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Princeton Bancorp, Inc. (the "Company") (NASDAQ - BPRN), the bank holding company for The Bank of Princeton (the "Bank"), today reported its unaudited financial condition at, and its results of operations for the quarter and twelve-months ended, December 31, 2025.President/CEO Edward Dietzler commented on the quarter results, "The Bank achieved another strong quarter, with net income of $6.1 million and diluted EPS of $0.90. These results were supported by an increase in non-interest income of over 11%, as well as a reduction in operating expenses of 8.5%, in each case compared to the third quarter of this year. These metrics also improved to a lesser extent when compared to the fourth quarter of 2024."The Company reported net income of $6.1 million, or $0.90 per diluted common share, for the fourth quarter of 2025, compared to $6.5 million, or $0.95 per diluted common share, for the third quarter of 2025, and net income of $5.2 million, or $0.75 per diluted common share, for the fourth quarter of 2024. The decrease in net income for the fourth quarter of 2025 when compared to the third quarter of 2025 was primarily due to an increase in provision for credit losses of $774 thousand, and a decrease in net-interest income of $989 thousand, partially offset by a decrease in non-interest expense of $1.2 million, and an increase in non-interest income of $211 thousand. The increase in net income for the fourth quarter of 2025 when compared to the fourth quarter of 2024 was primarily due to an increase in net-interest income of $623 thousand, a decrease in the provision for credit losses of $338 thousand, and an increase in non-interest income of $92 thousand, partially offset by an increase of $244 thousand in income tax expense.Review of Statements of Financial ConditionTotal assets were $2.28 billion at December 31, 2025, a decrease of $57.1 million, or 2.44% when compared to $2.34 billion at the end of 2024. The primary reason for the decrease in total assets was related to a decrease in investment securities of $66.6 million, partially offset by an increase in cash and cash equivalents of $18.3 million.Total deposits at December 31, 2025, decreased $56.4 million, or 2.78%, when compared to December 31, 2024. The decrease in the Company's deposits consisted primarily of decreases in certificates of deposit of $45.0 million, money market deposits of $26.3 million, non-interest-bearing demand deposits of $15.0 million, and savings deposits of $3.1 million, partially offset by an increase in interest-bearing demand deposits of $33.0 million. On balance sheet liquidity remains strong at December 31, 2025 with $135.7 million in cash and cash equivalents, as well as available for sale securities and borrowing capacity .Total stockholders' equity at December 31, 2025, increased $8.7 million or 3.31% when compared to December 31, 2024. The increase was primarily due to an increase in retained earnings of $9.8 million (which consisted of $18.6 million in net income, partially offset by $8.8 million of cash dividends recorded during the period), an increase in paid-in capital of $3.0 million primarily due to the exercise of stock options, and a decrease in accumulated other comprehensive loss of $3.7 million due to reductions in market interest rates and in investment securities, partially offset by a $7.9 million increase in treasury stock due to our stock repurchase program. The ratio of equity to total assets at December 31, 2025, and at December 31, 2024, was 11.9% and 11.2%, respectively.Asset QualityAt December 31, 2025, non-performing assets totaled $16.5 million, a decrease of $10.6 million when compared to the amount at December 31, 2024, primarily the result of $10.0 million in charge-offs recorded during 2025, of which $9.9 million was recorded during the second quarter of 2025.Review of Quarterly and Year-to-Date Financial ResultsNet interest income was $18.6 million for the fourth quarter of 2025, a decrease of $1.0 million over the third quarter of 2025, and an increase of $623 thousand compared to $18.0 million for the fourth quarter of 2024. The decrease in net interest income when compared with the third quarter of 2025 was primarily related to a decrease in interest income of $1.0 million, or 3.0%. The increase in net interest income when compared with the fourth quarter of 2024 was due to a $2.5 million decrease in interest expense, partially offset by a decrease in interest income of $1.9 million. The net interest margin for the fourth quarter of 2025 was 3.51%, a decrease of 26 basis points when compared to the third quarter of 2025, and an increase of 23 basis points