BayFirst Financial Corp. Reports First Quarter 2024 Financial Results and Performance Review
BayFirst Financial Corp., the parent company of BayFirst National Bank, reported a decrease in net income for the first quarter of 2024 compared to the previous quarter. The company attributed this decrease to higher provision for credit losses and weaker Core SBA 7(a) loan production due to the impact of the higher interest rate environment.
Despite the challenges, BayFirst opened its twelfth banking office in the Tampa Bay market during the first quarter, completing its near-term branch expansion plans. The company saw growth in deposit balances and maintained a community-focused business model, serving individuals, families, and small businesses.
The government guaranteed lending division, CreditBench, had a good first quarter, producing $130.6 million in new loans, with a significant portion coming from the SBA Bolt small loan program. The company also made changes to improve asset quality performance, including discontinuing the FlashCap loan product and suspending lending to certain industries.
Overall, BayFirst Financial Corp. remains focused on building franchise value in the Tampa Bay community and navigating the challenging operating environment. The company’s financial data for the first quarter of 2024, including balance sheet information, loan composition, and nonperforming assets, reflects its commitment to maintaining stability and growth in the face of industry challenges.
Investors and stakeholders can learn more about BayFirst Financial Corp.’s performance by tuning in to the conference call scheduled for April 26, 2024, at 9:00 a.m. ET. The company’s management will discuss its first quarter results and provide insights into its future strategies.
