Form 8-K

8-K — BayFirst Financial Corp.

Accession: 0001649739-26-000143

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0001649739

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — bafn-20261029.htm (Primary)

EX-99.1 (bayfirstq32026earningsrele.htm)

EX-99.2 (bayfirstinvestorpresenta.htm)

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8-K

8-K (Primary)

Filename: bafn-20261029.htm · Sequence: 1

bafn-20261029

0001649739FALSE00016497392026-10-292026-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) October 29, 2026

BAYFIRST FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Florida 001-41068 59-3665079

(State or other jurisdiction

of incorporation)

(Commission

file number)

(IRS employer

identification no.)

700 Central Avenue 33701

St. Petersburg, Florida

(Zip Code)

(Address of principal executive offices)

(727) 440-6848

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class registered Trading Symbol(s) Name of exchange on which registered

Common Stock BAFN The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1933 (§240.12b-2 of this chapter)

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On October 29, 2026, BayFirst Financial Corp. (“Company”) issued a press release announcing its financial results for the third quarter of 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

The Company has prepared presentation materials (the “Conference Call & Webcast Presentation”) that management intends to use during its previously announced third quarter 2026 conference call on Friday, October 30, 2026 at 9:00 am Eastern Time, and from time to time thereafter in presentations about the Company’s operations and performance. The Company may use the Conference Call & Webcast Presentation, possibly with modifications, in presentations to current and potential investors, analysts, lenders, business partners, acquisition candidates, customers, employees and others with an interest in the Company and its business.

A copy of the Conference Call & Webcast Presentation is furnished as Exhibit 99.2 to this report and incorporated herein by reference. The Conference Call & Webcast Presentation is also available on the Company's website at www.bayfirstfinancial.com. Materials on the Company’s website are not part of, or incorporated by reference into, this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number

Exhibit Name

Filed Herewith

99.1

BayFirst Financial Corp. Press Release dated October 29, 2026

99.2

BayFirst Financial Corp. Third Quarter 2026 Investor Presentation

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information in this report (including the exhibits) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BAYFIRST FINANCIAL CORP.

Date: 10/29/2026

By: /s/ Scott J. McKim

Scott J. McKim

Chief Financial Officer

EX-99.1

Filename: bayfirstq32026earningsrele.htm · Sequence: 2

Document

Contacts: Contact:

Alfred T. Rogers, Jr. Scott J. McKim

Chief Executive Officer and President Chief Financial Officer

727.685.2097 727.521.7085

BayFirst Financial Corp. Reports Third Quarter 2026 Results

Net Interest Margin Expansion, 25% Growth in Community Bank Lending, and Significant Credit Improvement

ST. PETERSBURG, FL. — October 29, 2026 — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or “Company”), parent company of BayFirst National Bank (“Bank”) reported a net loss of $0.7 million, or $0.04 per common share and diluted common share, for the third quarter of 2026, compared to a net loss of $32.7 million, or $8.05 per common share and diluted common share, in the second quarter of 2026.

“In the second quarter we took deliberate steps under our asset resolution plan to strengthen our balance sheet, and this quarter’s results show those actions are beginning to pay off,” stated Al Rogers, Chief Executive Officer. “Total community bank loans, excluding the government guaranteed portfolio, grew $41.9 million over the prior quarter, or 25% annualized, a key highlight that reflects strong demand and the trust our customers place in us. Net interest margin improved 59 basis points from the prior quarter, and for the first time in nearly three years, deposit growth outpaced loan growth, a clear sign that our relationship-focused approach is strengthening our funding base. While we did report a loss for the third quarter, it was a significant improvement over prior periods. Our strengthened foundation positions us for continued improvement in the coming quarters as we remain focused on achieving sustained profitability.

“We are also encouraged by the continued improvement in asset quality,” Rogers continued. “Nonperforming assets declined as percentage of total assets, and net charge-offs were lower than in the prior quarter, further evidence that our asset resolution efforts are working. Through it all, our focus on the communities we serve remains unwavering, and I am confident we will continue to build on our standing as the community bank of choice in our Tampa Bay and Sarasota markets.”

Third Quarter 2026 Performance Review

•Net interest margin was 4.07% in the third quarter of 2026, an increase of 59 basis points from 3.48% in the second quarter of 2026 and an increase of 43 basis points from 3.64% in the third quarter of 2025.

•Total loans held for investment increased by $20.1 million, or 2.3%, during the third quarter of 2026 to $903.0 million and decreased $90.1 million, or 9.1%, over the past year. The decrease from the prior year was partially the result of no new SBA 7(a) loan originations and the sale of $97.4 million of government guaranteed loans to a third party as part of the Bank’s discontinuance of SBA 7(a) lending.

•Deposits increased $25.3 million, or 2.6%, during the third quarter of 2026 and decreased $157.3 million, or 13.4%, over the past year to $1.01 billion. The increase in deposits during the quarter was primarily due to increases in noninterest-bearing account balances, interest-bearing transaction account balances, savings and money market account balances, partially offset by a decrease in time deposit balances. The decrease in deposits over the past year was primarily due to decreases in high-rate promotional deposits held with non-relationship customers and brokered deposits.

•On July 14, 2026, the Company obtained shareholder approval to amend the BayFirst Financial Corp. Articles of Incorporation to increase the number of authorized shares of the common stock from 15,000,000 to 100,000,000 and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 2

Preferred Stock, Series D, and exchanged all 4,000 outstanding shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series E for a total of 22,856,000 shares of common stock. Upon conversion, all shares of Series D and Series E Preferred Stock were retired.

•On August 13, 2026, the Company redeemed all outstanding Series A and Series B Preferred Shares in the amount of $6,464 for Preferred Series A, including accrued dividends of $303, and $3,241 for Preferred Series B, including accrued dividends of $118.

