Earnings release
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Contacts: Contact: Alfred T. Rogers, Jr. Scott J. McKim Chief Executive Officer and President Chief Financial Officer 727.685.2097 727.521.7085 BayFirst Financial Corp. Reports Third Quarter 2026 Results Net Interest Margin Expansion, 25% Growth in Community Bank Lending, and Significant Credit Improvement ST. PETERSBURG, FL. — October 29, 2026 — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or “Company”), parent company of BayFirst National Bank (“Bank”) reported a net loss of $0.7 million, or $0.04 per common share and diluted common share, for the third quarter of 2026, compared to a net loss of $32.7 million, or $8.05 per common share and diluted common share, in the second quarter of 2026. “In the second quarter we took deliberate steps under our asset resolution plan to strengthen our balance sheet, and this quarter’s results show those actions are beginning to pay off,” stated Al Rogers, Chief Executive Officer. “Total community bank loans, excluding the government guaranteed portfolio, grew $41.9 million over the prior quarter, or 25% annualized, a key highlight that reflects strong demand and the trust our customers place in us. Net interest margin improved 59 basis points from the prior quarter, and for the first time in nearly three years, deposit growth outpaced loan growth, a clear sign that our relationship-focused approach is strengthening our funding base. While we did report a loss for the third quarter, it was a significant improvement over prior periods. Our strengthened foundation positions us for continued improvement in the coming quarters as we remain focused on achieving sustained profitability. “We are also encouraged by the continued improvement in asset quality,” Rogers continued. “Nonperforming assets declined as percentage of total assets, and net charge-offs were lower than in the prior quarter, further evidence that our asset resolution efforts are working. Through it all, our focus on the communities we serve remains unwavering, and I am confident we will continue to build on our standing as the community bank of choice in our Tampa Bay and Sarasota markets.” Third Quarter 2026 Performance Review • Net interest margin was 4.07% in the third quarter of 2026, an increase of 59 basis points from 3.48% in the second quarter of 2026 and an increase of 43 basis points from 3.64% in the third quarter of 2025. • Total loans held for investment increased by $20.1 million, or 2.3%, during the third quarter of 2026 to $903.0 million and decreased $90.1 million, or 9.1%, over the past year. The decrease from the prior year was partially the result of no new SBA 7(a) loan originations and the sale of $97.4 million of government guaranteed loans to a third party as part of the Bank’s discontinuance of SBA 7(a) lending. • Deposits increased $25.3 million, or 2.6%, during the third quarter of 2026 and decreased $157.3 million, or 13.4%, over the past year to $1.01 billion. The increase in deposits during the quarter was primarily due to increases in noninterest-bearing account balances, interest-bearing transaction account balances, savings and money market account balances, partially offset by a decrease in time deposit balances. The decrease in deposits over the past year was primarily due to decreases in high-rate promotional deposits held with non-relationship customers and brokered deposits. • On July 14, 2026, the Company obtained shareholder approval to amend the BayFirst Financial Corp. Articles of Incorporation to increase the number of authorized shares of the common stock from 15,000,000 to 100,000,000 and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 2 Preferred Stock, Series D, and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series E for a total of 22,856,000 shares of common stock. Upon conversion, all shares of Series D and Series E Preferred Stock were retired. • On August 13, 2026, the Company redeemed all outstanding Series A and Series B Preferred Shares in the amount of $6,464 for Preferred Series A, including accrued dividends of $303, and $3,241 for Preferred Series B, including accrued dividends of $118. • At September 30, 2026, book value and tangible book value was $3.64 per common share, a decrease from $4.82 at June 30, 2026. Results of Operations Net Loss The Company had a net loss of $0.7 million for the third quarter of 2026, compared to a net loss of $32.7 million in the second quarter of 2026 and a net loss of $19.1 million in the third quarter of 2025. The change in the third quarter of 2026 from the preceding quarter was primarily the result of $41.5 million of expense in the second quarter of 2026 related to the asset resolution plan. The