BayFirst’s Q2 results represents ‘dramatic turnaround’
July 28, 2022 - BayFirst Financial Corp. (NASDAQ: BAFN), the parent company of First Home Bank, reported earnings for the second quarter of 2022 of $328 thousand, or $0.03 per diluted common share compared to $13,000, or $(0.05) per diluted common share in the first quarter of 2022, and $13 million, or $2.98 per diluted common share. The increase in earnings during the second quarter of 2022, compared to the first quarter of 2022, included a $2.5 million decrease in salaries and benefits, and a $2.9 million increase in SBA loan fair value gains. “The second quarter represented a dramatic turnaround quarter for the Company,” stated Anthony N. Leo, Chief Executive Officer. “We produced excellent core loan growth, improved operating expenses, and expanded our net interest margin by 48 basis points compared to the prior quarter. The investments we made to expand our nationwide SBA production team earlier in the year are paying off, with SBA 7(a) loan production of $90 million during the quarter. This production represents one of the highest performing quarters of SBA loan production in our Company’s history, with record monthly SBA loan production in June."