BayFirst Raises $80M via PIPE, Appoints Alfred Rogers as CEO
BAFN•BayFirst raised $80M in a PIPE offering, issuing convertible preferred shares that will convert to about 22.9M common shares at $3.50 per share, and named Alfred Rogers as CEO and President. The bank posted a $5.7M net loss ($1.48 per share) in Q1 2026, widening from a $2.5M loss in Q4 2025.
1. $80M PIPE Capital Raise
BayFirst completed a private investment in public equity offering that generated $80 million in new capital. The company issued convertible preferred shares that, pending approvals, will convert into approximately 22.9 million common shares at an effective price of $3.50 each.
2. CEO and Board Leadership Changes
The board elected Alfred Rogers as CEO and President of BayFirst National Bank, succeeding Tom Zernick upon his retirement. Rogers brings experience from Manufacturers Bank of Florida and USAmeribank, and his appointment follows all required regulatory approvals.
3. Q1 2026 Financial Performance
The bank reported a net loss of $5.7 million, or $1.48 per diluted share, versus a $2.5 million loss in Q4 2025. Net interest margin fell to 3.42% and loans held for investment declined by $33.5 million to $930.4 million in the quarter.
4. Dividend and Board Appointments
BayFirst’s board approved resuming dividends to preferred shareholders and will redeem Series A preferred shares. Additionally, Kenneth R. Lehman has been appointed to the boards of the company and the bank, subject to regulatory non-objections.
