BayFirst Financial Corp. Reports First Quarter 2023 Results; Highlighted by Exceptional Core Deposit Growth and Strong Balance Sheet Liquidity

April 28, 2023

ST. PETERSBURG, FL. — April 27, 2023 — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported net income of $739 thousand, or $0.13 per diluted share, for the first quarter of 2023 compared to $1.3 million, or $0.28 per diluted share, in the fourth quarter of 2022. In the first quarter of 2022, net income was $13 thousand, or $(0.05) per diluted share. Net income from continuing operations was $867 thousand for the first quarter of 2023 compared to net income from continuing operations of $2.1 million in the fourth quarter of 2022 and a net loss from continuing operations of $110 thousand in the first quarter of 2022. The Company's balance sheet displayed ample liquidity and strong balance sheet and core deposit growth.

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700 Central Ave St Petersburg FL 33701

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