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- **Strategic Shift Complete**: Exited SBA 7(a) business, with $167M of remaining loans for sale. 
- **Financial Pain Points**: Q3 net loss of $18.9M driven by restructuring; NIM down 45bps to 3.61%. 
- **Community Bank Focus**: 84% deposits insured; 2026 ROA target of 40-70bps. 
- **Credit Improvement**: Annualized charge-offs at 1.24%, down from 2.6% Q2; ACL at 2.61%. 
- **Treasury Growth**: 4 new treasury staff; new software adoption driving mid-market share. 
- **Insider Lockup**: Board compensation suspended; insiders restricted until post-earnings. 


**【CEO Opening Remarks】**
- Announced exit from SBA 7(a) lending business, with $167 million of unguaranteed loans remaining post-transaction closure. 
- Sold majority of SBA portfolio to Banesco USA at 97% of cost, with servicing transition underway. 
- Restructuring aims to return to profitability in 2026 with 40-70bps ROA, focusing on Tampa Bay community banking.
- Noted 84% of deposits are FDIC-insured, providing stability amid restructuring.

**【CFO Financial Commentary】**
- Q3 2025 net loss of $18.9M vs. $1.2M in Q2, driven by $7.3M restructuring charge and $5.1M portfolio sale impact. 
- Net interest margin (NIM) declined 45bps to 3.61% due to one-time items, but expects stabilization. 
- Noninterest income negative ($1M) due to SBA sale exit, vs. $10.8M in Q2. 
- Provision for credit losses rose to $10.9M, with annualized net charge-offs at 1.24% (down from 2.6% Q2). 
- Allowance for credit losses (ACL) increased to 2.61% of loans, reflecting retained SBA risk. 

**【COO Operational Updates】**
- Conducted third-party review of $70M in loans, targeting 8-10% of portfolio for credit quality. 
- Expanded treasury management with Jack Henry software and lockbox services, adding 4 treasury staff. 
- Leadership changes: Adam Curtis becomes Tampa market leader & Chief Lending Officer; Brandi Jaber leads Banesco transition. 
- Nonperforming assets (NPA) at 1.97% of total assets, up from 1.79% Q2 but below peers. 

**【Q&A Highlights】**
- **SBA Portfolio Sale**: Remaining $167M of unguaranteed loans will be marketed for sale; no additional ACL expected. 
- **Treasury Growth**: New clients and software adoption driving 2026 expansion plans. 
- **Insider Trading**: Board compensation suspended; insider lockup将持续至 earnings release + 2 days. 
- **Credit Quality**: Aggressive workout of problem loans expected to reduce NPA in 2026. 


BayFirst Financial Corp. (BAFN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BAFN

BAFN fundamentals

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