when compared to the fourth quarter of 2024. When comparing the fourth quarter of 2025 and the third quarter of 2025 periods, the decrease in interest income and decrease in net interest margin were primarily associated with a decrease in average total investments of $20.9 million, a decrease in average loans of $15.6 million, as well as a decrease in the Company's yield earned on interest-earning assets of 32 basis points. When comparing the fourth quarter of 2025 and fourth quarter of 2024, the $2.5 million decrease in interest expense was primarily due to the Company's cost of funds decreasing by 40 basis points and average interest-bearing deposits decreasing by $69.5 million. The decrease in interest expense was partially offset by a $1.9 million decrease in interest income caused by a decrease in average interest-earning assets of $77.2 million, and a decrease of 16 basis points in the yield earned on interest-earning assets.The Company recorded a provision of credit losses of $102 thousand during the fourth quarter of 2025, which consisted of a $101 thousand increase recorded to the allowance of credit losses, and an increase to the provision for credit losses of $1 thousand related to unfunded commitments, which are recorded in other liabilities on the Company's statements of financial condition. The current quarters' provision recorded on the Company's statements of income was $774 thousand higher when compared to the reversal of credit losses for the third quarter of 2025 and was $338 thousand lower when compared to the provision for the fourth quarter of 2024. The coverage ratio of the allowance for credit losses to period end loans was 1.12% at December 31, 2025, and 1.30% at December 31, 2024.Total non-interest income of $2.1 million for the fourth quarter of 2025 increased $211 thousand or 11.1% when compared to the third quarter of 2025 and increased $92 thousand or 4.5% when compared to the fourth quarter of 2024. The increase over the third quarter of 2025 was primarily due to an increase in other non-interest income of $595 thousand discussed below, partially offset by a decrease in loans fees of $426 thousand. The increase over the prior year's fourth quarter was primarily due to increases in income from bank-owned life insurance of $47 thousand, an increase in fees service charges of $48 thousand, an increase in other non-interest income of $134 thousand, partially offset by a decrease in loan fees of $137 thousand. The increase in other non-interest income for the fourth quarter of 2025 was related to a net loss on an equity investment in the amount of $471 thousand recorded in the third quarter of 2025 compared to no such net loss in the fourth quarter.Total non-interest expense of $12.7 million for the fourth quarter of 2025 decreased $1.2 million, or 8.5%, when compared to the third quarter of 2025. This decrease over the prior quarter was primarily due to decreases in salaries and employee benefits expenses of $676, professional fees of $278 thousand, data processing communications expenses of $108 thousand and federal deposit insurance expenses of $95 thousand. Total non-interest expense for the fourth quarter of 2025 decreased $44 thousand or 0.3% when compared to the fourth quarter of 2024.For the quarter ended December 31, 2025, the Company recorded an income tax expense of $1.8 million, resulting in an effective tax rate of 23.2%, compared to an income tax expense of $1.8 million, resulting in an effective tax rate of 21.9% for the quarter ended September 30, 2025 and compared to an income tax expense of $1.6 million resulting in an effective tax rate of 23.4 % for the quarter ended December 31, 2024.For the year ended December 31, 2025, the Company recorded net income of $18.6 million, or $2.71 per diluted common share, compared to $10.2 million, or $1.55 per diluted common share, for 2024. This increase was primarily the result of the purchase accounting adjustments recorded in 2024 reducing net income, which were related to the Cornerstone acquisition, and included merger related expenses of $7.8 million. For the year ended December 31, 2025, net interest income of $75.8 million increased $9.3 million, or 14.0%, compared to net interest income of $66.5 million for the year ended December 31, 2024. The increase from the previous year was the result of an increase in interest income of $7.6 million, or 6.2%, and a decrease in interest expense of $1.7 million, or 3.0%.For the year ending December 31, 2025, income tax expense was $5.1 million resulting in an effective tax rate of 21.4% compared to income tax expense of $2.6 million and an effective tax rate of 20.1% for the year ended December 31, 