•At September 30, 2026, book value and tangible book value was $3.64 per common share, a decrease from $4.82 at June 30, 2026.

Results of Operations

Net Loss

The Company had a net loss of $0.7 million for the third quarter of 2026, compared to a net loss of $32.7 million in the second quarter of 2026 and a net loss of $19.1 million in the third quarter of 2025. The change in the third quarter of 2026 from the preceding quarter was primarily the result of $41.5 million of expense in the second quarter of 2026 related to the asset resolution plan. The change from the third quarter of 2025 was the due to decreases in provision for credit losses of $11.2 million and noninterest expense of $12.4 million, and an increase in noninterest income of $2.2 million, partially offset with a decrease in income tax benefit of $6.7 million.

For the nine months ended September 30, 2026, the Company had a net loss of $39.3 million, compared to a net loss of $21.9 million for the nine months ended September 30, 2025. The change was primarily due to decreases in net interest income of $4.6 million and noninterest income of $22.8 million and increases in provision for credit losses of $13.5 million and noninterest expense of $13.2 million, partially offset by income tax benefit of $5.7 million.

Net Interest Income and Net Interest Margin

Net interest income was $10.6 million in the third quarter of 2026, which was an increase of $1.2 million from $9.4 million for the second quarter of 2026, and a decrease of $0.7 million from $11.3 million during the third quarter of 2025. The net interest margin was 4.07% in the third quarter of 2026, an increase of 59 basis points from 3.48% in the second quarter of 2026 and an increase of 43 basis points from 3.64% in the third quarter of 2025.

The increase in net interest income during the third quarter of 2026, as compared to the second quarter of 2026, was mainly due to an increase in loan interest income, including fees, of $1.1 million.

The decrease in net interest income during the third quarter of 2026, as compared to the year ago quarter, was mainly due to a decrease in loan interest income, including fees, of $4.8 million, partially offset by a decrease in interest expense on deposits of $3.1 million.

Net interest income was $29.5 million for the nine months ended September 30, 2026, a decrease from $34.1 million for the nine months ended September 30, 2025. The decrease was mainly due to a decrease in loan interest income, including fees, of $14.7 million, partially offset by a decrease in interest expense of $8.7 million.

Noninterest Income

Noninterest income was $1.1 million for the third quarter of 2026, compared to negative income of $6.8 million in the second quarter of 2026 and negative income of $1.1 million in the third quarter of 2025. The change from the third quarter of 2026, as compared to the second quarter of 2026, was primarily the result of a 99.41% decrease in government guaranteed loan fair value losses of $6.4 million and second quarter 2026 loss on nonmarketable equity securities of $1.5 million which was related to the impairment of an investment in a firm who was a partner with the Company’s former SBA 7(a) lending business. The increase in the third quarter of 2026, as compared to the third quarter of 2025, was the result of a third quarter 2025 fair value adjustment on loans held for sale of $5.1 million, partially offset by a decrease in gain on sale of government guaranteed loans of $3.0 million.

Noninterest income was a negative $4.8 million for the nine months ended September 30, 2026, which was a decrease from income of $17.9 million for the nine months ended September 30, 2025. The decrease was primarily the result of a decrease in gain on sale of government guaranteed loans of $16.1 million, a decrease in government guaranteed loan fair value gains of $7.8 million, a decrease in government guaranteed loan packaging fees of $1.7 million and second

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 3

quarter 2026 loss on nonmarketable equity securities of $1.5 million, partially offset by a 2025 fair value adjustment on loans held for sale of $5.1 million.

Noninterest Expense

Noninterest expense was $12.8 million in the third quarter of 2026 compared to $17.7 million in the second quarter of 2026 and $25.2 million in the third quarter of 2025. The decrease in the third quarter of 2026, as compared to the prior quarter, was primarily due $1.7 million of expenses in the second quarter of 2026 related to the asset resolution plan and $2.3 million of one-time expenses to record a change in control payment and write-off vendor contracts related to national lending and digital account opening businesses which are not part of our community banking focus. The decrease in the third quarter of 2026, as compared to the third quarter of 2025, was primarily due to the third quarter 2025 restructuring expense of $7.3 million, and a decrease in compensation expense of $3.1 million.

Noninterest expense was $45.4 million for the nine months ended September 30, 2026 compared to $58.6 million for the nine months ended September 30, 2025. The decrease was primarily the result of the third quarter 2025 restructuring expense of $7.3 million, a decrease in compensation expense of $8.1 million, partially offset by an increase in loan servicing and origination expense of $3.1 million.

Balance Sheet

Assets

Total assets increased $13.0 million, or 1.1%, during the third quarter of 2026 to $1.15 billion, primarily the result of an increase in loans held for investment of $20.1 million, and a decrease in allowance for credit losses on loans of $3.3 million, partially offset by a decrease in cash and cash equivalents of $10.8 million. Compared to the end of the third quarter last year, total assets decreased $192.3 million, or 14.3%, driven primarily by a decrease in loans held for investment and held for sale of $184.2 million, and an increase in allowance for credit losses on loans of $17.3 million, partially offset by an increase in cash and cash equivalents of $9.8 million and an increase in deferred tax asset of $14.8 million.

Loans

Loans held for investment increased $20.1 million, or 2.3%, during the third quarter of 2026 and decreased $90.1 million, or 9.1%, over the past year to $903.0 million. The decrease from prior year was primarily due to loan payoffs and government guaranteed loan sales, which included the sale of the SBA 7(a) loans to a third party in the fourth quarter as part of the Bank’s discontinuance of SBA 7(a) lending. This was partially offset by originations in both conventional community bank loans and USDA government guaranteed loans.

