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  • Restatement (new) — Company restated FY2025 and FY2024 financials for $6M cumulative pretax errors in deferred loan costs and accrued interest on defaulted SBA loans, understating credit losses and overstating interest income and loan-sale gains.
  • Material Weakness (new) — Company identified material weakness in loan accounting controls (nonaccrual status, charge-offs, origination cost recognition, gain-on-sale calculations) that was not disclosed in the original 10-K filed three months earlier for the same period.
NASDAQ: BAFN BayFirst Financial Corp. 10-K/A

BayFirst restates FY2025 for $6M loan-accounting errors; net loss deepens to $24.6M

Filed August 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 27, 2026 · ~2 min read

Key Financials

SEC XBRL

Period financials are unchanged from the original 10-K (same period end Dec 31, 2025). This amendment updates disclosure only — see the diff below.

Key Changes

  • high

    Company restated FY2025 and FY2024 financials for cumulative $6M pretax errors in deferred loan costs and accrued interest on defaulted SBA 7(a) loans, understating credit losses and overstating interest income and loan-sale gains across multiple periods.

    Notes: Restatement disclosure verify on EDGAR →
  • high

    Management reversed its prior conclusion: disclosure controls and internal controls over financial reporting now deemed ineffective as of Dec 31, 2025 due to material weakness in loan accounting (nonaccrual status, charge-offs, origination cost recognition, gain-on-sale calculations). Remediation plan targets Q3 2026.

    Controls: Material weakness verify on EDGAR →
  • high

    FY2025 net loss deepened from $22.9M to$$12.2M (diluted EPS worsened from -$5.93 to -$6.32); FY2024 net income reduced from $12.6M to $10.3M (diluted EPS fell from $2.62 to $2.09). Provision for credit losses rose $1.0M in 2025, $0.7M in 2024.

    MD&A / Notes: Restated results view on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 17, 2026 · How we verify