2024.About Princeton Bancorp, Inc. and The Bank of PrincetonPrinceton Bancorp, Inc. is the holding company for The Bank of Princeton, a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with 28 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Burlington, Chesterfield, Cherry Hill, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Medford, Monroe, Moorestown, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville, Voorhees, and Woodbury. There are also five branches in the Philadelphia, Pennsylvania area and two in the New York City metropolitan area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation.Forward-Looking StatementsThe Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company (including this press release), which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.These forward-looking statements involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company's control). The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include the potential impact of any future Federal budget stalemates in Congress, higher tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause an increase in loan delinquencies, a reduction in financial transactions and business activities including decreased deposits and reduced loan originations, difficulties in managing liquidity in a rapidly changing and unpredictable market, and supply chain disruptions. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following factors: the global impact of foreign military conflicts; the impact of any future pandemics or other natural disasters; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; the strength of the United States economy in general and the strength of the local economies in which the Company and Bank conduct operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; market and monetary fluctuations; market volatility; the value of the Bank's products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors' products and services; the willingness of customers to substitute competitors' products and services for the Bank's products and services; credit risk associated with the Bank's lending activities; risks relating to the real estate market and the Bank's real estate collateral; the impact of changes in applicable laws and regulations and requirements arising out of our supervision by banking regulators; other regulatory requirements applicable to the Company and the Bank; and the timing and nature of the regulatory response to any applications filed by the Company and the Bank; technological changes; other acquisitions; changes in consumer spending and saving habits; those risks under the heading "Risk Factors" set forth in the Bank's Annual Report on Form 10-K for the year ended December 31, 2024, and the success of the Company at managing the risks involved in the foregoing.The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company, except as required by applicable law or regulation.Princeton Bancorp, Inc.Consolidated Statements of Financial Condition(Unaudited)(Dollars in thousands, except per share data) December 31, 2025 vs December 31, December 31, December 31, 2024 2025 2024 $ Change % Change ASSETS Cash and cash equivalents $135,686 $117,348 $18,338 15.63%Securities available-for-sale taxable 140,817 207,442 (66,625) (32.12)%Securities available-for-sale tax-exempt 39,752 39,729 23 0.06%Securities held-to-maturity 153 161 (8) (4.97)%Loans receivable, net of deferred loan fees 1,816,416 1,818,875 (2,459) (0.14)%Allowance for credit losses (20,325) (23,657) 3,332 (14.08)%Goodwill 14,381 14,381 — — Core deposit intangible 2,776 3,632 (856) (23.57)%Other real estate owned — 295 (295) (100.00)%Other assets 153,491 162,027 (8,536) (5.27)%TOTAL ASSETS $2,283,147 $2,340,233 $(57,086) (2.44)%LIABILITIES Non-interest checking $286,013 $300,972 $(14,959) (4.97)%Interest checking 333,533 300,559 32,974 10.97%Savings 167,735 170,880 (3,145) (1.84)%Money market 464,205 490,543 (26,338) (5.37)%Time deposits over $250,000 256,929 208,858 48,071 23.02%Other time deposits 467,778 560,813 (93,035) (16.59)%Total deposits 1,976,193 2,032,625 (56,432) (2.78)%Borrowings — — — N/A Other liabilities 36,242 45,568 (9,326) (20.47)%TOTAL LIABILITIES 2,012,435 2,078,193 (65,758) (3.16)%STOCKHOLDERS' EQUITY Paid-in capital 122,954 119,908 3,046 2.54%Treasury stock 1 (8,707) (842) (7,865) 934.09%Retained earnings 161,730 151,915 9,815 6.46%Accumulated other comprehensive income (loss) (5,265) (8,941) 3,676 (41.11)%TOTAL STOCKHOLDERS' EQUITY 270,712 262,040 8,672 3.31%TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,283,147 $2,340,233 $(57,086) (2.44)%Book value per common share $40.01 $38.07 $1.94 5.10%Tangible book