Deposits

Deposits increased $25.3 million, or 2.6%, during the third quarter of 2026 and decreased $157.3 million, or 13.4%, from the third quarter of 2025, ending September 30, 2026, at $1.01 billion. During the third quarter, there was a decrease in time deposit balances of $8.7 million, partially offset by increases in noninterest-bearing account balances of $4.4 million, interest-bearing transaction account balances of $6.9 million, and savings and money market account balances of $22.6 million. At September 30, 2026, June 30, 2026, and September 30, 2025, the Company had $165.7 million, $163.8 million, and $235.9 million, respectively, of brokered deposits.

Asset Quality

The Company recorded a provision for credit losses in the third quarter of negative $0.1 million, compared to provisions of $29.0 million for the second quarter of 2026 and $11.2 million during the third quarter of 2025. The decrease in the provision expense was primarily the result of $30.5 million of expense related to the asset resolution plan recorded in the second quarter of 2026.

The ratio of allowance for credit losses (ACL) on loans to total loans held for investment at amortized cost was 4.85% at September 30, 2026, 5.37% as of June 30, 2026, and 2.63% as of September 30, 2025. The ratio of ACL on loans to

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 4

total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 5.20% at September 30, 2026, 5.82% as of June 30, 2026, and 2.80% as of September 30, 2025.

Net charge-offs for the third quarter of 2026 were $3.2 million, which was a decrease from $4.5 million for the second quarter of 2026 and a decrease from $3.5 million for the third quarter of 2025. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.52% for the third quarter of 2026, compared to 2.08% in the second quarter of 2026 and 1.34% in the third quarter of 2025. Nonperforming assets were 1.29% of total assets as of September 30, 2026, compared to 1.75% as of June 30, 2026, and 1.98% as of September 30, 2025. Nonperforming assets, excluding government guaranteed loan balances, were 1.21% of total assets as of September 30, 2026, compared to 1.32% as of June 30, 2026, and 1.21% as of September 30, 2025.

Capital

The Bank’s Tier 1 leverage ratio was 8.79% as of September 30, 2026, compared to 8.30% as of June 30, 2026, and 6.14% as of September 30, 2025. The CET 1 and Tier 1 capital ratios to risk-weighted assets were 11.15% as of September 30, 2026, compared to 11.47% as of June 30, 2026, and 7.82% as of September 30, 2025. The total capital to risk-weighted assets ratio was 12.44% as of September 30, 2026, compared to 12.77% as of June 30, 2026, and 9.08% as of September 30, 2025. At September 30, 2026, the Bank met all of its regulatory capital requirements to be 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 September 30, 2026 was 13.49%, as compared to 18.44% at December 31, 2025. 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 September 30, 2026 and June 30, 2026, the Bank had no borrowings from the FHLB, the FRB or other financial institutions.

Recent Events

On October 8, 2026, the Company sold and issued 4,107,908 common shares at $3.50 per common share in or as part of the Company’s rights offering. The offering resulted in gross proceeds of $14.4 million which will be used to improve capital levels of the Company and the Bank, and support the continued growth of the Bank.

Conference Call

BayFirst will host a conference call on Friday, October 30, 2026, at 9:00 a.m. ET to discuss its third quarter results. Interested parties may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com or are invited to dial (833) 461-5787 to participate in the call using Conference ID 438809173. 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 September 30, 2026, BayFirst Financial Corp. had $1.15 billion in total assets.

Forward-Looking Statements

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 5

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. Reports Third Quarter 2026 Results

October 29, 2026

Page 6

BAYFIRST FINANCIAL CORP.

SELECTED FINANCIAL DATA (Unaudited)

At or for the three months ended

(Dollars in thousands, except for share data) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

As restated As restated As restated

Net loss $ (677) $ (32,665) $ (5,930) $ (2,696) $ (19,077)

Balance sheet data:

Average loans held for investment at amortized cost 848,578 858,931 881,938 933,401 1,054,946

Average total assets 1,121,140 1,185,392 1,213,823 1,328,923 1,339,795

Average common shareholders’ equity 59,761 67,624 64,448 67,481 86,976

Government guaranteed loans held for sale — — — — 94,052

Total loans held for investment 902,966 882,840 924,220 958,014 993,109

Total loans held for investment, excl gov’t gtd loan balances 832,904 805,684 849,157 887,885 917,816

Allowance for credit losses 41,762 45,081 20,632 21,996 24,485

Total assets 1,147,929 1,134,925 1,189,671 1,294,269 1,340,222

Total deposits 1,014,154 988,874 1,085,869 1,183,938 1,171,457

Common shareholders’ equity 98,095 19,850 58,421 64,758 67,921

Share data:

Basic loss per common share $ (0.04) $ (8.05) $ (1.54) $ (0.75) $ (4.71)

Diluted loss per common share (0.04) (8.05) (1.54) (0.75) (4.71)

Book value per common share 3.64 4.83 14.22 15.76 16.50

Tangible book value per common share (1)

3.64 4.82 14.22 15.76 16.50

Performance ratios:

Return on average assets(2)

(0.24) % (11.02) % (1.95) % (0.81) % (5.70) %

Return on average common equity(2)

(6.39) % (195.50) % (39.19) % (18.26) % (89.51) %

Net interest margin(2)

4.07 % 3.48 % 3.44 % 3.60 % 3.64 %

Asset quality ratios:

Net charge-offs $ 3,228 $ 4,460 $ 4,719 $ 4,865 $ 3,544

Net charge-offs/avg loans held for investment at amortized cost(2)

1.52 % 2.08 % 2.14 % 2.08 % 1.34 %

Nonperforming loans(3)

$ 14,013 $ 18,457 $ 21,453 $ 24,343 $ 24,687

Nonperforming loans (excluding gov't gtd balance)(3)

$ 13,445 $ 14,434 $ 15,873 $ 16,271 $ 15,822

Nonperforming loans/total loans held for investment(3)

1.63 % 2.20 % 2.46 % 2.69 % 2.65 %

Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3)

