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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal period ended June 30, 2024
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-41068
BAYFIRST FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Florida
59-3665079
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Central Avenue
St. Petersburg, Florida
33701
(Address of Principal Executive Offices)
(Zip Code)
(727) 440-6848
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockBAFNThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).      Yes  x   No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated fileroAccelerated filero
Non-accelerated filer  xSmaller reporting companyx
Emerging growth companyx
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes  o   No ☒
The registrant had outstanding 4,134,219 shares of common stock as of August 5, 2024.

BayFirst Financial Corp.
Table of Contents
Page
Item 1A.
Item 4.

1
Glossary of Acronyms and Abbreviations
The acronyms and abbreviations identified below may be used throughout this Quarterly Report on Form 10-Q or in our other SEC filings. You may find it helpful to refer back to this page while reading this report.
ACL: Allowance for Credit LossesFFIEC: Federal Financial Institutions Examination Council
AFS: Available for SaleFHLB: Federal Home Loan Bank
AIO: Architecture, Infrastructure, and OperationsFNBB: First National Bankers Bank
ALCO: Asset-Liability Committee
FOMC: Federal Open Market Committee
AOCI: Accumulated Other Comprehensive Income
FRB: Federal Reserve Bank
ASC: FASB Accounting Standards CodificationFVO: Fair Value Option
ASU: FASB Accounting Standards UpdateGAAP: Generally Accepted Accounting Principles
BHCA: Bank Holding Company Act of 1956, as amended
HFI: Held for Investment
BOLI: Bank Owned Life InsuranceHTM: Held to Maturity
BSA: Bank Secrecy Act of 1970IRA: Individual Retirement Account
CARES Act: Coronavirus Aid, Relief, and Economic Security ActISO: Information Security Officer
CBLR: Community Bank Leverage RatioIT: Information Technology
CDARS: Certificate of Deposit Account Registry ServicesJOBS Act: Jumpstart Our Business Startups Act of 2012
CECL: Current Expected Credit LossesLGD: Loss Given Default
CEO: Chief Executive OfficerLHFS: Loans Held for Sale
CET1: Common Equity Tier 1 Capital
MMDA: Money Market Deposit Account
CFPB: Consumer Financial Protection BureauNOW: Negotiable Order of Withdrawal
C&I: Commercial and IndustrialNSPP: Non-Qualified Stock Purchase Plan
CRO: Chief Risk OfficerOCC: Office of the Comptroller of the Currency
CTO: Chief Technology OfficerOREO: Other Real Estate Owned
DEI: Diversity, Equity, and InclusionOTTI: Other-Than-Temporary Impairment
Dodd-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010PCAOB: Public Company Accounting Oversight Board
DRIP: Dividend Reinvestment PlanPD: Probability of Default
EGC: Emerging Growth CompanyPPP: Paycheck Protection Program
EPS: Earnings per SharePPPLF: Paycheck Protection Program Liquidity Facility
Equity Plan: The Amended and Restated 2017 Equity Incentive PlanROU: Right of Use
ESG: Environmental, Social, and GovernanceSBA: Small Business Administration
ESOP: Employee Stock Ownership PlanSEC: U.S. Securities and Exchange Commission
ESPP: Employee Stock Purchase PlanSOFR: Secured Overnight Financing Rate
Exchange Act: Securities Exchange Act of 1934U.S.: United States
FASB: Financial Accounting Standards BoardUSDA: United States Department of Agriculture
FBCA: Florida Business Corporation ActUSDA B&I: United States Department of Agriculture Business and Industry
FDIA: Federal Deposit Insurance ActWARM: Weighted Average Remaining Life
FDIC: Federal Deposit Insurance Corporation
2
BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
Part I - Financial Information
Item 8. Financial Statements
June 30, 2024December 31, 2023
(1)
ASSETS(Unaudited)
Cash and due from banks
$4,226 $4,099 
Interest-bearing deposits in banks
56,546 54,286 
Cash and cash equivalents
60,772 58,385 
Time deposits in banks
2,261 4,646 
Investment securities available for sale, at fair value (amortized cost: $42,885 and $43,597 at June 30, 2024 and December 31, 2023, respectively)
38,685 39,575 
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $14 and $17 (fair value: $2,273 and $2,263 at June 30, 2024 and December 31, 2023, respectively)
2,486 2,484 
Nonmarketable equity securities
7,132 4,770 
Government guaranteed loans HFI, at fair value
86,142 91,508 
Loans HFI, at amortized cost, net of allowance for credit losses of $13,843 and $13,497 at June 30, 2024 and December 31, 2023, respectively
908,329 810,721 
Accrued interest receivable
8,000 7,130 
