Bank holding firm BayFirst's Q4 net loss narrows
Overview
Florida bank holding company reported Q4 net loss of $2.5 mln, down from Q3 loss
Company completed sale of $96.6 mln in loans to Banesco USA
Treasury management revenue grew 69% yr/yr in Q4
Outlook
BayFirst prioritizes strategic plan to build premier community bank in Tampa Bay
Company focuses on strengthening credit administration and managing legacy loans
Result Drivers
RESTRUCTURING EFFORTS - CEO Thomas G. Zernick highlighted progress in restructuring, leading to improved capital ratios
LOAN SALE - Sale of $96.6 mln in loans to Banesco USA marked a critical milestone in derisking loan portfolio
TREASURY REVENUE GROWTH - Treasury management revenue increased 69% yr/yr in Q4
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 EPS |
| -$0.69 |
|
Q4 Net Income |
| -$2.46 mln |
|
Q4 Net Interest Income continuing operations |
| $11.2 mln |
|
Q4 Net Interest Margin |
| 3.58% |
|
Press Release: ID:nGNX4Z4WKJ
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