1.56 % 1.72 % 1.82 % 1.80 % 1.70 %

ACL/Total loans held for investment at amortized cost 4.85 % 5.37 % 2.36 % 2.43 % 2.63 %

ACL/Total loans held for investment at amortized cost, excl government guaranteed loans 5.20 % 5.82 % 2.55 % 2.60 % 2.80 %

Other Data:

Full-time equivalent employees 146 148 143 144 237

Banking center offices 12 11 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

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 7

Reconciliation and Management Explanation of Non-GAAP Financial Measures

Some 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) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025

As restated As restated As restated

Total shareholders’ equity $ 104,541 $ 115,901 $ 75,628 $ 81,580 $ 83,972

Less: Preferred stock liquidation preference (6,446) (96,051) (17,207) (16,822) (16,051)

Total equity available to common shareholders 98,095 19,850 58,421 64,758 67,921

Less: Intangible assets (62) (62) — — —

Tangible common shareholders' equity $ 98,033 $ 19,788 $ 58,421 $ 64,758 $ 67,921

Common shares outstanding 26,962,725 4,106,905 4,108,072 4,108,069 4,116,913

Tangible book value per common share $ 3.64 $ 4.82 $ 14.22 $ 15.76 $ 16.50

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 8

BAYFIRST FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands) 9/30/2026 6/30/2026 9/30/2025

Assets As restated

Cash and due from banks $ 5,230 $ 5,641 $ 5,193

Interest-bearing deposits in banks 123,097 133,524 113,357

Cash and cash equivalents 128,327 139,165 118,550

Time deposits in banks — — 1,284

Investment securities available for sale, at fair value (amortized cost $27,454, $30,591, and $32,614 at September 30, 2026, June 30, 2026, and September 30, 2025, respectively)

23,856 27,778 29,857

Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $7, $7, and $9 (fair value: $2,347, $2,371, and $2,375 at September 30, 2026, June 30, 2026, and September 30, 2025, respectively)

2,493 2,493 2,491

Nonmarketable equity securities

4,509 3,164 7,028

Government guaranteed loans held for sale — — 94,052

Government guaranteed loans held for investment, at fair value

42,204 43,847 61,780

Loans held for investment, at amortized cost 860,762 838,993 931,329

Allowance for credit losses on loans (41,762) (45,081) (24,485)

Net Loans held for investment, at amortized cost 819,000 793,912 906,844

Accrued interest receivable 5,429 5,127 6,800

Premises and equipment, net 34,681 30,245 31,695

Loan servicing rights 8,827 9,942 15,663

Deferred income tax assets 21,836 21,253 7,040

Right-of-use operating lease assets 13,402 13,720 14,833

Bank owned life insurance 27,854 27,654 27,071

Other real estate owned 410 532 400

Other assets 15,101 16,093 14,834

Total assets $ 1,147,929 $ 1,134,925 $ 1,340,222

Liabilities:

Noninterest-bearing deposit accounts $ 121,193 $ 116,788 $ 105,937

Interest-bearing transaction accounts 142,555 135,628 210,336

Savings and money market deposit accounts 445,578 422,933 479,262

Time deposits 304,828 313,525 375,922

Total deposits 1,014,154 988,874 1,171,457

FHLB borrowings — — 50,000

Subordinated debentures 5,968 5,966 5,961

Notes payable 1,138 1,252 1,593

Accrued interest payable 735 597 1,082

Operating lease liabilities 12,408 12,694 13,554

Accrued expenses and other liabilities 8,985 9,641 12,603

Total liabilities 1,043,388 1,019,024 1,256,250

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 9

BAYFIRST FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands) 9/30/2026 6/30/2026 9/30/2025

Shareholders’ equity: As restated

Preferred stock, Series A; no par value, no shares authorized, issued, and outstanding at September 30, 2026, and 10,000 shares authorized, 6,395 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of $6,395 at June 30, 2026 and September 30, 2025

— 6,161 6,161

Preferred stock, Series B; no par value, no shares authorized, issued, and outstanding at September 30, 2026, 20,000 shares authorized, 3,210 shares issued and outstanding at June 30, 2026 and September 30, 2025; aggregate liquidation preference of $3,210 at June 30, 2026 and September 30, 2025

— 3,123 3,123

Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025; aggregate liquidation preference of $6,446 at September 30, 2026, June 30, 2026 and September 30, 2025

6,446 6,446 6,446

Preferred stock, Series D; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025 and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of $40,000 at June 30, 2026

— 37,254 —

Preferred stock, Series E; no par value, no shares authorized, issued and outstanding at September 30, 2026 and September 30, 2025, and 4,000 shares authorized, issued and outstanding at June 30, 2026; aggregate liquidation preference of $40,000 at June 30, 2026

— 37,254 —

Common stock and additional paid-in capital; no par value, 100,000,000, 15,000,000, and 15,000,000 shares authorized, 26,962,725, 4,106,905, and 4,116,913 shares issued and outstanding at September 30, 2026, June 30, 2026, and September 30, 2025, respectively

128,646 54,382 54,764

Accumulated other comprehensive loss, net (2,701) (2,111) (2,069)

Unearned compensation (213) (245) (538)

Retained earnings (27,637) (26,363) 16,085

Total shareholders’ equity 104,541 115,901 83,972

Total liabilities and shareholders’ equity $ 1,147,929 $ 1,134,925 $ 1,340,222

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 10

BAYFIRST FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the Quarter Ended Year-to-Date

(Dollars in thousands, except per share data) 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025

Interest income: As restated As restated

Loans, including fees $ 15,951 $ 14,803 $ 20,746 $ 46,675 $ 61,346

Interest-bearing deposits in banks and other 1,296 1,562 946 4,367 2,926

Total interest income 17,247 16,365 21,692 51,042 64,272

Interest expense:

