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Red Flags Detected

  • Material Weakness (new) — Company identified material weakness in loan accounting controls (nonaccrual, charge-offs, origination costs, gain-on-sale) that was not disclosed in the original Q1 2026 filing; controls now deemed ineffective.
  • Restatement (new) — Company restated FY2024, FY2025, and Q1 2026 financials for cumulative $6.2M errors in deferred costs and accrued interest on defaulted SBA loans, understating provision for credit losses and overstating net interest income and gain on sale.
NASDAQ: BAFN BayFirst Financial Corp. 10-Q/A

BayFirst restates Q1 2026 for $6.2M loan-accounting errors; discloses material weakness

Filed August 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2026 · ~2 min read

Key Financials

SEC XBRL

Period financials are unchanged from the original 10-Q (same period end Mar 31, 2026). This amendment updates disclosure only — see the diff below.

Key Changes

  • high

    Company identified material weakness in internal controls over loan accounting (nonaccrual status, charge-offs, origination costs, gain-on-sale calculations); controls deemed ineffective as of March 31, 2026, reversing original conclusion.

    Controls and Procedures verify on EDGAR →
  • high

    Restatement corrects $6.2M cumulative errors in deferred costs and accrued interest on defaulted SBA loans; Q1 2026 net loss increased $250K to $5.93M ($1.54 per share), book value fell to $14.22 from $15.74.

    Notes: Restatement verify on EDGAR →
  • high

    Total capital ratio fell to 9.00% from 9.84% after restatement, further below the 10% well-capitalized threshold; Tier 1 capital decreased $8.4M.

    Notes: Regulatory Capital verify 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