BATON ROUGE, La., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Business First Bancshares, Inc. (NASDAQ:BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended Sept. 30, 2025. Business First reported net income available to common shareholders of $21.5 million or $0.73 per diluted common share, increases of $0.8 million and $0.03, respectively, compared to the linked quarter ended June 30, 2025. On a non-GAAP basis, core net income for the quarter ended Sept. 30, 2025, which excludes certain income and expenses, was $21.2 million or $0.72 per diluted common share, increases of $1.7 million and $0.06 from the linked quarter.
"In the third quarter we delivered another quarter of consistent earnings growth for our shareholders leading to strong capital and tangible book value accretion," said Jude Melville, chairman, president, and CEO of Business First, "We also had the opportunity to again demonstrate solid operational execution with the successful conversion of former Oakwood Bank systems. We are focused on daily blocking and tackling, in particular that required to fulfill the promise of our current M&A projects, attainment of which will lead to continued improvement in financial performance over the coming quarters."
On Thursday, Oct. 23, 2025, Business First's board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the third quarter in the amount of $0.15 per share of common stock, a $0.01 increase from the linked quarter. The preferred and common dividends will be paid on Nov. 30, 2025, or as soon thereafter as practicable, to the shareholders of record as of Nov. 15, 2025.
Quarterly Highlights
- Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.08% for the quarter ended Sept. 30, 2025, or 1.06% on a non-GAAP basis, compared to 1.07% or 1.01% on a non-GAAP basis for the linked quarter.
- Continued Capital Growth. Common equity to total assets increased from 9.77% to 10.14%. Tangible common equity to tangible assets increased from 8.19% to 8.57%, 4.71% or 18.68% annualized, compared to the linked quarter. On a non-GAAP basis, tangible book value per common share increased to $22.63 as of Sept. 30, 2025, a $1.02 increase, 4.75% or 18.83% annualized, compared to the prior quarter. The increase was largely driven by earnings and accumulated other comprehensive income (AOCI) which accounted for $0.38 or 1.78% of the total 4.75% increase.
- Stable Net Interest Margin (NIM). Net interest income totaled $69.3 million and net interest margin and net interest spread were 3.68% and 2.85%, respectively, compared to $67.0 million, 3.68% and 2.88% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million) were 3.63% and 2.80% for the quarter ended Sept. 30, 2025, compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million) for the linked quarter.
- Corporate Actions. Business First's board of directors approved a $0.01 per common share increase to the quarterly dividend from $0.14 to $0.15 per common share beginning November 2025.
- Oakwood Conversion. In September 2025, Business First successfully converted Oakwood Bank's core systems onto its platform, accomplishing its second system conversion over consecutive quarters.
Statement of Financial Condition
Loans
Loans held for investment decreased $26.6 million or 0.44%, 1.74% annualized. The commercial and commercial real estate portfolios decreased $40.2 million and $71.1 million, respectively, compared to the linked quarter. The construction and residential portfolios increased $38.6 million and $47.6 million compared to the linked quarter. Texas-based loans represented approximately 40% of the overall loan portfolio as of Sept. 30, 2025, based on unpaid principal balance.
Credit Quality
Credit quality metrics stabilized compared to the prior quarter. The ratio of loans past due 30 days or more, excluding nonaccrual, compared to total loans held for investment decreased from 0.89% to 0.27% at Sept. 30, 2025. The ratio of nonperforming loans compared to loans held for investment decreased 15 basis points (bps) to 0.82% at Sept. 30, 2025, while the ratio of nonperforming assets compared to total assets increased 7 bps to 0.83% compared to the linked quarter. The increase in the nonperforming assets ratio over the linked quarter was attributable to the transfer of some nonaccrual loans to other real estate owned. The commercial, residential real estate, commercial real estate and construction portfolios encompass approximately $21.9 million, $10.2 million, $9.0 million and $4.0 million respectively, of the $45.4 million nonaccrual balance at Sept. 30, 2025.
Securities
The securities portfolio increased $59.5 million, or 6.42%, from the linked quarter. This increase was impacted by $14.4 million in positive pre-tax fair value adjustments and the remainder attributed largely to purchases of mortgage-backed securities. The securities portfolio, based on estimated fair value, represented 12.40% of total assets as of Sept. 30, 2025. The newly purchased securities increased the book yield of the securities portfolio from 2.77% to 2.92% at Sept. 30, 2025.
Deposits
Deposits increased $87.2 million or 1.36%, 5.39% annualized, for the quarter ended Sept. 30, 2025, compared to the linked quarter. Average interest-bearing deposits increased $92.2 million, or 1.83%, and noninterest-bearing deposits increased $22.8 million or 1.76%, from the linked quarter.
Period-end interest bearing deposits increased $131.4 million or 2.62% and noninterest bearing deposits decreased $44.2 million or 3.13%. The increase in interest-bearing deposits was largely attributed to money market accounts, which experienced rate reductions of approximately 25 bps towards the end of the quarter.
Borrowings
Borrowings decreased $118.3 million or 19.29%, from the linked quarter due primarily to reductions in short-term Federal Home Loan Bank advances.
Shareholders' Equity
Shareholders' equity increased $30.0 million or 3.54% compared to the linked quarter. Accumulated other comprehensive income (AOCI) increased $11.3 million or 23.74%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $27.23 at Sept. 30, 2025, compared to $26.23 at June 30, 2025, due to strong earnings and positive fair value adjustments in the securities portfolio. On a non-GAAP basis, tangible book value per common share increased from $21.61 at the linked quarter to $22.63 at Sept. 30, 2025, 4.75% or 18.83% annualized.
Results of Operations
Net Interest Income
For the quarter ended Sept. 30, 2025, net interest income totaled $69.3 million, compared to $67.0 million from the linked quarter. Loan yields increased 5 bps to 7.01% compared to 6.96% from the linked quarter, while the interest-bearing asset yield remained flat at 6.31%. Net interest margin and net interest spread were 3.68% and 2.85% compared to 3.68% and 2.88% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, increased 3 bps from 2.78% to 2.81% for the quarter ended Sept. 30, 2025.
Non-GAAP net interest income (excluding loan discount accretion of $1.1 million) totaled $68.2 million for the quarter ended Sept. 30, 2025, compared to $66.3 million (excluding loan discount accretion of $0.8 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.1 million) were 3.63% and 2.80%, respectively, for the quarter ended Sept. 30, 2025, compared to 3.64% and 2.84% (excluding loan discount accretion of $0.8 million) for the linked quarter.
