BayFirst Financial raises $80 million, names Alfred Rogers as CEO

BayFirst Financial Corp. (NASDAQ: BAFN) raised $80 million through a private investment in public equity offering and appointed Alfred Rogers as chief executive officer of its banking subsidiary, the company announced.

The St. Petersburg, Florida-based bank holding company issued convertible preferred stock that will convert to approximately 22.9 million common shares at $3.50 per share, subject to shareholder and regulatory approvals.

Rogers replaces retiring CEO Tom Zernick at BayFirst National Bank. Rogers previously served as CEO of Manufacturers Bank of Florida and most recently as executive vice president and chief lending officer at USAmeribank, which was acquired by Valley National Bank.

The company reported a net loss of $5.7 million, or $1.48 per share, for the first quarter of 2026, compared to a net loss of $2.5 million, or $0.69 per share, in the fourth quarter of 2025.

Net interest margin decreased to 3.42% in the first quarter from 3.58% in the previous quarter. Total assets declined $104.3 million to $1.20 billion during the quarter, primarily due to decreases in cash and loans held for investment.

Loans held for investment decreased $33.5 million during the quarter to $930.4 million. Deposits fell $98.1 million to $1.09 billion, mainly due to reductions in high-rate promotional deposits and brokered deposits.

The bank's Tier 1 leverage ratio was 6.54% as of March 31, 2026. On a pro forma basis after the capital raise, the ratio would increase to 10.02%.

BayFirst also appointed Kenneth R. Lehman to its board of directors and announced plans to resume dividend payments to preferred shareholders. A special shareholder meeting is scheduled for July 14, 2026, to approve increasing authorized shares for the preferred stock conversion.

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