Premises and equipment, net
39,088 38,874 
Loan servicing rights
15,770 14,959 
Right-of-use operating lease assets
2,305 2,416 
Bank owned life insurance
26,150 25,800 
Other real estate owned1,633 — 
Other assets
19,080 16,150 
Assets from discontinued operations36 348 
Total assets
$1,217,869 $1,117,766 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Noninterest-bearing deposits
$94,040 $93,708 
Interest-bearing transaction accounts
236,447 259,422 
Savings and money market deposits
420,271 373,000 
Time deposits
291,630 259,008 
Total deposits
1,042,388 985,138 
FHLB borrowings55,000 10,000 
Subordinated debentures
5,952 5,949 
Notes payable
2,162 2,389 
Accrued interest payable
1,172 882 
Operating lease liabilities
2,497 2,619 
Deferred income tax liabilities
1,000 482 
Accrued expenses and other liabilities
6,565 8,980 
Liabilities from discontinued operations171 620 
Total liabilities
1,116,907 1,017,059 
3
BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS CONTINUED
(Dollars in thousands, except per share data)
June 30, 2024December 31, 2023
(1)
Shareholders’ equity:
(Unaudited)
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at June 30, 2024 and December 31, 2023; aggregate liquidation preference of $6,395
6,161 6,161 
Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at June 30, 2024 and December 31, 2023; aggregate liquidation preference of $3,210
3,123 3,123 
Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at June 30, 2024 and December 31, 2023; aggregate liquidation preference of $6,446
6,446 6,446 
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,134,219 and 4,110,470 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
54,773 54,521 
Accumulated other comprehensive loss, net
(3,113)(2,981)
Unearned compensation
(1,081)(958)
Retained earnings
34,653 34,395 
Total shareholders’ equity
100,962 100,707 
Total liabilities and shareholders’ equity
$1,217,869 $1,117,766 
(1) Derived from audited consolidated financial statements

See accompanying notes.

4
Table of Contents
BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Interest income:
Loans, including fees
$19,414 $16,372 $37,642 $29,443 
Interest-bearing deposits in banks and other
1,013 1,420 1,972 2,600 
Total interest income
20,427 17,792 39,614 32,043 
Interest expense:
Deposits
10,448 7,098 20,663 12,021 
Borrowings
797 586 1,027 861 
Total interest expense
11,245 7,684 21,690 12,882 
Net interest income
9,182 10,108 17,924 19,161 
Provision for credit losses
3,000 2,765 7,058 4,707 
Net interest income after provision for credit losses
6,182 7,343 10,866 14,454 
Noninterest income:
Loan servicing income, net
805 649 1,600 1,389 
Gain on sale of government guaranteed loans, net5,595 6,028 13,684 10,437 
Service charges and fees
452 379 896 758 
Government guaranteed loans fair value gain
3,202 2,904 6,507 6,478 
Government guaranteed loan packaging fees1,022 797 2,429 918 
Other noninterest income
577 180 805 405 
Total noninterest income
11,653 10,937 25,921 20,385 
Noninterest expense:
Salaries and benefits
7,829 7,780 15,834 15,615 
Bonus, commissions, and incentives
659 1,305 2,230 2,109 
Occupancy and equipment
1,273 1,183 2,383 2,346 
Data processing
1,647 1,316 3,207 2,663 
Marketing and business development
540 1,102 1,128 1,767 
Professional services
877 874 2,226 1,771 
Loan origination and collection
1,958 1,221 3,677 2,716 
Employee recruiting and development
549 556 1,146 1,124 
Regulatory assessments
279 232 561 331 
Other noninterest expense
999 833 1,991 1,372 
Total noninterest expense
16,610 16,402 34,383 31,814 
Income from continuing operations before income taxes
1,225 1,878 2,404 3,025 
Income tax expense from continuing operations
349 461 645 741 
Net income from continuing operations876 1,417 1,759 2,284 
Loss from discontinued operations before income taxes(14)(43)(92)(213)
Income tax benefit from discontinued operations(4)(11)(23)(53)
Net loss from discontinued operations(10)(32)(69)(160)
Net income
866 1,385 1,690 2,124 
Preferred stock dividends
386 208 771 416 
Net income available to common shareholders
$480 $1,177 $919 $1,708 
5
BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME CONTINUED (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Basic earnings (loss) per common share:
Continuing operations$0.12 $0.30 $0.24 $0.46 
Discontinued operations— (0.01)(0.02)(0.04)
Total basic earnings per common share
$0.12 $0.29 $0.22 $0.42 
Diluted earnings (loss) per common share:
Continuing operations$0.12 $0.30 $0.24 $0.46 
Discontinued operations— (0.01)(0.02)(0.04)
Total diluted earnings per common share
$0.12 $0.29 $0.22 $0.42 
See accompanying notes.
