<SEC-DOCUMENT>0001224266-21-000004.txt : 20211115
<SEC-HEADER>0001224266-21-000004.hdr.sgml : 20211115
<ACCEPTANCE-DATETIME>20211115095052
ACCESSION NUMBER:		0001224266-21-000004
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211115
FILED AS OF DATE:		20211115
DATE AS OF CHANGE:		20211115

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LEO ANTHONY N
		CENTRAL INDEX KEY:			0001224266
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41068
		FILM NUMBER:		211407061

	MAIL ADDRESS:	
		STREET 1:		2355 SLATER HILL LN
		CITY:			YORK
		STATE:			PA
		ZIP:			17402

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BayFirst Financial Corp.
		CENTRAL INDEX KEY:			0001649739
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				593665079
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		SUITE 102
		CITY:			ST PETERSBURG
		STATE:			FL
		ZIP:			33701
		BUSINESS PHONE:		727-399-5600

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		SUITE 102
		CITY:			ST PETERSBURG
		STATE:			FL
		ZIP:			33701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Home Bancorp Inc
		DATE OF NAME CHANGE:	20150731
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>wf-form3_163698783932058.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2021-11-15</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001649739</issuerCik>
        <issuerName>BayFirst Financial Corp.</issuerName>
        <issuerTradingSymbol>FHBI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001224266</rptOwnerCik>
            <rptOwnerName>LEO ANTHONY N</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>700 CENTRAL AVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ST. PETERSBURG</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33701</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>25151.74</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>14.67</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-01-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>13500.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>17.33</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2028-06-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>21000.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>14.67</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-03-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15000.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>15.67</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2030-01-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>14250.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series B Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2021-11-15</value>
            </exerciseDate>
            <expirationDate>
                <value>2030-08-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>20.0</value>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">These options vest in five equal annual installments beginning one year after the 1/14/2021 date of grant.</footnote>
        <footnote id="F2">These options vest in five equal annual installments beginning one year after the 6/12/2018 date of grant.</footnote>
        <footnote id="F3">These options vest in five equal annual installments beginning one year after the 3/15/2019 date of grant.</footnote>
        <footnote id="F4">These options vest in five equal annual installments beginning one year after the 1/15/2020 date of grant.</footnote>
        <footnote id="F5">Mr. Leo has 20 Series B Convertible Preferred Stock, with a liquidation preference of $20,000. The holders of shares of Series B Convertible Preferred Stock have the right to convert such shares into shares of common stock at a conversion ratio equal to the quotient of: (i) the $1,000 liquidation preference; divided by (ii) the tangible book value per share of common stock, calculated on the basis of BayFirst Financial Corp.s financial statements, as of the last day of the calendar quarter occurring prior to the date on which a holder exercises the conversion right; provided, however, that tangible book value shall be adjusted to reflect a subsequent quarter end only on the last day of the month succeeding such quarter end.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Richard Pearlman, Attorney-in-Fact</signatureName>
        <signatureDate>2021-11-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex-24.htm
<DESCRIPTION>POA LEO
<TEXT>
<!-- Document created using Workiva -->
<html>
<body>
<pre>
LIMITED POWER OF ATTORNEY

I, Anthony Leo ("Principal"), hereby constitute and appoint each of Richard Pearlman and Christina Ahrens (each an "Agent"), signing singly, and with full power of substitution, as the Principal's true and lawful attorney-in-fact to:

(1) execute for and on behalf of the Principal, in the Principal's capacity as an executive officer and/or director of BayFirst Financial Corp. and/or First Home Bank (the "Company"), from time to time, the following U.S. Securities and Exchange Commission ("SEC") forms, including any attached documents: (i) Form ID; (ii) Form 3; (iii) Form 4; and (iv) Form 5 ("Forms");

(2) do and perform any and all acts for and on behalf of the Principal which may be necessary or desirable to complete and execute any such Forms or any amendment(s) thereto, and timely file such Form(s) with the SEC and any securities exchange or similar authority; and

(3) take any other action in connection with the foregoing which, in the opinion of the Agent, may be of benefit to, in the best interest of, or legally required by, the Principal.

The Principal hereby agrees to indemnify the Agent and the Company from and against any demand, damage, loss, or expense arising from any false or misleading information provided by the Principal to the Agent.

This Limited Power of Attorney shall become effective immediately and shall remain in full force and effect until the Principal is no longer required to file Forms with respect to the Principal's holdings of and transactions in securities issued by the Company, unless earlier revoked by the Principal in a signed writing delivered to the Agents. This Limited Power of Attorney shall also be automatically revoked upon the death or incapacity of the Principal, provided any person relying on this Limited Power of Attorney shall have the full rights to accept and rely upon the authority of an Agent until in receipt of actual notice of revocation.

This Limited Power of Attorney shall be governed under the laws of the State of Florida

IN WITNESS WHEREOF, I, the Principal have executed this Limited Power of Attorney on September 9, 2021.

/s/ Anthony Leo
Anthony Leo
</pre>
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</SEC-DOCUMENT>
