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BayFirst Financial Corp
(NASDAQ:BAFN)
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Rating:51Neutral
Price Target:
$6.00
▼(-0.50% Downside)
Action:Reiterated
Date:07/29/26
The score is held back primarily by weak financial performance, driven by a sharp move into losses and declining revenue alongside shrinking equity/negative ROE. Earnings-call updates add some stabilization positives (new capital and improved pro forma capital ratios, leadership refresh, and adequate liquidity), but near-term profitability and credit-cost pressures remain significant. Technicals are mixed (short-term improvement vs. weaker long-term trend), and valuation is constrained by negative earnings and only a modest dividend yield.
Positive Factors
Capital raise & pro forma capital improvement
The $80M PIPE and planned $42M intra-company contribution materially bolster regulatory capital on a pro forma basis, creating a durable buffer to absorb legacy losses, fund asset resolution and support measured community lending. Stronger capital reduces near-term regulatory pressure and lowers forced asset-sale risk.
Negative Factors
Deteriorating profitability and revenue decline
A material swing to net losses and declining revenue erodes equity and returns (negative ROE), constraining the bank's ability to rebuild reserves and invest in growth. Persistent loss-making trends undermine sustainable earnings power and may necessitate further capital or cost restructuring if not reversed soon.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital raise & pro forma capital improvement
The $80M PIPE and planned $42M intra-company contribution materially bolster regulatory capital on a pro forma basis, creating a durable buffer to absorb legacy losses, fund asset resolution and support measured community lending. Stronger capital reduces near-term regulatory pressure and lowers forced asset-sale risk.
Read all positive factors
BayFirst Financial Corp Key Performance Indicators (KPIs)
Any
Loan Portfolio Breakdown
Breaks down the bank's loan mix — commercial, commercial real estate, consumer, and mortgage — along with credit-quality metrics and borrower or sector concentrations. A portfolio weighted toward commercial real estate or construction can drive income in good times but increases exposure to local economic weakness and property-price swings; a diversified mix with low delinquencies and limited borrower concentrations points to steadier earnings and lower credit risk. Tracking originations, average loan size, yields, and nonperforming loans highlights growth momentum, margin drivers, and early signs of potential charge-offs.
Breaks down the bank's loan mix — commercial, commercial real estate, consumer, and mortgage — along with credit-quality metrics and borrower or sector concentrations. A portfolio weighted toward commercial real estate or construction can drive income in good times but increases exposure to local economic weakness and property-price swings; a diversified mix with low delinquencies and limited borrower concentrations points to steadier earnings and lower credit risk. Tracking originations, average loan size, yields, and nonperforming loans highlights growth momentum, margin drivers, and early signs of potential charge-offs.
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The Fly
The FlyBayFirst Financial Corp (BAFN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.23M
Dividend Yield1.21%
Average Volume (3M)11.15K
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue Growth-18.73%
EPS Growth-401.58%
CountryUS
Employees144
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)-7.23
Shares Outstanding4,106,905
10 Day Avg. Volume16,746
30 Day Avg. Volume11,146
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.37
Price to Sales (P/S)0.31
P/FCF Ratio0.11
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BayFirst Financial Corp Business Overview & Revenue Model
Company Description
BayFirst Financial Corp (BAFN) is a U.S. bank holding company whose primary operating subsidiary is BayFirst National Bank. The company operates in the financial services sector, providing a range of banking products and services that typically in...
How the Company Makes Money
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BayFirst Financial Corp Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Neutral
The call presents a mix of meaningful positives and notable near-term challenges. The successful $80 million capital raise, pro forma improvement in capital ratios to healthy levels, appointment of an experienced community-bank CEO, and an adequate liquidity position are significant positives that materially strengthen the bank's ability to address legacy issues. Offsetting these are continued operating losses (net loss widened to $5.7M), contraction of loans and deposits, margin pressure (NIM down 16 bps), elevated charge-offs concentrated in the unguaranteed SBA 7(a) portfolio (~$159M) and higher noninterest expenses related to legacy serving. Overall, the capital and leadership actions position the bank to stabilize, but the underlying credit metrics and profitability trends remain challenged in the near term.Positive Updates
Successful $80M Capital Raise (PIPE) and Rights Offering
Raised $80 million via a private investment in public equity (convertible preferred stock) that would convert to ~22.9 million common shares at an effective $3.50 per share (subject to approvals); concurrent rights offering for existing shareholders and special shareholder meeting scheduled for July 14.
Negative Updates
Net Loss Widened
Reported a net loss of $5.7 million in Q1 2026, compared with a net loss of $2.8 million in Q4 2025, reflecting wider quarterly losses.
Read all updates
Q1-2026 Updates
Positive
Negative
Successful $80M Capital Raise (PIPE) and Rights Offering
Raised $80 million via a private investment in public equity (convertible preferred stock) that would convert to ~22.9 million common shares at an effective $3.50 per share (subject to approvals); concurrent rights offering for existing shareholders and special shareholder meeting scheduled for July 14.
