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BayFirst Financial Corp. (NASDAQ:BAFN) (the "Company"), parent company of BayFirst National Bank (the "Bank"), today announced that due to the precipitous decline in mortgage volumes and the uncertain outlook for mortgage lending over the coming quarters, its Board of Directors has initiated the process of discontinuing the Bank's nationwide network of residential mortgage loan production offices. The Bank will continue to originate mortgage loans in its local Florida market areas. The Board's action is subject to any necessary regulatory approvals.
"Given the impact of declining mortgage volume on the Company's operating performance in recent quarters, together with the uncertain outlook for mortgage lending in the near to mid-term, we made the difficult decision to discontinue our nationwide network of residential mortgage loan production offices," stated Anthony N. Leo, Chief Executive Officer. "This decision allows the Bank to focus our resources on building a premier community banking franchise and capitalizing on our expertise in SBA lending. We opened our eighth banking center in West Bradenton this week as we continue to expand our network of bank offices throughout the Tampa Bay region. At the same time, SBA lending through our CreditBench division has grown to record levels and we continue to add new team members to that division."
The Bank and the Company estimate the after-tax expense associated with discontinuing this line of business will range between $3.0 and $4.0 million, depending upon various factors including, among others, its ability to renegotiate certain contracts and close loans in its locked pipeline. This action is subject to any required regulatory notices and approvals, and is expected to be completed by November 24, 2022.
Posted In: BAFN
