BayFirst Financial (BAFN) 2026年第三季度业绩电话会议：信用指标改善推动亏损收窄

核心要点

• BayFirst Financial Corp.（NASDAQ：BAFN）公布2026年第三季度净亏损为67.7万美元，较2026年第二季度的3270万美元亏损有所收窄。管理层表示，本季度不包含非经常性收入或费用。
• 用于投资的贷款环比增加2010万美元（即2.3%），达到9.03亿美元。社区银行贷款在季度内增长了25%（即4100万美元）。
• 存款增加2530万美元（即2.6%），达到10.1亿美元，超过了净贷款增长。受FDIC保险的存款占总存款的79%，且该银行没有批发借贷。
• 财报公布的净息差环比上升59个基点至4.07%。净利息收入环比增加120万美元至1060万美元，尽管第二季度剔除资产处置影响后的归一化净息差为4.70%。
• 随着净冲销额降至320万美元，以及剔除政府担保余额后的不良贷款降至1340万美元，信贷指标有所改善。信用损失准备金为收益6.9万美元，而第二季度为费用2900万美元。
• 配股融资筹集了超过1400万美元的增量资本。一级杠杆率提高至8.79%，而每股有形账面价值从第二季度末的4.82美元降至3.64美元。

核心财务数据

业务与经营业绩

BayFirst在2025年第四季度完成退出SBA 7(a)贷款业务后，继续向社区银行模式转型。贷款和存款的同比下降很大程度上反映了这一战略转型，包括贷款出售和停办SBA贷款业务。

许多新贷款在9月份入账。因此，尽管平均贷款余额比第二季度低1700万美元，但季末贷款余额有所增加。管理层表示，商业贷款需求依然强劲，并且正在招募经验丰富的商业与零售银行经理，以支持基于关系型客户的贷款与存款增长。

该银行于2026年9月9日在戴尔马布里公路（Dale Mabry Highway）开设了一家临时南坦帕分行，并购买了附近的物业作为永久场所。管理层表示，该分行在开业第一个月内就超过了其2026全年的存款增长预期。

BayFirst在本季度完成了多项资本举措。所有4,000股D系列和4,000股E系列优先股均已转换为22,856,000股普通股并予以注销。A系列和B系列优先股已全部赎回，而配股融资产生了超过1400万美元的增量资本。

管理层展望

管理层表示，较高的季末贷款余额与净息差相结合，应有助于在未来期间实现更高的净利息收入并改善盈利。然而，公司承认，要在短期内实现盈利仍需做出更多努力。

BayFirst预计未受担保的SBA 7(a)资产组合将继续缩减。管理层指出，近期缩减速度已稳定在每季度约1000万美元，同时表示希望随着资产组合规模的下降和借款人越发成熟，冲销额将会趋于缓和。

董事会已投票决定在2026年第四季度不可赎回期届满后赎回C系列优先股。管理层预计许多持有人将选择转换为普通股而非接受赎回。

风险与关注领域

未受担保的SBA 7(a)资产组合仍是主要的信贷隐患。其余额从第二季度末的1.42亿美元和2025年底的1.716亿美元降至1.324亿美元。在第三季度320万美元的净冲销额中，有290万美元与该资产组合相关。

剔除政府担保余额后的不良贷款总额为1340万美元，相当于用于投资贷款的1.56%。管理层指出，其中290万美元的余额目前处于正常履约状态且按约定还款，而68%的分类贷款仍处于正常履约状态。

贷款损失准备占贷款总额的比率从第二季度的5.37%降至4.85%，但仍高于上年同期的2.36%。剔除政府担保余额后，该比率为5.20%。每股有形账面价值在本季度也大幅下降。

分析师问答环节要点

管理层确认第三季度不包含非经常性收入或费用项目。

未受担保的SBA 7(a)资产组合在本季度减少了约1000万美元。管理层认为，根据近期趋势，每年约4000万美元的缩减速度是合理的，同时强调在今年早些时候加速下降后，目前的下降速度已趋于稳定。

BayFirst针对1.324亿美元未受担保的SBA 7(a)资产组合计提了超过3000万美元的准备金，约占该余额的22%至23%。管理层表示希望冲销额能够放缓，但未提供明确预测。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Hello, everyone. Thank you for joining us, and welcome to the BayFirst Financial Corp. Q3 2026 Conference Call and Webcast.

