0001649739-21-000021.txt : 20211216 0001649739-21-000021.hdr.sgml : 20211216 20211216134531 ACCESSION NUMBER: 0001649739-21-000021 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 100 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211216 DATE AS OF CHANGE: 20211216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BayFirst Financial Corp. CENTRAL INDEX KEY: 0001649739 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 593665079 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-41068 FILM NUMBER: 211497280 BUSINESS ADDRESS: STREET 1: 700 CENTRAL AVENUE STREET 2: SUITE 102 CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 727-399-5600 MAIL ADDRESS: STREET 1: 700 CENTRAL AVENUE STREET 2: SUITE 102 CITY: ST PETERSBURG STATE: FL ZIP: 33701 FORMER COMPANY: FORMER CONFORMED NAME: First Home Bancorp Inc DATE OF NAME CHANGE: 20150731 10-Q 1 fhbi-20210930.htm 10-Q fhbi-20210930
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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 quarterly period ended September 30, 2021
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  o    No  x
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes   o     No  x
The registrant had outstanding 3,974,067 shares of common stock as of December 8, 2021.



Page
Item 1A.



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.
AFS: Available for SaleFHLB: Federal Home Loan Bank
ALCO: Asset-Liability Committee FNBB: First National Bankers Bank
ALLL: Allowance for Loan Losses FRB: Federal Reserve Bank
ASC: FASB Accounting Standards CodificationFVO: Fair Value Option
ASU: FASB Accounting Standards UpdateGAAP: Generally Accepted Accounting Principles
CAA: Consolidated Appropriations Act IRA: Individual Retirement Account
CARES Act: Coronavirus Aid, Relief, and Economic Security ActJOBS Act: Jumpstart Our Business Startups Act of 2012
CBLR: Community Bank Leverage RatioLHFS: Loans Held for Sale
CECL: Current Expected Credit LossesMMDA: Money Market Deposit Account
C&I: Commercial and IndustrialNOW: Negotiable Order of Withdrawal
CIK: Central Index KeyNSPP: Non-Qualified Stock Purchase Plan
COVID-19: Coronavirus disease 2019OREO: Other Real Estate Owned
DODD-Frank Act: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010PPP: Paycheck Protection Program
DRIP: Dividend Reinvestment PlanPPPLF: Paycheck Protection Program Liquidity Facility
Equity Plan: The Amended and Restated 2017 Equity Inventive PlanSBA: Small Business Administration
ESPP: Employee Stock Purchase PlanSEC: U.S. Securities and Exchange Commission
ESOP: Employee Stock Ownership Plan SOFR: Secured Overnight Financing Rate
Exchange Act: Securities Exchange Act of 1934U.S.: United States
FASB: Financial Accounting Standards BoardTDR: Trouble Debt Restructure
FDIC: Federal Deposit Insurance CorporationiXBRL: Inline eXtensible Business Reporting Language



Table of Contents
BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Part I - Financial Information
Item 1. Financial Statements
ASSETS
September 30, 2021December 31, 2020
(Unaudited)
Cash and due from banks
$2,715 $2,790 
Interest-bearing deposits in banks
104,382 52,589 
Cash and cash equivalents
107,097 55,379 
Time deposits in banks
2,381 2,381 
Investment securities available for sale
32,535  
Investment securities held to maturity
3 41 
Restricted equity securities, at cost
2,827 2,362 
Residential loans held for sale
91,243 208,704 
SBA loans held for investment, at fair value
9,805 9,264 
Loans held for investment, at amortized cost net of allowance for loan losses of $16,616 and $21,162
629,873 1,197,896 
Accrued interest receivable
4,292 7,300 
Premises and equipment, net
24,622 18,115 
Loan servicing rights
6,155 8,160 
Right-of-use operating lease assets
4,345 3,737 
Bank owned life insurance
12,434 12,183 
Other assets
16,131 19,169 
Total assets
$943,743 $1,544,691 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Noninterest-bearing deposits
$87,625 $62,650 
Interest-bearing transaction accounts
157,304 140,265 
Savings and money market deposits
377,452 286,744 
Time deposits
52,653 69,125 
Total deposits
675,034 558,784 
Subordinated debentures
5,983 5,948 
Notes payable
3,413 3,754 
PPP Liquidity Facility
144,601 881,262 
Accrued interest payable
562 1,999 
Operating lease liabilities
4,545 3,925 
Accrued expenses and other liabilities
15,307 17,950 
Total liabilities
849,445 1,473,622 
Shareholders’ equity:
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at September 30, 2021 and December 31, 2020; aggregate liquidation preference of $6,395
6,161 6,161 
Preferred stock, Series B; no par value, 20,000 shares authorized, 4,310 and 8,760 shares issued and outstanding at September 30, 2021 and December 31, 2020; aggregate liquidation preference of $4,310 and $8,760, respectively
4,193 8,516 
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 3,919,977 and 3,485,018 shares issued and outstanding at September 30, 2021 and December 31, 2020
50,546 43,043 
Accumulated other comprehensive income (loss), net
(201) 
Unearned compensation
(23)(41)
Retained earnings
33,622 13,390 
Total shareholders’ equity
94,298 71,069 
Total liabilities and shareholders’ equity
$943,743 $1,544,691 
See accompanying notes.
3

Table of Contents
BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Interest income:
Loans, including fees
$9,357 $12,550 $39,014 $29,247 
Interest-bearing deposits in banks and other
188 72 420 571 
Total interest income
9,545 12,622 39,434 29,818 
Interest expense:
Deposits
1,152 1,540 3,666 6,111 
Borrowings
377 998 2,218 1,827 
Total interest expense
1,529 2,538 5,884 7,938 
Net interest income
8,016 10,084 33,550 21,880 
Provision for loan losses
(3,000)7,000 (1,000)11,900 
Net interest income after provision for loan losses
11,016 3,084 34,550 9,980 
Noninterest income:
Residential loan fee income
21,323 31,226 76,704 61,888 
Loan servicing income, net
417 565 1,446 1,753 
Gain (loss) on sale of SBA loans, net
(338) 13,460 1,732 
Service charges and fees
261 205 730 664 
SBA loan fair value gain
72 55 151 49 
Other noninterest income
257 141 872 232 
Total noninterest income
21,992 32,192 93,363 66,318 
Noninterest expense:
Salaries and benefits
12,851 8,876 38,966 24,497 
Bonus, commissions, and incentives
8,536 11,919 29,627 23,887 
Mortgage banking
1,440 1,620 4,707 3,645 
Occupancy and equipment
1,278 1,182 3,907 3,314 
Data processing
1,347 1,163 5,209 3,086 
Marketing and business development
1,924 717 5,444 2,250 
Professional services
1,428 878 3,195 2,343 
Loan origination and collection
683 908 2,284 1,771 
Employee recruiting and development
809 245 2,431 1,135 
Regulatory assessments
138 144 340 418 
Other noninterest expense
795 556 2,508 1,649 
Total noninterest expense
31,229 28,208 98,618 67,995 
Income before income taxes
1,779 7,068 29,295 8,303 
Income tax expense
499 1,815 7,488 1,206 
Net income
1,280 5,253 21,807 7,097 
Preferred stock dividends
230 202 797 557 
Net income available to common shareholders
$1,050 $5,051 $21,010 $6,540 
Basic earnings per common share
$0.27 $1.47 $5.60 $1.91 
Diluted earnings per common share
$0.26 $1.37 $5.13 $1.78 
See accompanying notes.
4

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BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net income
$1,280 $5,253 $21,807 $7,097 
Net unrealized gains (losses) on investment securities available for sale
(108) (274) 
Deferred income tax benefit
29  73  
Other comprehensive income (loss), net
(79) (201) 
Comprehensive income
$1,201 $5,253 $21,606 $7,097 
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
Shares, Series A
Preferred
Shares, Series B
Common
Shares(1)
Preferred
Stock, Series A
Preferred
Stock, Series B
Common Stock
and Additional
Paid-in Capital
Accumulated
Other
Comprehensive
Income (Loss)
Unearned
Compensation
Retained
Earnings
Total
Three months ended September 30,:
Balance at July 1, 2020
7,895  3,435,516 $7,661 $ $42,199 $ $(53)$3,500 $53,307 
Net income
— — — — — — — — 5,253 5,253 
Issuance of common stock under:
Non-qualified stock purchase plan
— — 12,357 — — 107 — — — 107 
Dividend reinvestment plan
— — 7,317 — — 98 — — — 98 
Issuance of preferred stock, net
— 3,820 — — 3,723 — — — — 3,723 
Stock-based awards - common stock:
Restricted stock expense, net of tax impact
— — — — — — — 6 — 6 
Stock option expense
— — — — — 92 — — — 92 
Dividends declared on:
Preferred stock
— — — — — — — — (202)(202)
Common stock ($0.067 per share)
— — — — — — — — (230)(230)
Balance at September 30, 2020
7,895 3,820 3,455,190 $7,661 $3,723 $42,496 $ $(47)$8,321 $62,154 
Balance at July 1, 2021
6,395 4,580 3,867,415 $6,161 $4,456 $49,501 $(122)$(29)$32,846 $92,813 
Net income
— — — — — — — — 1,280 1,280 
Issuance of common stock under:
Non-qualified stock purchase plan
— — 8,247 — — 218 — — — 218 
Dividend reinvestment plan
— — 4,337 — — 105 — — — 105 
Employee stock ownership plan— — 24,920 — — 366 — — — 366 
Stock-based awards - common stock:
Restricted stock expense, net of tax impact
— — — — — — — 6 — 6 
Stock option expense
— — — — — 93 — — — 93 
Conversion of Series B preferred stock to common stock
— (270)15,058 — (263)263 — — —  
Other comprehensive income (loss), net
— — — — — — (79)— — (79)
Dividends declared on:
Preferred stock
— — — — — — — — (230)(230)
Common stock ($0.07 per share)
— — — — — — — — (274)(274)
Balance at September 30, 2021
6,395 4,310 3,919,977 $6,161 $4,193 $50,546 $(201)$(23)$33,622 $94,298 
(1) Common shares for all periods shown herein reflect the three-for-two stock split, effective on May 10, 2021.
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
Shares, Series A
Preferred
Shares, Series B
Common
Shares(1)
Preferred
Stock, Series A
Preferred
Stock, Series B
Common Stock
and Additional
Paid-in Capital
Accumulated
Other
Comprehensive
Income (Loss)
Unearned
Compensation
Retained
Earnings
Total
Nine months ended September 30,:
Balance at January 1, 2020
7,895  3,393,788 $7,661 $ $41,362 $ $(156)$2,465 $51,332 
Net income
— — — — — — — — 7,097 7,097 
Issuance of common stock under:
Non-qualified stock purchase plan
— — 24,762 — — 303 — — — 303 
Dividend reinvestment plan
— — 28,141 — — 405 — — — 405 
Employee stock ownership plan
— — 17,552 — — 260 — — — 260 
Issuance of preferred stock, net
— 3,820 — — 3,723 — — — — 3,723 
Stock-based awards - common stock:
Restricted stock expense, net of tax impact
— — (9,053)— — (114)— 109 — (5)
Stock option expense
— — — — — 280 — — — 280 
Dividends declared on:
Preferred stock
— — — — — — — — (557)(557)
Common stock ($0.201 per share)
— — — — — — — — (684)(684)
Balance at September 30, 2020
7,895 3,820 3,455,190 $7,661 $3,723 $42,496 $ $(47)$8,321 $62,154 
Balance at January 1, 2021
6,395 8,760 3,485,018 $6,161 $8,516 $43,043 $ $(41)$13,390 $71,069 
Net income
— — — — — — — — 21,807 21,807 
Issuance of common stock under:
Non-qualified stock purchase plan
— — 35,433 — — 662 — — — 662 
Dividend reinvestment plan
— — 17,971 — — 389 — — — 389 
Employee stock ownership plan— — 24,920 — — 366 — — — 366 
Issuance of preferred stock, net
— 740 — — 727  — — — 727 
Issuance of common stock, net
— — 35,426 — — 701 — — — 701 
Stock-based awards - common stock:
Restricted stock expense, net of tax impact
— — 2,031 — — 25 — 18 — 43 
Stock option expense
— — — — — 310 — — — 310 
Conversion of Series B preferred stock to common stock
— (5,190)319,178 — (5,050)5,050 — — —  
Other comprehensive income (loss), net
— — — — — — (201)— — (201)
Dividends declared on:
Preferred stock
— — — — — — — — (797)(797)
Common stock ($0.207 per share)
— — — — — — — — (778)(778)
Balance at September 30, 2021
6,395 4,310 3,919,977 $6,161 $4,193 $50,546 $(201)$(23)$33,622 $94,298 
(1) Common shares for all periods shown herein reflect the three-for-two stock split, effective on May 10, 2021.
See accompanying notes.
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Table of Contents
BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Nine Months Ended September 30,
20212020
Cash flows from operating activities:
Net income
$21,807 $7,097 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization
1,304 567 
Provision for loan losses
(1,000)11,900 
Accretion of discount on unguaranteed loans
(1,523)(1,705)
Origination of SBA loans held for sale
 (23,877)
Proceeds from sales of SBA loans held for sale
 25,228 
Net gains on sales of PPP and SBA loans
(13,460)(1,732)
Origination of residential loans held for sale
(1,744,630)(1,278,784)
Proceeds from sales of residential loans held for sale
1,930,527 1,268,391 
Net gains on sales of residential loans held for sale
(74,842)(59,328)
Change in fair value of residential loans held for sale
6,168 (3,190)
Change in fair value of SBA loans held for investment, at fair value
(151)(49)
Amortization of loan servicing rights
2,343 2,641 
Non-qualified stock purchase plan expense
56 30 
Stock based compensation expense
359 275 
Income from bank owned life insurance
(251)(99)
Changes in:
Accrued interest receivable
3,008 (3,139)
Other assets
2,430 (15,231)
Accrued interest payable
(1,437)1,077 
Other liabilities
(2,023)7,761 
Net cash from operating activities
128,685 (62,167)
Cash flows from investing activities:
Purchase of investment securities available for sale
(33,208) 
Principal payments on investment securities available for sale
361  
Principal payments on investment securities held to maturity
37  
Purchase of restricted equity securities
(465)(210)
Purchase of PPP loans
 (22,404)
Proceeds from sales of PPP and SBA loans originally classified as held for investment
331,352  
Loan (originations) and payments, net
252,220 (932,390)
Purchase of premises and equipment
(7,793)(1,441)
Purchase of bank owned life insurance
 (12,000)
Net cash from investing activities
542,504 (968,445)
Cash flows from financing activities:
Net change in deposits
116,250 61,547 
Proceeds from issuance of subordinated debt
6,000  
Payments on notes payable