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BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(Dollars in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net income
$866 $1,385 $1,690 $2,124 
Net unrealized gains (losses) on investment securities available for sale
102 (77)(172)655 
Deferred income tax (expense) benefit
(27)20 40 (170)
Other comprehensive income (loss), net
75 (57)(132)485 
Comprehensive income
$941 $1,328 $1,558 $2,609 
See accompanying notes.
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BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(Dollars in thousands, except per share data)
Preferred
Stock, Series A		Preferred
Stock, Series B		Preferred
Stock, Series C		Common Stock, Additional
Paid-in Capital, and Unearned Compensation		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings		Total
Balance at April 1, 2023
$6,161 $3,123 $— $53,063 $(3,182)$31,174 $90,339 
Net income
— — — — — 1,385 1,385 
Issuance of common stock under:
Non-qualified stock purchase plan
— — — 102 — — 102 
Repurchase of common stock— — — (10)— — (10)
Unearned ESOP shares allocation— — — (329)— — (329)
Stock-based awards - common stock:
Restricted stock expense, net of tax impact
— — — 148 — — 148 
Stock option expense
— — — 24 — — 24 
Other comprehensive income, net— — — — (57)— (57)
Dividends declared on:
Preferred stock
— — — — — (208)(208)
Common stock ($0.08 per share)
— — — — — (329)(329)
Balance at June 30, 2023
$6,161 $3,123 $— $52,998 $(3,239)$32,022 $91,065 
Balance at April 1, 2024
$6,161 $3,123 $6,446 $53,584 $(3,188)$34,503 $100,629 
Net income
— — — — — 866 866 
Stock-based awards - common stock:
Restricted stock expense, net of tax impact
— — — 99 — — 99 
Stock option expense
— — — 9 — — 9 
Other comprehensive loss, net
— — — — 75 — 75 
Dividends declared on:
— 
Preferred stock
— — — — — (386)(386)
Common stock ($0.08 per share)
— — — — — (330)(330)
Balance at June 30, 2024
$6,161 $3,123 $6,446 $53,692 $(3,113)$34,653 $100,962 

See accompanying notes.
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BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
(Dollars in thousands, except per share data)
Preferred
Stock, Series A		Preferred
Stock, Series B		Preferred
Stock, Series C		Common Stock, Additional
Paid-in Capital, and Unearned Compensation		Accumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings		Total
Balance at January 1, 2023
$6,161 $3,123 $— $52,845 $(3,724)$33,479 $91,884 
Net income
— — — — — 2,124 2,124 
Impact of ASC 326 Adoption— — — — — (2,508)(2,508)
Issuance of common stock under:
Non-qualified stock purchase plan
— — — 185 — — 185 
Dividend reinvestment plan
— — — 84 — — 84 
Repurchase of common stock— — — (10)— — (10)
Unearned ESOP shares allocation— — — (329)— — (329)
Stock-based awards - common stock:
Restricted stock expense, net of tax impact
— — — 165 — — 165 
Stock option expense
— — — 58 — — 58 
Other comprehensive loss, net— — — — 485 — 485 
Dividends declared on:
— 
Preferred stock
— — — — — (416)(416)
Common stock ($0.16 per share)
— — — — — (657)(657)
Balance at June 30, 2023
$6,161 $3,123 $— $52,998 $(3,239)$32,022 $91,065 
Balance at January 1, 2024
$6,161 $3,123 $6,446 $53,563 $(2,981)$34,395 $100,707 
Net income
— — — — — 1,690 1,690 
Unearned ESOP shares allocation— — — (44)— — (44)
Stock-based awards - common stock:
Restricted stock expense, net of tax impact
— — — 151 — — 151 
Stock option expense
— — — 22 — — 22 
Other comprehensive income, net
— — — — (132)— (132)
Dividends declared on:
Preferred stock
— — — — — (771)(771)
Common stock ($0.16 per share)
— — — — — (661)(661)
Balance at June 30, 2024
$6,161 $3,123 $6,446 $53,692 $(3,113)$34,653 $100,962 

See accompanying notes.
