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Back of Napkin

BayFirst Financial Corp. BAFN

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BayFirst restated its 2024, 2025 and first-quarter 2026 accounts in July, then reported a $32.7M loss on a bank with a $31.3M market value.

BAFN · price with moving averages

Daily · 6MWeekly · 3Y
$4$8$12$16$20 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

BayFirst National Bank lends in Florida. It holds an ordinary community loan book, roughly $835.0M of residential mortgages, commercial property, construction and business loans, funded with $988.9M of deposits. The second activity is originating loans guaranteed by the Small Business Administration and selling the guaranteed portion into the secondary market for a fee.

That second business is why a bank this small has an outsized origination operation, and it is the part that generates the fee income the model depended on.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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