Deposits 6,483 6,850 9,576 21,226 28,289

Other 137 93 798 327 1,928

Total interest expense 6,620 6,943 10,374 21,553 30,217

Net interest income 10,627 9,422 11,318 29,489 34,055

Provision for credit losses (69) 28,977 11,165 32,312 23,332

Net interest income after provision for credit losses 10,696 (19,555) 153 (2,823) 10,723

Noninterest income:

Loan servicing income, net 655 588 761 2,013 1,981

Gain (loss) on sale of government guaranteed loans, net — — 3,039 (97) 15,975

Service charges and fees 507 497 474 1,494 1,396

Government guaranteed loans fair value gain (loss), net (38) (6,468) (882) (7,039) 805

Fair value adjustment on loans held for sale

— — (5,096) — (5,096)

Government guaranteed loan packaging fees — — 380 — 1,673

Loss on nonmarketable securities — (1,500) — (1,500) —

Loss on sale of premises and equipment — (34) — (21) —

Other noninterest income (loss) (23) 108 254 326 1,215

Total noninterest income 1,101 (6,809) (1,070) (4,824) 17,949

Noninterest Expense:

Salaries and benefits 4,466 5,332 7,637 14,867 23,748

Bonus, commissions, and incentives 576 741 530 1,607 863

Occupancy and equipment 1,307 1,352 1,525 4,027 4,738

Data processing 1,406 2,649 2,049 5,544 6,172

Marketing and business development 76 157 262 356 1,152

Professional services 571 1,172 859 2,907 2,373

Loan servicing and origination expense

3,004 3,122 3,273 9,962 6,866

Employee recruiting and development 213 248 364 663 1,443

Regulatory assessments 515 611 484 1,704 1,175

Restructure charges — — 7,262 — 7,262

Other noninterest expense 682 2,292 970 3,741 2,764

Total noninterest expense 12,816 17,676 25,215 45,378 58,556

Loss before taxes (1,019) (44,040) (26,132) (53,025) (29,884)

Income tax benefit (342) (11,375) (7,055) (13,753) (8,015)

Net loss (677) (32,665) (19,077) (39,272) (21,869)

Preferred dividends 277 386 385 1,048 1,156

Net loss attributable to common shareholders

$ (954) $ (33,051) $ (19,462) $ (40,320) $ (23,025)

Basic loss per common share $ (0.04) $ (8.05) $ (4.71) $ (3.76) $ (5.57)

Diluted loss per common share $ (0.04) $ (8.05) $ (4.71) $ (3.76) $ (5.57)

BayFirst Financial Corp. Reports Third Quarter 2026 Results

October 29, 2026

Page 11

Loan Composition

(Dollars in thousands)

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

(Unaudited)

Unaudited/As restated As restated Unaudited/As restated

Real estate:

Residential

$ 348,865 $ 353,716 $ 359,305 $ 365,427 $ 364,020

Commercial

228,589 211,518 216,643 215,771 231,039

Construction and land

35,976 38,095 36,732 48,397 43,700

Commercial and industrial

177,062 158,077 171,666 181,566 194,654

Commercial and industrial - PPP

— — 6 6 13

Consumer and other

66,903 73,567 82,269 86,441 90,946

Loans held for investment, at amortized cost, gross

857,395 834,973 866,621 897,608 924,372

Deferred loan costs, net

7,151 8,338 9,353 10,491 11,522

Discount on government guaranteed loans

(4,472) (5,107) (6,007) (6,811) (7,506)

Premium on loans purchased, net

688 789 2,446 2,650 2,941

Loans held for investment, at amortized cost, net

860,762 838,993 872,413 903,938 931,329

Government guaranteed loans held for investment, at fair value 42,204 43,847 51,807 54,076 61,780

Total loans held for investment, net

$ 902,966 $ 882,840 $ 924,220 $ 958,014 $ 993,109

Nonperforming Assets (Unaudited)

(Dollars in thousands) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

As Restated As Restated As Restated

Nonperforming loans (government guaranteed balances), at amortized cost, gross

$ 568 $ 4,023 $ 5,580 $ 8,072 $ 8,865

Nonperforming loans (unguaranteed balances), at amortized cost, gross

13,445 14,434 15,873 16,271 15,822

Total nonperforming loans, at amortized cost, gross

14,013 18,457 21,453 24,343 24,687

Nonperforming loans (government guaranteed balances), at fair value

— — 208 83 —

Nonperforming loans (unguaranteed balances), at fair value

114 443 1,230 1,453 1,385

Total nonperforming loans, at fair value

114 443 1,438 1,536 1,385

OREO

410 532 400 400 400

Repossessed assets 253 466 583 263 32

Total nonperforming assets, gross

$ 14,790 $ 19,898 $ 23,874 $ 26,542 $ 26,504

Nonperforming loans as a percentage of total loans held for investment(1)

1.63 % 2.20 % 2.46 % 2.69 % 2.65 %

Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1)

1.56 % 1.72 % 1.82 % 1.80 % 1.70 %

Nonperforming assets as a percentage of total assets

1.29 % 1.75 % 2.01 % 2.05 % 1.98 %

Nonperforming assets (excluding government guaranteed balances) to total assets

1.21 % 1.32 % 1.39 % 1.29 % 1.21 %

ACL to nonperforming loans(1)

298.02 % 244.24 % 96.17 % 90.35 % 99.18 %

ACL to nonperforming loans (excluding government guaranteed balances)(1)

310.61 % 312.32 % 129.98 % 135.18 % 154.75 %

(1) Excludes loans measured at fair value

Note: Transmitted on Globe Newswire on October 30, 2026, at 4:00 p.m. ET.