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BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Six Months Ended June 30,
20242023
Cash flows from operating activities:
Net income from continuing operations$1,759 $2,284 
Net loss from discontinued operations(69)(160)
Net income
1,690 2,124 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation of fixed assets1,180 1,127 
Net securities premium amortization56 41 
Amortization of debt issuance costs3 3 
Amortization of premium on loans purchased, net301 107 
Provision for credit losses7,058 4,707 
Accretion of discount on unguaranteed loans
(1,429)(1,794)
Deferred tax expense563 717 
Origination of government guaranteed loans held for sale
(2,226)(2,421)
Proceeds from sales of government guaranteed loans held for sale
218,446 208,921 
Net gains on sales of government guaranteed loans
(13,684)(10,437)
Change in fair value of government guaranteed loans HFI, at fair value
(6,507)(6,478)
Amortization of loan servicing rights
2,881 1,933 
Non-qualified stock purchase plan expense
13 14 
Stock based compensation expense
173 223 
Income from bank owned life insurance
(350)(310)
Changes in:
Accrued interest receivable
(870)(1,477)
Other assets
(2,824)170 
Accrued interest payable
290 (132)
Other liabilities
(2,339)(4,598)
Net cash provided by operating activities of continuing operations202,494 192,600 
Net cash used in operating activities of discontinued operations(206)(119)
Net cash provided by operating activities202,288 192,481 
Cash flows from investing activities:
Purchase of investment securities available for sale
(4,458)— 
Principal payments on investment securities available for sale
5,120 1,620 
Principal payments on investment securities held to maturity
1 2,500 
Net purchase of nonmarketable equity securities
(2,362)(1,295)
Purchase of time deposits in banks(11)— 
Maturity of time deposits in banks2,396 — 
Purchase of government guaranteed and consumer loans(812)(99,551)
Loan (originations) and payments, net
(297,686)(205,633)
Purchase related to other real estate owned
(1,229)— 
Purchase of premises and equipment
(1,394)(5,739)
Net cash used in investing activities(300,435)(308,098)
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BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS CONTINUED (UNAUDITED)
(Dollars in thousands)
Six Months Ended June 30,
20242023
Cash flows from financing activities:
Net change in deposits
57,250 149,712 
Net increase in short-term borrowings45,000 5,000 
Payments on notes payable
(227)(227)
Repayment of subordinated debt
— (50)
Proceeds from issuance of common stock for benefit plans, net
(13)255 
Common share buyback - redeemed stock— (10)
Unearned ESOP shares(44)(329)
Dividends paid on common stock
(661)(657)
Dividends paid on preferred stock
(771)(416)
Net cash provided by financing activities
100,534 153,278 
Net change in cash and cash equivalents
2,387 37,661 
Cash and cash equivalents, beginning of period
58,385 66,046 
Cash and cash equivalents, end of period
$60,772 $103,707 
Supplemental cash flow information
Interest paid
$21,400 $13,014 
Income taxes paid
8 2 
Supplemental noncash disclosures
Impact to retained earnings from adoption of ASC 326, net of tax— 2,508 
Net change in unrealized holding gains (losses) on investment securities available for sale, net of tax effect(132)485 
Transfer of government guaranteed loans HFI to loans HFS206,228 201,157 
Transfer of loans HFI to OREO404 — 
Recognition of right of use asset and operating lease liability
263 — 
See accompanying notes.
11
BAYFIRST FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars in thousands, except per share data)
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements include BayFirst Financial Corp. and its wholly owned subsidiary, BayFirst National Bank, together referred to as “the Company”.
These unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles followed within the financial services industry for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information or notes required for complete financial statements. The consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements of BayFirst Financial Corp. for that period.
The Company currently operates one business segment. In the third quarter of 2022, the Company discontinued the Bank’s nationwide residential mortgage loan segment. The operations of this segment are reported as discontinued operations.
