BayFirst Financial Market Research Report
1. Company Overview
Name:
BayFirst Financial
Mission of the Company:
Here For What's Next®
Year Founded:
No information is available.
Founders:
No information is available.
Key People in the Company:
- Thomas G. Zernick: Chief Executive Officer
- Robin L. Oliver: President and Chief Operating Officer
- Brandi N. Jaber: EVP, Chief Production Officer
- Lewis O. Benner: EVP, Chief Credit Officer
- Scott J. McKim: EVP, Chief Financial Officer
- Thomas G. Quale: EVP, Market President & Chief Lending Officer
- John Macaluso: EVP, Chief Technology Officer
Headquarters:
700 Central Ave, St. Petersburg, FL 33701
Number of Employees:
No information is available.
Revenue of the Company:
No information is available.
What is the Company Known For:
BayFirst Financial is known for serving the Tampa Bay area and businesses nationwide through a growing network of local banking centers and a nationally ranked small business lending division that has provided more than $2 billion in loans to support small businesses.
2. Products
Products Offered:
1. Personal Banking:
- High level description: Includes services like checking and savings accounts, online and mobile banking, and club memberships for children and seniors.
- Key Features: 55,000 free ATMs, friendly branches, specialized programs for kids and seniors.
2. Business Banking:
- High level description: Offers tailored banking solutions to meet the daily and long-term needs of businesses.
- Key Features: Solutions for banking on the go, dedicated small business lending products.
3. Residential Mortgage:
- High level description: Provides financing options for home purchase including first homes, vacation homes, or next homes.
- Key Features: Various mortgage products like adjustable-rate mortgages (ARMs), Downpayment Assistance Program, and BayFirst 100 loan for minimal down payment and no monthly mortgage insurance.
4. Small Business Loans:
- High level description: SBA 7(a) loans for small businesses.
- Key Features: Quick funding, streamlined process, dedicated in-house team.
3. Board of Directors
Board members include:
- Mark S. Berset: Director, Chair of the Nominating/Ad Hoc Executive Committee
- Derek S. Berset: Director, Vice President of Comegys Insurance Agency
- D. "Rep" DeLoach III: Director, Chair of the Compensation Committee
- Dr. Alex Harris: Director, Chair of the Compliance Committee
- Tarek Helal: Director, Chair of the Asset Liability and Investment Committee
- Anthony N. Leo: Director, Chair of the Directors Credit and Loan Committee
- Christos Politis, M.D.: Director, Chair of the Corporate Social Responsibility Committee
- Anthony Saravanos: Board Chair, President of Greenleaf Capital, LLC
- Bradly W. Spoor: Director, Chief Executive Officer of Spoor Street Investments
- Sheryl WuDunn: Director, Chair of the Technology Strategy Committee
- Barbara Zipperian: Director, Chair of the Audit and Risk Management Committee
- Thomas G. Zernick: Director, Chief Executive Officer of BayFirst Financial Corp. and BayFirst National Bank
- Harold J. Winner: Director Emeritus
4. Recent Developments
Recent Developments:
1. BayFirst Named Florida's Best Bank by Forbes:
- Date: September 5, 2024
- Details: Named one of America’s Best-In-State Banks for 2024 by Forbes, ranking No. 1 in Florida.
2. Redevelopment in Historic Newtown:
- Date: August 30, 2024
- Details: Recognized for efforts in aiding the redevelopment of Newtown, Sarasota.
3. Financial Results Q2 2024:
- Date: July 25, 2024
- Details: Reported net income of $0.9 million for the second quarter of 2024.
4. New Leadership in Healthcare Lending:
- Date: July 17, 2024
- Details: Phil Russo hired as SVP, Director of Healthcare Lending.
5. New Banking Center:
- Date: May 1, 2024
- Details: Opened 12th banking center at 2075 S. Tamiami Trail in Sarasota.
6. Financial Results Q1 2024:
- Date: April 26, 2024
- Details: Reported net income of $0.8 million for the first quarter of 2024.
7. Small Business Lending:
- Date: April 17, 2024
- Details: Became the leading SBA lender in Tampa Bay and second nationally in small-dollar loans.
8. Promotions and Advisory Roles:
- Date: March 18, 2024 and March 5, 2024
- Details: Chris Hackney promoted to President of SBA and USDA Lending Division; Anthony Perez named to the USF MUMA School of Business Executive Advisory Council.
9. New CEO:
- Date: January 29, 2024
- Details: Appointed Thomas Zernick as CEO and Robin Oliver as President and COO.
10. Financial Results Q4 2023:
- Date: January 25, 2024
- Details: Reported net income of $1.7 million for the fourth quarter of 2023.
New Products/Features:
- Adjustable-rate mortgages (ARMs) with lower initial rates.
- Downpayment Assistance Program and BayFirst 100 loan for minimal down payment and no mortgage insurance.
- Community Development Landlord Purchase Program in partnership with Sarasota Housing Authority for Section 8 housing.
New Partnerships:
- Partnership with National Association of Minority Mortgage Bankers of America (NAMMBA) for Certified Community Lenders and minority engagement in the mortgage industry.
Conclusion
BayFirst Financial remains committed to driving growth and making meaningful contributions to the communities it serves through dedicated banking solutions, community engagement, and a focus on inclusion and equity.