change from the third quarter of 2025 was the due to decreases in provision for credit losses of $11.2 million and noninterest expense of $12.4 million, and an increase in noninterest income of $2.2 million, partially offset with a decrease in income tax benefit of $6.7 million. For the nine months ended September 30, 2026, the Company had a net loss of $39.3 million, compared to a net loss of $21.9 million for the nine months ended September 30, 2025. The change was primarily due to decreases in net interest income of $4.6 million and noninterest income of $22.8 million and increases in provision for credit losses of $13.5 million and noninterest expense of $13.2 million, partially offset by income tax benefit of $5.7 million. Net Interest Income and Net Interest Margin Net interest income was $10.6 million in the third quarter of 2026, which was an increase of $1.2 million from $9.4 million for the second quarter of 2026, and a decrease of $0.7 million from $11.3 million during the third quarter of 2025. The net interest margin was 4.07% in the third quarter of 2026, an increase of 59 basis points from 3.48% in the second quarter of 2026 and an increase of 43 basis points from 3.64% in the third quarter of 2025. The increase in net interest income during the third quarter of 2026, as compared to the second quarter of 2026, was mainly due to an increase in loan interest income, including fees, of $1.1 million. The decrease in net interest income during the third quarter of 2026, as compared to the year ago quarter, was mainly due to adecrease in loan interest income, including fees, of $4.8 million, partially offset by a decrease in interest expense on depositsof $3.1 million. Net interest income was $29.5 million for the nine months ended September 30, 2026, a decrease from $34.1 million for the nine months ended September 30, 2025. The decrease was mainly due to a decrease in loan interest income, including fees, of $14.7 million, partially offset by a decrease in interest expense of $8.7 million. Noninterest Income Noninterest income was $1.1 million for the third quarter of 2026, compared to negative income of $6.8 million in the second quarter of 2026 and negative income of $1.1 million in the third quarter of 2025. The change from the third quarter of 2026, as compared to the second quarter of 2026, was primarily the result of a 99.41% decrease in government guaranteed loan fair value losses of $6.4 million and second quarter 2026 loss on nonmarketable equity securities of $1.5 million which was related to the impairment of an investment in a firm who was a partner with the Company’s former SBA 7(a) lending business. The increase in the third quarter of 2026, as compared to the third quarter of 2025, was the result of a third quarter 2025 fair value adjustment on loans held for sale of $5.1 million, partially offset by a decrease in gain on sale of government guaranteed loans of $3.0 million. Noninterest income was a negative $4.8 million for the nine months ended September 30, 2026, which was a decrease from income of $17.9 million for the nine months ended September 30, 2025. The decrease was primarily the result of a decrease in gain on sale of government guaranteed loans of $16.1 million, a decrease in government guaranteed loan fair value gains of $7.8 million, a decrease in government guaranteed loan packaging fees of $1.7 million and second
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 3 quarter 2026 loss on nonmarketable equity securities of $1.5 million, partially offset by a 2025 fair value adjustment on loans held for sale of $5.1 million. Noninterest Expense Noninterest expense was $12.8 million in the third quarter of 2026 compared to $17.7 million in the second quarter of 2026 and $25.2 million in the third quarter of 2025. The decrease in the third quarter of 2026, as compared to the prior quarter, was primarily due $1.7 million of expenses in the second quarter of 2026 related to the asset resolution plan and $2.3 million of one-time expenses to record a change in control payment and write-off vendor contracts related to national lending and digital account opening businesses which are not part of our community banking focus. The decrease in the third quarter of 2026, as compared to the third quarter of 2025, was primarily due to the third quarter 2025 restructuring expense of $7.3 million, and a decrease in compensation expense of $3.1 million. Noninterest expense was $45.4 million for the nine months ended September 30, 2026 compared to $58.6 million for the nine months ended September 30, 2025. The decrease was primarily the result of the third quarter 2025 restructuring expense of $7.3 million, a decrease in compensation expense of $8.1 million, partially