BayFirst Financial Corp
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 28, 2024
BAFN$6.00+4.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | ||
|---|---|---|
| Part I | 3 | |
| Item 1. | Business | 3 |
| Item 1A. | Risk Factors | 17 |
| Item 1B. | Unresolved Staff Comments | 29 |
| Item 1C. | Cybersecurity | 29 |
| Item 2. | Properties | 31 |
| Item 3. | Legal Proceedings | 31 |
| Item 4. | Mine Safety Disclosures | 31 |
| Part II | 31 | |
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 31 |
| Item 6. | [Reserved] | 32 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 32 |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 54 |
| Item 8. | Financial Statements and Supplementary Data | 56 |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosures | 105 |
| Item 9A. | Controls and Procedures | 105 |
| Item 9B. | Other Information | 105 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 105 |
| Part III | 105 | |
| Item 10. | Directors, Executive Officers and Corporate Governance | 105 |
| Item 11. | Executive Compensation | 105 |
| Item 12. | Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters | 106 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 106 |
| Item 14. | Principal Accounting Fees and Services | 106 |
| Part IV | 107 | |
| Item 15. | Exhibits and Financial Statement Schedules | 107 |
| Signatures | 108 | |
Glossary of Acronyms and Abbreviations
The acronyms and abbreviations identified below may be used throughout this Annual Report on Form 10-K or in our other SEC filings. You may find it helpful to refer back to this page while reading this report.
| ACL: Allowance for Credit Losses | FDIA: Federal Deposit Insurance Act |
|---|---|
| AFS: Available for Sale | FDIC: Federal Deposit Insurance Corporation |
| AIO: Architecture, Infrastructure, and Operations | FFIEC: Federal Financial Institutions Examination Council |
| ALCO: Asset-Liability Committee | FHLB: Federal Home Loan Bank |
| ALLL: Allowance for Loan Losses | FNBB: First National Bankers Bank |
| AOCI: Accumulated Other Comprehensive Income | FOMC: Federal Open Market Committee |
| ASC: FASB Accounting Standards Codification | FRB: Federal Reserve Bank |
| ASU: FASB Accounting Standards Update | FVO: Fair Value Option |
| BHCA: Bank Holding Company Act of 1956, as amended | GAAP: Generally Accepted Accounting Principles |
| BOLI: Bank Owned Life Insurance | HFI: Held for Investment |
| BSA: Bank Secrecy Act of 1970 | HTM: Held to Maturity |
| CAA: Consolidated Appropriations Act | IRA: Individual Retirement Account |
| CARES Act: Coronavirus Aid, Relief, and Economic Security Act | ISO: Information Security Officer |
| CBLR: Community Bank Leverage Ratio | IT: Information Technology |
| CDARS: Certificate of Deposit Account Registry Services | JOBS Act: Jumpstart Our Business Startups Act of 2012 |
| CECL: Current Expected Credit Losses | LGD: Loss Given Default |
| CEO: Chief Executive Officer | LHFS: Loans Held for Sale |
| CET1: Common Equity Tier 1 Capital | MMDA: Money Market Deposit Account |
| CFPB: Consumer Financial Protection Bureau | NOW: Negotiable Order of Withdrawal |
| C&I: Commercial and Industrial | NSPP: Non-Qualified Stock Purchase Plan |
| CIK: Central Index Key | OCC: Office of the Comptroller of the Currency |
| COVID-19: Coronavirus Disease 2019 | OLC: Officer Loan Committee |
| CRO: Chief Risk Officer | OREO: Other Real Estate Owned |
| CTO: Chief Technology Officer | OTTI: Other-Than-Temporary Impairment |
| DCLC: Directors’ Credit and Loan Committee | PCAOB: Public Company Accounting Oversight Board |
| DEI: Diversity, Equity, and Inclusion | PD: Probability of Default |
| Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | PPP: Paycheck Protection Program |
| DRIP: Dividend Reinvestment Plan | PPPLF: Paycheck Protection Program Liquidity Facility |
| EGC: Emerging Growth Company | QIB: Qualified Institutional Buyer |
| EPS: Earnings per Share | ROU: Right of Use |
| Equity Plan: The Amended and Restated 2017 Equity Incentive Plan | SBA: Small Business Administration |
| ESG: Environmental, Social, and Governance | SEC: U.S. Securities and Exchange Commission |
| ESOP: Employee Stock Ownership Plan | SOFR: Secured Overnight Financing Rate |
| ESPP: Employee Stock Purchase Plan | U.S.: United States |
| Exchange Act: Securities Exchange Act of 1934 | USDA: United States Department of Agriculture |
| FASB: Financial Accounting Standards Board | USDA B&I: United States Department of Agriculture Business and Industry |
| FBCA: Florida Business Corporation Act | WARM: Weighted Average Remaining Life |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.