The bank's capital position appears increasingly vulnerable, with the equity-to-assets ratio compressing to 0.07 in 2026Q1 amid persistent operating losses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'14 | Dec'13 | Dec'97 | Dec'96 | Dec'95 | Dec'94 | Dec'93 | Dec'92 | Dec'91 |
|---|
| Cash & Short Term Investments | 419.99M | 206.98M | 88.94M | 102.61M | 113.28M | 143M | 57.76M | 112.96M | 32.51M | 18.22M | 19.84M | 245M | 216M | 176.1M | 128.9M | 115.1M | 113.5M | 45M |
| Cash & Due from Banks | 6.85M | 206.98M | 80.06M | 63.03M | 70.93M | 112.11M | 57.76M | 112.96M | 32.51M | 18.22M | 19.84M | 6.2M | 6.4M | 8.7M | 5.8M | 4.9M | 4.2M | 4M |
| Short Term Investments | 0 | 0 | 8.88M | 39.58M | 42.35M | 30.89M | 0 | 0 | 0 | 0 | 0 | 238.8M | 216M | 176.1M | 128.9M | 115.1M | 113.5M | 45M |
| Total Investments | 1.07B | 973.75M | 1.09B | 945.96M | 769.79M | 721.23M | 1.42B | 379.88M | 304.54M | 59.17M | 52.12M | 515.1M | 474.9M | 431.3M | 369.1M | 314.2M | 265.2M | 166.5M |
| Investments Growth % | 0.09% | -10.65% | 15.21% | 22.89% | 6.73% | -49.06% | 272.72% | 24.74% | 414.71% | 13.51% | -89.88% | 8.46% | 10.11% | 16.85% | 17.47% | 18.48% | 59.28% | - |
| Long-Term Investments | 4.29B | 973.75M | 1.08B | 905.06M | 727.45M | 690.34M | 1.42B | 379.88M | 304.54M | 59.17M | 52.12M | 276.3M | 258.9M | 255.2M | 240.2M | 199.1M | 151.7M | 121.5M |
| Accounts Receivables | 0 | 8.42M | 9.15M | 7.13M | 4.45M | 3.53M | 7.3M | 2.12M | 1.75M | 226K | 179.61K | 3.2M | 3M | 2.9M | 2.5M | 2.3M | 2.1M | 1.5M |
| Goodwill & Intangibles | 0 | 12.58M | 16.53M | 14.96M | 10.91M | 6.41M | 8.16M | 11.28M | 8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 12.58M | 16.53M | 14.96M | 10.91M | 6.41M | 8.16M | 11.28M | 8.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 44.86M | 45.69M | 49.06M | 41.29M | 38.62M | 32.93M | 21.85M | 19.33M | 10.65M | 3.4M | 1.72M | 2.8M | 3M | 2.6M | 2.4M | 2.4M | 2.2M | 1.8M |
| Other Assets | 54.53M | 46.29M | 43.66M | 46.72M | 43.22M | 40.43M | 29.91M | 5.57M | 6.63M | 1.04M | 1.63M | 10.5M | 17.5M | 16.2M | 14.6M | 32.7M | 14.2M | 11.2M |
| Total Current Assets | 14.53M | 215.4M | 98.1M | 109.74M | 117.73M | 146.53M | 65.06M | 115.08M | 34.26M | 18.45M | 20.02M | 248.2M | 219M | 179M | 131.4M | 117.4M | 115.6M | 46.5M |
| Total Non-Current Assets | 1.18B | 1.08B | 1.19B | 1.01B | 821.17M | 770.56M | 1.48B | 416.16M | 330.72M | 63.88M | 55.48M | 289.6M | 279.4M | 274M | 257.2M | 234.2M | 168.1M | 134.5M |
| Total Assets | 1.2B | 1.3B | 1.29B | 1.12B | 938.89M | 917.1M | 1.54B | 531.24M | 364.97M | 82.32M | 75.49M | 537.8M | 498.4M | 453M | 388.6M | 351.6M | 283.7M | 181M |
| Asset Growth % | 11.94% | 0.93% | 15.26% | 19.05% | 2.38% | -40.63% | 190.77% | 45.56% | 343.34% | 9.05% | -85.96% | 7.91% | 10.02% | 16.57% | 10.52% | 23.93% | 56.74% | - |
| Return on Assets (ROA) | -2.18% | -1.77% | 1.05% | 0.55% | -0.04% | 2% | 1.22% | 1% | -0.54% | 0.79% | -0.04% | 0.91% | 0.9% | 1.12% | 1.13% | 1.45% | 0.99% | 0.83% |