EX-99.2

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bayfirstinvestorpresenta

BayFirst Financial Corp. (NASDAQ:BAFN) 2026 – Third Quarter Results (Unaudited)

In 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. Cautionary Statement Concerning Forward-Looking Information 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 we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

3 ABOUT BAYFIRST FINANCIAL CORP. TAMPA BAY’S PREMIER COMMUNITY BANKING FRANCHISE IN THE TAMPA BAY- SARASOTA REGION(1) HOW WE RANK 3 ASSET SIZE BILLION TOTAL ASSETS (2)$1.15 ASSET GROWTH ASSET GROWTH SINCE DEC 31, 2020(2)25% (1) Deposit ranking of banks with assets less than $10B headquartered in the Tampa Bay-Sarasota region as of June 30, 2026 from Uniform Bank Performance Reports (2) Financial data as of September 30, 2026 COST OF FUNDS BASIS POINT INCREASE IN NET INTEREST MARGIN FOR THE QUARTER DEPOSITS $25 MILLION IN NONINTEREST-BEARING DEPOSIT GROWTH OVER THE QUARTER(2) COMMUNITY BANKING NEW BANKING CENTER IN SOUTH TAMPA OPENED IN SEPTEMBER 2026 59

4 ABOUT BAYFIRST FINANCIAL CORP. CURRENT BANKING CENTER LOCATION CONVENIENT AND ATTRACTIVE BANKING CENTER FRANCHISE IN TAMPA BAY-SARASOTA REGION New banking center to opened in South Tampa September 2026

5 ATTRACTIVE LOAN COMPOSITION Composition of Loans Held for Investment as of September 30, 2026 23.6% 18.0% 20.9% 12.7% 12.7% 4.0% 0.6% 7.5% C&I Residential HELOC Owner-occupied nonfarm/nonresidential Other nonfarm/nonresidential C&D Multifamily residential and farmland Consumer & Other Loan Highlights • Loan portfolio is well-diversified across major loan types with a low concentration of non owner-occupied commercial real estate loans • Total loan production of $90 million during the quarter • Total loans decreased $184 million over the last twelve months primarily due to the exit of the SBA 7(a) lending business and the sale of $97 million of loan balances • There were a total of $170.3 million of SBA 7(a) loans as of 9/30/2026. Of which $130.8 million are unguaranteed and $39.5 million are guaranteed.

6 SOLID DEPOSIT COMPOSITION Deposit Portfolio Balance Composition as of September 30, 2026 • Total Deposits increased $25 million for the quarter and decreased $157 million over the last twelve months primarily in high-rate promotional deposits • Approximately 79% of deposits were insured as of September 30, 2026 • Short-term brokered deposits were $166 million as of September 30, 2026 • Grew number of checking accounts by 6% YTD Noninterest Bearing Transaction, 12.0% Interest Bearing Transaction, 14.1% Savings & Money Market, 43.9% Time Deposits, 30.0% Deposit Highlights

7 INVESTMENT SECURITIES AFS Investment Securities Portfolio as of September 30, 2026 (fair market value, in thousands) Investment Securities Portfolio Details • Minimal exposure to market value losses due to modest investment securities portfolio (2% of total assets) • Other Comprehensive Loss of $2.7 million reduced Tangible Book Value by $0.10 as of September 30, 2026 ◦ We intend and have the ability to hold the available for sale investment securities to maturity; no plan to sell ◦ No impact to regulatory capital ratios • $2.5 million of HTM investment securities, net of ACL of $7 thousand Asset-backed securities, $2,550 MBS: U.S. Government- sponsored enterprises, $4,305 CMO: U.S. Government- sponsored enterprises, $15,636 Corporate bonds, $1,365

8 QUARTERLY EARNINGS For the Three Months Ended ($000s) 9/30/2026 6/30/2026 Increase/ (Decrease) 9/30/2025 Increase/ (Decrease) As restated Interest income $ 17,247 $ 16,365 $ 882 $ 21,692 $ (4,445) Interest expense 6,620 6,943 (323) 10,374 (3,754) Net interest income 10,627 9,422 1,205 11,318 (691) Provision for credit losses (69) 28,977 (29,046) 11,165 (11,234) Noninterest income 1,101 (6,809) 7,910 (1,070) 2,171 Noninterest expense 12,816 17,676 (4,860) 25,215 (12,399) Income tax benefit (342) (11,375) 11,033 (7,055) 6,713 Net loss (677) (32,665) 31,988 (19,077) 18,400 Preferred dividends 277 386 (109) 385 (108) Net loss attributable to common shareholders $ (954) $ (33,051) $ 32,097 $ (19,462) $ 18,508

9 Nine Months Ended September 30, ($000s) 2026 2025 Increase/ (Decrease) As restated Interest income $ 51,042 $ 64,272 $ (13,230) Interest expense 21,553 30,217 (8,664) Net interest income 29,489 34,055 (4,566) Provision for credit losses 32,312 23,332 8,980 Noninterest income (4,824) 17,949 (22,773) Noninterest expense 45,378 58,556 (13,178) Income tax expense (13,753) (8,015) (5,738) Net loss (39,272) (21,869) (17,403) Preferred dividends 1,048 1,156 (108) Net loss attributable to)common shareholders $ (40,320) $ (23,025) $ (17,295) YEAR TO DATE EARNINGS

10 KEY METRICS As of and For the Three Months Ended As of and For the Nine Months Ended 9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025 As restated As restated Return on average assets(1) (0.24) % (11.02) % (5.70) % (4.46) % (2.22) % Return on average common equity(1) (6.39) % (195.50) % (89.51) % (75.13) % (34.31) % Tangible book value per common share $ 3.64 $ 4.82 $ 16.50 $ 3.64 $ 16.50 Diluted loss per common share $ (0.04) $ (8.05) $ (4.71) $ (3.76) $ (5.57) Total Capital (to risk-weighted assets)(2) 12.44 % 12.77 % 9.08 % 12.44 % 9.08 % Common Equity Tier 1 Capital (to risk- weighted assets)(2) 11.15 % 11.47 % 7.82 % 11.15 % 7.82 % Tier 1 Capital (to total assets)(2) 8.79 % 8.30 % 6.14 % 8.79 % 6.14 % Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3) 1.56 % 1.72 % 1.70 % 1.56 % 1.70 % ACL/Total loans held for investment at amortized cost 4.85 % 5.37 % 2.63 % 4.85 % 2.63 % (1) Annualized (2) Capital Ratios are at the Bank (3) Excludes loans measured at fair value

