BayFirst Financial Corp. (BAFN) 10-Year Financial Performance & Capital Metrics

BAFN • • Banking & Credit

Financial ServicesRegional BanksDigital & Specialized BankingSBA & Specialty Lending

AboutBayFirst Financial Corp. operates as the bank holding company for First Home Bank that provides commercial and consumer banking services for businesses and individuals. The company offers checking and savings accounts, and certificates of deposit. It also provides home loans, including residential mortgages, home equity loans, and home equity lines of credit; and business lending services comprising minority lending programs, PPP loan forgiveness services, SBA loans, and commercial lending services. In addition, the company offers treasury management, merchant, online, and investment services; and credit cards. As of January 26, 2022, it operated seven full-service office locations in St. Petersburg, Seminole, Pinellas Park, Clearwater, Sarasota, Tampa, and Belleair Bluffs, Florida; and 23 mortgage loan production offices. The company was formerly known as First Home Bancorp, Inc. and changed its name to BayFirst Financial Corp. in May 2021. BayFirst Financial Corp. was founded in 1999 and is headquartered in Saint Petersburg, Florida.Show more

Net Interest Income $38M +4.4%
Total Revenue $125M +13.0%
Net Income $13M +121.0%
Return on Equity 11.91% +101.1%
Net Interest Margin 2.95% -9.4%
Efficiency Ratio 38.92% -28.4%
ROA 1.05% +88.9%
Equity / Assets 8.61% -4.4%
Book Value per Share 24.17 +1.5%
Tangible BV/Share 20.57 +1.5%
Debt/Equity 0.20 -3.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 23.0%
✓Efficient operations: 38.9% efficiency ratio
✓Healthy dividend yield of 4.7%
✓Diversified revenue: 33.9% from non-interest income
✓Trading at only 0.3x book value

✗Weaknesses

✗Weak momentum: RS Rating 9 (bottom 9%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y41.47%

5Y10.82%

3Y25.51%

TTM-

Profit (Net Income) CAGR

10Y11.35%

5Y22.96%

3Y-20%

TTM83.04%

EPS CAGR

10Y16.57%

5Y13.67%

3Y-25.12%

TTM-526.03%

ROCE

10Y Avg4.37%

5Y Avg5.59%

3Y Avg7.63%

Latest12.32%

Peer Comparison

SBA & Specialty Lending

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFINTriumph Financial, Inc.	1.59B	66.75	123.61	3.34%	3.3%	1%		0.16
LOBLive Oak Bancshares, Inc.	1.64B	35.81	21.19	19.67%	8.34%	5.78%	29.67%	0.11
ESQEsquire Financial Holdings, Inc.	895.09M	104.50	20.33	13.67%	31.57%	17.59%	4.36%
FINWFinWise Bancorp	238.99M	17.59	18.91	12.56%	13.07%	7.97%		0.03
FSFGFirst Savings Financial Group, Inc.	221.05M	31.51	15.91	4.58%	10.11%	11.73%	40.95%	1.98
RBBRBB Bancorp	363.95M	21.35	14.52	-1.75%	11.49%	5.09%	15.86%	0.72
HOPEHope Bancorp, Inc.	1.44B	11.20	13.66	-8.63%	9.96%	2.29%	7.45%	0.18
HAFCHanmi Financial Corporation	835.75M	27.90	13.61	8.03%	14.48%	9.31%	6.14%	0.54