offset by an increase in loan servicing and origination expense of $3.1 million. Balance Sheet Assets Total assets increased $13.0 million, or 1.1%, during the third quarter of 2026 to $1.15 billion, primarily the result of an increase in loans held for investment of $20.1 million, and a decrease in allowance for credit losses on loans of $3.3 million, partially offset by a decrease in cash and cash equivalents of $10.8 million. Compared to the end of the third quarter last year, total assets decreased $192.3 million, or 14.3%, driven primarily by a decrease in loans held for investment and held for sale of $184.2 million, and an increase in allowance for credit losses on loans of $17.3 million, partially offset by an increase in cash and cash equivalents of $9.8 million and an increase in deferred tax asset of $14.8 million. Loans Loans held for investment increased $20.1 million, or 2.3%, during the third quarter of 2026 and decreased $90.1 million, or 9.1%, over the past year to $903.0 million. The decrease from prior year was primarily due to loan payoffs and government guaranteed loan sales, which included the sale of the SBA 7(a) loans to a third party in the fourth quarter as part of the Bank’s discontinuance of SBA 7(a) lending. This was partially offset by originations in both conventional community bank loans and USDA government guaranteed loans. Deposits Deposits increased $25.3 million, or 2.6%, during the third quarter of 2026 and decreased $157.3 million, or 13.4%, from the third quarter of 2025, ending September 30, 2026, at $1.01 billion. During the third quarter, there was a decrease in time deposit balances of $8.7 million, partially offset by increases in noninterest-bearing account balances of $4.4 million, interest- bearing transaction account balances of $6.9 million, and savings and money market account balances of $22.6 million. At September 30, 2026, June 30, 2026, and September 30, 2025, the Company had $165.7 million, $163.8 million, and $235.9 million, respectively, of brokered deposits. Asset Quality The Company recorded a provision for credit losses in the third quarter of negative $0.1 million, compared to provisions of $29.0 million for the second quarter of 2026 and $11.2 million during the third quarter of 2025. The decrease in the provision expense was primarily the result of $30.5 million of expense related to the asset resolution plan recorded in the second quarter of 2026. The ratio of allowance for credit losses (ACL) on loans to total loans held for investment at amortized cost was 4.85% at September 30, 2026, 5.37% as of June 30, 2026, and 2.63% as of September 30, 2025. The ratio of ACL on loans to
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 4 total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 5.20% at September 30, 2026, 5.82% as of June 30, 2026, and 2.80% as of September 30, 2025. Net charge-offs for the third quarter of 2026 were $3.2 million, which was a decrease from $4.5 million for the second quarter of 2026 and a decrease from $3.5 million for the third quarter of 2025. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.52% for the third quarter of 2026, compared to 2.08% in the second quarter of 2026 and 1.34% in the third quarter of 2025. Nonperforming assets were 1.29% of total assets as of September 30, 2026, compared to 1.75% as of June 30, 2026, and 1.98% as of September 30, 2025. Nonperforming assets, excluding government guaranteed loan balances, were 1.21% of total assets as of September 30, 2026, compared to 1.32% as of June 30, 2026, and 1.21% as of September 30, 2025. Capital The Bank’s Tier 1 leverage ratio was 8.79% as of September 30, 2026, compared to 8.30% as of June 30, 2026, and 6.14% as of September 30, 2025. The CET 1 and Tier 1 capital ratios to risk-weighted assets were 11.15% as of September 30, 2026, compared to 11.47% as of June 30, 2026, and 7.82% as of September 30, 2025. The total capital to risk-weighted assets ratio was 12.44% as of September 30, 2026, compared to 12.77% as of June 30, 2026, and 9.08% as of September 30, 2025. At September 30, 2026, the Bank met all of its regulatory capital requirements to be well-capitalized. Liquidity The Bank's overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at September 30, 2026 was 13.49%, as compared to 18.44% at December 31, 2025. The Bank has liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of September 30, 2026 and June 30, 2026, the Bank had no borrowings from the FHLB, the FRB or other financial institutions. Recent Events On October 8, 2026, the Company sold and issued 4,107,908 common shares at $3.50 per common share in or as part of the Company’s rights offering. The offering resulted in gross proceeds of $14.4 