| Accounts Payable | 0 | 1.13M | 1.04M | 882K | 704K | 326K | 2M | 220.17K | 147.43K | 2.36K | 3.46K | 800K | 600K | 600K | 400K | 300K | 200K | 300K |
| Total Debt | 20.58M | 20.82M | 22.4M | 20.96M | 37.37M | 12.71M | 13.63M | 24.46M | 14.23M | 6.5M | 4.5M | 171.8M | 173.1M | 150.1M | 123.6M | 98.3M | 57.6M | 41.4M |
| Net Debt | 13.73M | -186.16M | -57.66M | -42.07M | -33.55M | -99.39M | -44.13M | -88.5M | -18.28M | -11.72M | -15.34M | 165.6M | 166.7M | 141.4M | 117.8M | 93.4M | 53.4M | 37.4M |
| Long-Term Debt | 7.58M | 7.55M | 7.89M | 18.34M | 33.84M | 9.28M | 9.7M | 21.51M | 14.23M | 6.5M | 4.5M | 88.7M | 36.5M | 44.3M | 36.3M | 19.2M | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83.1M | 136.6M | 105.8M | 87.3M | 79.1M | 57.6M | 41.4M |
| Other Liabilities | 1.09B | 6.8M | 10.41M | 9.6M | 1.66M | 77.11M | 881.26M | 0 | -18.5M | 200 | 211 | 1.8M | 1.2M | 1.4M | 2M | 2.3M | 2M | 700K |
| Total Current Liabilities | 2.05M | 1.19B | 1.14B | 986.02M | 807.98M | 730.98M | 578.73M | 455.45M | 312.96M | 69.02M | 66.98M | 409.9M | 428.1M | 377.2M | 327.2M | 307M | 264.3M | 164.8M |
| Total Non-Current Liabilities | 1.11B | 27.62M | 33.11M | 31.04M | 39.03M | 89.83M | 894.89M | 24.46M | 14.23M | 6.5M | 4.5M | 90.5M | 37.7M | 45.7M | 38.3M | 21.5M | 2M | 700K |
| Total Liabilities | 1.11B | 1.21B | 1.18B | 1.02B | 847.01M | 820.8M | 1.47B | 479.91M | 327.19M | 75.52M | 71.48M | 500.4M | 465.8M | 422.9M | 365.5M | 328.5M | 266.3M | 165.5M |
| Total Equity | 81.87M | 87.57M | 110.92M | 100.71M | 91.88M | 96.29M | 71.07M | 51.33M | 37.79M | 6.81M | 4.01M | 37.4M | 32.6M | 30.1M | 23.1M | 23.1M | 17.4M | 15.5M |
| Equity Growth % | -51.78% | -21.05% | 10.14% | 9.6% | -4.58% | 35.49% | 38.45% | 35.85% | 455.17% | 69.69% | -89.28% | 14.72% | 8.31% | 30.3% | 0% | 32.76% | 12.26% | - |
| Equity / Assets (Capital Ratio) | 6.85% | 6.73% | 8.61% | 9.01% | 9.79% | 10.5% | 4.6% | 9.66% | 10.35% | 8.27% | 5.31% | 6.95% | 6.54% | 6.64% | 5.94% | 6.57% | 6.13% | 8.56% |
| Return on Equity (ROE) | -30.79% | -23.11% | 11.91% | 5.92% | -0.37% | 29.42% | 20.76% | 10.06% | -5.41% | 11.48% | -0.63% | 13.43% | 13.72% | 17.67% | 18.18% | 22.72% | 13.98% | 9.68% |
| Book Value per Share | 19.98 | 21.15 | 24.17 | 23.81 | 22.56 | 23.41 | 17.76 | 16.18 | 13.30 | 0.81 | 0.48 | 4.56 | 3.97 | 3.71 | 2.86 | 2.88 | 2.37 | 2.20 |
| Tangible BV per Share | 19.98 | 18.11 | 20.57 | 20.27 | 19.88 | 21.85 | 15.72 | 12.63 | 10.41 | 0.81 | 0.48 | 4.56 | 3.97 | 3.71 | 2.86 | 2.88 | 2.37 | 2.20 |
| Common Stock | 54.39M | 54.37M | 54.76M | 54.52M | 53.02M | 51.5M | 43.04M | 41.36M | 35.66M | 474.88K | 367.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.5M | 12.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 14.08M | 19.76M | 44.13M | 34.4M | 33.48M | 35.95M | 13.39M | 2.46M | -708.82K | -8.17M | -8.79M | 28.2M | 24.6M | 21.3M | 17.6M | 14.2M | 10.3M | 8.8M |
| Accumulated OCI | -2.05M | -1.96M | -2.96M | -2.98M | -3.72M | -420K | 0 | 0 | 0 | 0 | -25.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 15.73M | 15.73M | 15.73M | 15.73M | 9.28M | 9.28M | 14.68M | 7.66M | 3.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
