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BayFirst Financial Corp. (BAFN-2.47%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $1.29 billion, an increase from $1.12 billion in the previous year. Total loans held for investment were reported at $1.07 billion, with total deposits reaching $1.14 billion.
Net income for the year was $12.6 million, up from $5.7 million in the previous year. The increase was attributed to a pre-tax gain on the sale of two branch office properties and higher gains on the sale of government guaranteed loans.
Net interest income increased to $38.0 million from $36.4 million, primarily due to higher loan interest income. However, the net interest margin decreased to 3.45% from 3.78% due to increased interest expenses.
The provision for credit losses rose to $14.7 million from $10.4 million, driven by higher charge-offs. The allowance for credit losses was $15.5 million, representing 1.54% of total loans held for investment at amortized cost.
Noninterest income increased to $60.5 million from $49.8 million, largely due to gains from the sale of branch office properties and government guaranteed loans. However, fair value gains on government guaranteed loans decreased.
Noninterest expenses decreased slightly to $66.8 million from $67.7 million, with reductions in compensation, loan origination, and marketing expenses.
The company declared cash dividends on its common stock and preferred stock, continuing its practice of quarterly dividend payments.
BayFirst Financial Corp. continues to focus on its core operations, including community banking services and government guaranteed lending, while managing risks associated with credit, interest rates, and market conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BayFirst Financial Corp. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.