BayFirst Financial Corp. 8K

BayFirst Financial Corp. is recording significant asset resolution-related loan adjustments and impairments and will restate its 2024, 2025, and Q1 2026 financial statements due to previously understated provision expense and overstated net interest income, rendering prior financials unreliable until amended filings are made.

BayFirst Financial Corp. announced that it has completed and quantified an asset resolution plan tied to an April 28, 2026 Stock Purchase Agreement, resulting in $37.0 million of adjustments to specific government-guaranteed loans and over 7,000 unguaranteed SBA 7(a) small balance loans measured at amortized cost and fair value, along with a $1.5 million impairment of a non-marketable equity investment and a $1.6 million write-down of unamortized premiums on certain USDA loans; these items will be reflected in second quarter 2026 results and have prompted the company, after an internal review with its Audit Committee and Board, to restate its audited financial statements for 2024 and 2025 and its Q1 2026 Form 10-Q due to previously unrecognized $2.8 million of deferred origination costs and $2.1 million of accrued interest on defaulted or non-accrual loans, reducing 2024 net income from $12.6 million to $11.4 million and increasing net losses for 2025 and Q1 2026, with prior financial statements no longer reliable and amended filings expected by August 12, 2026.

Filing Facts

CIK

1649739

Ticker

-

Form

8K

Source Type

sec

Accession

0001649739-26-000041

Alert Tier

8