BayFirst Financial Q3 net loss narrows sharply
BAFN•BayFirst Financial reported a third-quarter net loss of $677,000, or $0.04 per share. Net interest income was $10.60 million, and net interest margin improved to 4.07%.
1. Quarterly results
BayFirst Financial’s third-quarter net loss narrowed sharply from the prior quarter. Net interest income was $10.60 million, and net interest margin improved to 4.07%.
2. Loans and asset quality
Loans and deposits grew during the quarter, with deposit growth outpacing loan growth. The company said nonperforming assets and net charge-offs declined as asset resolution efforts continued.
3. Company outlook
BayFirst expects continued improvement in coming quarters and is targeting sustained profitability. It said asset quality trends support its outlook in its core markets.
