BayFirst Financial Business Summary

BayFirst Financial Corp. (BAFN) operates as the bank holding company for BayFirst National Bank, generating revenue primarily through net interest income from its commercial and consumer loan portfolios and noninterest income from service charges and treasury management fees. The company manages two primary business segments: its Community Banking Division, which provides traditional banking services across the Tampa Bay-Sarasota region, and CreditBench, its technology-driven loan origination platform. Following a major strategic pivot in late 2025, BayFirst exited its national SBA 7(a) "Bolt" lending business and sold over $100 million in loan balances to Banesco USA to refocus on core community banking and derisk its balance sheet. Direct competitors include Sound Financial Bancorp (SFBC), Bogota Financial (BSBK), Union Bankshares (UNB), and Riverview Bancorp (RVSB); within this peer group, BayFirst occupies a small-cap niche currently undergoing a turnaround to restore profitability and enhance capital ratios. Founded in 2000, the company is led by Chief Executive Officer Thomas G. Zernick, who assumed the role in January 2024 after serving as the bank’s Florida Market President and bringing extensive SBA expertise from Stearns Bank and HomeBanc. The executive team includes President and COO Robin L. Oliver, a CPA and former Crowe LLP auditor, and EVP/CFO Scott J. McKim, a 25-year financial services veteran who also serves as the principal accounting officer following a February 2026 leadership consolidation. Technology initiatives are directed by EVP and CTO John Macaluso, who oversees the firm’s digital transformation and infrastructure. The company’s governance is overseen by Board Chair Anthony Saravanos, with notable institutional backing from major investors including The Vanguard Group, Banc Funds Company, and First Manhattan Co.