Q1 2025 Bayfirst Financial Corp Earnings Call Transcript
Key Points
- Net interest margin improved by 17 basis points to 3.77% in the first quarter.
- Growth in interest-bearing and non-interest-bearing checking account balances contributed positively.
- Loans held for investment increased by $18 million or 2% during the first quarter.
- The company's government-guaranteed loan origination platform originated $106.3 million in new loans during the first quarter.
- The conventional loan portfolio grew by $140 million or 26% over the past year, indicating strong asset quality metrics and yields.
- Reported a net loss of $335,000 for the quarter, driven by higher provision expense and write-downs on loan portfolios.
- Businesses are experiencing slowing demand due to sustained higher interest rates and rising inflation.
- Loan demand was lower than expected during the first quarter, contributing negatively to results.
- Non-interest income decreased significantly from $22.3 million in Q4 2024 to $8.8 million in Q1 2025.
- Non-performing assets to total assets increased to 1.94% as of March 31, 2025, up from 1.47% at the end of the previous quarter.
Good morning, ladies and gentlemen, and welcome to Bay First Financial Corporation, Q1 2025 conference call and webcast. (Operator Instructions) Also note that this call is being recorded on Friday, April 25, 2025.
I would now like to turn the conference over to Tom Zernik, CEO. Please go ahead, sir.
Thank you, Sylvi. Good morning and thank you for participating on our call today. Once again with me is Robin Oliver, our President and Chief Operating Officer, and Scott McKim, our Chief Financial Officer.
Today's call will include forward-looking statements and non-gap financial measures. Please refer to our cautionary statement on forward-looking statements contained on page 2 of the investor presentation.
We reported a net loss this quarter of $335,000 driven by a couple of challenges, most notably higher provision expense and higher write downs on our portfolio of loans measured at fair value.
Businesses are experiencing slowing demand for
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