BayFirst Financial Corp

For the period ended Mar 31, 2024. Filed May 13, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 13, 2024

BAFN$6.10+1.6%Stored close · as of Nov 10, 2026

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Contents

Consolidated Balance Sheets at March (Unaudited) and December 31,

LIABILITIES AND SHAREHOLDERS’ EQUITY
	March 31, 2024	December 31, 2023	(1)
ASSETS	(Unaudited)
Cash and due from banks	$4,425		$4,099
Interest-bearing deposits in banks	53,080		54,286
Cash and cash equivalents	57,505		58,385
Time deposits in banks	3,000		4,646
Investment securities available for sale, at fair value (amortized cost: $46,816 and $43,597 at March 31, 2024 and December 31, 2023, respectively)	42,514		39,575
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $14 and $17 (fair value: $2,352 and $2,263 at March 31, 2024 and December 31, 2023, respectively)	2,487		2,484
Nonmarketable equity securities	5,228		4,770
Government guaranteed loans held for sale	2,226		—
Government guaranteed loans HFI, at fair value	77,769		91,508
Loans HFI, at amortized cost, net of allowance for credit losses of $13,906 and $13,497 at March 31, 2024 and December 31, 2023, respectively	843,193		810,721
Accrued interest receivable	7,625		7,130
Premises and equipment, net	39,327		38,874
Loan servicing rights	15,742		14,959
Right-of-use operating lease assets	2,499		2,416
Bank owned life insurance	25,974		25,800
Other assets	18,805		16,150
Assets from discontinued operations	300		348
Total assets	$1,144,194		$1,117,766
Liabilities:
Noninterest-bearing deposits	$96,977		$93,708
Interest-bearing transaction accounts	250,478		259,422
Savings and money market deposits	391,915		373,000
Time deposits	267,945		259,008
Total deposits	1,007,315		985,138
FHLB borrowings	15,000		10,000
Subordinated debentures	5,950		5,949
Notes payable	2,276		2,389
Accrued interest payable	1,598		882
Operating lease liabilities	2,673		2,619
Deferred income tax liabilities	728		482
Accrued expenses and other liabilities	7,496		8,980
Liabilities from discontinued operations	529		620
Total liabilities	1,043,565		1,017,059

CONSOLIDATED BALANCE SHEETS CONTINUED

	March 31, 2024	December 31, 2023	(1)
Shareholders’ equity:	(Unaudited)
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at March 31, 2024 and December 31, 2023; aggregate liquidation preference of $6,395	6,161		6,161
Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at March 31, 2024 and December 31, 2023; aggregate liquidation preference of $3,210	3,123		3,123
Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at March 31, 2024 and December 31, 2023; aggregate liquidation preference of $6,446	6,446		6,446
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,134,914 and 4,110,470 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	54,776		54,521
Accumulated other comprehensive loss, net	(3,188)		(2,981)
Unearned compensation	(1,192)		(958)
Retained earnings	34,503		34,395
Total shareholders’ equity	100,629		100,707
Total liabilities and shareholders’ equity	$1,144,194		$1,117,766

(1) Derived from audited consolidated financial statements

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