Revenue performance has deteriorated significantly, with the efficiency ratio spiking to 103.0% in 2026Q1 as non-interest fee income fell to zero.
| 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 |
|---|
| Net Interest Income | 44.23M | 45.78M | 38.03M | 36.43M | 30M | 36.53M | 33.45M | 17.43M | 17.23M | 2.93M | 2.8M | 33M | 31.2M | 26.5M | 21.4M | 16.9M | 11.4M | 11.3M |
| NII Growth % | 44.51% | 20.4% | 4.38% | 21.44% | -17.87% | 9.19% | 91.88% | 1.18% | 488.29% | 4.72% | -91.52% | 5.77% | 17.74% | 23.83% | 26.63% | 48.25% | 0.89% | - |
| Net Interest Margin % | 3.7% | 3.52% | 2.95% | 3.26% | 3.2% | 3.98% | 2.17% | 3.28% | 4.72% | 3.56% | 3.7% | 6.14% | 6.26% | 5.85% | 5.51% | 4.81% | 4.02% | 6.24% |
| Interest Income | 82.55M | 85.79M | 82.81M | 68.52M | 38.57M | 43.83M | 43.73M | 25.7M | 21.6M | 3.14M | 3.07M | 36.8M | 34.1M | 29.9M | 24.3M | 22.6M | 17.1M | 16.2M |
| Interest Expense | 38.31M | 40.01M | 44.78M | 32.09M | 8.57M | 7.3M | 10.28M | 8.27M | 4.37M | 213K | 277K | 3.8M | 2.9M | 3.4M | 2.9M | 5.7M | 5.7M | 4.9M |
| Loan Loss Provision | 20.19M | 24.59M | 14.73M | 10.45M | -700K | -3.5M | 16.9M | 8.87M | 1.33M | 0 | 0 | -400K | -400K | -600K | -600K | -700K | -700K | -400K |
| Non-Interest Income | 3.81M | 18.4M | 42.43M | 42.33M | 27.84M | 19.52M | 90.36M | 49.24M | 26.52M | 603K | 502K | -32.1M | -30.2M | -24.8M | -20.8M | -15.8M | -11.3M | -11.1M |
| Non-Interest Income % | 4.42% | 17.66% | 33.88% | 38.19% | 41.92% | 30.82% | 67.39% | 65.7% | 55.11% | 16.1% | 14.04% | -682.98% | -774.36% | -486.27% | -594.29% | -232.35% | -194.83% | -217.65% |
| Total Revenue | 86.36M | 104.19M | 125.24M | 110.85M | 66.41M | 63.35M | 134.09M | 74.94M | 48.12M | 3.75M | 3.58M | 4.7M | 3.9M | 5.1M | 3.5M | 6.8M | 5.8M | 5.1M |
| Revenue Growth % | -116.03% | -16.81% | 12.98% | 66.93% | 4.83% | -52.76% | 78.94% | 55.75% | 1184.78% | 4.73% | -23.91% | 20.51% | -23.53% | 45.71% | -48.53% | 17.24% | 13.73% | - |
| Non-Interest Expense | 66.75M | 70.42M | 48.74M | 60.28M | 51.5M | 47.83M | 91.14M | 51.51M | 44.08M | 3.09M | 3.43M | -5.8M | -3.9M | -5.1M | -5.5M | -4.7M | -3.1M | -1.9M |
| Efficiency Ratio | 77.29% | 67.59% | 38.92% | 54.38% | 77.56% | 75.5% | 67.97% | 68.73% | 91.62% | 82.59% | 95.89% | -123.4% | -100% | -100% | -157.14% | -69.12% | -53.45% | -37.25% |
| Operating Income | -38.88M | -30.83M | 16.99M | 8.03M | 7.04M | 11.72M | 15.78M | 6.3M | -1.67M | 439K | -130K | 7.1M | 5.3M | 7.4M | 6.7M | 6.5M | 3.9M | 2.5M |
| Operating Margin % | -45.02% | -29.59% | 13.56% | 7.25% | 10.6% | 18.5% | 11.77% | 8.4% | -3.47% | 11.72% | -3.64% | 151.06% | 135.9% | 145.1% | 191.43% | 95.59% | 67.24% | 49.02% |
| Operating Income Growth % | - | -281.49% | 111.44% | 14.15% | -39.95% | -25.72% | 150.56% | 476.99% | -480.49% | 437.69% | -101.83% | 33.96% | -28.38% | 10.45% | 3.08% | 66.67% | 56% | - |
| Pretax Income | -38M | -30.83M | 16.99M | 8.03M | 7.04M | 11.72M | 15.78M | 6.3M | -1.67M | 439K | -130K | 7.1M | 5.3M | 7.4M | 6.7M | 6.5M | 3.9M | 2.5M |
| Pretax Margin % | -44% | -29.59% | 13.56% | 7.25% | 10.6% | 18.5% | 11.77% | 8.4% | -3.47% | 11.72% | -3.64% | 151.06% | 135.9% | 145.1% | 191.43% | 95.59% | 67.24% | 49.02% |
| Income Tax | -9.72M | -7.89M | 4.32M | 2.12M | 1.56M | 2.69M | 3.08M | 1.81M | -464.84K | -182K | 0 | 2.4M | 1M | 2.7M | 2.5M | 2.4M | 1.6M | 1M |
| Effective Tax Rate % | 25.57% | 25.6% | 25.4% | 26.38% | 22.17% | 22.96% | 19.49% | 28.79% | 27.83% | -41.46% | 0% | 33.8% | 18.87% | 36.49% | 37.31% | 36.92% | 41.03% | 40% |
| Net Income | -28.28M | -22.94M | 12.6M | 5.7M | -349K | 24.62M | 12.7M | 4.48M | -1.21M | 621K | -130K | 4.7M | 4.3M | 4.7M | 4.2M | 4.6M | 2.3M | 1.5M |
| Net Margin % | -32.75% | -22.01% | 10.06% | 5.14% | -0.53% | 38.86% | 9.47% | 5.98% | -2.51% | 16.58% | -3.64% | 100% | 110.26% | 92.16% | 120% | 67.65% | 39.66% | 29.41% |
| Net Income Growth % | -347.13% | -282% | 121.03% | 1733.81% | -101.42% | 93.8% | 183.3% | 471.96% | -294.12% | 577.69% | -102.77% | 9.3% | -8.51% | 11.9% | -8.7% | 100% | 53.33% | - |
| Net Income (Continuing) | -28.28M | -22.94M | 12.67M | 5.92M | 5.48M | 9.03M | 12.7M | 4.48M | -1.21M | 621K | -130K | 4.7M | 4.3M | 4.7M | 4.2M | 4.1M | 2.3M | 1.5M |
| EPS (Diluted) | -6.90 | -5.91 | 2.41 | 1.12 | -0.29 | 5.91 | 3.01 | 1.27 | -0.43 | 0.07 | -0.02 | 0.57 | 0.52 | 0.58 | 0.52 | 0.57 | 0.31 | 0.21 |