Provision for Credit Losses
During the quarter ended Sept. 30, 2025, Business First recorded a provision for credit losses of $3.2 million, compared to $2.2 million from the linked quarter. The current quarter's reserve was largely impacted by an additional $1.5 million reserve on unfunded loan commitments and the remainder attributed to reserves on individually evaluated loans. At Sept. 30, 2025, the ratio of allowance for credit losses to loans held for investment ratio was 1.03%, compared to 1.02% for the linked quarter.
Other Income
For the quarter ended Sept. 30, 2025, other income decreased $2.7 million or 19.04%, compared to the linked quarter. The decrease was largely attributable to a $3.4 million gain on the Kaplan branch sale in the linked quarter, positively offset by a $414,000 increase related to other real estate owned and a $379,000 increase in equity investment income. Excluding the gain on the Kaplan branch sale and securities sale gains and losses, other income for Sept. 30, 2025, was $11.6 million compared to $11.1 million for the linked quarter, an increase of $492,000, or 4.43%.
Other Expenses
For the quarter ended Sept. 30, 2025, other expenses decreased $2.3 million or 4.54% compared to the linked quarter. The decrease was largely attributable to a $1.9 million tax credit the company recognized as an expense reduction within salaries and employee benefits. Excluding the tax credit recognized in the current quarter and merger-related and core conversion expenses recognized in both the current and linked quarters, other expenses were $49.3 million compared to $49.6 million for the linked quarter, a decrease of $345,000 or 0.70%.
Return on Assets and Common Equity
Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.08% and 10.80% for the quarter ended Sept 30, 2025, compared to 1.07% and 10.87%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.06% and 10.65% for the quarter ended Sept. 30, 2025, compared to 1.01% and 10.23%, for the prior period quarter.
Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Thursday October 23, 2025, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8427939, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/hvu86bo6. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.
About Business First Bancshares, Inc.
Business First Bancshares, Inc., (NASDAQ:BFST) through its banking subsidiary b1BANK, has $8.0 billion in assets, $5.7 billion in assets under management through b1BANK's affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard "Innovation Award" winner and multiyear winner of American Banker Magazine's "Best Banks to Work For." Visit b1BANK.com for more information.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures (e.g., referenced as "core" or "tangible") intended to supplement, not substitute for, comparable GAAP measures. "Core" measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management's opinion, can distort period-to-period comparisons of Business First's performance. Transactions that are typically excluded from non-GAAP "core" measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition-related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). "Tangible" measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First's core business. These non-GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.
Special Note Regarding Forward-Looking Statements
Certain statements contained in this release may not be based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "may," "might," "will," "would," "could," or "intend." We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
Additional Information
For additional information about Business First, you may obtain Business First's reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC's EDGAR service on the SEC's website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
No Offer or Solicitation
This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Proxy statement/prospectus can also be obtained, when they become available, free of charge, by directing a request to Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, LA 70801, Attention: Corporate Secretary, Telephone: 225-248-7600.
Investor Relation Contact:
| Gregory Robertson | Matt Sealy | |||
| 337.721.2701 | 225.388.6116 | |||
| [email protected] | [email protected] |
| Media Contact: Misty Albrecht |
| b1BANK |
| 225.286.7879 |
| [email protected] |
| Business First Bancshares, Inc. | ||||||||||
| Selected Financial Information | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | ||||||||||
| (Dollars in thousands) | September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||
| Balance Sheet Ratios | ||||||||||
| Loans (HFI) to Deposits | 92.53 | % | 94.21 | % | 92.54 | % | ||||
| Shareholders' Equity to Assets Ratio | 11.04 | % | 10.67 | % | 10.15 | % | ||||
| Loans Receivable Held for Investment (HFI) | ||||||||||
| Commercial | $ | 1,920,813 | $ | 1,960,974 | $ | 1,496,480 | ||||
| Real Estate: | ||||||||||
| Commercial | 2,462,617 | 2,533,761 | 2,256,370 | |||||||
| Construction | 638,907 | 600,292 | 654,353 | |||||||
| Residential | 927,456 | 879,891 | 743,878 | |||||||
| Total Real Estate | 4,028,980 | 4,013,944 | 3,654,601 | |||||||
| Consumer and Other | 71,262 | 72,732 | 69,037 | |||||||