value per common share 2 $37.48 $35.45 $2.03 5.73%1Treasury stock repurchases commenced March 8, 2024, associated with the stock repurchase program announced August 10, 2023.2Tangible book value per common share is a non-GAAP measure.For more information, see "Supplemental Information - Non-GAAP Financial Measures (Unaudited)" below.Princeton Bancorp, Inc.Loan and Deposit Tables(Unaudited)The components of loans receivable, net at December 31, 2025 and December 31, 2024 were as follows: December 31, December 31, 2025 2024 (In thousands) Commercial real estate $1,343,531 $1,385,085 Commercial and industrial 76,557 92,857 Construction 209,483 257,169 Residential first-lien mortgages 163,813 68,030 Home equity / consumer 25,359 18,133 Total loans 1,818,743 1,821,274 Deferred fees and costs (2,326) (2,399)Allowance for credit losses (20,325) (23,657)Loans, net $1,796,092 $1,795,218 The components of deposits at December 31, 2025 and December 31, 2024 were as follows: December 31, December 31, 2025 2024 (In thousands) Demand, non-interest-bearing $286,013 $300,972 Demand, interest-bearing 333,533 300,559 Savings 167,735 170,880 Money market 464,205 490,543 Time deposits 724,707 769,671 Total deposits $1,976,193 $2,032,625 Princeton Bancorp, Inc.Consolidated Statements of Income(Unaudited)(Amounts in thousands except per share data) Three Months Ended December 31, 2025 2024 $ Change % Change Interest and dividend income Loans and fees $28,597 $29,477 $(880) (3.0)%Available-for-sale debt securities: Taxable 1,797 2,090 (293) (14.0)%Tax-exempt 276 285 (9) (3.2)%Held-to-maturity debt securities 2 2 — — Other interest and dividend income 1,084 1,806 (722) (40.0)%Total interest and dividends 31,756 33,660 (1,904) (5.7)%Interest expense Deposits 13,126 15,653 (2,527) (16.1)%Borrowings — — — N/A Total interest expense 13,126 15,653 (2,527) (16.1)%Net interest income 18,630 18,007 623 3.5%Provision for credit losses 102 440 (338) (76.8)%Net interest income after provision for credit losses 18,528 17,567 961 5.5%Non-interest income Income from bank-owned life insurance 528 481 47 9.8%Fees and service charges 575 527 48 9.1%Loan fees, including prepayment penalties 500 637 (137) (21.5)%Other 516 382 134 35.1%Total non-interest income 2,119 2,027 92 4.5%Non-interest expense Salaries and employee benefits 6,417 6,518 (101) (1.5)%Occupancy and equipment 2,156 2,241 (85) (3.8)%Professional fees 789 795 (6) (0.8)%Data processing and communications 1,600 1,358 242 17.8%Federal deposit insurance 275 277 (2) (0.7)%Advertising and promotion 160 151 9 6.0%Office expense 117 157 (40) (25.5)%Other real eastate owned expense — 14 (14) (100.0)%Core deposit intangible 200 228 (28) (12.3)%Other 1,015 1,034 (19) (1.8)%Total non-interest expense 12,729 12,773 (44) (0.3)%Income before income tax expense 7,918 6,821 1,097 16.1%Income tax expense 1,838 1,594 244 15.3%Net income $6,080 $5,227 $853 16.3%Net income per common share - basic $0.90 $0.76 $0.14 18.3%Net income per common share - diluted $0.90 $0.75 $0.15 19.7%Weighted average shares outstanding - basic 6,765 6,880 (115) (1.7)%Weighted average shares outstanding - diluted 6,787 6,984 (197) (2.8)%Princeton Bancorp, Inc.Consolidated Statements of Income (Current Quarter vs Prior Quarter)(Unaudited)(Amounts in thousands, except per share data) Three Months Ended December 31, September 30, 2025 2025 $ Change % Change Interest and dividend income Loans and fees $28,597 $29,927 $(1,330) (4.4)%Available-for-sale debt securities: Taxable 1,797 2,214 (417) (18.8)%Tax-exempt 276 278 (2) (0.7)%Held-to-maturity debt securities 2 2 — 0.0%Other interest and dividend income 1,084 324 760 234.6%Total interest and dividends 31,756 32,745 (989) (3.0)%Interest expense Deposits 13,126 13,081 45 0.3%Borrowings — 45 (45) (100.0)%Total interest expense 13,126 13,126 — 0.0%Net interest income 18,630 19,619 (989) (5.0)%Provision for (reversal of) credit losses 102 (672) 774 (115.2)%Net interest income after provision for (reversal of) credit losses 18,528 20,291 (1,763) (8.7)%Non-interest income Income from bank-owned life insurance 528 506 22 4.3%Fees and service charges 575 555 20 3.6%Loan fees, including prepayment penalties 500 926 (426) (46.0)%Other 516 (79) 595 (753.2)%Total non-interest income 2,119 1,908 211 11.1%Non-interest expense Salaries and employee benefits 6,417 7,093 (676) (9.5)%Occupancy and equipment 2,156 2,146 10 0.5%Professional fees 789 1,067 Full story available on Benzinga.com