[Operator Instructions] I will now hand the conference over to Al Rogers, President and CEO. Al, please go ahead.

Alfred Rogers

Thank you. Good morning, and thank you for joining our call today. With me is Scott McKim, our Chief Financial Officer; and Robin Oliver, our Chief Operating Officer. Remember, today's call will include forward-looking statements and non-GAAP financial measures. Please refer to our cautionary statement on forward-looking statements contained on Page 2 of the investor presentation.

I'm excited to share the progress we've made over the past 3 months. BayFirst is being transformed into the strong community bank that I've spoken about. Here are some key accomplishments. Community Bank loans grew 25% during the quarter. That's an increase of $41 million. Total loans for investment increased by $20 million or 2.3%. Total deposits increased by $25.3 million or 2.6%. I want to point out that deposit growth outpaced net loan growth for the quarter. Our net interest margin for the quarter improved to 4.07%.

We held a special meeting of shareholders on July 14, where the company obtained shareholder approval to amend the BayFirst Financial Corporation Articles of Incorporation. This meeting increased the number of authorized common stock from 50 million shares to 100 million shares and exchanged all 4,000 outstanding mandatorily convertible cumulative perpetual preferred stock Series D and all 4,000 outstanding shares of mandatorily convertible cumulative perpetual preferred stock Series E for a total of 22,856,000 shares of common stock. Upon conversion, all Series D and E preferred stock were retired. The company's Series A and Series B preferred shares were fully redeemed during the quarter as well. The rights offering was completed on September 30, and raised over $14 million of incremental capital as well. Scott will be discussing all of these accomplishments here in a few minutes.

Our asset resolution plan contributed to significant improvements in the credit quality during the quarter. We've had meaningful improvements in all credit metrics, including an immaterial provision expense, lower charge-offs, a reduction in non-performing loans. Robin is going to provide additional details later in the call as it relates to our asset quality.

During the quarter, we opened a new temporary branch in South Tampa on Dale Mabry Highway and purchased what will be a permanent branch less than a mile away. This branch opened on September 9, 2026, and has exceeded the 2026 expectations for deposit growth in the first month. I am pleased with our operational performance to-date. While we still have work to do to deliver positive earnings in the short-term, these accomplishments set the stage for that success. The earnings loss we report for the quarter is not indicative of what we will do going forward.

Now I want to turn the call over to Scott, to provide some comments on our financial performance for the quarter. Scott?

Scott McKim

Thank you, Al. Good morning, everyone. We are reporting a net loss of $677,000 for the third quarter. This compares to the net loss of $32.7 million that we reported in the second quarter. Other key results include loans held for investment increased by $20.1 million or 2.3% during the third quarter of 2026 to $903 million in total. This is also a decrease of $90.1 million or 9.1% over the past 12 months. Most of this decrease year-over-year reflects the sale of loans and the exit from SBA 7(a) lending, which we completed in the fourth quarter of 2025.

Total deposits increased $25.3 million or 2.6% during the third quarter of 2026 and also decreased $157.3 million or 13% over the past year to $1.01 billion. 79% of the bank's deposits were insured by FDIC on September 30, 2026, and the bank's on-balance sheet liquidity ratio as of September 30, 2026, was 13.5%. The bank did not have any wholesale borrowings.

Shareholders' equity at quarter-end was $104.5 million, which is $11.4 million lower than it was at the end of Q2. The decrease is primarily from the redemption of the company's Series A and B preferred shares, which Al already mentioned. Net accumulated other comprehensive loss increased by $600,000 during the quarter, ending at $2.7 million in total. Tangible book value per share decreased to $3.64 per share, down from $4.82 per share at the end of the second quarter.

Our net interest margin, as Al stated, is 4.07%. That's a 59 basis point increase from the reported number in the second quarter. Net interest income was $10.6 million in the third quarter, an increase of $1.2 million from the quarter prior and down $700,000 from the year-ago quarter. Also, please recall, as I mentioned last quarter, the normalized net interest margin for Q2, excluding one-time impacts related to the asset resolution plan was also 4.70%.

As I noted, net loan growth for the quarter was up $20.1 million. Many of the new loans that we originated during the quarter were booked in September and our average loan balances in the third quarter were actually down $17 million from the second quarter. I mentioned this as the higher loan balances at the end of the quarter, combined with our strong net interest margin, will provide higher net interest income in future periods, also contributing to better earnings as we go forward.