SBA secondary market volatility
As reported in recent financial statements, BayFirst Financial Corp.'s total assets have stagnated near $1.2 billion, reflecting a strategic pivot away from aggressive expansion as the institution grapples with the limitations of its current business model in a high-interest rate environment.
The lack of meaningful asset growth suggests that the bank is currently in a defensive posture, prioritizing the preservation of its existing portfolio over new loan originations. This trend appears to indicate that the bank's traditional growth engines are struggling to find viable deployment opportunities that meet risk-adjusted return thresholds.
Based on the provided quarterly data, the equity-to-assets ratio has compressed to 0.07 in 2026Q1, signaling that the bank's capital position is becoming increasingly thin as persistent operating losses erode the shareholder equity base over time.
This decline in capital adequacy warrants close monitoring, as it limits the bank's capacity to absorb further credit shocks or unexpected fair-value adjustments. Investors should consider whether the current capital levels are sufficient to support regulatory requirements if the bank's profitability does not recover in the near term.
According to recent SEC filings, the bank maintains a heavy concentration in investment securities totaling $1.1 billion, which suggests a reliance on these assets for liquidity rather than a robust, diversified deposit-funded loan portfolio.
The high ratio of investment securities to total assets may indicate that the bank is sensitive to duration risk and potential unrealized losses within its portfolio. This liquidity structure appears to leave the institution vulnerable to market volatility, particularly if it is forced to liquidate these positions to meet funding needs.
As indicated by the financial statements, the bank's heavy reliance on a $1.1 billion investment securities portfolio, coupled with minimal cash holdings of $6.8 million, suggests a potential duration mismatch that could exacerbate liquidity stress during periods of market turbulence.
The concentration of assets in securities rather than core loans may imply that the bank is struggling to generate sufficient yield from its primary lending activities. This structural imbalance warrants further investigation into the quality and liquidity of the underlying securities, as they appear to be the primary anchor of the balance sheet.
Quick answers to the most common questions about buying BAFN stock.
As of 2025, BayFirst Financial Corp. (BAFN) had total assets of $1.30B including $215.4M in current assets.
BayFirst Financial Corp. (BAFN) carries total debt of $20.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BayFirst Financial Corp. (BAFN) has total shareholders' equity (book value) of $87.6M ($21.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BayFirst Financial Corp. (BAFN) reported a current ratio of 0.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.