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ST. PETERSBURG, Fla., Jan. 29, 2026 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (NASDAQ:BAFN) ("BayFirst" or "Company"), parent company of BayFirst National Bank ("Bank") today reported a net loss of $2.5 million, or $0.69 per common share and diluted common share, for the fourth quarter of 2025, compared to a net loss of $18.9 million, or $4.66 per common share and diluted common share, in the third quarter of 2025."We made continued progress on our restructuring efforts in the fourth quarter, resulting in notably higher capital ratios compared to the prior quarter end," stated Thomas G. Zernick, Chief Executive Officer. "We closed on the sale of $96.6 million in loans to Banesco USA as of year-end, marking a critical milestone in our strategic plan to derisk our loan portfolio. As we previously announced, we exited the SBA 7(a) lending business in the fourth quarter, and Banesco USA has assumed servicing of loans included in the sale and has been engaged as subservicer on the remaining SBA 7(a) loans owned by BayFirst."As we expected, our core community bank function is performing well. The net interest margin was stable at 3.58% and organic deposit growth was $12.5 million in the fourth quarter. Eighty-five percent of the bank's deposits were insured at the end of the quarter and the bank finished the year well-capitalized. While the previously announced strategic restructuring resulted in a reduction of headcount from 299 at the end of 2024, to 144 on December 31, 2025, we continue our focus on expense management. Our treasury management revenue continues to grow with the fourth quarter showing a 69% improvement as compared to the same quarter a year ago.""At this stage in our strategic plan, we have passed significant milestones, and each major inflection point has generally aligned with our predictions. In this quarter, there were some minor outliers, but the bank was able to address the challenges and stay on track toward our end-state goal."Management has taken significant steps to address credit quality issues by dedicating substantial resources to strengthen credit administration and work through legacy loans. Given the compelling market opportunities and our attractive branch footprint, our priority remains implementing our strategic plan to build the premier community bank in Tampa Bay and create lasting value for shareholders," Zernick concluded.Fourth Quarter 2025 Performance ReviewNet interest margin was 3.58% in the fourth quarter of 2025, a decrease of 3 basis points from 3.61% in the third quarter of 2025 and a decrease of 2 basis points from 3.60% in the fourth quarter of 2024.In September 2025, the Company announced its plan to exit the SBA 7(a) lending business and its intent to sell a portion of the SBA 7(a) loan portfolio. The Company completed the transaction in December 2025 and the transaction was recognized entirely in the third quarter.Loans held for investment decreased by $34.8 million, or 3.5%, during the fourth quarter of 2025 to $963.9 million and decreased $102.7 million, or 9.6%, over the past year. During the quarter, the Company originated $26.3 million of loans and sold $7.8 million of government guaranteed loan balances.Deposits increased $12.5 million, or 1.1%, during the fourth quarter of 2025 and increased $40.7 million, or 3.6%, over the past year to $1.18 billion. The increase in deposits during the quarter was primarily due to increases in interest-bearing transaction account balances and time deposit balances, partially offset by decreases in noninterest-bearing account balances and savings and money market account balances.Book value and tangible book value at December 31, 2025 were $17.22 per common share, a decrease from $17.90 at September 30, 2025.Results of OperationsNet Income (Loss)The Company had a net loss of $2.5 million for the fourth quarter of 2025, compared to a net loss of $18.9 million in the third quarter of 2025 and net income of $9.8 million in the fourth quarter of 2024. The change in the fourth quarter of 2025 from the preceding quarter was primarily the result of a decrease in provision for credit losses of $8.9 million, an increase in noninterest income of $0.9 million, and a decrease in noninterest expense of $13.3 million. This was partially offset by a decrease in income tax benefit of $6.6 million. The change from the fourth quarter of 2024 was due to a decrease in noninterest income of $22.4 million, partially offset by a decrease in provision for credit losses of $2.5 million, an increase in net interest income of $0.5 million, a decrease in noninterest expense of $3.5 million, and a decrease in income tax expenses of $3.6 million.For the year ended December 31, 2025, the Company had a net loss of $22.9 million, a decrease from net income of $12.6 million for the year ended December 31, 2024. The decrease was primarily due