BayFirst Financial (BAFN) Registration filing summary

Company overview and business model

• Operates as a bank holding company through its subsidiary, focusing on community banking in the Tampa Bay/Sarasota region.

• Offers a range of deposit products, business and consumer loans, and specialized programs for various customer segments.

• Discontinued its SBA 7(a) lending division in Q3 2025 and emphasizes personalized service for small and medium businesses.

• As of March 31, 2026, operated 12 banking centers, with a recent closure in Sarasota County.

Financial performance and metrics

• Raised $80 million in gross proceeds from a private placement of Series D and E Preferred Stock in April 2026.

• Converted all Series D and E Preferred Stock into 22,856,000 shares of common stock in July 2026.

• Used $9.7 million of proceeds to redeem Series A and B Preferred Stock in August 2026.

• Board suspended common dividends in July 2025; future dividends subject to board discretion and regulatory requirements.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by selling shareholders; proceeds from private placement used for preferred stock redemption.