In the opinion of management, all adjustments, consisting of normal and recurring items, considered necessary for a fair presentation of the consolidated financial statements for the interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts reported in prior periods have been reclassified to conform to current year presentation. These reclassifications did not have a material effect on previously reported net income, shareholders’ equity, or cash flows.
Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2023.
The Company’s significant accounting policies are described in Note 1 of the Notes to Consolidated Financial Statements for the year ended December 31, 2023 in the Company’s Annual Report filed on Form 10-K. For interim reporting purposes, the Company follows the same basic accounting policies and considers each interim period as an integral part of an annual period.
Use of Estimates: To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The most significant estimates relate to the ACL, government guaranteed loan servicing rights, and fair value of government guaranteed loans HFI.
Emerging Growth Company Status: The Company is expected to remain an "emerging growth company," as defined in the JOBS Act, through December 31, 2026. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period when complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of this extended transition period, which means these financial statements, as well as financial statements they file in the future for as long as the Company remains an emerging growth company, will be subject to all new or revised accounting standards generally applicable to private companies.
Contingencies: Due to the nature of their activities, the Company and its subsidiary are at times engaged in various legal proceedings that arise in the course of normal business, some of which were outstanding as of June 30, 2024. Although the ultimate outcome of all claims and lawsuits outstanding as of June 30, 2024 cannot be ascertained at this time, it is the opinion of management that these matters, when resolved, will not have a material adverse effect on the Company’s results of operations or financial condition.
New Accounting Standards Not Yet Adopted:
In October 2023, the FASB issued ASU No. 2023-06 “Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532 - Disclosure Update and Simplification that was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company does not believe this standard will have a material impact on its Consolidated Financial Statements.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This ASU was issued to improve segment reporting disclosures. The amendments
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BAYFIRST FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars in thousands, except per share data)
in this ASU improve financial reporting by requiring disclosure of incremental segment information including significant segment expenses regularly provided to the chief operating decision maker as well as the amount and composition of other segment items on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Retrospective application is required in all prior periods unless impracticable to do so. The amendments in this standard will be effective for the Company for the fiscal year ended December 31, 2024 and subsequent interim periods. The Company is evaluating the impact of this standard and does not expect it to have a material impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). This ASU was issued to enhance the transparency and decision usefulness of income tax disclosures. The ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Retrospective application in all prior periods is permitted. The amendments in this standard will be effective for the Company on January 1, 2025. The Company is currently assessing the impact of this standard and does not expect it to have a material impact on the Company’s consolidated financial statements.
NOTE 2 – DISCONTINUED OPERATIONS
During the third quarter of 2022, the Company discontinued the Bank’s nationwide residential mortgage loan production operations. The decision was based on a number of strategic priorities and other factors, including the precipitous decline in mortgage volumes and the uncertain outlook for mortgage lending over future periods. As a result of these actions, the Company classified the operations of the residential mortgage lending division as discontinued under ASC 205-20. The Consolidated Balance Sheets, Consolidated Statements of Income, and Consolidated Statements of Cash Flows present discontinued operations for the current periods and retrospectively for prior periods.
