BayFirst Financial Corp. Announces Quarterly Cash Dividend of $0.07 Per Common Share

ST. PETERSBURG, Fla., Oct. 29, 2021 (GLOBE NEWSWIRE) -- BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) (OTCQX: FHBI) (“BayFirst” or the “Company”), parent company of First Home Bank, today announced its Board of Directors declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable December 15, 2021 to common shareholders of record as of November 15, 2021. This marks the 22^nd consecutive cash dividend paid since BayFirst initiated cash dividends in 2016.

On October 28, 2021, BayFirst reported earnings for the third quarter of 2021 of $1.28 million, or $0.26 per diluted common share, compared to $13.02 million, or $2.98 per diluted common share, in the second quarter of 2021, and $5.25 million, or $1.37 per diluted common share, in the third quarter of 2020. The variability in financial metrics for the third quarter of 2021 compared to prior periods is a direct reflection of the Bank’s participation in the SBA’s Paycheck Protection Program (PPP) over the course of the last 18 months. Compared to the previous quarter, third quarter of 2021 net income declined by $4.58 million from lower recognition of PPP origination fee income and $13.80 million due to recognition of gains on PPP loan sales in the previous quarter. These line items were partially offset by a negative provision for loan losses of $3.00 million during the quarter and a decrease in noninterest expense of $2.44 million.

About BayFirst Financial Corp.

BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) is a registered bank holding company which commenced operations on September 1, 2000. Its primary source of income is from its wholly owned subsidiary, First Home Bank, which commenced business operations on February 12, 1999. First Home Bank is a Federal Reserve member and a state-chartered banking institution. The Bank operates six full-service office locations, 24 mortgage loan production offices, and is in the top 45 by dollar volume and top 20 by number of units, of nation-wide SBA lenders

BayFirst Financial Corp., through the bank, offers a broad range of commercial and consumer banking services including various types of deposit accounts and loans for businesses and individuals. As of September 30, 2021, BayFirst Financial Corp. had $943.74 million in total assets.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “is confident that” and similar expressions are intended to identify these forward-looking statements. These forward-looking statements involve risk and uncertainty and a variety of factors could cause our actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. BayFirst Financial Corp. does not have a policy of updating or revising forward-looking statements except as otherwise required by law, and silence by management over time should not be construed to mean that actual events are occurring as estimated in such forward-looking statements.

Contacts:
Anthony N. Leo Chief Executive Officer 727.399.5678	Jeffrey M. Hunt Chief Strategy Officer 727.399.5687