BayFirst Financial Corp. announced net income of $9.8 million, or $2.27 per common share, for the fourth quarter of 2024, a substantial increase of 759.8% from the $1.1 million reported in the third quarter. This significant rise was primarily attributed to a pre-tax gain of $11.6 million from a sale-leaseback transaction involving two branch office properties. For the full year 2024, net income reached $12.6 million, up from $5.7 million in 2023.
The company also reported an expansion in its net interest margin, which increased by 26 basis points to 3.60% in Q4 2024 from 3.34% in the prior quarter. Net interest income grew to $10.7 million, up from $9.4 million sequentially. Noninterest expense decreased by $1.7 million quarter-over-quarter to $15.3 million, contributing to improved operating efficiencies.
In a move to enhance shareholder value, the Board of Directors authorized a share repurchase program on January 28, 2025, allowing for up to $2.0 million in buybacks through December 31, 2025. Despite these positive developments, credit quality metrics showed some softening, with nonperforming assets rising to 1.50% of total assets as of December 31, 2024, up from 1.38% in the previous quarter.
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