{"filing":{"accession_number":"0001649739-26-000041","cik":"0001649739","ticker":"BAFN","company_name":"BayFirst Financial Corp.","form":"8-K","filing_date":"2026-07-15","report_date":null,"primary_document":"bafn-20260714.htm","primary_document_url":"https://www.sec.gov/Archives/edgar/data/1649739/000164973926000041/bafn-20260714.htm"},"events":[{"id":18116,"run_id":16270,"accession_number":"0001649739-26-000041","anchor_item_number":"4.02","event_type":"restatement","event_domain":"financial","is_material":true,"confidence":0.98,"summary":"BayFirst Financial restated consolidated financial statements for years ended December 31, 2024 and 2025, and Q1 2026, due to material understatement of provision expense and overstatement of net interest income. The restatement identified $2.8 million in deferred origination costs and $2.1 million in accrued interest related to defaulted loans, resulting in corrections to 2024 net income (from $12.6M to $11.4M), 2025 net loss (from $22.9M to $24.2M), and Q1 2026 net loss (from $5.7M to $5.9M).","company_name":"BayFirst Financial Corp.","ticker":"BAFN","filing_date":"2026-07-15","form":"8-K","submitted_at":null,"items":[{"id":16826,"accession_number":"0001649739-26-000041","item_number":"2.02","item_title":"Results of Operations and Financial Condition.","event_type":"restatement","event_domain":"financial","is_material":true,"confidence":0.95,"reasoning":"The filing explicitly discloses a restatement of previously issued audited financial statements for years ended December 31, 2024 and 2025, and Q1 2026, due to a material understatement of provision expense and overstatement of net interest income. The Company identified $2.8 million of deferred origination costs and $2.1 million of accrued interest related to defaulted loans in prior periods, resulting in corrections to 2024 net income (from $12.6M to $11.4M), 2025 net loss (from $22.9M to $24.2M), and Q1 2026 net loss (from $5.7M to $5.9M). The press release states \"the Company's previously filed financial statements and other communication relating to those periods should no longer be relied upon,\" which is the hallmark of a restatement disclosure under Item 4.02.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-15T20:03:44.234250+00:00","company_name":"","ticker":null,"filing_date":""},{"id":16827,"accession_number":"0001649739-26-000041","item_number":"4.02","item_title":"Non-Reliance on Previously Issued Financial Statements or a Related Audit","event_type":"restatement","event_domain":"financial","is_material":true,"confidence":0.98,"reasoning":"This is a clear financial restatement under Item 4.02. Management identified $2.8 million in deferred origination costs and $2.1 million in accrued interest related to defaulted loans that resulted in material understatement of provision expense and overstatement of net interest income across 2024, 2025, and Q1 2026. The company is restating consolidated financial statements for these periods, with 2024 net income declining from $12.6M to $11.4M and 2025 net loss worsening from $22.9M to $24.2M. The Audit Committee agreed that previously issued financial statements and audit reports should no longer be relied upon.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-15T20:03:44.234250+00:00","company_name":"","ticker":null,"filing_date":""}]}],"classifications":[{"id":16826,"accession_number":"0001649739-26-000041","item_number":"2.02","item_title":"Results of Operations and Financial Condition.","event_type":"restatement","event_domain":"financial","is_material":true,"confidence":0.95,"reasoning":"The filing explicitly discloses a restatement of previously issued audited financial statements for years ended December 31, 2024 and 2025, and Q1 2026, due to a material understatement of provision expense and overstatement of net interest income. The Company identified $2.8 million of deferred origination costs and $2.1 million of accrued interest related to defaulted loans in prior periods, resulting in corrections to 2024 net income (from $12.6M to $11.4M), 2025 net loss (from $22.9M to $24.2M), and Q1 2026 net loss (from $5.7M to $5.9M). The press release states \"the Company's previously filed financial statements and other communication relating to those periods should no longer be relied upon,\" which is the hallmark of a restatement disclosure under Item 4.02.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-15T20:03:44.234250+00:00","company_name":"BayFirst Financial Corp.","ticker":"BAFN","filing_date":"2026-07-15"},{"id":16827,"accession_number":"0001649739-26-000041","item_number":"4.02","item_title":"Non-Reliance on Previously Issued Financial Statements or a Related Audit","event_type":"restatement","event_domain":"financial","is_material":true,"confidence":0.98,"reasoning":"This is a clear financial restatement under Item 4.02. Management identified $2.8 million in deferred origination costs and $2.1 million in accrued interest related to defaulted loans that resulted in material understatement of provision expense and overstatement of net interest income across 2024, 2025, and Q1 2026. The company is restating consolidated financial statements for these periods, with 2024 net income declining from $12.6M to $11.4M and 2025 net loss worsening from $22.9M to $24.2M. The Audit Committee agreed that previously issued financial statements and audit reports should no longer be relied upon.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-15T20:03:44.234250+00:00","company_name":"BayFirst Financial Corp.","ticker":"BAFN","filing_date":"2026-07-15"}]}