Non-interest income was $1.1 million in the third quarter of 2026, which is $7.9 million better than what we reported in the second quarter and an increase of $2.2 million from the third quarter of 2025. Please recall that the second quarter non-interest income included $8 million of one-time negative impacts related to the Board-approved asset resolution plan. Additionally, the year-over-year decrease was heavily impacted by our exit from the SBA 7(a) lending business and no additional gains on sale of government-guaranteed loans is being booked.

Non-interest expense was $12.8 million, a decrease of $4.8 million compared to the second quarter. $2.8 million of this decrease is related to, once again, one-time charges driven by the asset resolution plan. The remaining decrease is from lower salaries and benefits, data processing, and loan servicing expenses as well. Provision for credit losses was negative $69,000 in the third quarter compared to $29 million in the second quarter and $11.2 million in the third quarter of 2025. Both of the prior periods had elevated provision expense to address risk in the unguaranteed 7(a) portfolio, including the amount quantified for the asset resolution plan that we announced last quarter.

Net charge-offs in the quarter were $3.2 million, down $1.3 million compared to last quarter. Total unguaranteed SBA 7(a) loan balances ended the quarter at $132.4 million as of the end of September. In comparison, the bank had $142 million of unguaranteed SBA 7(a) loan balances on June 30 and $171.6 million on December 31, 2025. Total annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.52% in the third quarter. That was down from 2.08% in the second quarter and 2.14% in the first quarter of this year.

The ratio of allowance to credit losses on loans to total loans held for investment at amortized cost was 4.85% at September 30, 5.37% as of the end of the second quarter, and 2.36% as of the third quarter of last year. The ratio of allowance to credit losses to total loans held for investment at amortized cost, excluding government-guaranteed loan balances, was 5.2% as of September 30, 2026, 5.82% at June 30, 2026, and 2.55% as of September 30, 2025.

The bank's Tier 1 leverage ratio was 8.79% at the end of the third quarter compared to 8.30% at the end of the second quarter and 6.14% as of the end of the third quarter of last year. Total capital to risk-weighted assets ratio was 12.44% as of the end of the third quarter. That compares to 12.77% at the end of the second quarter and 9.08% at the end of the third quarter last year.

Finally, I want to note that the no call period on the company's Series C preferred shares will expire in the fourth quarter of this year. The Board has voted to redeem the class and notification has been sent to those holders. These preferred shares have a conversion option priced at the company's last reported tangible book value per share, and we do expect many of those holders to select the conversion option versus seeking redemption.

Now I will turn the call over to Robin, to talk about some other impacts on credit as well as the business. Robin?

Robin Oliver

Thank you, Scott. Good morning, everyone. I want to start with some further follow-up on the asset resolution plan, which I spoke about last quarter. And I want to highlight that the $3.2 million of net charge-offs during this quarter were absorbed within the plan. The change in the loan portfolio mix accounted for the remaining negative provision expense during the quarter. Furthermore, $2.9 million of the $3.2 million of net charge-offs were related to the unguaranteed SBA 7(a) portfolio, a decrease of nearly $1 million in net charge-offs from both the first and second quarter of this year. Net charge-offs in non-SBA 7(a) categories were also lower in the third quarter at $286,000 compared to $580,000 last quarter and $977,000 in the first quarter. While the plan is working to address the risk we discussed previously, we are seeing improvement across all loan types as we remain diligent in collecting and resolving problem assets. Other progress is being made as well.

And at the end of the third quarter, total non-performing loans, excluding government guaranteed balances were $13.4 million, down from $14.4 million at the end of the second quarter. The percentage of non-performing loans, excluding government guaranteed balances compared to total loans held for investment, was 1.56%, down 16 basis points from June 30, '26, and down 14 basis points from a year ago. Of the $13.4 million in non-performing loans, I want to note that $2.9 million of these balances were current and paying as agreed. In addition, as I noted last quarter, 68% of the bank's classified loans remain current and performing loans, whereby we are working with the borrowers towards resolution.

