Scott J. McKim
About Scott J. McKim
Scott J. McKim, age 54, is Executive Vice President and Chief Financial Officer of BayFirst Financial Corp. and BayFirst National Bank; he joined the Company on July 24, 2023, following a 30-year banking career spanning strategy, finance, and lending leadership roles, and holds an MBA from The Ohio State University and a BS in Accounting from Bowling Green State University . During his tenure, BayFirst undertook a major restructuring, exiting SBA 7(a) lending and recording a Q3 2025 net loss of $18.9 million tied to higher provision and $12.4 million in one-time charges, with McKim serving as CFO and signing the relevant 8-K/10-Q certifications . As of March 24, 2025, McKim beneficially owned 3,247.80 shares (0.08%) of BayFirst common stock .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| 121 Financial Credit Union | Chief Strategy Officer | — | Led strategy for a credit union; prior leadership roles provide breadth across finance/lending functions |
| Publix Employees Federal Credit Union | Chief Financial Officer and Chief Lending Officer | — | Combined CFO/CLO remit spanning capital allocation and credit risk |
| Huntington Bancshares | Director of Corporate Finance and Divisional CFO | — | Corporate finance leadership and divisional P&L stewardship at a regional bank |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | — |
Fixed Compensation
| Metric | 2023 | 2024 | 2025 (Base) |
|---|---|---|---|
| Salary ($) | 120,930 | 280,000 | 291,200 |
| Bonus ($) | 29,476 | 29,476 | — |
| Stock Awards ($) | — | 14,625 | — |
| All Other Compensation ($) | 10,617 | 19,869 | — |
2024 “All Other Compensation” detail for McKim: 401(k) $9,284; ESOP $1,062; Medical/Dental/Vision $8,994; Life Insurance $528 .
Performance Compensation
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Annual Incentive Plan (AIP) structure
- McKim annual cash bonus opportunity up to 50% of base salary; based on objective and subjective criteria set by the Compensation Committee .
- Equity awards (options or restricted stock) may be granted at the Committee’s discretion under the 2017 Equity Incentive Plan (EIP) .
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2017 Equity Incentive Plan context
- Plan authorizes options, RSAs, RSUs and other equity awards; share reserve equals 15% of common shares outstanding (capped at 1,500,000 shares) .
- Board developing Equity Grant Timing Policy to grant only during open trading windows and when not in possession of MNPI; 2024 grants occurred four days post year-end earnings release, consistent with prior practice .
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Actual 2024 awards to McKim
Type Grant/Payment Date Amount/Shares Valuation/Notes Cash Bonus 2024 (AIP) $29,476 Determined by Committee under AIP RSU 01/23/2024 1,250 shares Fair value $14,625
No stock option awards for McKim were listed in the Outstanding Equity Awards at FY-end table .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (3/24/2025) | 3,247.80 shares; 0.08% of outstanding |
| Unvested RSUs at 12/31/2024 | 1,250 shares; market value $14,625 |
| Options | None listed for McKim in FY-end awards table |
- Hedging/shorting policy: BayFirst prohibits directors, officers and employees from trading puts/calls or short selling Company securities under its Insider Trading and Confidentiality Policy .
- Trading windows: On the Q3 2025 call, McKim noted the Company typically opens windows two full trading days after earnings; insiders had been restricted amid substantial changes; timing to reopen was to be determined at that moment .
Employment Terms
| Term | Key Economics/Provisions |
|---|---|
| Agreement term | Initial term through Dec 31, 2024; auto-renews annually unless non-renewal notice given |
| Minimum base salary | $275,000 under agreement |
| 2025 base salary | $291,200 |
| AIP eligibility | Cash up to 50% of base; equity at Committee discretion under EIP |
| Non-compete | 18 months post-termination; no competition within 50-mile radius; up to 1% passive investment allowed |
| Non-solicit | 18 months; no solicitation of clients contacted or Company employees |
| Severance (no CIC or >12 months after CIC) | 1/12 of “annual compensation” paid monthly for 18 months (total equals 1.5x annual compensation) plus any accrued bonus; all equity awards vest immediately |
| Severance (≤12 months post-CIC) | 2x annual compensation plus any accrued bonus; all equity-based awards vest immediately |
| Notice penalty | If resigns with less than six months’ notice (other than for “good reason”), must pay Company an amount equal to one-half of estimated annual income for that year |
Performance & Track Record
- Tenure and certifications: Joined BayFirst on July 24, 2023; serves as principal financial officer signing Sarbanes-Oxley Sections 302 and 906 certifications for Q3 2025 Form 10-Q and signing relevant 8-Ks .
- Strategic actions during tenure: Company exited SBA 7(a) lending and signed a definitive agreement to sell a portion of the SBA 7(a) portfolio, contributing to a Q3 2025 net loss of $18.9 million tied to provisioning and $12.4 million in one-time charges; management anticipated additional OCC actions focused on credit administration, strategic planning, and capital preservation .
Compensation Structure Analysis
- Cash vs equity mix: In 2024, McKim’s compensation included $280,000 salary, $29,476 cash bonus, and $14,625 RSU grant; 2023 (partial year) included $120,930 salary and $29,476 bonus without stock awards .
- Incentive leverage: AIP caps McKim’s bonus at 50% of base salary; equity awards discretionary under the EIP, aligning a portion of pay with performance/retention .
- Grant timing and insider safeguards: Board is formalizing an Equity Grant Timing Policy to avoid spring-loading; grants are made in open windows and without MNPI; 2024 grants occurred shortly after year-end results .
- Trading window context: CFO indicated typical window opening two trading days post-earnings, with restrictions around significant strategic changes, which can mitigate near-term insider selling pressure signals .
Investment Implications
- Alignment: McKim’s direct ownership (0.08%) is modest; however, equity-based incentives (RSUs) provide incremental alignment; Company prohibits hedging/shorting which supports alignment quality .
- Retention and change-in-control economics: Robust non-compete/non-solicit (18 months) and severance (1.5x outside CIC; 2x within 12 months post-CIC) reduce near-term flight risk and create well-defined transition costs in a sale scenario; immediate vesting on termination scenarios increases equity’s retention value .
- Incentive quality and disclosure: AIP allows up to 50% of base in bonus but does not disclose specific performance metrics or weights in the proxy, limiting transparency into pay-for-performance calibration; equity awards are governed by the EIP with improving grant-timing governance .
- Trading signal context: Insiders were restricted around the Q3 2025 restructuring; typical practice reopens windows two full trading days after earnings; monitor subsequent Form 4 activity to gauge insider conviction once windows open .
- Execution risk: The restructuring (exit from SBA 7(a), anticipated OCC actions) elevates near-term operational and regulatory execution risk under McKim’s financial stewardship; monitor capital, credit metrics, and liquidity updates across subsequent filings/calls .