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BayFirst Financial Corp (BAFN)
NASDAQ:BAFN
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
―Last Year’s EPS
―Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: 3.07%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted significant growth in net income, deposits, and assets, along with recognition as a top-performing bank. However, there were notable challenges, including a decrease in loan originations, a drop in net interest margin due to a onetime event, and an increase in nonperforming assets. While the bank showed resilience and proactive management in the face of recent natural disasters, these challenges suggest a need for continued strategic focus.Company Guidance
During the BayFirst Financial Corp's Q3 2024 earnings call, the company provided several key metrics reflecting its financial performance and strategic initiatives. BayFirst reported a net income of $1.1 million, marking a 31% increase from the previous quarter's $900,000. The bank's deposit balances grew by 13% year-to-date, reaching $1.11 billion, with 78% of these deposits being insured as of September 30, 2024. Loans held for investment increased by $34 million or 3% during the quarter, totaling $1.04 billion. The company's government-guaranteed loan origination platform produced $94.4 million in new loans, slightly down from $98.7 million in Q2 2024. Additionally, BayFirst ranked as the #5 lender by units in the U.S. for the SBA fiscal year, approving 3,187 loans worth $508 million. The tangible book value per share increased to $20.86, while noninterest income rose by $570,000 from the previous quarter due to higher gains on sales of government-guaranteed loans. The bank's provision for credit losses was $3.1 million, reflecting a slight improvement from the previous quarter's $3.3 million.Net Income Growth
Net income increased to $1.1 million in Q3 2024, a 31% increase over Q2 2024's $900,000, driven by higher net interest income and increased revenue from servicing income and gains on sales.
Deposit and Asset Growth
Deposit balances grew by 13% year-to-date, with total deposits at $1.1 billion. Total assets increased by $27 million or 2% in the quarter, reaching $1.25 billion, and by $111 million or 10% year-over-year.
Recognition and Achievements
BayFirst was ranked the top bank in Florida by Forbes Magazine for 2024, and finished as the #5 SBA lender by units in the U.S., with 3,187 loans approved totaling $508 million.
Loan Origination and Sales
The company originated $166.7 million of loans and sold $84 million of government-guaranteed loan balances in Q3 2024.
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BAFN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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BAFN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $13.01 | $12.92 | -0.69% |
| Jul 25, 2024 | $12.89 | $12.84 | -0.39% |
| Apr 25, 2024 | $12.56 | $12.66 | +0.80% |
| Jan 25, 2024 | $10.98 | $11.07 | +0.82% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does BayFirst Financial Corp (BAFN) report earnings?
BayFirst Financial Corp (BAFN) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is BayFirst Financial Corp (BAFN) earnings time?
BayFirst Financial Corp (BAFN) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BAFN EPS forecast?
Currently, no data Available
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