Switching gears to credit for a moment. As we continue our efforts to transition the bank to focus solely on community banking, we are working to ensure we have the right talent in the right positions to effectively grow our bank while still improving efficiency and providing the best overall customer experience. As such, we have added a great deal of talent throughout the bank in both retail and commercial banking, some of which are replacements and other positions have been added to support our growth, particularly in commercial lending. Additional commercial bankers will be critical as loan demand is currently very strong and commercial loan demand also helps grow deposits. With 6 of our 12 banking center locations having been open for 5 years or less, we will aggressively work to grow the deposits in those banking centers to ensure every location we have is providing appropriate profitability to the organization.

At this time, I will turn the call over to Al, to make some final comments.

Alfred Rogers

Thank you, Robin. These improvements reinforce my belief that we have a significant opportunity ahead. The focus remains: we are building a high-performing community bank centered on relationship banking, disciplined execution, sound credit practices and exceptional service. We believe local businesses and consumers are best served when decisions are made close to home by bankers who know the market, understand their customers and are invested in the success of the communities in which they serve. That community banking model starts with strong local customer relationships.

Our deposit mix and cost of funds remains the top priority. We're working to deepen existing relationships and improve our deposit mix from higher cost transactional accounts to relationships that value service, responsiveness, and long-term partnerships. Our lending philosophy is similar. We're hyper-focused on building and deepening relationships with borrowers in our markets. These relationships are sourced by our bankers inside our footprint, not from brokers.

We are adding talented, experienced bankers and are evaluating technology investments and process improvements that will enhance efficiency, improve customer experience and position us to scale responsibly as we grow. We are also looking at other areas where we can reduce expenses and improve profitability.

There's still work to do, however, and this quarter's momentum is measurable and supports our priorities. Grow core relationships, strengthen performance, expand our presence in the Tampa Bay, Sarasota, and Bradenton markets, which will deliver consistent long-term value for our shareholders. I want to thank our employees for their dedication, our customers for their trust, and our shareholders for their continued support. I'm optimistic about the future and excited about what lies ahead.

Operator, I'll turn the call over to you, and we'll take some questions. Thank you so much.

Operator

[Operator Instructions] Your first question comes from the line of Ross Haberman with RLH Investments.

分析师问答

Ross Haberman

Nice news and it's nice to see that things are slowly begin to turn around here. Can I ask just two quick questions about the income statement. Could you address how much in the quarter were non-recurring, either income or expenses in the quarter, please?

Alfred Rogers

In the third quarter, there was nothing that was non-recurring.

Ross Haberman

Okay. And just one follow-up question. In terms of the unguaranteed portion of the loans, you said it was $132 million. Did I understand it that $10 million was paid down in the quarter. Is that correct?

Alfred Rogers

Yes, that's just on the unguaranteed side of it. So that is why we're actually paying either. Yes, are we expecting that trend to continue? And the short answer is yes.

Ross Haberman

Correct. Yes, a quarter. So you're talking close to $40 million a year?

Alfred Rogers

I would say yes. Let me put a little bit more context around it for you, Ross, because all things being equal, what we are seeing is some degree of stability in that portfolio and what I will characterize as some better predicting components and the runoff is one of the things that we are seeing kind of stabilize. Earlier in the year, it was running off a little bit quicker than that, but we did notice in the second quarter that it had slowed down and it's kind of stabilized at this level over the past 6 months, give or take.

Ross Haberman

And just related to that, you talked about $2.9 million of charge-offs. Was that strictly related to the unguaranteed portion? And do you see that rate continuing quarterly?

Alfred Rogers

Yes, it's only related to the unguaranteed 7(a) loans, the [ $2 point million ] it is. My -- okay, as far as the outlook on that, again, this is the area that really has challenged the bank over the past few years. My hope is that that trend moderates, especially as the portfolio rolls down, but also at this point, these borrowers within the portfolio has become quite seasoned and they've weathered the storm of high interest rates, inflation, expensive fuel costs, so on and so forth. And my hope would be that they continue to perform at better levels going forward. So that's about the best way I can characterize it for you.

Operator

[Operator Instructions] Your next question comes from the line of Ross Haberman with RLH Investments.

Ross Haberman

I don't mean to monopolize this, guys. I apologize. But just one last question. Against the $132 million of unguaranteed loans, what was your total allowance or reserve today?

Alfred Rogers

The total ACL on the books at the end of the quarter was just over $41.5 million, and over $30 million of that is against the unguaranteed portfolio, Ross.

Ross Haberman

So you're saying about 22%, 23%?

Alfred Rogers

Yes.

Operator

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.