| Total Loans (Held for Investment) | $ | 6,021,055 | $ | 6,047,650 | $ | 5,220,118 | ||||
| Allowance for Loan Losses | ||||||||||
| Balance, Beginning of Period | $ | 58,496 | $ | 56,863 | $ | 41,412 | ||||
| Charge-Offs - Quarterly | (3,415 | ) | (921 | ) | (1,424 | ) | ||||
| Recoveries - Quarterly | 348 | 99 | 295 | |||||||
| Provision for Loan Losses - Quarterly | 1,633 | 2,455 | 1,871 | |||||||
| Balance, End of Period | $ | 57,062 | $ | 58,496 | $ | 42,154 | ||||
| Allowance for Loan Losses to Total Loans (HFI) | 0.95 | % | 0.97 | % | 0.81 | % | ||||
| Allowance for Credit Losses to Total Loans (HFI)/(1) | 1.03 | % | 1.02 | % | 0.86 | % | ||||
| Net Charge-Offs (Recoveries) to Average Quarterly Total Loans | 0.05 | % | 0.01 | % | 0.02 | % | ||||
| Remaining Loan Purchase Discount | $ | 8,943 | $ | 10,099 | $ | 9,003 | ||||
| Nonperforming Assets | ||||||||||
| Nonperforming | ||||||||||
| Nonaccrual Loans | $ | 45,362 | $ | 56,377 | $ | 25,874 | ||||
| Loans Past Due 90 Days or More | 3,929 | 2,467 | 185 | |||||||
| Total Nonperforming Loans | 49,291 | 58,844 | 26,059 | |||||||
| Other Nonperforming Assets: | ||||||||||
| Other Real Estate Owned | 16,766 | 1,473 | 1,787 | |||||||
| Other Nonperforming Assets | — | — | — | |||||||
| Total other Nonperforming Assets | 16,766 | 1,473 | 1,787 | |||||||
| Total Nonperforming Assets | $ | 66,057 | $ | 60,317 | $ | 27,846 | ||||
| Nonperforming Loans to Total Loans (HFI) | 0.82 | % | 0.97 | % | 0.50 | % | ||||
| Nonperforming Assets to Total Assets | 0.83 | % | 0.76 | % | 0.40 | % | ||||
| (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments. | ||||||||||
| Business First Bancshares, Inc. | |||||||||||||||||
| Selected Financial Information | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| (Dollars in thousands, except per share data) | September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||||
| Per Share Data | |||||||||||||||||
| Basic Earnings per Common Share | $ | 0.73 | $ | 0.70 | $ | 0.65 | $ | 2.09 | $ | 1.77 | |||||||
| Diluted Earnings per Common Share | 0.73 | 0.70 | 0.65 | 2.08 | 1.75 | ||||||||||||
| Dividends per Common Share | 0.14 | 0.14 | 0.14 | 0.42 | 0.42 | ||||||||||||
| Book Value per Common Share | 27.23 | 26.23 | 24.59 | 27.23 | 24.59 | ||||||||||||
| Average Common Shares Outstanding | 29,544,425 | 29,517,495 | 25,289,094 | 29,363,138 | 25,227,319 | ||||||||||||
| Average Diluted Common Shares Outstanding | 29,656,639 | 29,586,975 | 25,440,247 | 29,495,049 | 25,421,746 | ||||||||||||
| End of Period Common Shares Outstanding | 29,615,370 | 29,602,970 | 25,519,501 | 29,615,370 | 25,519,501 | ||||||||||||
| Annualized Performance Ratios | |||||||||||||||||
| Return to Common Shareholders on Average Assets (1) | 1.08 | % | 1.07 | % | 0.97 | % | 1.05 | % | 0.89 | % | |||||||
| Return to Common Shareholders on Average Common Equity (1) | 10.80 | % | 10.87 | % | 10.76 | % | 10.74 | % | 10.08 | % | |||||||
| Net Interest Margin (1) | 3.68 | % | 3.68 | % | 3.51 | % | 3.68 | % | 3.43 | % | |||||||
| Net Interest Spread (1) | 2.85 | % | 2.88 | % | 2.54 | % | 2.88 | % | 2.46 | % | |||||||
| Efficiency Ratio (2) | 60.45 | % | 62.83 | % | 63.45 | % | 62.37 | % | 66.02 | % | |||||||
| Total Quarterly/Year-to-Date Average Assets | $ | 7,921,159 | $ | 7,791,371 | $ | 6,788,644 | $ | 7,825,828 | $ | 6,722,716 | |||||||
| Total Quarterly/Year-to-Date Average Common Equity | 790,148 | 765,884 | 610,018 | 764,959 | 590,354 | ||||||||||||
| Other Expenses | |||||||||||||||||
| Salaries and Employee Benefits | $ | 27,613 | $ | 28,317 | $ | 24,877 | $ | 85,427 | $ | 75,816 | |||||||
| Occupancy and Bank Premises | 3,324 | 3,119 | 2,630 | 9,844 | 7,778 | ||||||||||||
| Depreciation and Amortization | 2,036 | 2,076 | 1,844 | 6,264 | 5,262 | ||||||||||||
| Data Processing | 3,972 | 5,321 | 2,881 | 12,529 | 8,101 | ||||||||||||
| FDIC Assessment Fees | 988 | 861 | 887 | 3,033 | 2,589 | ||||||||||||
| Legal and Other Professional Fees | 1,024 | 1,093 | 873 | 3,130 | 2,781 | ||||||||||||
| Advertising and Promotions | 1,205 | 1,088 | 1,057 | 3,584 | 3,168 | ||||||||||||
| Utilities and Communications | 767 | 743 | 716 | 2,243 | 2,108 | ||||||||||||
| Ad Valorem Shares Tax | 1,125 | 1,125 | 900 | 3,375 | 2,700 | ||||||||||||
| Directors' Fees | 261 | 193 | 245 | 733 | 795 | ||||||||||||
| Other Real Estate Owned Expenses and Write-Downs | 355 | 27 | 11 | 405 | 119 | ||||||||||||
| Merger and Conversion-Related Expenses | 477 | 210 | 319 | 937 | 1,068 | ||||||||||||
| Other | 5,735 | 7,033 | 5,210 | 19,162 | 15,797 | ||||||||||||
| Total Other Expenses | $ | 48,882 | $ | 51,206 | $ | 42,450 | $ | 150,666 | $ | 128,082 | |||||||
| Other Income | |||||||||||||||||
| Service Charges on Deposit Accounts | $ | 2,565 | $ | 2,633 | $ | 2,723 | $ | 8,058 | $ | 7,699 | |||||||
| Gain (Loss) on Sales of Securities | 77 | (47 | ) | (13 | ) | 29 | (14 | ) | |||||||||
| Debit Card and ATM Fee Income | 1,915 | 1,958 | 1,864 | 5,731 | 5,590 | ||||||||||||
| Bank-Owned Life Insurance Income | 802 | 758 | 679 | 2,368 | 1,885 | ||||||||||||
| Gain on Sales of Loans | 624 | 781 | 122 | 2,661 | 2,721 | ||||||||||||
| Mortgage Origination Income | 122 | 55 | 98 | 287 | 202 | ||||||||||||
| Fees and Brokerage Commission | 1,880 | 1,980 | 1,968 | 6,008 | 5,780 | ||||||||||||
