721
Income before taxes 27 3,183 10,068
Income tax expense 14 372 2,557
Net income 13 2,811 7,511
Preferred dividends 208 208 332
Net income available to common shareholders $ (195) $ 2,603 $ 7,179
Basic earnings per common share $ (0.05) $ 0.66 $ 2.05
Diluted earnings per common share $ (0.05) $ 0.61 $ 1.82
BAFN Q1 2022 29
BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands) 3/31/2022 12/31/2021 3/31/2021
BayFirst Financial Corp. and Subsidiary
Assets Unaudited Unaudited
Cash and due from banks $ 3,141 $ 2,869 $ 2,857
Consolidated Statements of Financial
Interest-bearing deposits in banks 118,960 106,858 58,140
Cash and cash equivalents 122,101 109,727 60,997
Time deposits in banks 3,881 2,381 2,381
Position Unaudited (Dollars in Thousands) Investment securities available for sale
Investment securities held to maturity
41,656
2
30,893
2
—
31
Restricted equity securities, at cost 2,520 2,827 2,719
Residential loans held for sale 75,022 114,131 208,762
SBA loans held for sale 1,445 1,460 —
SBA loans held for investment, at fair value 8,769 9,614 10,475
Loans held for investment, at amortized cost net of allowance for loan losses of
$10,170, $13,452, and $22,017 542,858 560,882 1,356,041
Accrued interest receivable 3,150 3,564 8,584
Premises and equipment, net 31,037 29,671 18,303
Loan servicing rights 7,601 6,619 7,444
Deferred income taxes 793 454 5,712
Right-of-use operating lease assets 4,166 4,543 3,979
Bank owned life insurance 24,698 24,547 12,268
Other assets 18,842 15,780 19,135
Total assets $ 888,541 $ 917,095 $ 1,716,831
Liabilities:
Noninterest-bearing deposits $ 92,680 $ 83,638 $ 77,766
Interest-bearing transaction accounts 180,815 163,495 149,678
Savings and money market deposits 464,847 423,864 325,187
Time deposits 31,787 50,688 54,633
Total deposits 770,129 721,685 607,264
Federal funds purchased — — 40,000
Subordinated debentures 5,987 5,985 5,951
Notes payable 3,186 3,299 3,641
PPP Liquidity Facility — 69,654 957,413
Accrued interest payable 86 326 894
Operating lease liabilities 4,377 4,747 4,173
Accrued expenses and other liabilities 9,897 15,109 18,074
Total liabilities 793,662 820,805 1,637,410
Shareholders’ equity:
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued
and outstanding at March 31, 2022, December 31, 2021, and March 31, 2021;
aggregate liquidation preference of $6,395 6,161 6,161 6,161
Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210, 3,210, and
6,980 shares issued and outstanding at March 31, 2022, December 31, 2021, and
March 31, 2021; aggregate liquidation preference of $3,210, $3,210, and 6,980,
respectively 3,123 3,123 6,791
Common stock and additional paid-in capital; no par value, 15,000,000 shares
authorized, 4,013,173, 3,981,117, and 3,678,566 shares issued and outstanding at
March 31, 2022, December 31, 2021, and March 31, 2021, respectively 52,252 51,496 46,168
Accumulated other comprehensive (loss), net (1,458) (420) —
Unearned compensation (630) (17) (35)
Retained earnings 35,431 35,947 20,336
Total shareholders’ equity 94,879 96,290 79,421
Total liabilities and shareholders’ equity $ 888,541 $ 917,095 $ 1,716,831
BAFN Q1 2022 30
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