to an increase in provision for credit losses of $9.9 million, a decrease in noninterest income of $42.1 million, and an increase in noninterest expense of $3.6 million. This was partially offset by an increase in net interest income of $7.8 million and a decrease in income tax expense of $12.2 million.Net Interest Income and Net Interest MarginNet interest income from continuing operations was $11.2 million in the fourth quarter of 2025, a decrease from $11.3 million during the third quarter of 2025, and an increase from $10.7 million during the fourth quarter of 2024. The net interest margin was 3.58% in the fourth quarter of 2025, a decrease of 3 basis points from 3.61% in the third quarter of 2025 and a decrease of 2 basis points from 3.60% in the fourth quarter of 2024.The decrease in net interest income from continuing operations during the fourth quarter of 2025, as compared to the third quarter of 2025, was mainly due to a decrease in loan interest income, including fees, of $1.4 million, partially offset by an increase in interest income on interest bearing deposits in banks and other of $0.7 million and a decrease in interest expense of $0.6 million.The increase in net interest income from continuing operations during the fourth quarter of 2025, as compared to the year ago quarter, was mainly due to an increase in interest income on interest bearing deposits in banks and other of $0.6 million and a decrease in interest expense on deposits of $1.1 million, partially offset by a decrease in loan interest income, including fees, of $1.4 million.Net interest income from continuing operations was $45.8 million for the year ended December 31, 2025, an increase from $38.0 million for the year ended December 31, 2024. The increase was mainly due to an increase in loan interest income, including fees, of $2.4 million and a decrease in interest expense of $4.8 million.Noninterest IncomeNoninterest income from continuing operations was a negative $0.1 million for the fourth quarter of 2025, compared to a negative $1.0 million in the third quarter of 2025 and a decrease from $22.3 million in the fourth quarter of 2024. The change from the fourth quarter of 2025, as compared to the third quarter of 2025, was primarily the result an increase in gain on sale of government guaranteed loans of $2.3 million, partially offset by a decrease in government guaranteed loan fair value gains of $1.0 million. The decrease in the fourth quarter of 2025, as compared to the fourth quarter of 2024, was the result of the gain on sale of two branch office properties of $11.6 million in the fourth quarter of 2024, a decrease in gain on sale of government guaranteed loans of $8.1 million, a decrease in fair value gains on government guaranteed loans of $1.8 million, and a decrease in government guaranteed loan packaging fees of $0.7 million.Noninterest income from continuing operations was $18.4 million for the year ended December 31, 2025, which was a decrease from $60.5 million for the year ended December 31, 2024. The decrease was primarily the result of the gain on sale of two branch office properties of $11.6 million in the fourth quarter of 2024, a decrease in gain on sale of government guaranteed loans of $16.5 million, a decrease in government guaranteed loan fair value gains of $10.9 million, and a decrease in government guaranteed loan packaging fees of $2.3 million.Noninterest ExpenseNoninterest expense from continuing operations was $11.9 million in the fourth quarter of 2025 compared to $25.2 million in the third quarter of 2025 and $15.3 million in the fourth quarter of 2024. The decrease in the fourth quarter of 2025, as compared to the prior quarter, was primarily due to the third quarter restructure charges of $7.2 million related to the comprehensive strategic review aimed at reducing expenses and derisking the bank's balance sheet which included the exit of the SBA 7(a) lending business. In addition, there were decreases in compensation expense of $3.5 million and loan servicing and origination expense of $2.1 million. The decrease in the fourth quarter of 2025, as compared to the fourth quarter of 2024, was primarily due to a decrease in compensation expense of $3.8 million.Noninterest expense from continuing operations was $70.4 million for the year ended December 31, 2025 compared to $66.8 million for the year ended December 31, 2024. The increase was primarily the result of the restructure charges of $7.3 million, an increase in data processing expense of $1.1 million, and an increase in loan servicing and origination expense of $1.6 million, partially offset by a decrease in compensation expense of $6.2 million.Balance