| Gain (Loss) on Sales of Other Real Estate Owned | 470 | 56 | (16 | ) | 258 | 49 | |||||||||||
| Gain (Loss) on Disposal of Other Assets | — | — | — | 155 | (15 | ) | |||||||||||
| Gain on Extinguishment of Debt | — | — | — | 630 | — | ||||||||||||
| Gain on Branch Sale | — | 3,360 | — | 3,360 | — | ||||||||||||
| Swap Fee Income | 1,065 | 808 | 937 | 2,612 | 1,451 | ||||||||||||
| Pass-Through Income (Loss) from Other Investments | 133 | (246 | ) | 335 | 638 | 1,021 | |||||||||||
| Other | 2,018 | 2,319 | 2,077 | 6,517 | 5,966 | ||||||||||||
| Total Other Income | $ | 11,671 | $ | 14,415 | $ | 10,774 | $ | 39,312 | $ | 32,335 | |||||||
| (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. | |||||||||||||||||
| (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income (excluding security sales gains/losses) plus net interest income less gain/loss on sales of securities. | |||||||||||||||||
| Business First Bancshares, Inc. | ||||||||||
| Consolidated Balance Sheets | ||||||||||
| (Unaudited) | ||||||||||
| (Dollars in thousands) | September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||
| Assets | ||||||||||
| Cash and Due From Banks | $ | 399,079 | $ | 495,757 | $ | 213,199 | ||||
| Federal Funds Sold | 101,103 | 39,296 | 169,980 | |||||||
| Securities Purchased under Agreements to Resell | 25,518 | 25,433 | 25,879 | |||||||
| Securities Available for Sale, at Fair Values | 985,938 | 926,450 | 916,091 | |||||||
| Mortgage Loans Held for Sale | 433 | 677 | — | |||||||
| Loans and Lease Receivable | 6,021,055 | 6,047,650 | 5,220,118 | |||||||
| Allowance for Loan Losses | (57,062 | ) | (58,496 | ) | (42,154 | ) | ||||
| Net Loans and Lease Receivable | 5,963,993 | 5,989,154 | 5,177,964 | |||||||
| Premises and Equipment, Net | 77,944 | 79,007 | 67,617 | |||||||
| Accrued Interest Receivable | 37,171 | 36,738 | 32,547 | |||||||
| Other Equity Securities | 44,313 | 48,736 | 39,555 | |||||||
| Other Real Estate Owned | 16,766 | 1,473 | 1,787 | |||||||
| Cash Value of Life Insurance | 119,509 | 118,707 | 101,362 | |||||||
| Deferred Taxes, Net | 21,433 | 25,222 | 20,852 | |||||||
| Goodwill | 121,146 | 121,146 | 91,527 | |||||||
| Core Deposit and Customer Intangibles | 15,136 | 15,775 | 10,326 | |||||||
| Other Assets | 24,380 | 24,723 | 19,963 | |||||||
| Total Assets | $ | 7,953,862 | $ | 7,948,294 | $ | 6,888,649 | ||||
| Liabilities | ||||||||||
| Deposits | ||||||||||
| Noninterest-Bearing | $ | 1,366,558 | $ | 1,410,708 | $ | 1,190,942 | ||||
| Interest-Bearing | 5,140,304 | 5,008,943 | 4,450,004 | |||||||
| Total Deposits | 6,506,862 | 6,419,651 | 5,640,946 | |||||||
| Securities Sold Under Agreements to Repurchase | 29,896 | 22,557 | 21,529 | |||||||
| Federal Home Loan Bank Borrowings | 367,408 | 492,946 | 367,202 | |||||||
| Subordinated Debt | 92,587 | 92,645 | 99,818 | |||||||
| Subordinated Debt - Trust Preferred Securities | 5,000 | 5,000 | 5,000 | |||||||
| Accrued Interest Payable | 4,064 | 4,829 | 3,752 | |||||||
| Other Liabilities | 69,605 | 62,226 | 50,878 | |||||||
| Total Liabilities | 7,075,422 | 7,099,854 | 6,189,125 | |||||||
| Shareholders' Equity | ||||||||||
| Preferred Stock | 71,930 | 71,930 | 71,930 | |||||||
| Common Stock | 29,615 | 29,603 | 25,520 | |||||||
| Additional Paid-In Capital | 503,325 | 502,046 | 398,237 | |||||||
| Retained Earnings | 309,999 | 292,629 | 249,981 | |||||||
| Accumulated Other Comprehensive Loss | (36,429 | ) | (47,768 | ) | (46,144 | ) | ||||
| Total Shareholders' Equity | 878,440 | 848,440 | 699,524 | |||||||
| Total Liabilities and Shareholders' Equity | $ | 7,953,862 | $ | 7,948,294 | $ | 6,888,649 | ||||
| Business First Bancshares, Inc. | |||||||||||||||
| Consolidated Statements of Income | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| (Dollars in thousands) | September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | ||||||||||
| Interest Income: | |||||||||||||||
| Interest and Fees on Loans | $ | 106,662 | $ | 104,028 | $ | 93,307 | $ | 313,682 | $ | 269,858 | |||||
| Interest and Dividends on Securities | 7,554 | 6,906 | 6,417 | 21,074 | 17,949 | ||||||||||
| Interest on Federal Funds Sold and Due From Banks | 4,472 | 3,916 | 3,017 | 12,475 | 10,815 | ||||||||||
| Total Interest Income | 118,688 | 114,850 | 102,741 | 347,231 | 298,622 | ||||||||||
| Interest Expense: | |||||||||||||||
| Interest on Deposits | 43,358 | 41,546 | 41,303 | 127,343 | 120,232 | ||||||||||
| Interest on Borrowings | 6,054 | 6,262 | 5,324 | 17,587 | 16,736 | ||||||||||
| Total Interest Expense | 49,412 | 47,808 | 46,627 | 144,930 | 136,968 | ||||||||||
| Net Interest Income | 69,276 | 67,042 | 56,114 | 202,301 | 161,654 | ||||||||||
| — | |||||||||||||||
| Provision for Credit Losses | 3,183 | 2,225 | 1,665 | 8,220 | 4,161 | ||||||||||
| Net Interest Income After Provision for Credit Losses | 66,093 | 64,817 | 54,449 | 194,081 | 157,493 | ||||||||||
| Other Income: | |||||||||||||||
| Service Charges on Deposit Accounts | 2,565 | 2,633 | 2,723 | 8,058 | 7,699 | ||||||||||
| Gain (Loss) on Sales of Securities | 77 | (47 | ) | (13 | ) | 29 | (14 | ) | |||||||
| Gain on Sales of Loans | 624 | 781 | 122 | 2,661 | 2,721 | ||||||||||
| Other Income | 8,405 | 11,048 | 7,942 | 28,564 | 21,930 | ||||||||||
| Total Other Income | 11,671 | 14,415 | 10,774 | 39,312 | 32,336 | ||||||||||