million which will be used to improve capital levels of the Company and the Bank, and support the continued growth of the Bank. Conference Call BayFirst will host a conference call on Friday, October 30, 2026, at 9:00 a.m. ET to discuss its third quarter results. Interested parties may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com or are invited to dial (833) 461-5787 to participate in the call using Conference ID 438809173. A replay of the call will be available for one year at www.bayfirstfinancial.com. About BayFirst Financial Corp. BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. As of September 30, 2026, BayFirst Financial Corp. had $1.15 billion in total assets. Forward-Looking Statements In addition to the historical information contained herein, this presentation includes "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 5 and other general economic, business and political conditions, including changes in the financial markets and credit quality; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; enforcement actions initiated by our regulators and their impact on our operations; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward- looking statements presented herein are made only as of the date of this document, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 6 BAYFIRST FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited) At or for the three months ended (Dollars in thousands, except for share data) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 As restated As restated As restated Net loss $ (677) $ (32,665) $ (5,930) $ (2,696) $ (19,077) Balance sheet data: Average loans held for investment at amortized cost848,578 858,931 881,938 933,401 1,054,946 Average total assets 1,121,140 1,185,392 1,213,823 1,328,923 1,339,795 Average common shareholders’ equity 59,761 67,624 64,448 67,481 86,976 Government guaranteed loans held for sale — — — — 94,052 Total loans held for investment 902,966 882,840 924,220 958,014 993,109 Total loans held for investment, excl gov’t gtd loan balances 832,904 805,684 849,157 887,885 917,816 Allowance for credit losses 41,762 45,081 20,632 21,996 24,485 Total assets 1,147,929 1,134,925 1,189,671 1,294,269 1,340,222 Total deposits 1,014,154 988,874 1,085,869 1,183,938 1,171,457 Common shareholders’ equity 98,095 19,850 58,421 64,758 67,921 Share data: Basic loss per common share $ (0.04) $ (8.05) $ (1.54) $ (0.75) $ (4.71) Diluted loss per common share (0.04) (8.05) (1.54) (0.75) (4.71) Book value per common share 3.64 4.83 14.22 15.76 16.50 Tangible book value per common share 3.64 4.82 14.22 15.76 16.50 Performance ratios: Return on average assets (0.24)% (11.02)% (1.95)% (0.81)% (5.70)% Return on average common equity (6.39)% (195.50)% (39.19)% (18.26)% (89.51)% Net interest margin 4.07 % 3.48 % 3.44 % 3.60 % 3.64 % Asset quality ratios: Net charge-offs $ 3,228 $ 4,460 $ 4,719 $ 4,865 $ 3,544 Net charge-offs/avg loans held for investment at amortizedcost 1.52 % 2.08 % 2.14 % 2.08 % 1.34 % Nonperforming loans $ 14,013 $ 18,457 $ 21,453 $ 24,343 $ 24,687 Nonperforming loans (excluding gov't gtd balance)$ 13,445 $ 14,434 $ 15,873 $ 16,271 $ 15,822 Nonperforming loans/total loans held for investment 1.63 % 2.20 % 2.46 % 2.69 % 2.65 % Nonperforming loans (excl gov’t gtd balance)/total loansheld for investment 1.56 % 1.72 % 1.82 % 1.80 % 1.70 % ACL/Total loans held for investment at amortized cost 4.85 % 5.37 % 2.36 % 2.43 % 2.63 % ACL/Total loans held for investment at amortized cost, exclgovernment guaranteed loans 5.20 % 5.82 % 2.55 % 2.60 % 2.80 % Other Data: Full-time equivalent employees 146 148 143 144 237 Banking center offices 12 11 12 12 12 See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to mostcomparable GAAP equivalent. Annualized Excludes loans measured at fair value (1) (2) (2) (2) (2) (3) (3) (3) (3) (1) (2) (3)
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 7 Reconciliation and Management Explanation of Non-GAAP Financial Measures Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders' equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy. The following presents the calculation of the non-GAAP financial measures. Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share (Unaudited) As of (Dollars in thousands, except for sharedata) September 30,2026 June 30, 2026 March 31, 2026 December 31,2025 September 30,2025 As restated As restated As restated Total shareholders’ equity $ 104,541 $ 115,901 $ 75,628 $ 81,580 $ 83,972 Less: Preferred stock liquidationpreference (6,446) (96,051) (17,207) (16,822) (16,051) Total equity available to commonshareholders 98,095 19,850 58,421 64,758 67,921 Less: Intangible assets (62) (62) — — — Tangible common shareholders' equity $ 98,033 $ 19,788 $ 58,421 $ 64,758 $ 67,921 Common shares outstanding 26,962,725 4,106,905 4,108,072 4,108,069 4,116,913 Tangible book value per common share $ 3.64 $ 4.82 $ 14.22 $ 15.76 $ 16.50
