BayFirst Financial (BAFN) investor relations material

Executive summary

• Raised $80 million in capital via a PIPE, convertible to 22.9 million shares at $3.50/share, with a rights offering for existing shareholders and a special meeting scheduled for July 14, 2026.

• Announced new CEO and President, Al Rogers (Alfred Rogers), and board appointments, pending regulatory approvals.

• Net loss attributable to common shareholders was $5.7 million ($1.48 per share) for Q1 2026, compared to $2.8 million loss in Q4 2025 and $0.7 million loss in Q1 2025.

• Resumed dividend payments to preferred shareholders and will redeem Series A preferred shares.

• Tangible book value per share declined to $15.74 from $17.22 in Q4 2025 and $22.77 year-over-year.

Financial highlights

• Net interest income was $9.4 million, down from $11.0 million in Q1 2025 and $11.2 million in Q4 2025.

• Noninterest expense was $14.9 million, up $3 million from Q4 2025 but down $0.9 million year-over-year.

• Noninterest income was $884,000, up $1 million sequentially but down $7.9 million year-over-year.

• Loans held for investment decreased by $33.5 million (3.5%) in Q1 2026 and $154.4 million (14.2%) year-over-year.

• Deposits fell by $98.1 million (8.3%) in Q1 2026 and by $42.4 million (3.8%) year-over-year, ending at $1.09 billion.

Outlook and guidance

• Focus on returning to profitability, managing credit risk, and expanding local relationships in Tampa Bay and Sarasota.

• Capital raise aims to restore regulatory capital ratios and support growth.

• Asset Resolution Plan to address criticized assets post-PIPE closing.

• Downtown Sarasota banking center scheduled to close in May 2026.