| — | |||||||||||||||
| Other Expenses: | — | ||||||||||||||
| Salaries and Employee Benefits | 27,613 | 28,317 | 24,877 | 85,427 | 75,816 | ||||||||||
| Occupancy and Equipment Expense | 7,284 | 7,162 | 5,828 | 21,802 | 16,902 | ||||||||||
| Merger and Conversion-Related Expense | 477 | 210 | 319 | 937 | 1,068 | ||||||||||
| Other Expenses | 13,508 | 15,517 | 11,426 | 42,500 | 34,296 | ||||||||||
| Total Other Expenses | 48,882 | 51,206 | 42,450 | 150,666 | 128,082 | ||||||||||
| Income Before Income Taxes | 28,882 | 28,026 | 22,773 | 82,727 | 61,747 | ||||||||||
| Provision for Income Taxes | 6,026 | 5,923 | 4,930 | 17,225 | 13,128 | ||||||||||
| Net Income | 22,856 | 22,103 | 17,843 | 65,502 | 48,619 | ||||||||||
| Preferred Stock Dividends | 1,351 | 1,350 | 1,351 | 4,051 | 4,051 | ||||||||||
| Net Income Available to Common Shareholders | $ | 21,505 | $ | 20,753 | $ | 16,492 | $ | 61,451 | $ | 44,568 | |||||
| Business First Bancshares, Inc. | |||||||||||||||||||||||
| Consolidated Net Interest Margin | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||||||||||||||
| (Dollars in thousands) | Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate | Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate | Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate | ||||||||||||||
| Assets | |||||||||||||||||||||||
| Interest Earning Assets: | |||||||||||||||||||||||
| Total Loans | $ | 6,036,622 | $ | 106,662 | 7.01 | % | $ | 5,995,490 | $ | 104,028 | 6.96 | % | $ | 5,212,948 | $ | 93,307 | 7.12 | % | |||||
| Securities | 978,502 | 7,554 | 3.06 | % | 937,099 | 6,906 | 2.96 | % | 924,012 | 6,263 | 2.70 | % | |||||||||||
| Securities Purchased under Agreements to Resell | 25,490 | 330 | 5.14 | % | 31,172 | 401 | 5.16 | % | 17,117 | 154 | 3.58 | % | |||||||||||
| Interest-Bearing Deposit in Other Banks | 419,413 | 4,142 | 3.92 | % | 336,138 | 3,515 | 4.19 | % | 209,918 | 3,017 | 5.72 | % | |||||||||||
| Total Interest Earning Assets | 7,460,027 | 118,688 | 6.31 | % | 7,299,899 | 114,850 | 6.31 | % | 6,363,995 | 102,741 | 6.42 | % | |||||||||||
| Allowance for Loan Losses | (58,468 | ) | . | (56,934 | ) | . | (41,554 | ) | |||||||||||||||
| Noninterest- Earning Assets | 519,600 | 548,406 | 466,203 | ||||||||||||||||||||
| Total Assets | $ | 7,921,159 | $ | 118,688 | $ | 7,791,371 | $ | 114,850 | $ | 6,788,644 | $ | 102,741 | |||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||||||
| Interest-Bearing Liabilities: | |||||||||||||||||||||||
| Interest-Bearing Deposits | 5,122,136 | 43,358 | 3.36 | % | 5,029,981 | 41,546 | 3.31 | % | 4,308,780 | 41,303 | 3.81 | % | |||||||||||
| Subordinated Debt | 92,624 | 1,235 | 5.29 | % | 92,682 | 1,235 | 5.34 | % | 99,854 | 1,353 | 5.39 | % | |||||||||||
| Subordinated Debt - Trust Preferred Securities | 5,000 | 100 | 7.93 | % | 5,000 | 100 | 8.02 | % | 5,000 | 114 | 9.07 | % | |||||||||||
| Advances from Federal Home Loan Bank (FHLB) | 424,287 | 4,547 | 4.25 | % | 447,271 | 4,793 | 4.30 | % | 347,476 | 3,723 | 4.26 | % | |||||||||||
| Other Borrowings | 26,176 | 172 | 2.61 | % | 20,514 | 134 | 2.62 | % | 20,971 | 134 | 2.54 | % | |||||||||||
| Total Interest-Bearing Liabilities | $ | 5,670,223 | $ | 49,412 | 3.46 | % | $ | 5,595,448 | $ | 47,808 | 3.43 | % | $ | 4,782,081 | $ | 46,627 | 3.88 | % | |||||
| Noninterest-Bearing Liabilities: | |||||||||||||||||||||||
| Noninterest-Bearing Deposits | $ | 1,315,064 | $ | 1,292,262 | $ | 1,269,282 | |||||||||||||||||
| Other Liabilities | 73,794 | 65,847 | 55,333 | ||||||||||||||||||||
| Total Noninterest-Bearing Liabilities | 1,388,858 | 1,358,109 | 1,324,615 | ||||||||||||||||||||
| Shareholders' Equity: | |||||||||||||||||||||||
| Common Shareholders' Equity | 790,148 | 765,884 | 610,018 | ||||||||||||||||||||
| Preferred Equity | 71,930 | 71,930 | 71,930 | ||||||||||||||||||||
| Total Shareholders' Equity | 862,078 | 837,814 | 681,948 | ||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 7,921,159 | $ | 7,791,371 | $ | 6,788,644 | |||||||||||||||||
| Net Interest Spread | 2.85 | % | 2.88 | % | 2.54 | % | |||||||||||||||||
| Net Interest Income | $ | 69,276 | $ | 67,042 | $ | 56,114 | |||||||||||||||||
| Net Interest Margin | 3.68 | % | 3.68 | % | 3.51 | % | |||||||||||||||||
| Overall Cost of Funds | 2.81 | % | 2.78 | % | 3.07 | % | |||||||||||||||||
| Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | |||||||||||||||||||||||
| Business First Bancshares, Inc. | |||||||||||||||
| Consolidated Net Interest Margin | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Nine Months Ended | |||||||||||||||
| (Dollars in thousands) | September 30, 2025 | September 30, 2024 | |||||||||||||
| Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate | Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate | ||||||||||
| Assets | |||||||||||||||
| Interest Earning Assets: | |||||||||||||||
| Total Loans | $ | 6,001,647 | $ | 313,682 | 6.99 | % | $ | 5,131,474 | $ | 269,858 | 7.02 | % | |||
| Securities | 946,961 | 21,074 | 2.98 | % | 901,525 | 17,795 | 2.64 | % | |||||||
| Securities Purchased under Agreements to Resell | 35,740 | 1,382 | 5.17 | % | 5,747 | 154 | 3.58 | % | |||||||
| Interest-Bearing Deposit in Other Banks | 361,760 | 11,093 | 4.10 | % | 262,068 | 10,815 | 5.51 | % | |||||||
