BayFirst Financial Corp. reported net income of $1.1 million, or $0.18 per diluted common share, for the third quarter of 2024. This represents a 31.3% increase compared to the $0.9 million, or $0.12 per diluted common share, reported in the second quarter of 2024. However, net income decreased from $1.9 million in the third quarter of 2023.
Net interest income from continuing operations increased to $9.4 million in Q3 2024, up from $9.2 million in the prior quarter and $8.4 million in the year-ago quarter. The net interest margin, however, saw a slight decrease, falling by 9 basis points to 3.34% from 3.43% in the second quarter of 2024. Noninterest income rose to $12.3 million from $11.7 million sequentially, but was down from $14.7 million year-over-year.
Asset quality metrics showed signs of pressure, with nonperforming assets increasing to 1.38% of total assets as of September 30, 2024, up from 0.88% a year prior. Net charge-offs for the quarter were $2.8 million, a decrease from $3.3 million in the second quarter but an increase from $2.2 million in the third quarter of 2023. The company also declared a fourth-quarter 2024 cash dividend of $0.08 per common share.
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