BayFirst Financial Corp.
For the period ended Mar 31, 2025. Filed May 13, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed May 13, 2025
BAFN$5.72-0.9%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
BayFirst Financial Corp.
| Page | ||
|---|---|---|
| Part I - Financial Information | 3 | |
| Item 1. | Financial Statements | 3 |
| Consolidated Balance Sheets at March 31, 2025 (Unaudited) and December 31, 2024 | 3 | |
| Consolidated Statements of Income (Loss) (Unaudited) for the three months ended March 31, 2025 and 2024 | 5 | |
| Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2025 and 2024 | 7 | |
| Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) for the three months ended March 31, 2025 and 2024 | 8 | |
| Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024 | 9 | |
| Notes to the Consolidated Financial Statements (Unaudited) | 11 | |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 38 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 57 |
| Item 4. | Controls and Procedures | 58 |
| Part II - Other Information | 59 | |
| Item 1. | Legal Proceedings | 59 |
| Item 1A. | Risk Factors | 59 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 59 |
| Item 3. | Defaults Upon Senior Securities | 60 |
| Item 4. | Mine Safety Disclosures | 60 |
| Item 5. | Other Information | 60 |
| Item 6. | Exhibits | 60 |
| Signatures | 61 | |
Glossary of Acronyms and Abbreviations
The acronyms and abbreviations identified below may be used throughout this Quarterly Report on Form 10-Q 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 | FFIEC: Federal Financial Institutions Examination Council |
|---|---|
| AFS: Available for Sale | FHLB: Federal Home Loan Bank |
| AIO: Architecture, Infrastructure, and Operations | FNBB: First National Bankers Bank |
| ALCO: Asset-Liability Committee | FOMC: Federal Open Market Committee |
| AOCI: Accumulated Other Comprehensive Income | FRB: Federal Reserve Bank |
| ASC: FASB Accounting Standards Codification | FVO: Fair Value Option |
| ASU: FASB Accounting Standards Update | GAAP: Generally Accepted Accounting Principles |
| BHCA: Bank Holding Company Act of 1956, as amended | HFI: Held for Investment |
| BOLI: Bank Owned Life Insurance | HTM: Held to Maturity |
| BSA: Bank Secrecy Act of 1970 | 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 |
| CRO: Chief Risk Officer | OCC: Office of the Comptroller of the Currency |
| CTO: Chief Technology Officer | OREO: Other Real Estate Owned |
| Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | OTTI: Other-Than-Temporary Impairment |
| DRIP: Dividend Reinvestment Plan | PCAOB: Public Company Accounting Oversight Board |
| EGC: Emerging Growth Company | PD: Probability of Default |
| EPS: Earnings per Share | PPP: Paycheck Protection Program |
| Equity Plan: The Amended and Restated 2017 Equity Incentive Plan | ROU: Right of Use |
| ESG: Environmental, Social, and Governance | SBA: Small Business Administration |
| ESOP: Employee Stock Ownership Plan | SEC: U.S. Securities and Exchange Commission |
| Exchange Act: Securities Exchange Act of 1934 | SOFR: Secured Overnight Financing Rate |
| FASB: Financial Accounting Standards Board | U.S.: United States |
| FBCA: Florida Business Corporation Act | USDA: United States Department of Agriculture |
| FDIA: Federal Deposit Insurance Act | USDA B&I: United States Department of Agriculture Business and Industry |
| FDIC: Federal Deposit Insurance Corporation | 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.