BayFirst Financial (BAFN) 2026 年第 3 季法說會：信貸指標改善，虧損收窄

重點摘要

• BayFirst Financial Corp. (NASDAQ: BAFN) 公布 2026 年第三季淨虧損為 67.7 萬美元，較 2026 年第二季的 3,270 萬美元虧損有所收窄。管理層表示，本季無任何非經常性收益或費用。
• 投資用放款按季增加 2,010 萬美元（即 2.3%），達到 9.03 億美元。社區銀行放款在本季成長 25%（即 4,100 萬美元）。
• 存款增加 2,530 萬美元（即 2.6%），達到 10.1 億美元，增速超越淨放款成長。FDIC 保險存款佔總存款的 79%，且該銀行無任何批發借款。
• 列報的淨利息收益率按季上升 59 個基點至 4.07%。淨利息收入按季增加 120 萬美元至 1,060 萬美元，不過若扣除資產處置影響，第二季的常態化淨利息收益率為 4.70%。
• 隨著淨呆帳沖銷額降至 320 萬美元，以及扣除政府擔保餘額後的不良放款降至 1,340 萬美元，信用指標有所改善。信用損失準備為收益 6.9 萬美元，而第二季則為費用 2,900 萬美元。
• 現金增資認股募集了超過 1,400 萬美元的增量資本。第一類槓桿比率改善至 8.79%，而每股有形帳面價值則從第二季末的 4.82 美元降至 3.64 美元。

核心財務數據

業務與營運績效

BayFirst 在 2025 年第四季完成退出 SBA 7(a) 放款業務後，繼續轉型為社區銀行模式。放款和存款的按年下降，很大程度上反映了該策略轉變，包括放款出售與已停辦的 SBA 放款業務。

許多新放款已於 9 月入帳。因此，儘管平均放款餘額比第二季低 1,700 萬美元，季末放款餘額仍有所增加。管理層表示，企業放款需求保持強勁，且正在引進有經驗的企業與個人銀行專員，以支持基於客戶關係的放款和存款成長。

該銀行於 2026 年 9 月 9 日在戴爾梅布里公路（Dale Mabry Highway）開設了南坦帕（South Tampa）臨時分行，並購買了附近的地產作為永久地址。管理層表示，該分行在營運的第一個月內就超越了 2026 全年的存款成長預期。

BayFirst 在本季完成了一系列資本操作。所有 4,000 股 D 系列和 4,000 股 E 系列特別股均已轉換為 2,285.6 萬股普通股並予以註銷。A 系列和 B 系列特別股已全數贖回，而現金增資認股則產生了超過 1,400 萬美元的增量資本。

管理層展望

管理層表示，較高的季末放款餘額加上淨利息收益率，應能支持未來期間獲得更高的淨利息收入並改善獲利。然而，公司坦承要在短期內實現盈利，仍需要付出額外努力。

BayFirst 預計未獲擔保的 SBA 7(a) 貸款組合將持續自然消化。管理層指出，近期的消化速度已穩定在每季約 1,000 萬美元，同時希望隨著貸款組合規模縮小及借款人更加成熟，呆帳沖銷情況將有所緩和。

董事會已表決通過，將在 C 系列特別股的不可贖回期於 2026 年第四季屆滿後進行贖回。管理層預期許多持有者會選擇轉換為普通股而非接受贖回。

風險與關注領域

未獲擔保的 SBA 7(a) 貸款組合仍是主要的信用隱憂。其餘額從第二季末的 1.42 億美元以及 2025 年底的 1.716 億美元降至 1.324 億美元。第三季 320 萬美元的淨呆帳沖銷中，有 290 萬美元與該貸款組合相關。

扣除政府擔保餘額後的不良放款總計為 1,340 萬美元，相當於投資用放款的 1.56%。管理層指出，這些餘額中有 290 萬美元為正常履約且按約定還款，而關注類放款中有 68% 仍維持正常履約。

備抵呆帳占放款比率從第二季的 5.37% 降至 4.85%，但仍高於去年同期的 2.36%。若扣除政府擔保餘額，該比率為 5.20%。本季每股有形帳面價值亦大幅下滑。

分析師問答集錦

管理層證實，第三季不含任何非經常性收益或費用項目。

未獲擔保的 SBA 7(a) 貸款組合在本季減少了約 1,000 萬美元。管理層認同根據近期趨勢，每年約 4,000 萬美元的自然消化速度是合理的，同時強調該速度在今年早些時候更快速下滑後已趨於穩定。

BayFirst 針對 1.324 億美元的未獲擔保 SBA 7(a) 貸款組合計提了超過 3,000 萬美元的準備金，約占該餘額的 22% 至 23%。管理層表示希望呆帳沖銷會有所緩和，但未提供明確預測。

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管理層陳述

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.

分析師問答

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.