BayFirst Financial

BayFirst helps people and businesses manage money and get loans. It offers checking accounts, savings, and business loans for daily needs. Homebuyers use its mortgages, while small businesses access government-backed loans for growth.

Money Moves: BayFirst’s Main Offerings

• Deposit Accounts: Checking, savings, and certificates of deposit for individuals and businesses (revenue breakdown not disclosed).
• Home Lending: Mortgages, home equity loans, and lines of credit for homebuyers and homeowners.
• Business Lending: Small Business Administration (SBA) loans, commercial loans, and minority lending programs for business owners.
• Treasury and Merchant Services: Cash management, payment processing, and online banking for business clients.
• Loan Servicing and Sales: Originates, services, and sells government-guaranteed loans, generating noninterest income.

Growth Spurts: How BayFirst Has Changed

• Discontinued nationwide residential mortgage segment in 2022, focusing on core banking.
• Ended the Bolt SBA 7(a) small loan program in August 2025, reducing workforce by 17%.
• Completed a sale-leaseback of two branches in December 2024, raising $15 million in cash.
• Suspended common stock dividends and board fees in August 2025 to cut costs.
• Expanded government-guaranteed lending nationwide, with 43% of loans outside Florida as of June 2025.

What Makes BayFirst Stand Out

BayFirst specializes in government-backed small business loans, serving clients across the U.S. Its model relies on selling these loans and servicing them for others, creating a steady income stream. The company’s Florida base anchors its deposit network, but its lending reach is national.

Five Things You Need to Know

• Total revenue was $26 million in Q3 2025, down 17.1% year-over-year.
• Net loss reached $19 million in Q3 2025, compared to $1 million profit in Q3 2024.
• Government-guaranteed loans originated totaled $212.7 million in H1 2025.
• Nonperforming loans rose to $14.2 million as of June 2025, up from $8.1 million a year earlier.
• Deposits were $1.16 billion as of June 2025, with 20% uninsured above FDIC limits.

Bottom Line

BayFirst has shifted from national mortgage lending to focus on small business and community banking. Its adaptability and cost-cutting reflect ongoing efforts to manage risk and maintain stability.