SheetAssetsTotal assets decreased $45.7 million, or 3.4%, during the fourth quarter of 2025 to $1.30 billion, mainly due to the sale of $96.6 million of SBA 7(a) loans to Banesco USA and a decrease in loans held for investment of $34.8 million, partially offset by an increase in cash and cash equivalents of $88.4 million. Compared to the end of the fourth quarter last year, total assets increased $12.0 million, or 0.9%, driven primarily by an increase in cash and cash equivalents of $129.2 million, partially offset by a decrease in loans held for investment of $102.7 million.LoansLoans held for investment decreased $34.8 million, or 3.5%, during the fourth quarter of 2025 and $102.7 million, or 9.6%, over the past year to $963.9 million. The decrease during the quarter was primarily due to government guaranteed loan sales and loan payoffs, partially offset by originations in both conventional community bank loans and government guaranteed loans.Loans held for sale on December 31, 2025, decreased $94.1 million from the end of the third quarter of 2025 as a result of the sale of SBA 7(a) loans to Banesco USA; and were unchanged from December 31, 2024.DepositsDeposits increased $12.5 million, or 1.1%, during the fourth quarter of 2025 and increased $40.7 million, or 3.6%, from the fourth quarter of 2024, ending December 31, 2025, at $1.18 billion. During the fourth quarter, there were increases in interest-bearing transaction account balances of $20.9 million and time deposit balances of $26.4 million, partially offset by decreases in noninterest-bearing account balances of $10.2 million and savings and money market account balances of $24.6 million. At December 31, 2025, approximately 85% of total deposits were insured by the FDIC. At times, the Bank has brokered time deposit and non-maturity deposit relationships available to diversify its funding sources. At December 31, 2025, September 30, 2025, and December 31, 2024, the Company had $195.5 million, $235.9 million, and $76.9 million, respectively, of brokered deposits.Asset QualityThe Company recorded a provision for credit losses in the fourth quarter of $2.0 million, compared to provisions of $10.9 million for the third quarter of 2025 and $4.5 million during the fourth quarter of 2024.The ratio of allowance for credit losses (ACL) on loans to total loans held for investment at amortized cost was 2.43% at December 31, 2025, 2.61% as of September 30, 2025, and 1.54% as of December 31, 2024. The ratio of ACL to total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 2.59% at December 31, 2025, 2.78% as of September 30, 2025, and 1.79% as of December 31, 2024. The increase in the ACL from the prior year was the result of increases in nonperforming loans and continued economic uncertainty.Net charge-offs for the fourth quarter of 2025 were $4.6 million, which was an increase from $3.3 million for the third quarter of 2025 and an increase from $3.4 million for the fourth quarter of 2024. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.95% for the fourth quarter of 2025, compared to 1.24% in the third quarter of 2025 and 1.34% in the fourth quarter of 2024. Nonperforming assets were 2.04% of total assets as of December 31, 2025, compared to 1.97% as of September 30, 2025, and 1.50% as of December 31, 2024. Nonperforming assets, excluding government guaranteed loan balances, were 1.29% of total assets as of December 31, 2025, compared to 1.21% as of September 30, 2025, and 1.06% as of December 31, 2024.Capital The Bank's Tier 1 leverage ratio was 6.63% as of December 31, 2025, compared to 6.64% as of September 30, 2025, and 8.82% as of December 31, 2024. The CET 1 and Tier 1 capital ratios to risk-weighted assets were 9.05% as of December 31, 2025, compared to 8.44% as of September 30, 2025, and 10.89% as of December 31, 2024. The total capital to risk-weighted assets ratio was 10.31% as of December 31, 2025, compared to 9.71% as of September 30, 2025, and 12.14% as of December 31, 2024. The Bank finished the year well-capitalized.Liquidity The Bank's overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at December 31, 2025 was 18.35%, as compared to 9.17% at December 31, 2024. The Bank has liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of December 31, 2025, the Bank had no borrowings from the FHLB, the FRB or other financial institutions. This compared to $50.0 million of borrowings from the FHLB and no borrowings from the FRB or other financial institutions at September 30, 2025.Conference CallBayFirst will host a conference call on Friday, January 30, 2026, at 9:00 a.m. ET to discuss its fourth quarter results. Interested parties may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com