ClarificationAug 12, 2026, 04:10 PM
BayFirst Financial Restates Q1 2026, 2025 Financials Due to Errors
AI Summary
BayFirst Financial Corp. filed an amended 10-Q to restate its financial statements for the fiscal quarters ended March 31, 2026 and March 31, 2025, as well as the full years 2024 and 2025. The restatement corrects errors related to deferred origination costs and accrued interest on unguaranteed portions of SBA 7(a) loans, which led to an understatement of provision for credit losses and overstatement of net interest income. Additionally, deferred origination costs were incorrectly recognized, overstating the gain on sale of guaranteed SBA 7a loans. For Q1 2026, the net loss increased by $250 thousand to $(5,930) thousand, and for Q1 2025, net loss increased by $603 thousand to $(938) thousand.
Key Highlights
- Restated financial statements for Q1 2026, Q1 2025, and full years 2024 and 2025.
- Identified $2.8 million pretax deferred origination costs and $2.1 million pretax accrued interest errors.
- Identified $3.4 million pretax deferred origination costs error related to gain on sale of SBA 7a loans.
- Q1 2026 net loss increased by $250 thousand to $(5,930) thousand.
- Q1 2026 basic/diluted loss per common share increased by $0.06 to $(1.54).
- Q1 2025 net loss increased by $603 thousand to $(938) thousand.
- Q1 2025 basic/diluted loss per common share increased by $0.15 to $(0.32).
Price Impact
More from BAFN