BayFirst Financial Corp. (BAFN) Q1 2026 Earnings Call Transcript

Operator

Good morning, ladies and gentlemen, and welcome to BayFirst Financial Corp. First Quarter 2026 Conference Call and Webcast. [Operator Instructions] This call is being recorded on Friday, May 1, 2026.

I would now like to turn the conference over to the Chairman of the Board, Anthony Saravanos. Please go ahead.

Anthony Saravanos

Thank you, Joanna. Good morning, and thank you for joining our call today. With me is Scott McKim, our CFO; Robin Oliver, our COO, and I would like to introduce Al Rogers as the new Chief Executive Officer and President of BayFirst National Bank. We are announcing some exciting news regarding the future of BayFirst.

First, we have raised $80 million of capital from investors through a private investment in a public equity offering. The company issued shares of convertible preferred stock in this pipe, which subject to shareholder and regulatory approvals, will convert to or the exchanged for approximately 22.9 million shares of common stock at an effective purchase price of $3.50 per share.

We are announcing a rights offering for our existing shareholders to participate in this capital raise and are scheduling a special shareholder meeting on July 14. This successful capital raise reflects the trust our investors place in our institution and our long-term strategic direction. This has been a lengthy process over the past several quarters following the bank’s exit from SBA 7(a) lending.

I am extremely pleased to have Al join Robin, Scott and all the BayFirst team members to lead the company back