| Total Interest Earning Assets | 7,346,108 | 347,231 | 6.32 | % | 6,300,814 | 298,622 | 6.33 | % | |||||||
| Allowance for Loan Losses | (56,718 | ) | (41,178 | ) | |||||||||||
| Noninterest- Earning Assets | 536,438 | 463,080 | |||||||||||||
| Total Assets | $ | 7,825,828 | $ | 347,231 | $ | 6,722,716 | $ | 298,622 | |||||||
| Liabilities and Shareholders' Equity | |||||||||||||||
| Interest-Bearing Liabilities: | |||||||||||||||
| Interest-Bearing Deposits | $ | 5,103,928 | $ | 127,343 | 3.34 | % | $ | 4,216,866 | $ | 120,232 | 3.81 | % | |||
| Subordinated Debt | 94,169 | 3,732 | 5.30 | % | 99,913 | 4,063 | 5.43 | % | |||||||
| Subordinated Debt - Trust Preferred Securities | 5,000 | 299 | 8.00 | % | 5,000 | 340 | 9.08 | % | |||||||
| Bank Term Funding Program | — | — | — | % | 86,496 | 2,788 | 4.31 | % | |||||||
| Advances from Federal Home Loan Bank (FHLB) | 411,444 | 13,136 | 4.27 | % | 298,735 | 9,189 | 4.11 | % | |||||||
| Other Borrowings | 21,699 | 420 | 2.59 | % | 18,758 | 356 | 2.54 | % | |||||||
| Total Interest-Bearing Liabilities | $ | 5,636,240 | $ | 144,930 | 3.44 | % | $ | 4,725,768 | $ | 136,968 | 3.87 | % | |||
| Noninterest-Bearing Liabilities: | |||||||||||||||
| Noninterest-Bearing Deposits | $ | 1,284,297 | $ | 1,283,035 | |||||||||||
| Other Liabilities | 67,954 | 51,629 | |||||||||||||
| Total Noninterest-Bearing Liabilities | 1,352,251 | 1,334,664 | |||||||||||||
| Shareholders' Equity: | |||||||||||||||
| Common Shareholders' Equity | 764,959 | 590,354 | |||||||||||||
| Preferred Equity | 71,930 | 71,930 | |||||||||||||
| Total Shareholders' Equity | 836,889 | 662,284 | |||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 7,825,381 | $ | 6,722,716 | |||||||||||
| Net Interest Spread | 2.88 | % | 2.46 | % | |||||||||||
| Net Interest Income | $ | 202,301 | $ | 161,654 | |||||||||||
| Net Interest Margin | 3.68 | % | 3.43 | % | |||||||||||
| Overall Cost of Funds | 2.80 | % | 3.04 | % | |||||||||||
| Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention. | |||||||||||||||
| Business First Bancshares, Inc. | ||||||||||||||||
| Non-GAAP Measures | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (Dollars in thousands, except per share data) | September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||
| Interest Income: | ||||||||||||||||
| Interest income | $ | 118,688 | $ | 114,850 | $ | 102,741 | $ | 347,231 | $ | 298,622 | ||||||
| Core interest income | 118,688 | 114,850 | 102,741 | 347,231 | 298,622 | |||||||||||
| Interest Expense: | ||||||||||||||||
| Interest expense | 49,412 | 47,808 | 46,627 | 144,930 | 136,968 | |||||||||||
| Core interest expense | 49,412 | 47,808 | 46,627 | 144,930 | 136,968 | |||||||||||
| Provision for Credit Losses: (b) | ||||||||||||||||
| Provision for credit losses | 3,183 | 2,225 | 1,665 | 8,220 | 4,161 | |||||||||||
| Core provision expense | 3,183 | 2,225 | 1,665 | 8,220 | 4,161 | |||||||||||
| Other Income: | ||||||||||||||||
| Other income | 11,671 | 14,415 | 10,774 | 39,312 | 32,336 | |||||||||||
| Gain on former bank premises and equipment | — | — | — | (155 | ) | (50 | ) | |||||||||
| (Gain) Loss on sale of securities | (77 | ) | 47 | 13 | (29 | ) | 14 | |||||||||
| Gain on extinguishment of debt | — | — | — | (630 | ) | — | ||||||||||
| Gain on branch sale | — | (3,360 | ) | — | (3,360 | ) | ||||||||||
| Core other income | 11,594 | 11,102 | 10,787 | 35,138 | 32,300 | |||||||||||
| Other Expense: | ||||||||||||||||
| Other expense | 48,882 | 51,206 | 42,450 | 150,666 | 128,082 | |||||||||||
| Acquisition-related expenses (2) | (1,157 | ) | (570 | ) | (319 | ) | (2,406 | ) | (1,453 | ) | ||||||
| Core conversion expenses | (439 | ) | (1,008 | ) | (511 | ) | (1,663 | ) | (511 | ) | ||||||
| Tax credit - ERC | 1,997 | 1,997 | ||||||||||||||
| Core other expense | 49,283 | 49,628 | 41,620 | 148,594 | 126,118 | |||||||||||
| Pre-Tax Income: (a) | ||||||||||||||||
| Pre-tax income | 28,882 | 28,026 | 22,773 | 82,727 | 61,747 | |||||||||||
| Gain on former bank premises and equipment | — | — | — | (155 | ) | (50 | ) | |||||||||
| (Gain) Loss on sale of securities | (77 | ) | 47 | 13 | (29 | ) | 14 | |||||||||
| Gain on extinguishment of debt | — | — | — | (630 | ) | — | ||||||||||
| Gain on branch sale | — | (3,360 | ) | — | (3,360 | ) | — | |||||||||
| Acquisition-related expenses (2) | 1,157 | 570 | 319 | 2,406 | 1,453 | |||||||||||
| Core conversion expenses | 439 | 1,008 | 511 | 1,663 | 511 | |||||||||||
| Tax credit - ERC | (1,997 | ) | — | — | (1,997 | ) | — | |||||||||
| Core pre-tax income | 28,404 | 26,291 | 23,616 | 80,625 | 63,675 | |||||||||||
| Provision for Income Taxes: (1) | ||||||||||||||||
| Provision for income taxes | 6,026 | 5,923 | 4,930 | 17,225 | 13,128 | |||||||||||
| Tax on gain on former bank premises and equipment | — | — | — | (33 | ) | (11 | ) | |||||||||
| Tax on (gain) loss on sale of securities | (16 | ) | 10 | 3 | (6 | ) | 3 | |||||||||
| Tax on gain on extinguishment of debt | — | — | — | (133 | ) | — | ||||||||||
| Tax on gain on branch sale | — | (833 | ) | (833 | ) | — | ||||||||||
| Tax on acquisition-related expenses (2) | 157 | 103 | — | 403 | 91 | |||||||||||
| Tax on core conversion expenses | 93 | 213 | 108 | 352 | 108 | |||||||||||
| Tax on tax credit - ERC | (422 | ) | — | — | (422 | ) | — | |||||||||
