BayFirst Financial restates 2024-2025 results after finding prior-period misstatements
Reuters2026/08/18 20:52- BayFirst disclosed material misstatements tied to legacy SBA 7(a) loans, triggering restatements for 2024, 2025, and the quarter ended March 31, 2026.
- Errors included USD 2.8 million of deferred origination costs and USD 2.1 million of accrued interest tied to loans previously in default or nonaccrual.
- Later review found another USD 3.4 million of deferred origination costs that should have reduced net gain on sale of government-guaranteed loans in 2024-2025.
- Amended 10-K and 10-Q filings were submitted this week; management cited ongoing remediation to strengthen internal controls.
- Company said exiting the SBA 7(a) lending business should prevent a recurrence of the errors.
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