The following is a summary of the assets and liabilities of the discontinued operations of the residential mortgage lending division at June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
Assets
Right-of-use operating lease asset$36 $348 
Total assets$36 $348 
Liabilities
Operating lease liability$171 $620 
Total liabilities$171 $620 
The following presents operating results of the discontinued operations of the residential mortgage lending division for the three and six months ended June 30, 2024 and June 30, 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Interest income$— $— $— $1 
Noninterest income51 (2)51 (2)
Total net revenue51 (2)51 (1)
Noninterest expense65 41 143 212 
Loss from discontinued operations before income taxes(14)(43)(92)(213)
Income tax benefit(4)(11)(23)(53)
Net loss from discontinued operations$(10)$(32)$(69)$(160)
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BAYFIRST FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars in thousands, except per share data)
NOTE 3 – INVESTMENT SECURITIES
The amortized costs, gross unrealized gains and losses, and estimated fair values of investment securities available for sale and investment securities held to maturity at June 30, 2024 and December 31, 2023 as well as the ACL for investment securities held to maturity at June 30, 2024 and December 31, 2023 are summarized as follows:
June 30, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
Asset-backed securities
$6,351 $— $(45)$6,306 
Mortgage-backed securities:
U.S. Government-sponsored enterprises
8,065 — (705)7,360 
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises
19,638 — (3,520)16,118 
Corporate bonds8,831 70 — 8,901 
Total investment securities available for sale
$42,885 $70 $(4,270)$38,685 
June 30, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		ACL
Investment securities held to maturity:
Corporate bonds$2,500 $— $(227)$2,273 $14 
Total investment securities held to maturity
$2,500 $— $(227)$2,273 $14 
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BAYFIRST FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars in thousands, except per share data)
December 31, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Investment securities available for sale:
Asset-backed securities
$8,041 $6 $(114)$7,933 
Mortgage-backed securities:
U.S. Government-sponsored enterprises
3,842 — (606)3,236 
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises
20,382 — (3,284)17,098 
Corporate bonds11,332 — (24)11,308 
Total investment securities available for sale
$43,597 $6 $(4,028)$39,575 
December 31, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		ACL
Investment securities held to maturity:
Mortgage-backed securities:
U.S. Government-sponsored enterprises
$1 $— $— $1 $— 
Corporate bonds2,500 — (238)2,262 17 
Total investment securities held to maturity
$2,501 $— $(238)$2,263 $17 
`
The amortized cost and fair value of investment securities as of June 30, 2024 are shown in the table below by contractual maturity. Actual timing may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
Available for SaleHeld to Maturity
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
One to five years$8,831 $8,901$1,500 $1,445
Five to ten years7,217 7,1601,000 828
Beyond ten years26,837 22,624— —
Total$42,885 $38,685$2,500 $2,273
No ACL for investment securities AFS was needed at June 30, 2024 or December 31, 2023. Declines in the fair value of the AFS investment portfolio are believed by management to be temporary in nature. When evaluating an investment for credit loss, management considers, among other things, the extent to which the fair value has been in a loss position; the financial condition of the issuer through the review of credit ratings and, if necessary, corporate financial statements; adverse conditions specifically related to the security such as past due principal or interest; underlying assets that collateralize the debt security; other economic conditions and demographics; and the intent and ability of the Company to hold the investment until the loss position is recovered. Any unrealized losses were largely due to increases in market interest rates over the yields available at the time of purchase. The fair value is expected to recover as the bonds approach their maturity date or market yields for the investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. At June 30, 2024, the Company did not intend to sell and believed it was not likely to be required to sell the available for sale securities that were in a loss position prior to full recovery.
As of June 30, 2024, there were no past due principal and interest payments associated with the HTM securities. The Company monitors the credit quality of debt securities held to maturity quarterly through the use of credit ratings. However, the corporate bonds that are held to maturity have no credit rating and the corporate bonds in an unrealized loss position at June 30, 2024 are not material to the financial statements. There was an ACL of $14 and $17 on corporate bonds HTM at June 30, 2024 and December 31, 2023, respectively, which was calculated based on applying the long-term historical credit loss rate for similarly rated securities.
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BAYFIRST FINANCIAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Dollars in thousands, except per share data)
The following table presents the activity in the ACL for investment securities HTM by major security type for the three and six months ended June 30, 2024 and June 30, 2023:
For the Three Months Ended
For the Six Months Ended
For the Three Months Ended
For the Six Months Ended
Corporate BondsJune 30, 2024June 30, 2023
Balance at beginning of period$14 $17 $18 $— 
Impact of adopting ASC 326— — — 18 
Provision for credit losses on HTM investment securities— (3)1 1 
Investment securities charge-offs— — — — 
Investment securities recoveries— — — — 
Balance at end of period$14 $14 $19 $19 
The following table summarizes investment securities with unrealized losses at June 30, 2024 aggregated by security type and length of time in a continuous unrealized loss position:
Less than 12 Months12 Months or LongerTotal
June 30, 2024Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized LossesNumber of Securities
Investment securities available for sale:
Asset-backed securities$1,710 $(5)$4,596 $(40)$6,306 $(45)3
Mortgage-backed securities:
U.S. Government-sponsored enterprises4,416 (43)2,944 (662)7,360 (705)3
Collateralized mortgage obligations:
U.S. Government-sponsored enterprises— — 16,118 (3,520)16,118 (3,520)7
Total investment securities available for sale$6,126 $(48)$23,658 $(4,222)$29,784 $(4,270)13
Investment securities held to maturity: