InvestmentApr 30, 2026, 04:08 PM
BAFN Raises $80M Capital; Names Alfred Rogers Bank CEO; Q1 Net Loss $5.7M
AI Summary
BayFirst Financial Corp. announced a substantial $80 million capital raise through a private placement of convertible preferred stock, aimed at improving capital levels, restructuring its capital structure, and supporting growth. Concurrently, Alfred Rogers was appointed CEO and President of BayFirst National Bank, and Kenneth R. Lehman joined the Boards of Directors. The company reported a net loss of $5.7 million for Q1 2026, an increase from the previous quarter, with declines in net interest margin, loans, and deposits.
Key Highlights
- Secured $80 million in capital through a private placement of convertible preferred stock.
- Appointed Alfred Rogers as CEO and President of BayFirst National Bank.
- Kenneth R. Lehman appointed to the Company's and Bank's Boards of Directors.
- Reported Q1 2026 net loss of $5.7 million, or $1.48 per common share.
- Net interest margin decreased to 3.42% in Q1 2026 from 3.58% in Q4 2025.
- Loans held for investment decreased 3.5% to $930.4 million in Q1 2026.
- Deposits decreased 8.3% to $1.09 billion in Q1 2026.
- Proforma Tier 1 leverage ratio increased to 10.02% after capital contribution.
Price Impact
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