BayFirst Announces Impact of Asset Resolution Plan and Restatement of Prior Period Financial Statements
BayFirst finalized its asset resolution plan, resulting in a $37.0 million adjustment to its loan portfolio and $3.1 million in Q2 impairments related to equity investments and USDA loan premiums. The company identified $4.9 million in misstated deferred costs and accrued interest from prior periods, necessitating the restatement of financials for 2024, 2025, and the first quarter of 2026.
Key figures
- Loan adjustments
- $37.0 million
- Equity impairment
- $1.5 million
- Total assets mar 2026
- $1.20 billion
- Restated 2025 net loss
- $24.2 million
- Usda premium write down
- $1.6 million
- Restated 2024 net income
- $11.4 million
- Restated q1 2026 net loss
- $5.9 million
AI analysis
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