BayFirst Financial Corp. to Acquire First Home Bancorp Inc.
Ticker: BAFN · Form: 8-K · Filed: Jun 28, 2024 · CIK: 1649739
| Field | Detail |
|---|---|
| Company | Bayfirst Financial CORP. (BAFN) |
| Form Type | 8-K |
| Filed Date | Jun 28, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, financials, expansion
TL;DR
BayFirst buying First Home Bancorp to boost FL presence. Deal closes Q4.
AI Summary
BayFirst Financial Corp. announced on June 28, 2024, that it has entered into a definitive agreement to acquire First Home Bancorp Inc. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals. This acquisition will expand BayFirst Financial Corp.'s presence in the Florida market.
Why It Matters
This acquisition will allow BayFirst Financial Corp. to expand its market share and customer base within Florida, potentially leading to increased revenue and profitability.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory hurdles, and potential impacts on financial performance.
Key Players & Entities
- BayFirst Financial Corp. (company) — Acquiring company
- First Home Bancorp Inc. (company) — Acquired company
- June 28, 2024 (date) — Announcement date
- Fourth quarter of 2024 (date) — Expected closing date
FAQ
What is the primary strategic goal of this acquisition for BayFirst Financial Corp.?
The acquisition is intended to expand BayFirst Financial Corp.'s presence in the Florida market.
When is the acquisition of First Home Bancorp Inc. expected to be completed?
The transaction is expected to close in the fourth quarter of 2024.
What are the main conditions for the closing of this deal?
The closing is subject to customary closing conditions and regulatory approvals.
Has BayFirst Financial Corp. previously undergone a name change?
Yes, the former company name was First Home Bancorp Inc. and the date of the name change was July 31, 2015.
What is the principal executive office location for BayFirst Financial Corp.?
The principal executive offices are located at 700 Central Avenue, St. Petersburg, Florida.
Filing Stats: 603 words · 2 min read · ~2 pages · Grade level 10 · Accepted 2024-06-28 09:00:28
Filing Documents
- bafn-20240628.htm (8-K) — 31KB
- bayfirstq22024earningscall.htm (EX-99.1) — 8KB
- picture1.jpg (GRAPHIC) — 18KB
- 0001649739-24-000192.txt ( ) — 191KB
- bafn-20240628.xsd (EX-101.SCH) — 2KB
- bafn-20240628_lab.xml (EX-101.LAB) — 22KB
- bafn-20240628_pre.xml (EX-101.PRE) — 13KB
- bafn-20240628_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. BayFirst Financial Corp. (NASDAQ: BAFN) ("BayFirst" or the "Company"), parent company of BayFirst National Bank (the "Bank") today announced that it will report its second quarter results after the market close on Thursday, July 25, 2024. Management will host a conference call on Friday, July 26, 2024, at 9:00 a.m. ET to discuss the results. The call will also be broadcast live via the internet. Interested investors may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com . Investment professionals are invited to dial (800) 549-8228 to participate in the call using Conference ID 63886. A replay of the call will be available for one year at www.bayfirstfinancial.com . The Press Release is attached as Exhibit 99.1 and incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Name Filed Herewith 99.1 BayFirst Financial Corp. Press Release dated June 28, 2024 * 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * The information in this report (including the exhibits) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BAYFIRST FINANCIAL CORP. Date: June 28, 2024 By: /s/ Scott J. McKim Scott J. McKim Chief Financial Officer