BayFirst Financial Corp. Reports Second Quarter 2026 Results
BayFirst reported a Q2 net loss of $32.7 million, or $8.05 per share, driven by a $41.5 million expense related to its asset resolution plan and negative noninterest income. The company announced it will restate financials for 2024, 2025, and Q1 2026 due to accounting errors regarding provision expense and gain-on-sale calculations, causing tangible book value to plummet to $4.82 per share from $14.22.
Key figures
- Net loss
- $32.7 million
- Net interest income
- $9.4 million
- Tier 1 leverage ratio
- 8.30%
- Asset resolution expense
- $41.5 million
- Provision for credit losses
- $29.0 million
- Tangible book value per share
- $4.82
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