| Schedule of Balance Sheet |
Financial information of BayFirst Financial Corp. follows: | | | | | | | | | | | | | BALANCE SHEETS - PARENT COMPANY | | December 31, | | 2025 | | 2024 | | Assets: | | | | | Cash on deposit with subsidiary | $ | 769 | | $ | 479 | | | | | | | | | | Investment in subsidiary | 93,436 | | 117,669 | | Other assets | 1,121 | | 1,044 | | Total Assets | $ | 95,326 | | $ | 119,192 | | Liabilities: | | | | | Subordinated notes | $ | 5,962 | | $ | 5,956 | | Notes payable | 1,593 | | 1,934 | | Accrued interest payable | 170 | | 10 | | Accrued expenses and other liabilities | 32 | | 372 | | Total liabilities | 7,757 | | 8,272 | | Stockholders' equity: | | | | Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding; aggregate liquidation preference of $6,683 and $6,395 at December 31, 2025 and December 31, 2024, respectively | 6,161 | | | 6,161 | Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding; aggregate liquidation preference of $3,338 and $3,210 at December 31, 2025 and December 31, 2024, respectively | 3,123 | | | 3,123 | Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding; aggregate liquidation preference of $6,801 and $6,446 at December 31, 2025 and December 31, 2024, respectively | 6,446 | | | 6,446 | Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,108,609 and 4,132,986 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 54,371 | | | 54,764 | Accumulated other comprehensive loss, net | (1,960) | | | (2,956) | | Unearned compensation | (335) | | | (752) | | Retained earnings | 19,763 | | | 44,134 | Total stockholders' equity | 87,569 | | | 110,920 | | Total liabilities and stockholders' equity | $ | 95,326 | | | $ | 119,192 |
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| Schedule of Income Statement |
| | | | | | | | | | | | | STATEMENTS OF INCOME (LOSS) - PARENT COMPANY | | For the Year Ended December 31, | | 2025 | | 2024 | | Income: | | | | | Dividend and interest income from bank subsidiary | $ | 3,300 | | $ | 3,775 | | Expense: | | | | | Interest expense | 405 | | 459 | | | | | | | | | | Other expenses | 675 | | 362 | | Total expense | 1,080 | | 821 | | Income before taxes and equity in earnings of subsidiary | 2,220 | | 2,954 | | Income tax benefits | (265) | | (220) | | Income before equity in earnings of subsidiary | 2,485 | | 3,174 | | Equity in undistributed earnings of subsidiary | (25,422) | | 9,429 | | Net income (loss) | $ | (22,937) | | | $ | 12,603 |
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| Schedule of Cash Flow Statement |
| | | | | | | | | | | | | STATEMENTS OF CASH FLOWS - PARENT COMPANY | | For the Year Ended December 31, | | 2025 | | 2024 | | Cash flows from operating activities: | | | | | Net income | $ | (22,937) | | $ | 12,603 | | Adjustments to reconcile net income to net cash from operating activities: | | | | | Equity in earnings from subsidiary | 25,422 | | (9,429) | | Amortization of debt issuance costs | 6 | | 7 | | | | | | | | | | | | | | Change in other assets | (77) | | (133) | | Change in other liabilities and accrued interest payable | (257) | | (251) | | Net cash provided by operating activities | 2,157 | | 2,797 | | | | | | | | | | | | | | | | | | | | | | | | | | Cash flows from financing activities: | | | | | Net increase of loans to bank subsidiary | — | | 17 | | | | | | Payments on notes payable | (341) | | (455) | | | | | | | | | | | | | | Proceeds from sale of common stock, net | 50 | | (23) | | Share buyback - redeemed stock | (335) | | — | | | | | | Unearned ESOP shares allocation | 193 | | 53 | | Dividends paid on common stock | (663) | | (1,323) | | Dividends paid on preferred stock | (771) | | (1,541) | | Net cash provided by (used in) financing activities | (1,867) | | (3,272) | | Net change in cash | 290 | | (475) | | Cash at beginning of year | 479 | | 954 | | Cash at end of year | $ | 769 | | $ | 479 | | | | | | | | | | | | | | | | |
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