| Core provision for income taxes | 5,838 | 5,416 | 5,041 | 16,553 | 13,319 | |||||||||||
| Preferred Dividends: | ||||||||||||||||
| Preferred dividends | 1,351 | 1,350 | 1,351 | 4,051 | 4,051 | |||||||||||
| Core preferred dividends | 1,351 | 1,350 | 1,351 | 4,051 | 4,051 | |||||||||||
| Net income available to common shareholders | 21,505 | 20,753 | 16,492 | 61,451 | 44,568 | |||||||||||
| Gain on former bank premises and equipment, net of tax | — | — | — | (122 | ) | (39 | ) | |||||||||
| (Gain) loss on sale of securities, net of tax | (61 | ) | 37 | 10 | (23 | ) | 11 | |||||||||
| Gain on extinguishment of debt, net of tax | — | — | — | (497 | ) | — | ||||||||||
| Gain on branch sale, net of tax | — | (2,527 | ) | — | (2,527 | ) | — | |||||||||
| Acquisition-related expenses (2), net of tax | 1,000 | 467 | 319 | 2,003 | 1,362 | |||||||||||
| Core conversion expenses, net of tax | 346 | 795 | 403 | 1,311 | 403 | |||||||||||
| Tax credit - ERC, net of tax | (1,575 | ) | — | — | (1,575 | ) | — | |||||||||
| Core net income available to common shareholders | $ | 21,215 | $ | 19,525 | $ | 17,224 | $ | 60,021 | $ | 46,305 | ||||||
| Pre-tax, Pre-provision Earnings Available to Common Shareholders (a+b) | $ | 32,065 | $ | 30,251 | $ | 24,438 | $ | 90,947 | $ | 65,908 | ||||||
| Gain on former bank premises and equipment | — | — | — | (155 | ) | (50 | ) | |||||||||
| (Gain) loss on sale of securities | (77 | ) | 47 | 13 | (29 | ) | 14 | |||||||||
| Gain on extinguishment of debt | — | — | — | (630 | ) | — | ||||||||||
| Gain on branch sale | — | (3,360 | ) | — | (3,360 | ) | — | |||||||||
| Acquisition-related expenses (2) | 1,157 | 570 | 319 | 2,406 | 1,453 | |||||||||||
| Core conversion expenses | 439 | 1,008 | 511 | 1,663 | 511 | |||||||||||
| Tax credit- ERC | (1,997 | ) | — | — | (1,997 | ) | — | |||||||||
| Core pre-tax, pre-provision earnings | $ | 31,587 | $ | 28,516 | $ | 25,281 | $ | 88,845 | $ | 67,836 | ||||||
| Average Diluted Common Shares Outstanding | 29,656,639 | 29,586,975 | 25,440,247 | 29,495,049 | 25,421,746 | |||||||||||
| Diluted Earnings Per Common Share | ||||||||||||||||
| Diluted earnings per common share | $ | 0.73 | $ | 0.70 | $ | 0.65 | $ | 2.08 | $ | 1.75 | ||||||
| Gain on former bank premises and equipment, net of tax | — | — | — | — | — | |||||||||||
| (Gain) loss on sale of securities, net of tax | — | — | — | — | — | |||||||||||
| Gain on extinguishment of debt, net of tax | — | — | — | (0.02 | ) | — | ||||||||||
| Gain on branch sale, net of tax | — | (0.09 | ) | — | (0.09 | ) | — | |||||||||
| Acquisition-related expenses (2), net of tax | 0.03 | 0.02 | 0.01 | 0.07 | 0.05 | |||||||||||
| Core conversion expenses,net of tax | 0.01 | 0.03 | 0.02 | 0.04 | 0.02 | |||||||||||
| Tax credit - ERC, net of tax | (0.05 | ) | — | — | (0.05 | ) | — | |||||||||
| Core diluted earnings per common share | $ | 0.72 | $ | 0.66 | $ | 0.68 | $ | 2.03 | $ | 1.82 | ||||||
| Pre-tax, Pre-provision Diluted Earnings per Common Share | $ | 1.08 | $ | 1.02 | $ | 0.96 | $ | 3.08 | $ | 2.59 | ||||||
| Gain on former bank premises and equipment | — | — | — | (0.01 | ) | — | ||||||||||
| (Gain) loss on sale of securities | — | — | — | — | — | |||||||||||
| Gain on extinguishment of debt | — | — | — | (0.02 | ) | — | ||||||||||
| Gain on branch sale | — | (0.11 | ) | — | (0.11 | ) | — | |||||||||
| Acquisition-related expenses (2) | 0.04 | 0.02 | 0.01 | 0.08 | 0.06 | |||||||||||
| Core conversion expenses | 0.02 | 0.03 | 0.02 | 0.06 | 0.02 | |||||||||||
| Tax credit - ERC | (0.07 | ) | — | — | (0.07 | ) | — | |||||||||
| Core pre-tax, pre-provision diluted earnings per common share | $ | 1.07 | $ | 0.96 | $ | 0.99 | $ | 3.01 | $ | 2.67 | ||||||
| (1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2025 and 2024. These rates approximated the marginal tax rates. | ||||||||||||||||
| (2) Includes merger and conversion-related expenses and salary and employee benefits. | ||||||||||||||||
| (3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to the Oakwood acquisition. | ||||||||||||||||
| Business First Bancshares, Inc. | |||||||||
| Non-GAAP Measures | |||||||||
| (Unaudited) | |||||||||
| (Dollars in thousands, except per share data) | September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||
| Total Shareholders' (Common) Equity: | |||||||||
| Total shareholders' equity | $ | 878,440 | $ | 848,440 | $ | 699,524 | |||
| Preferred stock | (71,930 | ) | (71,930 | ) | (71,930 | ) | |||
| Total common shareholders' equity | 806,510 | 776,510 | 627,594 | ||||||
| Goodwill | (121,146 | ) | (121,146 | ) | (91,527 | ) | |||
| Core deposit and customer intangible | (15,136 | ) | (15,775 | ) | (10,326 | ) | |||
| Total tangible common equity | $ | 670,228 | $ | 639,589 | $ | 525,741 | |||
| Total Assets: | |||||||||
| Total assets | $ | 7,953,862 | $ | 7,948,294 | $ | 6,888,649 | |||
| Goodwill | (121,146 | ) | (121,146 | ) | (91,527 | ) | |||
| Core deposit and customer intangible | (15,136 | ) | (15,775 | ) | (10,326 | ) | |||
| Total tangible assets | $ | 7,817,580 | $ | 7,811,373 | $ | 6,786,796 | |||
| Common shares outstanding | 29,615,370 | 29,602,970 | 25,519,501 | ||||||
| Book value per common share | $ | 27.23 | $ | 26.23 | $ | 24.59 | |||
| Tangible book value per common share | $ | 22.63 | $ | 21.61 | $ | 20.60 | |||
