BayFirst Financial Corp. Reports Fourth Quarter 2022 Results;
Highlighted by Strong Conventional Loan Production
ST. PETERSBURG, FL. — January 26, 2023 — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported net income of $1.3 million, or $0.27 per diluted share, for the fourth quarter of 2022 compared to a net loss of $1.4 million, or $0.35 per diluted share, in the third quarter of 2022. In the fourth quarter of 2021, net income was $2.8 million, or $0.61 per diluted share. Net income from continuing operations was $2.1 million for the fourth quarter of 2022 compared to $3.1 million in the third quarter of 2022 and $856 thousand in the fourth quarter of 2021. Quarterly financial results were highlighted by robust loan production in community banking, up 98% year over year, as well as strong SBA 7(a) loan production.
The decrease in earnings from continuing operations during the fourth quarter of 2022, compared to the third quarter of 2022, was the result of lower gain on sale of SBA loans of $1.6 million and higher interest expense on deposits of $1.9 million, partially offset by higher loan interest income, including fees, of $1.0 million.
BayFirst’s management team will host a conference call on Friday, January 27, 2023 at 9:00 a.m. EST to discuss its fourth quarter results. Interested investors may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com. Investment professionals are invited to dial (888) 396-8049 to participate in the call. A replay will be available for one week at (877) 674-7070 using access code 736702# or at www.bayfirstfinancial.com.