Profit & Loss

	Dec 1997	Dec 2013	Dec 2014	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	33M	2.8M	2.93M	17.23M	17.43M	33.45M	36.53M	30M	36.43M	38.03M
NII Growth %	0.06%	-0.92%	0.05%	4.88%	0.01%	0.92%	0.09%	-0.18%	0.21%	0.04%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	36.8M	3.07M	3.14M	21.6M	25.7M	43.73M	43.83M	38.57M	68.52M	82.81M
Interest Expense	3.8M	277K	213K	4.37M	8.27M	10.28M	7.3M	8.57M	32.09M	44.78M
Loan Loss Provision	-400K	0	0	1.33M	8.87M	16.9M	-3.5M	-700K	10.45M	14.73M
Non-Interest Income+	-32.1M	502K	603K	26.52M	49.24M	90.36M	19.52M	27.84M	42.33M	42.43M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	4.7M	3.58M	3.75M	48.12M	74.94M	134.09M	63.35M	66.41M	110.85M	125.24M
Revenue Growth %	0.21%	-0.24%	0.05%	11.85%	0.56%	0.79%	-0.53%	0.05%	0.67%	0.13%
Non-Interest Expense	-5.8M	3.43M	3.09M	44.08M	51.51M	91.14M	47.83M	51.5M	60.28M	48.74M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	7.1M	-130K	439K	-1.67M	6.3M	15.78M	11.72M	7.04M	8.03M	16.99M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.34%	-1.02%	4.38%	-4.8%	4.77%	1.51%	-0.26%	-0.4%	0.14%	1.11%
Pretax Income+	7.1M	-130K	439K	-1.67M	6.3M	15.78M	11.72M	7.04M	8.03M	16.99M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	2.4M	0	-182K	-464.84K	1.81M	3.08M	2.69M	1.56M	2.12M	4.32M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	4.7M	-130K	621K	-1.21M	4.48M	12.7M	24.62M	-349K	5.7M	12.6M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.09%	-1.03%	5.78%	-2.94%	4.72%	1.83%	0.94%	-1.01%	17.34%	1.21%
Net Income (Continuing)	4.7M	-130K	621K	-1.21M	4.48M	12.7M	9.03M	5.48M	5.92M	12.67M
EPS (Diluted)+	0.57	-0.02	0.07	-0.43	1.27	3.01	5.74	-0.29	1.12	2.41
EPS Growth %	0.1%	-1.03%	5.58%	-6.8%	3.95%	1.37%	0.91%	-1.05%	4.86%	1.15%
EPS (Basic)	0.58	-0.02	0.08	-0.43	1.27	3.45	6.21	-0.29	1.16	2.68
Diluted Shares Outstanding	8.2M	8.37M	8.37M	2.84M	3.17M	4M	4.11M	4.07M	4.23M	4.59M

