BayFirst Financial restates 2024 profit, widens 2025 loss in audited results correction

Separate asset-resolution adjustments total $37 million, including a $1.5 million equity investment impairment and a $1.6 million write-down of USDA loan premiums.

First-quarter net loss was revised to $5.9 million from $5.7 million, reflecting corrections tied to non-accrual and defaulted loans.

An internal review found $2.8 million in deferred origination costs and $2.1 million in accrued interest, understating provision expense and overstating net interest income.

BayFirst Financial said it will restate audited financial statements for 2024-2025 and the first quarter of 2026.

The company said net income for 2024 was revised to $11.4 million from $12.6 million, while the 2025 net loss was revised to $24.2 million from $22.9 million.