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    Ian Green • Pendragon Capital

    Ian Green is the President and Chief Investment Officer at Pendragon Capital Management, specializing in comprehensive wealth management and long-term investment strategies. Over his career spanning more than 25 years, he has managed portfolios covering both individual clients and institutions, with a focus on personalized investment solutions across equities, fixed income, and alternative assets. Green is the founder and principal of BrokerageSelect, a FINRA-registered broker-dealer, and has been recognized as a Five Star Wealth Manager for seven consecutive years, with features in publications like Fortune and Hudson Valley Magazines. He holds an MBA from Columbia University, is a Certified Public Accountant (CPA), a member of the AICPA Personal Financial Planning section, and is registered as a security, options, and municipal bond principal.

    Ian Green's questions to Bayfirst Financial Corp (BAFN) leadership

    Ian Green's questions to Bayfirst Financial Corp (BAFN) leadership • Q2 2025

    Question

    Ian Green from Pendragon Capital Management inquired about the potential impact of a 25 basis point Fed rate cut on the net interest margin (NIM), the bank's capital position, and the ongoing status of the SBA loan origination and sale pipeline, including the recent decline in gain-on-sale revenue and the nature of the company's preferred stock.

    Answer

    Executive VP & CFO Scott McKim explained that the balance sheet is asset-sensitive but well-matched, so a 25 bps rate cut would cause only temporary NIM compression before stabilizing. He noted that while the bank is well-capitalized, all options are being considered as part of a strategic review, with no imminent decisions on raising capital. President & COO Robin Oliver and CFO Scott McKim clarified that while the focus is shifting to larger, core SBA loans, small loan program loans were still being originated through Q2 with healthy premiums. McKim explained the QoQ decline in gain-on-sale was due to processing delays, which was offset by booking loans at fair value, and confirmed the preferred stock issues are private placements and do not trade.

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    Ian Green's questions to Bayfirst Financial Corp (BAFN) leadership • Q4 2024

    Question

    Inquired about the repricing dynamics of the C&I and consumer loan portfolios, and the process and impact of disaster insurance related to recent hurricanes.

    Answer

    The executives explained that the balance sheet is asset-sensitive, with the vast majority of the loan portfolio, including C&I and consumer home equity lines, being variable rate tied to prime. Borrowers have already absorbed rate increases. Regarding hurricane impact, it was described as immaterial, affecting a small number of well-insured borrowers. The bank monitors insurance proceeds to ensure proper repairs and has not incurred any losses.

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    Ian Green's questions to Bayfirst Financial Corp (BAFN) leadership • Q4 2024

    Question

    Ian Green from Pendragon Capital asked about the repricing dynamics of the C&I and consumer loan portfolios, including interest rate sensitivity and stress testing, and also inquired about the financial impact and insurance process related to recent hurricane damage.

    Answer

    COO Robin Oliver explained that BayFirst's balance sheet is highly asset-sensitive, with the vast majority of its C&I and consumer loan portfolios being variable-rate and tied to prime. She noted that borrowers have already experienced rate increases, which has impacted credit losses, and confirmed that loans are stress-tested at origination. Regarding hurricane impact, she stated it was immaterial, with affected borrowers having proper insurance and receiving short-term payment deferrals where necessary.

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    Ian Green's questions to Bayfirst Financial Corp (BAFN) leadership • Q3 2024

    Question

    Ian Green of Pendragon Capital asked about the redemption status of BayFirst's preferred stock and the outlook for its net interest margin (NIM) following recent and potential future interest rate cuts.

    Answer

    CFO Scott McKim explained that while the preferred A series stock is redeemable, the bank has no immediate plans to do so, and two other series have no-call provisions. Regarding the NIM, McKim clarified that the Q3 decline was primarily due to a one-time premium write-off. He anticipates only a small, short-term margin compression from rate cuts, as the bank can manage deposit pricing to offset repricing on its variable-rate loans, expecting a recovery within 60 to 90 days.

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