11 QTD INTEREST MARGIN 3.64% 3.60% 3.44% 3.48% 4.07% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 2.0% 4.0% 6.0% Net Interest Margin (1) Loan Yield (1) 7.25% 7.27% 6.87% 6.53% 7.10% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 2.5% 5.0% 7.5% 10.0% Cost of Funds Net Interest Margin (1)($ in millions) 3.71% 3.48% 3.21% 3.01% 3.00% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 1.0% 2.0% 3.0% 4.0% $11.3 $11.2 $9.4 $9.4 $10.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0.0 $5.0 $10.0 $15.0 (1) Q3 2025, Q4 2025, Q1 2026 have been restated

12 $74 $71 $65 $20 $98 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $20 $40 $60 $80 $100 $120 BALANCE SHEET COMPOSITION Total Assets(1) ($M) Total Loans HFI(1) ($M) Total Deposits ($M) Tangible Common Equity(1) ($M) $1,346 $1,300 $1,196 $1,135 $1,148 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $993 $958 $924 $883 $903 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $200 $400 $600 $800 $1,000 $1,200 $1,171 $1,184 $1,086 $989 $1,014 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 (1) Q3 2025, Q4 2025, Q1 2026 have been restated

13 TANGIBLE BOOK VALUE PER COMMON SHARE(1) $17.90 $15.76 $14.22 $4.82 $3.64 Tangible Book Value Per Common Share Number of shares outstanding Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $3 $5 $8 $10 $13 $15 $18 $20 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 (1) Q3 2025, Q4 2025, Q1 2026 have been restated

14 COMMUNITY BANKING PERFORMANCE Q3 2026 Loan Production Summary: ▪ Loan production during the quarter was $89.6 million(1) ▪ Total Loans increased by a net $20.1 million during the quarter Q3 2026 Deposit Summary: ▪ Deposit balances increased $25.3 million during the quarter ▪ Deposit portfolio increased by 5.8% in number of accounts (to 21,186 accounts totaling $1.01 billion) YTD Community Banking: • New branch opened in South Tampa Q3 2026 Highlights Banking Center & Deposits ($ in 000s) Total Deposits # Branch Year Opened 9/30/2026 9/30/2025 9/30/2024 1 St. Petersburg(2) 2017 $ 338,688 $ 462,417 $ 298,588 2 Seminole 1999 150,488 167,711 156,094 3 Pinellas Park 2005 94,928 94,133 96,239 4 Downtown Sarasota(3) 2018 — 100,570 168,508 5 Countryside 2018 45,186 54,795 63,063 6 West Tampa 2020 71,479 97,367 109,545 7 Belleair Bluffs 2021 52,740 52,686 47,962 8 West Bradenton 2022 61,533 54,660 63,143 9 Carrollwood 2023 39,040 34,560 52,181 10 Bee Ridge 2023 53,675 28,559 35,994 11 North Sarasota 2023 9,859 2,426 684 12 South Tamiami Trail 2024 66,457 21,573 20,195 13 South Tampa 2026 30,081 — — Total Branches (12) $ 1,014,154 $ 1,171,457 $ 1,112,196 (1) Excludes government guaranteed loan production (2) St. Petersburg branch deposits include other deposits generated by Government Guaranteed Banking, Cash Management, Corporate Treasury, and Virtual (3) Downtown Sarasota banking center closed in May 2026

15 $15.8 $1.2 $0.6 $1.5 $1.2$1.4 $5.6 $1.6 $2.2 $43.9 $8.2 $0.3 $0.1 $0.8 $44.4 $2.6 $0.7 $0.1 $0.5 $— Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $0 $10 $20 $30 $40 $50 Community Banking New Loan Production Community Banking New Loan Production ($M) (1) Includes residential first mortgages, home equity lines of credit, and home equity closed loans

16 $698.0 $700.7 $661.8 $637.3 $679.3 $378.2 $380.9 $372.3 $362.5 $358.9 $202.9 $200.0 $179.8 $179.0 $193.1 $28.5 $32.3 $29.8 $23.9 $59.3 $88.5 $87.4 $80.0 $72.0 $68.0 Real estate - residential (1) Real estate - commercial Commercial and industrial Consumer and other 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 $200 $300 $400 $500 $600 $700 Community Banking Loan Balances Community Banking Loan Balances ($M) (1) Includes residential first mortgages, home equity lines of credit, and home equity closed loans

17 $44 $58 $98 $100 2023 2024 2025 YTD 2026 $— $20 $40 $60 $80 $100 $120 • With our treasury management platform operational, we are servicing small and medium sized businesses as well as large businesses through our two online platforms • The Bank expanded its treasury management staff to four with the addition of two new experienced associates in 2025 • The Bank has created products and services specifically for Associations TREASURY MANAGEMENT SERVICES Treasury Management Services Treasury Management Fee Income ($000s)