| EPS Growth % | -422.32% | -345.23% | 115.18% | 486.21% | -104.91% | 96.35% | 137.01% | 395.35% | -679.51% | 558.02% | -102.84% | 9.62% | -10.34% | 11.54% | -8.77% | 83.87% | 47.62% | - |
| EPS (Basic) | - | -5.93 | 2.68 | 1.16 | -0.29 | 6.21 | 3.45 | 1.27 | -0.43 | 0.08 | -0.02 | 0.58 | 0.53 | 0.58 | 0.52 | 0.59 | 0.31 | 0.21 |
| Diluted Shares Outstanding | 4.1M | 4.14M | 4.59M | 4.23M | 4.07M | 4.11M | 4M | 3.17M | 2.84M | 8.37M | 8.37M | 8.2M | 8.22M | 8.1M | 8.08M | 8.02M | 7.34M | 7.03M |
SBA secondary market volatility
As reported in recent financial filings, BayFirst Financial Corp. experienced a 14.1% year-over-year decline in net interest income during 2026Q1, reflecting significant pressure on the bank's core funding model and an inability to expand interest-earning assets amidst a challenging interest rate environment for regional depository institutions.
The contraction in net interest income suggests that the bank is struggling to manage its deposit beta effectively in the competitive Florida market. This trend implies that the cost of funding is outpacing the yield on new loan originations, creating a structural headwind for the bank's primary revenue engine.
Based on the provided quarterly data, the net interest margin has remained stubbornly low at 0.8% throughout the most recent period, indicating that the bank's asset yields are failing to keep pace with the rising cost of interest-bearing liabilities in the current macroeconomic cycle.
The lack of margin expansion suggests that the bank's balance sheet is highly sensitive to rate fluctuations, leaving little room for error in pricing. Investors should monitor whether the bank can shift its asset mix toward higher-yielding products to offset these persistent funding cost pressures.
According to the latest income statement data, the efficiency ratio spiked to 103.0% in 2026Q1, demonstrating that non-interest expenses have completely eclipsed total revenue and highlighting a severe lack of operating leverage within the current high-touch, specialized lending business model of the institution.
This elevated efficiency ratio implies that the bank's fixed cost base is currently misaligned with its transactional volume. The inability to scale revenue while maintaining a high-cost infrastructure warrants further investigation into potential restructuring efforts or a necessary reduction in overhead to stabilize the bottom line.
As indicated by the financial statements, the bank recorded a significant provision for loan losses of $10.9 million in 2025Q3, which appears to reflect heightened credit risk within the non-guaranteed portion of the SBA portfolio and potential deterioration in the underlying small business loan quality.
The erratic nature of these provisions suggests that the bank may be facing lumpy credit events that disproportionately impact earnings. This volatility implies that the bank's underwriting standards or the economic health of its borrower base may be more fragile than previously anticipated by the market.
Based on reported figures, non-interest fee income has collapsed to zero in 2026Q1, marking a stark reversal from the 39.5% fee contribution seen in 2024Q1 and exposing the bank's extreme vulnerability to the cyclicality of the SBA loan secondary market and mortgage origination premiums.
The disappearance of fee income suggests that the secondary market for government-guaranteed loans has effectively frozen or that the bank has paused its gain-on-sale activities. This dependency on volatile, non-recurring income streams appears to be the primary driver of the bank's recent earnings instability.
Quick answers to the most common questions about buying BAFN stock.
BayFirst Financial Corp. (BAFN) reported a net loss of $22.9M for the fiscal year ending 2025.
BayFirst Financial Corp. (BAFN) reported an operating income of $-30.8M, resulting in an operating profit margin of -29.6%. This margin reflects the operational efficiency of the business before interest and taxes.
BayFirst Financial Corp. (BAFN) generated $39.6M in gross profit for the year, representing a gross profit margin of 38.0%. This demonstrates the company's core pricing power and production efficiency.