On March 4, 2022, Trifon Houvardas resigned from the Boards of Directors of BayFirst Financial Corp. (the “Company”) and First Home Bank (the “Bank”). Mr. Houvardas was a member of the Company's Board of Directors' Compensation Committee at the time of his resignation.

Prior to his resignation, Mr. Houvardas guaranteed a loan to a Bank borrower. The borrower defaulted on the payments due on the loan. At the Bank's request, Mr. Houvardas and his co-guarantor satisfied their guarantees to the Bank.

Mr. Houvardas then requested that the Bank assign to him and his co-guarantor the defaulted promissory note and related loan documents.