BayFirst Financial Corp. (BAFN) has seen its shares rise by 15.9% over the past month, significantly outperforming the banking industry’s growth rate of 4.6%. As of the latest updates, shares of competitors First Bancorp (FBNC) and Southern First Bancshares, Inc. (SFST) have increased by 9% and 9.7% respectively during the same timeframe.
BayFirst operates through BayFirst National Bank in the Tampa Bay and Sarasota regions, focusing on community banking services. The bank currently has 12 banking centers and offers a variety of products including personal and business deposit accounts, lending services, and treasury management solutions. Key challenges include ongoing losses and elevated servicing costs related to its legacy SBA 7(a) lending business, impacting loan and deposit balances.
Currently, BAFN is priced at 0.36X its trailing 12-month price/book value, substantially lower than the industry average of 1.9X. Despite credit quality concerns and unresolved legacy issues, the company’s strengthened capital base and focus on relationship banking could pave the way for gradual profitability recovery and long-term growth.
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