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 8 BAYFIRST FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) 9/30/2026 6/30/2026 9/30/2025 Assets As restated Cash and due from banks $ 5,230 $ 5,641 $ 5,193 Interest-bearing deposits in banks 123,097 133,524 113,357 Cash and cash equivalents 128,327 139,165 118,550 Time deposits in banks — — 1,284 Investment securities available for sale, at fair value (amortized cost $27,454, $30,591,and $32,614 at September 30, 2026, June 30, 2026, and September 30, 2025,respectively) 23,856 27,778 29,857 Investment securities held to maturity, at amortized cost, net of allowance for creditlosses of $7, $7, and $9 (fair value: $2,347, $2,371, and $2,375 at September 30, 2026,June 30, 2026, and September 30, 2025, respectively) 2,493 2,493 2,491 Nonmarketable equity securities 4,509 3,164 7,028 Government guaranteed loans held for sale — — 94,052 Government guaranteed loans held for investment, at fair value 42,204 43,847 61,780 Loans held for investment, at amortized cost 860,762 838,993 931,329 Allowance for credit losses on loans (41,762) (45,081) (24,485) Net Loans held for investment, at amortized cost 819,000 793,912 906,844 Accrued interest receivable 5,429 5,127 6,800 Premises and equipment, net 34,681 30,245 31,695 Loan servicing rights 8,827 9,942 15,663 Deferred income tax assets 21,836 21,253 7,040 Right-of-use operating lease assets 13,402 13,720 14,833 Bank owned life insurance 27,854 27,654 27,071 Other real estate owned 410 532 400 Other assets 15,101 16,093 14,834 Total assets $ 1,147,929 $ 1,134,925 $ 1,340,222 Liabilities: Noninterest-bearing deposit accounts $ 121,193 $ 116,788 $ 105,937 Interest-bearing transaction accounts 142,555 135,628 210,336 Savings and money market deposit accounts 445,578 422,933 479,262 Time deposits 304,828 313,525 375,922 Total deposits 1,014,154 988,874 1,171,457 FHLB borrowings — — 50,000 Subordinated debentures 5,968 5,966 5,961 Notes payable 1,138 1,252 1,593 Accrued interest payable 735 597 1,082 Operating lease liabilities 12,408 12,694 13,554 Accrued expenses and other liabilities 8,985 9,641 12,603 Total liabilities 1,043,388 1,019,024 1,256,250
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 9 BAYFIRST FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) 9/30/2026 6/30/2026 9/30/2025 Shareholders’ equity: As restated Preferred stock, Series A; no par value, no shares authorized, issued, and outstanding at September 30, 2026, and 10,000 shares authorized, 6,395 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of $6,395 at June 30, 2026 and September 30, 2025 — 6,161 6,161 Preferred stock, Series B; no par value, no shares authorized, issued, and outstanding at September 30, 2026, 20,000 shares authorized, 3,210 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of $3,210 at June 30, 2026 and September 30, 2025 — 3,123 3,123 Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025; aggregate liquidation preference of $6,446 at September 30, 2026, June 30, 2026 and September 30, 2025 6,446 6,446 6,446 Preferred stock, Series D; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025 and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of $40,000 at June 30, 2026 — 37,254 — Preferred stock, Series E; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025, and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of $40,000 at June 30, 2026 — 37,254 — Common stock and additional paid-in capital; no par value, 100,000,000, 15,000,000, and 15,000,000 shares authorized, 26,962,725, 4,106,905, and 4,116,913 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025, respectively 128,646 54,382 54,764 Accumulated other comprehensive loss, net (2,701) (2,111) (2,069) Unearned compensation (213) (245) (538) Retained earnings (27,637) (26,363) 16,085 Total shareholders’ equity 104,541 115,901 83,972 Total liabilities and shareholders’ equity $ 1,147,929 $ 1,134,925 $ 1,340,222
