BayFirst Financial Corp ( (BAFN) ) has released its Q4 earnings. Here is a breakdown of the information BayFirst Financial Corp presented to its investors.
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BayFirst Financial Corp. is a regional bank holding company based in St. Petersburg, Florida, providing a range of commercial and consumer banking services primarily in the Tampa Bay-Sarasota area, and is notable for its focus on government-guaranteed loans.
In its latest earnings report, BayFirst Financial Corp. announced a significant increase in its net income for the fourth quarter of 2024 to $9.8 million, a drastic improvement from previous quarters. The company also revealed a new share buyback program, indicating confidence in its stock value.
Among the key financial highlights, BayFirst reported a substantial expansion in net interest margin by 26 basis points, reaching 3.60%. This was accompanied by a noteworthy after-tax gain of $8.7 million from a sale-leaseback transaction involving branch office properties. The company also achieved a reduction in noninterest expenses by $1.1 million for the year, driven by operational efficiencies and increased loan originations, particularly in government-guaranteed loans which totaled $107.8 million for the quarter.
Looking ahead, BayFirst Financial Corp. management remains optimistic about 2025, focusing on leveraging technological investments to improve operational efficiency and maintain growth momentum. The newly announced share repurchase program is expected to enhance shareholder value by capitalizing on perceived stock undervaluation.
