BayFirst Financial Corp. — Form 8-K
Filed August 13, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 78/100
What the filing says
BayFirst Financial reported a net loss of $32.7M ($8.05/share) in Q2 2026, driven by a $41.5M asset resolution plan charge tied to SBA 7(a) loan writedowns and provision adjustments. The company restated prior periods (2024–Q1 2026) for $2.8M understatement of provision expense and $3.4M overstatement of gain on loan sales. On July 14, 2026, BayFirst converted 8,000 shares of Series D/E Preferred Stock into 22.9M common shares and redeemed Series A/B Preferred shares for $9.7M on August 10, 2026. Capital ratios strengthened: CET1 11.47%, Tier 1 8.30%, Total Capital 12.77% as of June 30, 2026.
Why this rating
Major asset write-offs ($41.5M) and financial restatement are material to a $49.3M market-cap company. Massive equity dilution (22.9M new shares from preferred conversion) and tangible book value collapse from $14.22 to $4.82/share are severe. However, strong capital ratios and exit from troubled SBA lending provide some structural improvement.
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