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 10 BAYFIRST FINANCIAL CORP. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the Quarter Ended Year-to-Date (Dollars in thousands, except per share data) 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025 Interest income: As restated As restated Loans, including fees $ 15,951 $ 14,803 $ 20,746 $ 46,675 $ 61,346 Interest-bearing deposits in banks and other 1,296 1,562 946 4,367 2,926 Total interest income 17,247 16,365 21,692 51,042 64,272 Interest expense: Deposits 6,483 6,850 9,576 21,226 28,289 Other 137 93 798 327 1,928 Total interest expense 6,620 6,943 10,374 21,553 30,217 Net interest income 10,627 9,422 11,318 29,489 34,055 Provision for credit losses (69) 28,977 11,165 32,312 23,332 Net interest income after provision for credit losses 10,696 (19,555) 153 (2,823) 10,723 Noninterest income: Loan servicing income, net 655 588 761 2,013 1,981 Gain (loss) on sale of government guaranteed loans, net — — 3,039 (97) 15,975 Service charges and fees 507 497 474 1,494 1,396 Government guaranteed loans fair value gain (loss), net (38) (6,468) (882) (7,039) 805 Fair value adjustment on loans held for sale — — (5,096) — (5,096) Government guaranteed loan packaging fees — — 380 — 1,673 Loss on nonmarketable securities — (1,500) — (1,500) — Loss on sale of premises and equipment — (34) — (21) — Other noninterest income (loss) (23) 108 254 326 1,215 Total noninterest income 1,101 (6,809) (1,070) (4,824) 17,949 Noninterest Expense: Salaries and benefits 4,466 5,332 7,637 14,867 23,748 Bonus, commissions, and incentives 576 741 530 1,607 863 Occupancy and equipment 1,307 1,352 1,525 4,027 4,738 Data processing 1,406 2,649 2,049 5,544 6,172 Marketing and business development 76 157 262 356 1,152 Professional services 571 1,172 859 2,907 2,373 Loan servicing and origination expense 3,004 3,122 3,273 9,962 6,866 Employee recruiting and development 213 248 364 663 1,443 Regulatory assessments 515 611 484 1,704 1,175 Restructure charges — — 7,262 — 7,262 Other noninterest expense 682 2,292 970 3,741 2,764 Total noninterest expense 12,816 17,676 25,215 45,378 58,556 Loss before taxes (1,019) (44,040) (26,132) (53,025) (29,884) Income tax benefit (342) (11,375) (7,055) (13,753) (8,015) Net loss (677) (32,665) (19,077) (39,272) (21,869) Preferred dividends 277 386 385 1,048 1,156 Net loss attributable to common shareholders $ (954) $ (33,051) $ (19,462) $ (40,320) $ (23,025) Basic loss per common share $ (0.04) $ (8.05) $ (4.71) $ (3.76) $ (5.57) Diluted loss per common share $ (0.04) $ (8.05) $ (4.71) $ (3.76) $ (5.57)
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BayFirst Financial Corp. Reports Third Quarter 2026 ResultsOctober 29, 2026Page 11 Loan Composition (Dollars in thousands) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 (Unaudited) (Unaudited) Unaudited/Asrestated As restated Unaudited/Asrestated Real estate: Residential $ 348,865 $ 353,716 $ 359,305 $ 365,427 $ 364,020 Commercial 228,589 211,518 216,643 215,771 231,039 Construction and land 35,976 38,095 36,732 48,397 43,700 Commercial and industrial 177,062 158,077 171,666 181,566 194,654 Commercial and industrial - PPP — — 6 6 13 Consumer and other 66,903 73,567 82,269 86,441 90,946 Loans held for investment, at amortized cost, gross 857,395 834,973 866,621 897,608 924,372 Deferred loan costs, net 7,151 8,338 9,353 10,491 11,522 Discount on government guaranteed loans (4,472) (5,107) (6,007) (6,811) (7,506) Premium on loans purchased, net 688 789 2,446 2,650 2,941 Loans held for investment, at amortized cost, net 860,762 838,993 872,413 903,938 931,329 Government guaranteed loans held for investment, atfair value 42,204 43,847 51,807 54,076 61,780 Total loans held for investment, net $ 902,966 $ 882,840 $ 924,220 $ 958,014 $ 993,109 Nonperforming Assets (Unaudited) (Dollars in thousands) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 As Restated As Restated As Restated Nonperforming loans (government guaranteedbalances), at amortized cost, gross $ 568 $ 4,023 $ 5,580 $ 8,072 $ 8,865 Nonperforming loans (unguaranteed balances),at amortized cost, gross 13,445 14,434 15,873 16,271 15,822 Total nonperforming loans, at amortized cost,gross 14,013 18,457 21,453 24,343 24,687 Nonperforming loans (government guaranteedbalances), at fair value — — 208 83 — Nonperforming loans (unguaranteed balances),at fair value 114 443 1,230 1,453 1,385 Total nonperforming loans, at fair value 114 443 1,438 1,536 1,385 OREO 410 532 400 400 400 Repossessed assets 253 466 583 263 32 Total nonperforming assets, gross $ 14,790 $ 19,898 $ 23,874 $ 26,542 $ 26,504 Nonperforming loans as a percentage of totalloans held for investment 1.63 % 2.20 % 2.46 % 2.69 % 2.65 % Nonperforming loans (excluding governmentguaranteed balances) to total loans held forinvestment 1.56 % 1.72 % 1.82 % 1.80 % 1.70 % Nonperforming assets as a percentage of totalassets 1.29 % 1.75 % 2.01 % 2.05 % 1.98 % Nonperforming assets (excluding governmentguaranteed balances) to total assets 1.21 % 1.32 % 1.39 % 1.29 % 1.21 % ACL to nonperforming loans 298.02 % 244.24 % 96.17 % 90.35 % 99.18 % ACL to nonperforming loans (excludinggovernment guaranteed balances) 310.61 % 312.32 % 129.98 % 135.18 % 154.75 % Excludes loans measured at fair value Note: Transmitted on Globe Newswire on October 30, 2026, at 4:00 p.m. ET. (1) (1) (1) (1) (1)