| Common equity to total assets | 10.14 | % | 9.77 | % | 9.11 | % | |||
| Tangible common equity to tangible assets | 8.57 | % | 8.19 | % | 7.75 | % | |||
| Business First Bancshares, Inc. | ||||||||||||||||
| Non-GAAP Measures | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| (Dollars in thousands, except per share data) | September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||
| Total Quarterly Average Assets | $ | 7,921,159 | $ | 7,791,371 | $ | 6,788,644 | $ | 7,825,828 | $ | 6,722,716 | ||||||
| Total Quarterly Average Common Equity | $ | 790,148 | $ | 765,884 | $ | 610,018 | $ | 764,959 | $ | 590,354 | ||||||
| Net Income Available to Common Shareholders: | ||||||||||||||||
| Net income available to common shareholders | $ | 21,505 | $ | 20,753 | $ | 16,492 | $ | 61,451 | $ | 44,568 | ||||||
| CECL Oakwood impact (3), net of tax | — | — | — | (122 | ) | (39 | ) | |||||||||
| Gain on former bank premises and equipment, net of tax | (61 | ) | 37 | 10 | (23 | ) | 11 | |||||||||
| (Gain) loss on sale of securities, net of tax | — | — | — | (497 | ) | — | ||||||||||
| Gain on extinguishment of debt, net of tax | — | (2,527 | ) | — | (2,527 | ) | — | |||||||||
| Acquisition-related expenses, net of tax | 1,000 | 467 | 319 | 2,003 | 1,362 | |||||||||||
| Gain on branch sale, net of tax | 346 | 795 | 403 | 1,311 | 403 | |||||||||||
| Core conversion expenses, net of tax | (1,575 | ) | — | — | (1,575 | ) | — | |||||||||
| Core net income available to common shareholders | $ | 21,215 | $ | 19,525 | $ | 17,224 | $ | 60,021 | $ | 46,305 | ||||||
| Return to common shareholders on average assets (annualized) (2) | 1.08 | % | 1.07 | % | 0.97 | % | 1.05 | % | 0.89 | % | ||||||
| Core return on average assets (annualized) (2) | 1.06 | % | 1.01 | % | 1.01 | % | 1.03 | % | 0.92 | % | ||||||
| Return to common shareholders on average common equity (annualized) (2) | 10.80 | % | 10.87 | % | 10.76 | % | 10.74 | % | 10.08 | % | ||||||
| Core return on average common equity (annualized) (2) | 10.65 | % | 10.23 | % | 11.23 | % | 10.49 | % | 10.48 | % | ||||||
| Interest Income: | ||||||||||||||||
| Interest income | $ | 118,688 | $ | 114,850 | $ | 102,741 | $ | 347,231 | $ | 298,622 | ||||||
| Core interest income | 118,688 | 114,850 | 102,741 | 347,231 | 298,622 | |||||||||||
| Interest Expense: | ||||||||||||||||
| Interest expense | 49,412 | 47,808 | 46,627 | 144,930 | 136,968 | |||||||||||
| Core interest expense | 49,412 | 47,808 | 46,627 | 144,930 | 136,968 | |||||||||||
| Other Income: | ||||||||||||||||
| Other income | 11,671 | 14,415 | 10,774 | 39,312 | 32,336 | |||||||||||
| Gain on former bank premises and equipment | — | — | — | (155 | ) | (50 | ) | |||||||||
| Loss (Gain) on sale of securities | (77 | ) | 47 | 13 | (29 | ) | 14 | |||||||||
| Gain on extinguishment of debt | — | — | — | (630 | ) | — | ||||||||||
| Gain on branch sale | — | (3,360 | ) | (3,360 | ) | — | ||||||||||
| Core other income | 11,594 | 11,102 | 10,787 | 35,138 | 32,300 | |||||||||||
| Other Expense: | ||||||||||||||||
| Other expense | 48,882 | 51,206 | 42,450 | 150,666 | 128,082 | |||||||||||
| Acquisition-related expenses | (1,157 | ) | (570 | ) | (319 | ) | (2,406 | ) | (1,453 | ) | ||||||
| Core conversion expenses | (439 | ) | (1,008 | ) | (511 | ) | (1,663 | ) | (511 | ) | ||||||
| Tax credit - ERC | 1,997 | 1,997 | ||||||||||||||
| Core other expense | $ | 49,283 | $ | 49,628 | $ | 41,620 | $ | 148,594 | $ | 126,118 | ||||||
| Efficiency Ratio: | ||||||||||||||||
| Other expense (a) | $ | 48,882 | $ | 51,206 | $ | 42,450 | $ | 150,666 | $ | 128,082 | ||||||
| Core other expense (c) | $ | 49,281 | $ | 49,628 | $ | 41,620 | $ | 148,592 | $ | 126,118 | ||||||
| Net interest and other income (1) (b) | $ | 80,869 | $ | 81,504 | $ | 66,901 | $ | 241,583 | $ | 194,004 | ||||||
| Core net interest and other income (1) (d) | $ | 80,869 | $ | 78,144 | $ | 66,901 | $ | 237,438 | $ | 193,954 | ||||||
| Efficiency ratio (a/b) | 60.45 | % | 62.83 | % | 63.45 | % | 62.37 | % | 66.02 | % | ||||||
| Core efficiency ratio (c/d) | 60.94 | % | 63.51 | % | 62.21 | % | 62.58 | % | 65.02 | % | ||||||
| Total Average Interest-Earnings Assets | $ | 7,460,027 | $ | 7,299,899 | $ | 6,363,995 | $ | 7,346,108 | $ | 6,300,814 | ||||||
| Net Interest Income: | ||||||||||||||||
| Net interest income | $ | 69,276 | $ | 67,042 | $ | 56,114 | $ | 202,301 | $ | 161,654 | ||||||
| Loan discount accretion | $ | (1,111 | ) | $ | (767 | ) | $ | (705 | ) | $ | (2,671 | ) | $ | (3,185 | ) | |
| Net interest income excluding loan discount accretion | $ | 68,165 | $ | 66,275 | $ | 55,409 | $ | 199,630 | $ | 158,469 | ||||||
| Net interest margin (2) | 3.68 | % | 3.68 | % | 3.51 | % | 3.68 | % | 3.43 | % | ||||||
| Net interest margin excluding loan discount accretion (2) | 3.63 | % | 3.64 | % | 3.46 | % | 3.63 | % | 3.36 | % | ||||||
| Net interest spread (2) | 2.85 | % | 2.88 | % | 2.54 | % | 2.88 | % | 2.46 | % | ||||||
| Net interest spread excluding loan discount accretion (2) | 2.80 | % | 2.84 | % | 2.50 | % | 2.83 | % | 2.39 | % | ||||||
| (1) Excludes gains/losses on sales of securities. | ||||||||||||||||
| (2) Calculated utilizing an actual day count convention. | ||||||||||||||||
| (3) CECL non-PCD provision/unfunded commitment expense attributable to the Oakwood acquisition. | ||||||||||||||||