or are invited to dial (800) 549-8228 to participate in the call using Conference ID 15602. A replay of the call will be available for one year at www.bayfirstfinancial.com.About BayFirst Financial Corp.BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. As of December 31, 2025, BayFirst Financial Corp. had $1.30 billion in total assets.Forward-Looking StatementsIn addition to the historical information contained herein, this presentation includes "forward-looking statements" within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets and credit quality; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; enforcement actions initiated by our regulators and their impact on our operations; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those "Risk Factors" described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this document, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.BAYFIRST FINANCIAL CORP.SELECTED FINANCIAL DATA (Unaudited) At or for the three months ended(Dollars in thousands, except for share data)12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024Net income (loss)$(2,463) $(18,902) $(1,237) $(335) $9,776 Balance sheet data: Average loans held for investment at amortized cost 937,023 1,060,520 1,047,568 1,027,648 1,003,867 Average total assets 1,334,912 1,345,553 1,324,455 1,287,618 1,273,296 Average common shareholders' equity 73,470 92,734 95,049 96,053 87,961 Government guaranteed loans held for sale — 94,052 — — — Total loans held for investment 963,894 998,683 1,125,799 1,084,817 1,066,559 Total loans held for investment, excl gov't gtd loan balances 893,765 923,390 972,942 943,979 917,075 Allowance for credit losses 21,996 24,485 17,041 16,513 15,512 Total assets 1,300,258 1,345,978 1,343,867 1,291,957 1,288,297 Total deposits 1,183,938 1,171,457 1,163,796 1,128,267 1,143,229 Common shareholders' equity 70,747 73,677 92,172 94,034 94,869 Share data: Basic earnings (loss) per common share$(0.69) $(4.66) $(0.39) $(0.17) $2.27 Diluted earnings (loss) per common share (0.69) (4.66) (0.39) (0.17) 2.11 Dividends per common share — — 0.08 0.08 0.08 Book value per common share 17.22 17.90 22.30 22.77 22.95 Tangible book value per common share(1) 17.22 17.90 22.30 22.77 22.95 Performance ratios: Return on average assets(2) (0.74)% (5.62)% (0.37)% (0.10)% 3.07%Return on average common equity(2) (15.51)% (83.19)% (6.83)% (3.00)% 42.71%Net interest margin(2) 3.58% 3.61% 4.06% 3.77% 3.60%Asset quality ratios: Net charge-offs$4,558 $3,294 $6,799 $3,301 $3,369 Net charge-offs/avg loans held for investment at amortized cost(2) 1.95% 1.24% 2.60% 1.28% 1.34%Nonperforming loans(3)$24,343 $24,687 $21,665 $24,806 $17,607 Nonperforming loans (excluding gov't gtd balance)(3)$16,271 $15,822 $14,187 $15,078 $13,570 Nonperforming loans/total loans held for investment(3) 2.69% 2.63% 2.09% 2.42% 1.75%Nonperforming loans (excl gov't gtd balance)/total loans held for investment(3) 1.80% 1.69% 1.37% 1.47% 1.35%ACL/Total loans held for investment at amortized cost 2.43% 2.61% 1.65% 1.61% 1.54%ACL/Total loans held for investment at amortized cost, excl government guaranteed loans 2.59% 2.78% 1.85% 1.84% 1.79%Other Data: Full-time equivalent employees 144 237 300 305 299 Banking center offices 12 12 12 12 12 (1) See section entitled "GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures" below for a reconciliation to most comparable GAAP equivalent.(2) Annualized(3) Excludes loans measured at fair value Reconciliation and Management Explanation of Non-GAAP Financial MeasuresSome of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders' equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.The following presents the calculation of the non-GAAP financial measures.Tangible Common Shareholders' Equity and Tangible Book Value Per Common Share (Unaudited) As of(Dollars in thousands, except for share data)December 31,2025 September 30,2025 June 30, 2025 March 31,2025 December 31,2024Total shareholders' equity$87,569 $89,728 $108,223 $110,085 $110,920 Less: Preferred stock liquidation preference (16,822) (16,051) (16,051) (16,051) (16,051)Total equity available to common shareholders 70,747 73,677 92,172 94,034 94,869 Less: Goodwill — — — — — Tangible common shareholders' equity$70,747 $73,677 $92,172 $94,034 $94,869 Common shares outstanding 4,108,069 4,116,913Full story available on Benzinga.com
Dropping rates more than conditions warrant would stimulate the economy in the short term but could lead to trouble.
Currently, SGX-listed securities in two-thirds of retail accounts are held directly with CDP
Investors can soon move stocks currently in their CDP accounts to broker custody accounts.