Recent Updates — BAFN
BayFirst Financial Corp. entered into revised employment agreements on September 24, 2026, with Executive Vice President and COO Robin L. Oliver and Executive Vice President and CFO Scott J. McKim. The agreements establish initial terms expiring August 1, 2029, with automatic one-year extensions thereafter unless non-renewal is notified. Ms. Oliver’s minimum annual salary is set at $350,000, while Mr. McKim’s is $325,000. Both executives are eligible for employee benefits, stock grants, and performance-based cash incentives. The contracts include two-year post-termination non-solicitation obligations regarding customers and employees. Additionally, both officers are entitled to a severance payment equal to 200% of their current base salary plus average cash bonus from the preceding two years upon certain termination events, including a change in control. BayFirst Financial Corp. operates as a bank holding company providing financial services through its subsidiary, BayFirst National Bank.
BayFirst Financial Corp. announced the commencement of its previously announced rights offering following SEC effectiveness of its Form S-1 registration on August 31, 2026. The company is offering up to 4,108,072 shares of common stock at a price of $3.50 per share to shareholders of record as of May 12, 2026. This transaction represents a key step in the company's recapitalization efforts. BayFirst Financial Corp. is a bank holding company that operates through its subsidiary, BayFirst National Bank, providing commercial and consumer banking services in the Tampa Bay-Sarasota region.
On August 26, 2026, Director Anthony Leo resigned from the Boards of Directors of BayFirst Financial Corp. and its wholly-owned subsidiary, BayFirst National Bank, effective immediately. Mr. Leo previously served as Chief Executive Officer of both entities. The resignation does not involve a contested vote or governance restructuring. BayFirst Financial Corp. operates in the banking industry as a financial holding company.
BayFirst Financial Corp. reported a net loss of $32.7 million for the quarter ended June 30, 2026, driven by a $41.5 million asset resolution plan charge-off related to its legacy unguaranteed SBA 7(a) loan portfolio and $2.2 million in one-time restructuring costs. The company restated financial results for 2024, 2025, and Q1 2026 due to material misstatements involving deferred origination costs and accrued interest on defaulted loans. Shareholders approved increasing authorized common shares from 15 million to 100 million and converting Series D and E preferred stock into approximately 22.9 million common shares. The bank raised $80 million in capital in April, resulting in tangible book value per share of $4.82 and a Tier 1 leverage ratio of 8.3%. BayFirst Financial Corp. operates as a community bank in the Tampa Bay region.