18 ASSET QUALITY 1.34% 2.08% 2.14% 2.08% 1.52% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0% 1.0% 2.0% 3.0% Net charge-offs/Total average loans HFI at amortized cost(1) ACL/Total loans held for investment at amortized cost(1) 2.63% 2.43% 2.36% 5.37% 4.85% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 0.0% 2.0% 4.0% 6.0% ACL to nonperforming loans(2)(3) Past due and Nonaccrual loans to Total loans HFI at amortized cost(1)(2)(3) 154.75% 135.18% 129.98% 312.32% 310.61% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 0.0% 100.0% 200.0% 300.0% 400.0% 3.07% 3.48% 3.62% 2.92% 3.33% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 0.0% 2.0% 4.0% (2) Excludes government guaranteed balances (3) Excludes loans measured at fair value (1) Q3 2025, Q4 2025, Q1 2026 have been restated

19 APPENDIX

20 OWNERSHIP OVERVIEW Total Common Stock Ownership Mix Note: Ownership information based on most recently disclosed common shares outstanding of 31,070,633 as of 10/21/26 Source: S&P Capital IQ Pro Kenneth Lehman, 39.19% Alfred Rogers, Jr., 3.68% William Sultenfuss, 4.23% Andrew Wright, 1.38% Mark S. Berset, 1.84% All Other Directors/ Executive Officers, 1.87%Public/Other, 47.81%

21 DEPOSITS IN TAMPA BAY-SARASOTA REGION Total Deposits (Total Assets <$10BN and HQ in Tampa Bay-Sarasota Region) Note: Deposit data as of March 31, 2026 Source: Uniform Bank Performance Reports Average Deposits Branches Deposits per Branch Rank Institution ($ millions) (No.) ($ millions) 1 Bank of Tampa $2,709 13 $208 2 Climate First 1,548 3 516 3 BayFirst National Bank 989 11 90 4 Flagship Bank 670 6 112 5 Waterfall Bank 330 1 330 6 Central Bank 325 4 81 7 Gulfside Bank 294 2 147 8 TCM Bank NA 280 1 280 9 Century Bank of Florida 87 1 87 10 Echelon Bank 23 3 8

22 LIQUIDITY SOURCES • Available Liquidity ◦ $128 million in cash and due from other banks ◦ $24 million in AFS investment securities • Off Balance Sheet Sources of Liquidity ◦ $175 million of unused, available borrowing capacity at the FHLB based on pledged loans ◦ $32 million available at the Federal Reserve Bank based on pledged loans • Contingent Sources ◦ Up to $64 million in brokered deposits (1) ◦ Up to $344 million in listing service deposits (1) (1) Based on Bank’s policy limits Data as of September 30, 2026

23 EXPERIENCED LEADERSHIP TEAM • Joined BayFirst as CFO in Q2 2018; Prior to joining BayFirst, Controller of Central Bank & Trust Co., a $2.5 billion privately held financial institution in Lexington, Kentucky, from May 2014 to June 2018 • Approximately 16 years with Crowe LLP as an auditor in the financial institution practice; served over 80 financial institution clients with assets ranging from $50 million to $4.5 billion throughout career, including several SEC registrants and FDICIA reporting institutions • B.S. in Accounting from the University of Kentucky • Joined BayFirst in Q2 2026. • Previous experience includes CEO of Manufacturers Bank of Florida, President and Senior Lender at Colonial Bank, Executive Lending Officer at USAmeriBank, and EVP and Chief Lending Officer of Valley National Bank • B.A. in Economics from Vanderbilt University Robin Oliver Alfred T, (“Al”) Rogers President, Chief Executive Officer & Director of BayFirst and the Bank Chief Operating Officer Scott McKim EVP, Chief Financial Officer of BayFirst and the Bank • Joined BayFirst in July 2023 • Previous experience includes Chief Strategy Officer of 121 Financial Credit Union, Chief Financial Officer and Chief Lending Officer of Publix Employees Federal Credit Union, and Director of Corporate Finance and Divisional CFO for Huntington Bancshares • B.S. in Accounting from Bowling Green State University and M.B.A from Max M. Fisher College of Business, The Ohio State University • Joined BayFirst in 2026. He previously served as Market President and Director of Commercial Real Estate Banking for Valley Bank's Florida West Region following Valley's acquisition of USAmeriBank in 2018. A lifelong Tampa resident with more than 22 years of banking experience. • B.S. in Finance and Marketing from Florida State University and both an MBA and M.S. from the University of South Florida Muma College of Business. Trey Korhn EVP, Chief Banking Officer

24 EXPERIENCED LEADERSHIP TEAM • Joined BayFirst in Q4 2017; Prior to joining BayFirst, over fifteen years of Mortgage Banking administration experience as well as Human Resources experience supporting mid-size financial institutions • B.B.S from The University of Florida and M.B.A from The University of Tampa Brandi Jaber Susan Khayat EVP, Chief Administrative Officer EVP, Chief Credit Officer Nick Smith EVP, Chief Human Resources Officer • Prior to joining the BayFirst HR team in January 2021, Nick served in leadership roles in the finance, aerospace, and pulp and paper industries. • BA from Murray State University and his MBA from University of Southern Indiana • Prior to joining BayFirst in 2025, Ms. Khayat served as Chief Credit Officer at Fieldpoint Private Bank and assisted Price Waterhouse Coopers with compliance risk reviews while contracted with MBO Partners in Atlanta and has served as Chief Risk Officer and Chief Credit Officer at other community banks and worked many years as a bank regulator with the US Department of the Treasury • Ms. Khayat received her BBA in Finance from Mercer University • Prior to joining BayFirst in 2022, Mr. Curtis served as EVP, Chief Lending Officer at Freedom Bank. He has also held senior leadership positions with Seacoast Bank • Mr. Curtis received his degree from Florida State University and completed executive banking programs at the LSU Graduate School of Banking and University of Florida’s Florida School of Banking Adam Curtis EVP, Chief Lending Officer

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Cover

Oct. 29, 2026

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Oct. 29, 2026

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BAYFIRST FINANCIAL CORP.

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001-41068

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59-3665079

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700 Central Avenue

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St. Petersburg

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33701

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440-6848

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