Read all positive updates
Company Guidance
The company guided that it has completed an $80 million PIPE (convertible preferred that would convert or exchange into ~22.9 million common shares at an effective $3.50/share), will launch a rights offering with a special shareholder meeting on July 14, resume dividends to preferred holders and redeem Series A, and expects the new capital to support community-bank growth (Tampa Bay/Sarasota only) and legacy credit resolution; key metrics disclosed include a Q1 net loss of $5.7 million, loans held for investment of $930.4 million (down $33.5 million, or 3% QoQ, and $154.4 million, or 14% YoY), deposits down $98 million (8% QoQ; $42.4 million, or 4% YoY) with 83% FDIC-insured, bank liquidity ~13.85% (no wholesale borrowings), net interest margin 3.42% (down 16 bps), net interest income $9.4 million, noninterest income $0.884 million, noninterest expense $14.9 million, provision for credit losses $3.1 million, net charge-offs $4.4 million (annualized NCOs 1.98%), unguaranteed SBA 7(a) balances $159.3 million, total nonperforming loans excluding guarantees $15.9 million (1.81% of loans; $3.8 million of which are current), ACL on loans 2.35% (ACL ex-guaranteed 2.53%), Bolt/FlashCap subportfolio ~ $100 million reserved at ~13% (≈$12 million of ~ $20 million allowance), Tier 1 leverage 6.54% (pro forma 10.02% with a $42 million intra-company capital contribution) and total capital/RWA 9.84% (pro forma 14.4% as of 04/30/2026).BayFirst Financial Corp Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 86.36M | 104.19M | 125.24M | 110.85M | 66.41M | 63.35M |
| Gross Profit | 27.86M | 39.59M | 65.73M | 68.32M | 58.54M | 59.55M |
| EBITDA | -31.16M | -21.71M | 25.71M | 14.79M | 12.01M | 16.05M |
| Net Income | -28.28M | -22.94M | 12.60M | 5.70M | -349.00K | 24.62M |
Balance Sheet | ||||||
| Total Assets | 1.20B | 1.30B | 1.29B | 1.12B | 938.89M | 917.10M |
| Cash, Cash Equivalents and Short-Term Investments | 6.85M | 206.98M | 88.94M | 102.61M | 113.28M | 143.00M |
| Total Debt | 20.58M | 20.82M | 22.40M | 20.96M | 37.37M | 12.71M |
| Total Liabilities | 1.11B | 1.21B | 1.18B | 1.02B | 847.01M | 820.80M |
| Stockholders Equity | 81.87M | 87.57M | 110.92M | 100.71M | 91.88M | 96.29M |
Cash Flow | ||||||
| Free Cash Flow | 207.69M | 285.00M | 388.84M | 447.21M | 432.19M | 482.27M |
| Operating Cash Flow | 207.93M | 285.30M | 390.53M | 454.80M | 440.25M | 495.39M |
| Investing Cash Flow | -73.42M | -194.94M | -515.93M | -641.28M | -510.61M | 207.62M |
| Financing Cash Flow | -63.19M | 38.84M | 144.80M | 178.82M | 26.67M | -648.66M |
BayFirst Financial Corp Technical Analysis
Neutral
6.03
Price Trends
5.58
Positive
6.20
Negative
6.90
Negative
Market Momentum
0.22
Negative
58.70
Neutral
43.30
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BAFN, the sentiment is Neutral. The current price of 6.03 is above the 20-day moving average (MA) of 5.86, above the 50-day MA of 5.58, and below the 200-day MA of 6.90, indicating a neutral trend. The MACD of 0.22 indicates Negative momentum. The RSI at 58.70 is Neutral, neither overbought nor oversold. The STOCH value of 43.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BAFN.
BayFirst Financial Corp Risk Analysis
BayFirst Financial Corp disclosed 51 risk factors in its most recent earnings report. BayFirst Financial Corp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BayFirst Financial Corp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $93.24M | 4.39 | 16.39% | ― | 24.01% | 17.08% | |
76 Outperform | $71.29M | 11.39 | 10.42% | 2.53% | 7.71% | 60.72% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $77.53M | 9.01 | 7.32% | 2.76% | 4.91% | 127.20% | |
58 Neutral | $50.78M | 16.45 | 5.66% | 1.30% | 3.83% | 59.54% | |
51 Neutral | $27.23M | -0.92 | -30.79% | 1.33% | -18.73% | -401.58% |
* Financial Sector Average
BAFN
BayFirst Financial Corp
6.17
-6.13
-49.84%
ASRV
Ameriserv Financial
4.62
1.82
64.71%
HFBL
Home Federal Bancorp Of Louisiana
23.30
10.21
78.00%
OPHC
Optimumbank Holdings
8.79
4.24
93.19%
TCBS
Texas Community
17.40
1.72
10.98%
BayFirst Financial Corp Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
BayFirst Financial delays Q2 results amid restatements
Negative
Jul 28, 2026
BayFirst Financial Corp., parent of BayFirst National Bank, said on July 28, 2026 that it will report second-quarter 2026 results after the market closes on August 13, 2026, delaying its usual schedule. Management plans to discuss the June 30 quar...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
BayFirst Shareholders Approve Key Equity Expansion Measures
Positive
Jul 17, 2026
On July 14, 2026, BayFirst Financial Corp held a Special Meeting of shareholders, with 80.9% of the 4,106,905 outstanding common shares represented in person or by proxy. Shareholders approved a proposal authorizing the issuance of common stock up...
Financial Disclosures
BayFirst Schedules Release of Q2 2026 Results
Neutral
Jun 30, 2026
BayFirst Financial Corp., the St. Petersburg-based parent of BayFirst National Bank, operates eleven full-service branches in the Tampa Bay-Sarasota corridor and offers a full suite of commercial and consumer banking services to regional businesse...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial DisclosuresPrivate Placements and Financing
BayFirst Unveils Capital Raise, Leadership Shift Amid Loss
Negative
May 5, 2026
On May 1, 2026, BayFirst Financial Corp. reported a first-quarter 2026 net loss of $5.7 million, reflecting shrinking loan and deposit balances, margin compression, and elevated credit costs tied largely to unguaranteed SBA 7(a) loans. The company...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
BayFirst Financial Launches Major Capital Raise and Leadership Change
Negative
Apr 30, 2026
On April 28, 2026, BayFirst Financial Corp. raised $80 million in a private placement of mandatorily convertible Series D and Series E preferred stock, designed to boost capital at both the company and BayFirst National Bank, redeem existing prefe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.