BayFirst Financial reports shareholder meeting results

BayFirst Financial Corp. (NASDAQ:BAFN), a $61.85 million market cap financial institution currently trading at $14.98 per share, disclosed the outcomes of its 2025 Annual Meeting of Shareholders in a recent SEC filing. According to InvestingPro analysis, the company maintains a strong GREAT financial health score and trades at an attractive P/E ratio of 6.4. The meeting, which took place on May 15, 2025, saw a 62.2% turnout of the outstanding shares, with 2,569,820 shares present in person or by proxy.

During the meeting, shareholders voted on the election of 12 director nominees, each set to serve until the 2026 Annual Meeting. The nominees included Derek S. Berset, Mark S. Berset, Dennis R. DeLoach, III, Alexander Harris, Anthony N. Leo, Robin L. Oliver, Christos Politis, M.D., Anthony Saravanos, Bradly W. Spoor, Sheryl WuDunn, Thomas G. Zernick, and Barbara J. Zipperian. The votes for each nominee ranged from 2,321,914 to 2,376,890 in favor, with the number of shares voted withheld spanning from 192,930 to 247,906. Abstentions and broker non-votes were consistently reported at 1,559,207 for each nominee. Notably, InvestingPro data shows the company has maintained consistent dividend payments for 10 consecutive years, demonstrating strong corporate governance practices.

Additionally, a proposal to adjourn the Annual Meeting to a later date if necessary for further proxy solicitation was presented. However, no adjournment was deemed necessary, and the meeting proceeded to its conclusion without the need to consider this proposal.

The filing also included a reference to an exhibit, the Cover Page Interactive Data File, which was embedded within the Inline XBRL document and filed herewith. This report, including its exhibits, is not considered "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act unless specifically referenced in such a filing.

This summary of the BayFirst Financial Corp. SEC filing is based on the press release statement and provides a factual account of the key information disclosed in the document. For deeper insights into BayFirst’s financial health, valuation metrics, and expert analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with detailed analytics and actionable intelligence.

In other recent news, BayFirst Financial Corp. reported a net loss of $335,000 for the first quarter of 2025, contrasting with a net income of $9.8 million in the previous quarter. Despite the loss, the company experienced an increase in total assets by $3.7 million, reaching $1.29 billion, and a rise in shareholders’ equity by $9.5 million year-over-year. BayFirst also saw a decrease in total deposits by $15 million and a slight decline in tangible book value per share from $22.95 to $22.77. The company has launched several new financial products and services, aiming to enhance its credit risk management and derisk its balance sheet. CEO Tom Zurnick and President Robin Oliver emphasized their focus on adapting to the dynamic banking environment and improving credit quality. The company has initiated a comprehensive strategic review to align with these goals. Additionally, BayFirst’s government-guaranteed loan origination platform originated $106.3 million in new loans during the quarter. The company continues to expand its treasury product offerings and strengthen its credit administration team.

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