InvestmentMay 5, 2026, 11:31 AM
BayFirst Financial Raises $80M Capital, Appoints New CEO
AI Summary
BayFirst Financial Corp. announced a successful $80 million capital raise through a private investment in a public equity offering and a rights offering for existing shareholders. The company also appointed Al Rogers as the new CEO and President of BayFirst National Bank, contingent on regulatory approvals. For Q1 2026, the company reported a net loss of $5.7 million, with loans held for investment decreasing by 3% and deposits by 8%. The new capital is intended to support growth and manage legacy SBA 7(a) portfolio issues, with a focus on community banking in the Tampa Bay and Sarasota markets.
Key Highlights
- BayFirst Financial raised $80 million in capital through a PIPE and rights offering.
- Al Rogers appointed CEO and President of BayFirst National Bank.
- Reported Q1 2026 net loss of $5.7 million, compared to $2.8 million loss in Q4 2025.
- Loans held for investment decreased by $33.5 million (3%) to $930.4 million in Q1.
- Deposits decreased by $98 million (8%) to $1.09 billion in Q1.
- Net interest margin was 3.42%, down 16 basis points from Q4 2025.
- Proforma Tier 1 leverage ratio improved to 10.02% as of March 31, 2026.
- Nonperforming loans (excluding government-guaranteed) were $15.9 million.
Price Impact
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