Tue, May 13, 8:51 PM (41 days ago)
**BayFirst Financial Corp. (BAFN) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** Total revenue for Q1 2025 was $21.7 million, down from $23.0 million in Q1 2024. - **Profit Margins:** Net income for Q1 2025 was -$0.3 million, compared to $0.8 million in Q1 2024. This decline was due to a decrease in gain on sale of government guaranteed loans and fair value gains on government guaranteed loans. - **Cash Flow:** Net cash provided by operating activities was $74.2 million for Q1 2025, down from $123.5 million in Q1 2024. This decrease was primarily due to lower noninterest income and higher provision for credit losses. - **Earnings Changes:** Earnings per share (EPS) for Q1 2025 was -$0.17, compared to $0.11 in Q1 2024. **Quarterly Performance Discussion:** - **Trends:** The company experienced a decline in noninterest income, primarily due to decreases in gain on sale of government guaranteed loans, fair value gains on government guaranteed loans, and government guaranteed loan packaging fees. Noninterest expense also decreased, primarily due to lower compensation expense, professional fees, and loan origination and collection expenses. - **Uncertainties:** The company faces uncertainties related to interest rate changes, economic conditions, and regulatory environment. These factors could impact the company's earnings and financial condition. - **Future Operations Impact:** The company's future operations may be impacted by changes in interest rates, economic conditions, and regulatory environment. The company is focused on maintaining a strong capital position and managing risk. **Key Metrics:** - **Return on Average Assets (ROAA):** -0.10% for Q1 2025, compared to 0.29% in Q1 2024. - **Return on Average Common Equity (ROCE):** -3.00% for Q1 2025, compared to 2.06% in Q1 2024. - **Net Interest Margin:** 3.77% for Q1 2025, compared to 3.42% in Q1 2024. **Capital Resources:** - **Shareholders' Equity:** $110.1 million at March 31, 2025, compared to $110.9 million at December 31, 2024. - **Capital Ratios:** The company's capital ratios were in excess of the requirement to be "well capitalized" under the regulatory guidelines. **Liquidity:** - **Liquidity Ratio:** 8.04% at March 31, 2025, compared to 9.17% at December 31, 2024. - **Cash and Cash Equivalents:** $310 thousand at March 31, 2025. **Market Risk:** - **Interest Rate Sensitivity:** The company actively monitors and manages its interest-rate risk exposure. The estimated impact on the net interest income as of March 31, 2025, assuming immediate parallel moves in interest rates, is presented in the table below. **Forward-Looking Statements:** - The company's forward-looking statements are subject to risks and uncertainties, including changes in interest rates, economic conditions, and regulatory environment. Actual results may differ materially from those expressed or implied in the forward-looking statements.