Balance Sheet

	Dec 1997	Dec 2013	Dec 2014	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	6.2M	19.84M	18.22M	32.51M	112.96M	57.76M	112.11M	70.93M	63.03M	80.06M
Short Term Investments	1000K	0	0	0	0	0	1000K	1000K	1000K	1000K
Total Investments+	515.1M	52.12M	59.17M	304.54M	379.88M	1.42B	721.23M	769.79M	945.96M	1.09B
Investments Growth %	0.08%	-0.9%	0.14%	4.15%	0.25%	2.73%	-0.49%	0.07%	0.23%	0.15%
Long-Term Investments	276.3M	52.12M	59.17M	304.54M	379.88M	1.42B	690.34M	727.45M	905.06M	1.08B
Accounts Receivables	1000K	179.61K	226K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	8.2M	11.28M	8.16M	6.41M	10.91M	14.96M	16.53M
PP&E (Net)	2.8M	1.72M	3.4M	10.65M	19.33M	21.85M	32.93M	38.62M	41.29M	49.06M
Other Assets	10.5M	1.63M	1.04M	6.63M	5.57M	29.91M	40.43M	44.84M	46.72M	43.66M
Total Current Assets	248.2M	20.02M	18.45M	34.26M	115.08M	65.06M	146.53M	117.73M	109.74M	98.1M
Total Non-Current Assets	289.6M	55.48M	63.88M	330.72M	416.16M	1.48B	770.56M	821.17M	1.01B	1.19B
Total Assets+	537.8M	75.49M	82.32M	364.97M	531.24M	1.54B	917.1M	938.89M	1.12B	1.29B
Asset Growth %	0.08%	-0.86%	0.09%	3.43%	0.46%	1.91%	-0.41%	0.02%	0.19%	0.15%
Return on Assets (ROA)	0.01%	-0%	0.01%	-0.01%	0.01%	0.01%	0.02%	-0%	0.01%	0.01%
Accounts Payable	800K	3.46K	2.36K	147.43K	220.17K	2M	326K	704K	882K	1.04M
Total Debt+	171.8M	4.5M	6.5M	14.23M	24.46M	13.63M	12.71M	37.37M	20.96M	22.4M
Net Debt	165.6M	-15.34M	-11.72M	-18.28M	-88.5M	-44.13M	-99.39M	-33.55M	-42.07M	-57.66M
Long-Term Debt	88.7M	4.5M	6.5M	14.23M	21.51M	9.7M	9.28M	33.84M	18.34M	7.89M
Short-Term Debt	83.1M	0	0	0	0	0	0	0	0	0
Other Liabilities	1.8M	211	200	-18.5M	0	881.26M	77.11M	1.66M	9.6M	10.41M
Total Current Liabilities	409.9M	66.98M	69.02M	312.96M	455.45M	578.73M	730.98M	807.98M	986.02M	1.14B
Total Non-Current Liabilities	90.5M	4.5M	6.5M	14.23M	24.46M	894.89M	89.83M	39.03M	31.04M	33.11M
Total Liabilities	500.4M	71.48M	75.52M	327.19M	479.91M	1.47B	820.8M	847.01M	1.02B	1.18B
Total Equity+	37.4M	4.01M	6.81M	37.79M	51.33M	71.07M	96.29M	91.88M	100.71M	110.92M
Equity Growth %	0.15%	-0.89%	0.7%	4.55%	0.36%	0.38%	0.35%	-0.05%	0.1%	0.1%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.13%	-0.01%	0.11%	-0.05%	0.1%	0.21%	0.29%	-0%	0.06%	0.12%
Book Value per Share	4.56	0.48	0.81	13.30	16.18	17.76	23.41	22.56	23.81	24.17
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	0	367.45K	474.88K	35.66M	41.36M	43.04M	51.5M	53.02M	54.52M	54.76M
Additional Paid-in Capital	0	12.46M	14.5M	0	0	0	0	0	0	0
Retained Earnings	28.2M	-8.79M	-8.17M	-708.82K	2.46M	13.39M	35.95M	33.48M	34.4M	44.13M
Accumulated OCI	0	-25.92K	0	0	0	0	-420K	-3.72M	-2.98M	-2.96M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	3.07M	7.66M	14.68M	9.28M	9.28M	15.73M	15.73M

