Corporate GovernanceJul 15, 2026, 04:02 PM
BayFirst Financial to Restate 2024, 2025, Q1 2026 Financials
AI Summary
BayFirst Financial Corp. announced it will restate previously issued audited financial statements for 2024, 2025, and Q1 2026 due to an understatement of provision expense and overstatement of net interest income. The restatements will reduce 2024 net income to $11.4M, increase 2025 net loss to $24.2M, and increase Q1 2026 net loss to $5.9M. Additionally, the company completed an asset resolution plan impacting $37.0M, booked a $1.5M impairment on an equity investment, and a $1.6M write-down on USDA loan premiums, all to be included in Q2 2026 earnings. The company anticipates filing amendments to its 2025 Form 10-K and Q1 2026 Form 10-Q by August 12, 2026.
Key Highlights
- 2024 net income restated from $12.6M to $11.4M.
- 2025 net loss restated from $22.9M to $24.2M.
- Q1 2026 net loss restated from $5.7M to $5.9M.
- Asset resolution plan impacts $37.0M on loans.
- Impairment of $1.5M on non-marketable equity investment.
- Write-down of $1.6M on unamortized premiums of USDA loans.
- Identified $2.8M deferred origination costs and $2.1M accrued interest misstatements.
Price Impact
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