InvestmentApr 30, 2026, 04:02 PM
BAFN Raises $80M in PIPE; Reports Q1 Net Loss $5.7M; New CEO Appointed
AI Summary
BayFirst Financial Corp. announced it has raised $80 million in a private investment in public equity (PIPE) offering, issuing convertible preferred stock. Concurrently, the company reported a net loss of $5.7 million for the first quarter of 2026, an increase from the $2.5 million loss in the prior quarter. The Board also appointed Alfred Rogers as CEO and President of BayFirst National Bank, replacing retiring Tom Zernick, and Kenneth R. Lehman to the Boards, aiming to leverage the capital raise and new leadership to return to profitability and growth.
Key Highlights
- BAFN raised $80 million in a private investment in public equity (PIPE) offering.
- Alfred Rogers appointed CEO and President of BayFirst National Bank, replacing Tom Zernick.
- Kenneth R. Lehman appointed to the Boards of Directors of the Company and the Bank.
- Q1 2026 net loss was $5.7 million, or $1.48 per common share, compared to $2.5 million loss in Q4 2025.
- Net interest margin decreased to 3.42% in Q1 2026, down 16 basis points QoQ.
- Loans held for investment decreased 3.5% QoQ to $930.4 million.
- Deposits decreased 8.3% QoQ to $1.09 billion.
- Book value per common share was $15.74 at March 31, 2026, down from $17.22 at December 31, 2025.