Cash Flow

	Dec 1997	Dec 2013	Dec 2014	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.9M	257.68K	-1.95M	7.34M	-38.53M	-107.82M	495.39M	440.25M	454.8M	390.53M
Operating CF Growth %	0.55%	-0.96%	-8.56%	4.77%	-6.25%	-1.8%	5.59%	-0.11%	0.03%	-0.14%
Net Income	4.7M	-130.09K	620.75K	-1.21M	4.48M	12.7M	9.03M	5.48M	5.92M	12.67M
Depreciation & Amortization	0	113.64K	120.76K	3.51M	5.07M	5.06M	4.33M	4.97M	6.75M	8.72M
Deferred Taxes	100K	0	-264.08K	-380.2K	595.11K	-3.71M	3.5M	424K	2.12M	-189K
Other Non-Cash Items	900K	163.64K	-13.55K	4.99M	-51.18M	-118.01M	480.57M	427.5M	446.24M	365.03M
Working Capital Changes	200K	110.5K	-2.41M	188.02K	2.12M	-4.29M	-2.56M	1.02M	-6.86M	3.88M
Cash from Investing+	-39.4M	-2.11M	-7.96M	-106.93M	-37.74M	-933.38M	207.62M	-510.61M	-641.28M	-515.93M
Purchase of Investments	-56.8M	0	-2.01M	0	0	0	-33.21M	-23.89M	-733K	-4.46M
Sale/Maturity of Investments	1000K	122.47K	1000K	17.99K	1.5K	1K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-18.1M	-2.21M	-5.45M	-102.16M	-30.43M	-930.33M	252.26M	-481.51M	-639.14M	-517.69M
Cash from Financing+	33.3M	608.52K	6.1M	105.39M	157.96M	985.98M	-648.66M	26.67M	178.82M	144.8M
Dividends Paid	-1.1M	0	0	-721.15K	-1.31M	-1.78M	-2.06M	-2.12M	-2.28M	-2.86M
Share Repurchases	0	0	0	0	0	0	0	-49K	-13K	-23K
Stock Issued	0	0	0	6.52M	5.17M	916K	1.85M	509K	289K	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	1000K	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K
Other Financing	34.4M	608.52K	4.1M	108.82M	142.23M	110.43M	162.89M	73.44M	190.07M	158.14M
Net Change in Cash+	-6.4M	-1.25M	-3.81M	5.81M	81.7M	-55.2M	54.35M	-43.68M	-7.66M	19.4M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	6.4M	16.32M	15.08M	23.08M	28.88M	110.58M	55.38M	109.73M	66.05M	58.38M
Cash at End	6.2M	15.08M	11.27M	28.88M	110.58M	55.38M	109.73M	66.05M	58.38M	77.79M
Interest Paid	0	0	214.34K	4.42M	8.19M	8.5M	8.97M	8.19M	31.91M	44.63M
Income Taxes Paid	0	0	74.56K	790.68K	93.4K	9.75M	10.38M	248K	97K	8K
Free Cash Flow+	5.7M	235.7K	-3.75M	2.56M	-45.84M	-110.87M	482.27M	432.19M	447.21M	388.84M
FCF Growth %	0.9%	-0.96%	-16.92%	1.68%	-18.93%	-1.42%	5.35%	-0.1%	0.03%	-0.13%

Banking Ratios

Metric	1997	2013	2014	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	13.43%	-0.63%	11.48%	-5.41%	10.06%	20.76%	29.42%	-0.37%	5.92%	11.91%
Return on Assets (ROA)	0.91%	-0.04%	0.79%	-0.54%	1%	1.22%	2%	-0.04%	0.55%	1.05%
Net Interest Margin	6.14%	3.7%	3.56%	4.72%	3.28%	2.17%	3.98%	3.2%	3.26%	2.95%
Efficiency Ratio	-123.4%	95.89%	82.59%	91.62%	68.73%	67.97%	75.5%	77.56%	54.38%	38.92%
Equity / Assets	6.95%	5.31%	8.27%	10.35%	9.66%	4.6%	10.5%	9.79%	9.01%	8.61%
Book Value / Share	4.56	0.48	0.81	13.3	16.18	17.76	23.41	22.56	23.81	24.17
NII Growth	5.77%	-91.52%	4.72%	488.29%	1.18%	91.88%	9.19%	-17.87%	21.44%	4.38%
Dividend Payout	23.4%	-	-	-	18.91%	7.2%	4.29%	-	23.03%	10.5%

Frequently Asked Questions

Valuation & Price

BayFirst Financial Corp. (BAFN) has a price-to-earnings (P/E) ratio of 2.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

BayFirst Financial Corp. (BAFN) grew revenue by 13.0% over the past year. This is steady growth.

Yes, BayFirst Financial Corp. (BAFN) is profitable, generating $8.2M in net income for fiscal year 2024 (10.1% net margin).

Dividend & Returns

Yes, BayFirst Financial Corp. (BAFN) pays a dividend with a yield of 4.65%. This makes it attractive for income-focused investors.

BayFirst Financial Corp. (BAFN) has a return on equity (ROE) of 11.9%. This is reasonable for most industries.

Industry Metrics

BayFirst Financial Corp. (BAFN) has a net interest margin (NIM) of 3.0%. NIM has been under pressure due to interest rate environment.

BayFirst Financial Corp. (BAFN) has an efficiency ratio of 38.9%. This is excellent, indicating strong cost control.

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