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Contacts : Anthony N. Leo Chief Executive Officer 727.399.5678 BAYFİRST Jeffrey M. Hunt Chief Strategy Officer 727.399.5687 BayFirst Financial Corp. Reports Earnings of $ 1.28 Million , or $ 0.26 Per Diluted Share , in 3Q21 ; Results Highlighted by Strong Loan Production and Book Value per Share Increasing 46 % to $ 21.30 YOY - ST . PETERSBURG , Fla . October 28 , 2021 - BayFirst Financial Corp. ( f / k / a First Home Bancorp , Inc. ) ( OTCQX : FHBI ) ( " BayFirst ” or the “ Company ” ) , parent company of First Home Bank ( " First Home ” or the “ Bank ” ) reported earnings for the third quarter of 2021 of $ 1.28 million , or $ 0.26 per diluted common share , compared to $ 13.02 million , or $ 2.98 per diluted common share , in the second quarter of 2021 , and $ 5.25 million , or $ 1.37 per diluted common share , in the third quarter of 2020. The variability in financial metrics for the third quarter of 2021 compared to prior periods is a direct reflection of the Bank's participation in the SBA's Paycheck Protection Program ( PPP ) over the course of the last 18 months . Compared to the previous quarter , third quarter of 2021 net income declined by $ 4.58 million from lower recognition of PPP origination fee income and $ 13.80 million due to recognition of gains on PPP loan sales in the previous quarter . These line items were partially offset by a negative provision for loan losses of $ 3.00 million during the quarter and a decrease in noninterest expense of $ 2.44 million . Third quarter's earnings increased tangible book value to $ 21.30 per common share , from $ 14.57 in the third quarter a year ago . All per share data has been adjusted to reflect the 3 - for - 2 stock split effective May 10 , 2021 . Net income for the first nine months of 2021 more than tripled to $ 21.81 million , compared to $ 7.10 million in the first nine months of 2020. Earnings per share increased to $ 5.13 per diluted share in the first nine months of 2021 , compared to $ 1.78 per diluted share in the same period one year earlier . Increases in PPP origination fees earned contributed to the increase in net income during the first nine months of 2021 compared to the same period in 2020 . " The third quarter represented a transition for the Company , as we continue to wind down from the extraordinary events of the pandemic , and shift our focus to more normalized banking activities , " stated Anthony N. Leo , Chief Executive Officer . " We booked a credit to our provision for loan losses during the quarter as we move towards a more moderate allowance for loan losses from the higher allowance levels held during the early days of the pandemic . We utilized our strong earnings year to date to focus on improving our balance sheet loan mix by building up a significant amount of SBA guaranteed loan balances to complement our SBA nonguaranteed loan balances . While we will return to selling guaranteed portions in future quarters , similar to how we conducted business before the pandemic , we anticipate keeping the mix on our balance sheet more evenly distributed in the future . " " The highly successful PPP lending program sponsored by the SBA has helped thousands of businesses in the Tampa Bay region , which is our home market . We are proud to have been active participants in PPP , and our lending team clearly responded to the needs of businesses in our marketplace and throughout the country , with over $ 1.2 billion in PPP loans originated over the course of the program . While the significant contributions to net income and loan portfolio growth are unlikely to be repeated in future quarters , the opportunities to serve new clients and deepen relationships with existing customers positions the Company well for the future . Even without the PPP loans contribution , we had another strong quarter with residential , commercial , SBA and consumer lending , due to the hard work and continued efforts of our lending team bringing new customers into the Bank . The success of our lending services is fueling profitability and providing new market opportunities , and is reflected in our balance sheet growth with total deposits increasing 32.32 % in the past year , while total loans held for investment , ex . PPP , grew by 29.28 % in that period . "